Italy has committed a new €5 million to support Africa’s sustainable energy initiatives through the Special Fund of the Sustainable Energy Fund for Africa (SEFA).
The announcement of this new contribution was made by Vannia Gava, the Italian Deputy Minister of Environment and Energy Security, during a side event at the 2023 United Nations Climate Change Conference, COP28, on Monday 4th December.
The event co-organised by Res4Africa Foundation and GSE co-organised focused on the necessity of private sector investments to expedite the sustainable transformation of Africa’s electricity sectors, and the critical role of technical assistance programmes in achieving these goal.
According to the International Energy Agency (IEA), more than 600 million Africans lack access to energy, resulting in an electricity access rate of just over 43 percent for African countries, the lowest globally.
In rural areas, where over 80% of the electricity-deprived live, mini-grids and stand-alone systems, mostly solar based, are the most viable solutions.
“This new contribution of €5 million to the Sustainable Energy Fund for Africa (SEFA) Special Fund strengthens the attention that the Italian Government devotes to Africa, a geographical region of priority importance for our country’s energy and climate policies,”
“Our long-lasting cooperation with the African Development Bank, launched in 2015 with the contribution to the first cycle of SEFA and the Africa Climate Change Fund (ACCF), is further reinforced by this commitment,” she said.
Dr. Daniel Schroth, Director of the Renewable Energy and Energy Efficiency Department at the African Development Bank, stated that Italy’s new contribution to SEFA is a powerful statement of its commitment to Africa’s just energy transition.
“This funding will further bolster SEFA’s efforts to deliver sustainable and reliable energy access across the continent, driving economic growth and enhancing the quality of life for millions. We are deeply grateful for Italy’s continued partnership and shared vision in supporting Africa’s sustainable energy journey,” he said.
Italy’s contribution aligns with the broader goals of COP28, particularly the objective of tripling the deployment of renewable energy.
At COP28, African leaders are advocating for increased investments in the continent to support green projects. Kenyan President William Ruto is championing the vision for Africa to become a “green powerhouse” and has already signed deals worth $4.48 billion for Kenya to embark on the development of green projects.
President Macky Sall of Senegal also suggested that the International Monetary Fund and other partners explore the possibility of using funds initially designated for debt repayments to finance green projects, specifically focusing on adaptation efforts.
“Africa remains behind in the adaptation process because it benefits very little from concessional financing and green investments,” he said.
“As a result, African countries are going into heavy debt to finance their green projects, which constitutes a double punishment for the continent that pollutes the least. Africa is not asking for a special favour but a fair and equitable approach to the fight against global warming,” he stated.
SOURCE:https://africa.businessinsider.com
