Six African countries are to receive $330 million to fund projects that to help boost private investment in renewable energy, energy efficiency and sustainable forests. With the support of the African Development Bank (AfDB), the countries made it to the end of a global competition held by Climate Investment Funds (CIF), which allows African nations to propose climate-improving projects to develop in partnership with the private sector.
There are seven projects endorsed for development, including sustainable forests in Burkina Faso, Democratic Republic of Congo and Ghana, renewable energy in Kenya and Mali, and climate resilience in Mozambique.
In the case of Mali, a landlocked country in the Sahelian belt of West Africa, reducing its dependence on foreign oil (and exposure to price volatility) is paramount.
From Climate Progress:
Mali will receive $40 million in funding for three projects. The first hopes to create a solar photovoltaic grid as an alternative to the country’s fossil-fueled thermal power stations. Financing will be used to lower tariffs through buy-downs, the CIF said, and encourage the development of independent power producers.
“At AfDB, we believe that private sector engagement in climate action is critically important to stimulate markets, increase investment potential, develop climate-friendly business models, and ensure a sustainable shift for effective climate solutions,” Mafalda Duarte, an AfDB coordinator, said in a statement.
View list of all the projects being funded by AfDB and CIF here.
Photo: Blue solar cells in South Africa. (via TP)