World Bank reaffirms commitment to renewable energy financing in Africa

World Bank and International Finance Corporation’s (IFC) efforts to raise $16 billion for solar, hydro and geothermal energy projects in Africa have been reaffirmed at the ongoing Cop22 conference on Climate Change in Marakech, Morocco.

Using the success of Morocco’s effort as an example of how sub-Saharan Africa can capitalise on the highest irradiation rates in the world, both institutions believe much can be achieved in Africa.

As of now, solar power only makes up approximately 0.5 percent of the energy in sub-Saharan countries.

According to Charles Cormier, practice manager for Energy and Extractives at the World Bank, the issues with building solar capacity is not construction of facilities but financing and storage of solar power.

Ali Zerouali, director of Cooperation and Partnership of the Moroccan Agency for Solar Energy (MASEN), was one of the featured speakers at the event held at the African Pavilion to promoting solar energy on the continent.

At Cop21 in Paris, the World Bank launched the Africa Climate Business Plan and the energy chapter outlined the goal of enabling countries to produce 1GW of solar power by 2023, while also providing reliable, modern energy sources to 5 million people off-grid.

As part of the plan, the World Bank Group intends to raise $16 billion by 2018 for solar, hydro, and geothermal energy projects on the continent and are on pace to mobilise $1.8 billion by June 2017 for on-grid solar projects in various countries, including Ethiopia, Senegal and Zambia.