African Development Bank group approves Africa Renewable Energy Initiative
The boards of directors of the African Development Bank (AfDB) have approved the proposal by the bank’s management to serve as trustee to administer and manage the resources of Africa Renewable Energy Initiative (AREI), as well as to host the AREI Independent Delivery Unit as requested by African heads of state and government.
The AREI is an African initiative that focuses on combining Africa’s abundant renewable energy resources to help achieve the sustainable development goals, improved well-being, and sound economic development by accessing clean, appropriate and affordable energy.
The initiative also complements the initiative to support low-carbon development strategies while enhancing economic and energy security.
AREI was launched at COP21 in Paris last year, and it is receiving international support from development partners who committed to mobilising at least $10bn cumulatively last year and now to harness Africa’s renewable energy potential and expand energy access across the continent.
AREI will have a governance arrangement consisting of a board of directors, a technical committee, an independent delivery unit and a trustee who shall serve as the host of the independent delivery unit.
Additionally, the bank will host AREI as an Open Access Global Fund within the bank’s Power, Energy, Climate Change and Green Growth Complex.