EC deepens Africa Renewable Energy Initiative, votes $5bn on energy schemes
As part of its renewed efforts to grow renewable energy initiatives in Africa, the European Commission (EC) has announced its continued support to the African continent by promoting renewables through the Africa Renewable Energy Initiative.
The initiative is in line with EC’s wider efforts in the implementation of the 2030 agenda on sustainable development and the Paris Climate Change Agreement.
The project was unveiled in December 2015 at COP21, the Africa Renewable Energy Initiative (AREI) is an Africa-owned initiative of the African Union.
During the second board of directors meeting in Conakry, Guinea, the Commissioner for International Cooperation and Development, Neven Mimica, announced the preparation of 19 new renewable energy projects, with a total potential investment of €4.8 billion ($5 billion).
These sustainable energy projects have an indicative EU contribution of €300 million ($317 million), which is expected to leverage total investments amounting to €4.8 billion ($5 billion), adding 1.8GW of new renewable energy generation in Africa. Mimica said: “With these 19 new projects, potentially worth €4.8 billion ($5 billion) of investments, the EU is delivering on its promises.
