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    Fund extends $1m for African countries transition to green grids

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    Naija247news Media, New Yorkhttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    By Temitope Ponle
    Abuja, May 26, 2021 The Sustainable Energy Fund for Africa (SEFA) has extended a one-million-dollar grant to African countries for transition to flexible green grids and other clean power solutions.

    This is contained in a statement by the African Development Bank (AfDB) on Wednesday.

    The fund is ahead of the 2021 United Nations Climate Change Conference to be held in Glasgow, UK from Nov. 1 to Nov. 12.

    SEFA, managed by the AfDB, provides catalytic finance for renewable energy, aimed at contributing to universal access to affordable, reliable, sustainable, and modern energy services in Africa.

    The technical assistance grant, sourced through a SEFA Rapid Response Facility (SEFA RRF), would enable up to five African countries, participating in a COP26 Energy Transition Council, to assess potential gaps in policy, regulatory and institutional frameworks.

    The facility would also develop approaches to increase the contribution of grid-connected renewable energy generation, and identify financing mechanisms.

    Mr Kevin Kariuki, Vice President for Power, Energy, Climate and Green Growth, AfDB said: “The SEFA RRF will buttress the groundwork for accelerating the deployment of renewable energy in selected African countries.

    Kariuki said it would complement the bank’s efforts toward a just energy transition for the continent.”

    Also, Mr Daniel Schroth, Acting Director, Renewable Energy and Energy Efficiency Department, AfDB, said, “the SEFA RRF also serves to prepare the ground for subsequent investments in renewable energy projects by the Bank and SEFA, under its Green Baseload component.”

    According to the statement, SEFA Rapid Response Facility is designed to be flexible and responsive to the energy-transition requirements of participating governments.

    UK established the COP26 Energy Transition Council in September 2020 to drive the shift to clean energy ahead of COP26.

    Members include multilateral development banks, international financial institutions, technical cooperation organizations and donor governments.

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