African green technology projects to get first set of funds

green  Accretion DiscAfrican countries have been embracing the “green growth” path to address their economic, environment and social challenges. (Image source: Accretion Disc/Flickr)The Sustainable Energy Fund for Africa (Sefa) has approved its first grant of US$825,000 to finance green technology projects

Sefa was formed as a joint initiative between the Danish government and the Energy, Environment and Climate Change Department of the African Development Bank (AfDB).

The funds will be channelled to the AfDB’s Green Tech Financial Facility, a vehicle for investments in private-sector driven green technology projects, including market scoping, positioning studies and fund conceptualisation.

The grant will be monitored by a team from the private sector department of the AfDB, the African Biofuel and Renewable Energy Company (ABREC) and the Sefa secretariat.

African countries were embracing the “green growth” development paradigm to address their economic, environment and social challenges, according to a statement from the AfDB headquarters in Tunis.

The statement added, “There is, however, an absence of an investment framework to support this green agenda in Africa and elsewhere. Facilities designed to address this problem channel capital from predominantly public contributions”

The Sefa grant will support the AfDB in structuring and launching an investment facility aimed at increasing private capital flow channelled to private sector-led projects that implement carbon-reducing and clean technologies for Africa, said the statement.

 

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