The AfDB has approved it's new Energy Sector Policy, which is designed to promote access to modern, reliable and affordable energy while ensuring that regional member countries' energy sectors develop in a sustainable manner and will address climate change, enhance regional cooperation and pursue off-grid electrification initiatives where possible.
11 January 2013: The African Development Bank (AfDB) has approved its new Energy Sector Policy, providing a framework within which to promote access to modern, reliable and affordable access to energy for regional member countries (RMCs), as well as ensure that their energy sectors develop in a socially, economically and environmentally sustainable manner. It is expected that the policy will also aid in addressing climate change and other environmental challenges.
The new Energy Sector Policy adopts a demand-driven approach, which will allow RMCs and regional economic communities to tailor AfDB assistance to their particular circumstances. This will also enable RMCs to focus on using domestic resources, which will be key to ensuring energy security and allow the scaling-up of access to affordable energy. Through its interventions, the AfDB’s Energy Sector Policy aims to assist RMCs in moving towards and eventually adopting a low-carbon growth path that focuses on renewable energy sources as well as clean, efficient energy technology.
The Energy Sector Policy also addresses gaps present in the 1994 Energy Policy, namely climate change, the absence of financial mechanisms to increase access for the poor, the need for enhanced regional cooperation and off-grid electrification initiatives. It also continues to address enduring challenges such as lack of capacity, security of supply and slow progress in renewable energy deployment. [Publication: AfDB Group Energy Sector Policy]