13 November 2013: The African Development Bank’s (AfDB) Board of Directors has approved a US$25 million equity investment in the Bank’s Africa Renewable Energy Fund (AREF), which has been supplemented by further partner investments of US$39.5 million. The fund aims to demonstrate and catalyze the viability of Africa’s renewable energy potential to investors.

Current cost estimates for Africa to adapt to climate change and develop in a low-carbon manner are US$22-31 billion annually. The fund aims to begin overcoming the lack of pan-African funding options for such investments. Also, by focusing on inclusive green growth and energy security, it is also in line with the AfDB’s Ten-Year Strategy for 2013-2022. [AfDB press release]