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Digital Subscriptions > > Africa Renewable Energy Initiative receives US$10 billion in funding

Africa Renewable Energy Initiative receives US$10 billion in funding


The Africa Renewable Energy Initiative is to receive US$10 billion worth of financing from the European Union, Sweden and the G7. The project, which is led by the African Union, New Partnership for Africa’s Development, African Group of Negotiators, African Development Bank, UN Environment Programme, and International Renewable Energy Agency, aims to add 10,000 megawatts of additional renewable energy on the continent by 2020. The Africa Renewable Energy Initiative aims to help achieve sustainable development by guaranteeing universal access to clean and affordable energy. Now in its second phase, the initiative is targeting the mobilisation of Africa’s renewable resources, such as solar, geothermal and wind, to generate 300 GW of energy by 2030, more than doubling capacity.

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