In a bid to tackle climate change and achieve net-zero, the African Development Bank and plans to launch an African Just Energy Transition Facility to support African countries easily transition from heavy fuel oil and coal power plants to renewable energy baseload power systems.
Adewumi Adesina, president of the AfDB, spoke at the ongoing AfDB Annual Meetings themed ‘Achieving Climate Resilience and a Just Energy Transition for Africa’ said that the continent has the largest potential for renewable energy sources, especially solar, hydro, geothermal, and wind.
“The bank plans to establish the African Just Energy Transition Facility to support African countries to easily transit from heavy fuel oil and coal power plants to renewable energy baseload power system.”
He said despite being the least emitter, the continent suffers disproportionately from the effects of climate change, including increased frequency and intensity of droughts, cyclones, and floods, compounded by desertification.
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According to him, Africa suffers $7-15 billion per year in losses to climate change, which is projected to rise to $40 billion per year by 2030. Africa has no choice but to adapt to climate change.
Speaking further on the energy transition drive of the bank, he said four imperatives were crucial as Africa looks at energy transition. He listed them as; ensure access and affordable electricity, grid stability, the gas must remain a critical part of the energy mix for Africa and achieve net-zero.
He noted that the bank is currently working with the Government of South Africa to support its efforts for Just energy transition and implementing a $20billion Desert to Power initiative in the Sahel to build 10,000 megawatts of solar systems.
According to him, this will provide electricity via solar for 250 million people and turn the Sahel into the largest solar zones in the world.
