World Bank Intends to Mobilize $16 Billion for Solar, Hydro, and Geothermal Energy Projects in Africa

Marrakech 09/11/2016 (MAP) – The World Bank Group intends to raise $16 billion for solar, hydro, and geothermal energy projects throughout the African continent, Practice Manager for Energy and Extractives at the World Bank Charles Cormier pointed out.

Speaking during a side-event held at the African Pavilion at the COP 22, Cormier said this is part of the Africa Climate Business Plan which was presented at the COP 21.

The plan aims to invest in boosting clean energy, and to provide 5 million off-grid consumers with access to modern energy services by 2023, he noted.

Titled Accelerating Climate-Resilient and Low-Carbon Development, the Africa Climate Business Plan lays out measures to boost the resilience of the continent’s assets – its people, land, water, and cities – as well as other moves including boosting renewable energy and strengthening early warning systems.

In his turn, Ali Zerouali, Director of Cooperation and Partnership of the Moroccan Agency for Solar Energy (MASEN) said the success of Morocco’s efforts is given as an example of how Sub-Saharan Africa can capitalize on the highest irradiation rates in the world.

As of now, solar power only makes up approximately 0.5% of the energy in sub-Saharan countries, he added.

The COP 22 is an opportunity to debate and discuss several issues relating in particular to agriculture, food security, energy, industry, transport and water.

The event is taking place in Bab Ighli village, which extends over an area of nearly 300,000 m2.

Around 20,000 delegates from 196 countries are gathering at the COP 22 climate change conference.