Dominovas Energy Corp. (fka DNRG)

[Alinea818]

African Development Bank seeks to power up Africa

The new President of the African Development Bank has called for all stakeholders in the energy sector to fast-track universal access to energy in Africa by 2025.

Nigeria’s Akinwumi Adesina, told an Energy For All gathering on the sidelines of the UN Sustainable Development Summit in New York that the bank was working with several partners to launch transformative partnerships for energy in Africa that would ensure the continent no longer operates in the dark.

Over half a million people die annually because they don’t have access to clean cooking energy.

50% of those are women and children, as the bank’s President Akinwumi Adesina explains.

“We have 700-million people Africans that do not have access to clean cooking energy, this is simply not acceptable and so we at
the AFDB believe it is time to end the issue of lack of power on the continent, we must take bold steps, think differently and act with a greater sense of urgency.”

He says the banks investments would complement projects like U.S. President Barack Obama’s Power Africa initiative and the EU-Africa partnership on infrastructure and energy.
The former Nigerian Agriculture Minister, who took the reigns at the bank on Sept 1st, pointed to the limitless potential of the continent – be it in solar, wind, hydro or geothermal energy sources.

But he warned that it was critical to see fundamental reforms in the energy sector, from restricting how utilities were run, how subsidies were distributed to changing the operational environment to attract greater investments.

“Africa is simply tired of being in the dark. That is why at the Africa Development Bank we have launched what we call a new deal for energy in Africa, to fast-track the universal access to power by 2025, lighting up and powering Africa in ten years, not 50 years. The bank will significantly expand its investment in energy, to support countries and the private sector, but this is not a task for just the bank. This will be a collective effort.”

He says the banks investments would complement projects like U.S. President Barack Obama’s Power Africa initiative and the
EU-Africa partnership on infrastructure and energy.

“All of us need to increase our level of aspiration, but also our level of investment in this particular area in Africa but the third element which is very important is that the governments themselves have to devote a significant share of their GDP to the energy sector so that aspiration meets with aspiration.”

Adding the money was not enough; calling for political will to implement reforms seen as a crucial element to ensure that Africa keeps the lights on.


http://www.sabc.co.za/news/a/2705fb804a028ce5bbe7fba53d9712f0/African-Development-Bank-seeks-to-power-up-Africa-20150928[color=red][color=red][color=red][/color][/color][/color]