Renewable energy investment 'needs to be accelerated'
9 September 2010
Investment in clean and renewable energy will be accelerated if the African Development Bank is replenished, one expert has claimed.
Bobby Pittman, vice president of infrastructure, private sector and regional integration at the organisation, observed both the private and public sector is "keen to contribute to [a] solution".
"We have a rapidly growing pipeline of wind, hydro, co-generation, geothermal and solar power projects," he added.
In order to take these energy projects forward it is essential co-financing solutions are explored, the specialist remarked.
The Clean Development Mechanism, the Global Environmental Facility or the Climate Investment Funds are three mechanisms that can be used to back the various initiatives.
Youssef Arfaoui, a senior energy expert and investment officer in the bank's private sector department, recently noted the continent of Africa has a real chance to respond to the problems of climate change.
He added mitigation and adaptation are central to the group's policy on the issue.