Liberia set to transform its renewables sector with $50 million climate fund endorsement

Started by APO, Nov 14, 2013, 07:31 AM

APO

Washington, DC, November 12, 2013/African Press Organization (APO)/ -- With African Development Bank (AfDB) (http://www.afdb.org) backing, Liberia has garnered support for a far-reaching renewable energy investment plan (https://www.climateinvestmentfunds.org/cif/sites/climateinvestmentfunds.org/files/SREP%20Trust%20Fund%20Meeting%20FINAL%20without%20diagram.pdf )with $50 million from the Climate Investment Funds (CIF) Program to Scale up Renewable Energy in Low Income Countries (SREP). Endorsement of the Liberian investment plan took place during the just-concluded week-long CIF governing body meetings (https://www.climateinvestmentfunds.org/cif/content/cif-allocates-250-million-peru-liberia-and-targeted-private-sector-projects-worldwide).

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Liberia will use these resources to bolster its intention to reach a 35% electrification rate by 2030, a critical step forward in this country where less than 2% of Liberian citizens have electricity. The plan is designed to help increase energy access through off-grid electricity schemes based on small hydro, solar PV, biomass, and hybrid systems.

As a first step, the country will use a $1.5 million SREP project preparation grant to develop an AfDB-supported project entitled Renewable Energy for Electrification in Eastern Liberia.

"At AfDB, we are very pleased to support Liberia as it takes this transformational step," stated Florence Richard-Quintanilha, AfDB's task manager for the preparation of the Liberia plan. "Countries like Liberia face an enormous double-edged challenge of building badly needed access to energy while at the same time applying the relevant climate-friendly solutions. We believe that Liberian citizens stand to benefit greatly from this plan; indeed, we hope that increasing access to affordable and safe energy in rural areas of the southeast will support greater development in this zone damaged by the civil war.  With this plan, the country stands ready to become an example for other fragile states in Africa trying to increase energy access and diversify their energy mix through renewables."

The plan is designed to be carried out in two financing phases. In Phase I, implementing partners will rely more on public investment to help mitigate risks associated with country conditions, lack of an enabling environment suitable for renewables powered off grid schemes, and new and/or untested business and technology models. In Phase II, the private sector will take the lead with development partners' support to scale up the program based on the results of Phase I.

Distributed by APO (African Press Organization) on behalf of the African Development Bank (AfDB).

About the Climate Investment Funds (CIF)

Established in 2008 as one of the largest fast-tracked climate financing instruments in the world, the $7.6 billion CIF provides developing countries with grants, concessional loans, risk mitigation instruments, and equity that leverage significant financing from the private sector, MDBs and other sources. Five MDBs – the African Development Bank (AfDB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), Inter-American Development Bank (IDB), and World Bank Group (WBG) – implement CIF-funded projects and programs.

Contact: Mafalda Duarte, Chief Climate Change Specialist and CIF Coordinator, ONEC m.duarte@afdb.org

For further information on the CIF projects supported by the AfDB, visit our January 2013 semi-annual report "Financing Change: the AfDB and CIF for a Climate-Smart Africa" (http://www.afdb.org/fileadmin/uploads/afdb/Documents/Corporate-Procurement/Departmental_Annual_Reports/2012%20CIF%20-%20Annual%20Report.pdf ) and our October 2013 brochure "Growing Green: the AfDB and CIF for a Climate-Smart Africa (http://www.afdb.org/fileadmin/uploads/afdb/Documents/Publications/Growing%20Green%20-%20The%20AfDB%20and%20CIF%20for%20a%20Climate-Smart%20Africa.pdf)."




Shola Sholaz

Liberia are capable of doing that if they put their mind to it. They can

Shola Sholaz