InfoStride News reports that Italy is set to contribute €5 million in Sustainable Energy Funds to the Sustainable Energy Fund for Africa (SEFA) Special Fund, benefitting Nigeria and other African nations. The announcement was made by Vannia Gava, the Deputy Minister of Environment and Energy Security for Italy, during a side event at the 2023 United Nations Climate Change Conference (COP28) in Dubai, UAE.
Gava highlighted Italy’s commitment to Africa, emphasizing the region’s priority in the country’s energy and climate policies. The €5 million contribution underscores Italy’s ongoing efforts to support sustainable energy development in Africa. This funding aligns with the broader goals of COP28, particularly the aim of tripling the deployment of renewable energy.
The Director of the Renewable Energy and Energy Efficiency Department at the African Development Bank commended Italy’s dedication to fostering sustainable energy in the continent. He noted that Italy’s contribution is a powerful statement of commitment to Africa’s just energy transition. The funding is expected to strengthen SEFA’s efforts in delivering sustainable and reliable energy access across the continent, driving economic growth and improving the quality of life for millions.
Italy’s partnership with SEFA is part of its broader commitment to support Africa’s sustainable energy journey. The Sustainable Energy Fund for Africa (SEFA) is a multi-donor Special Fund that provides catalytic finance to stimulate private sector investments in renewable energy and energy efficiency. SEFA offers technical assistance and concessional finance tools to eliminate market barriers, enhance project pipelines, and optimize the risk-return profile of specific investments.
The overarching goal of the Fund is to contribute to universal access to affordable, reliable, sustainable, and modern energy services for all in Africa. This aligns with the New Deal on Energy for Africa and Sustainable Development Goal 7, which aims to ensure access to affordable, reliable, sustainable, and modern energy for all. Italy’s contribution to SEFA reflects its commitment to supporting Africa’s energy transition and promoting a sustainable and inclusive future for the continent. InfoStride News will continue to monitor and report on developments related to this significant investment in sustainable energy in Africa.
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