- African Development Bank’s Leveraging Energy Access Finance Framework (LEAF) program is poised to get a boost with the Board of Green Climate Fund (GCF) approving 170.9 million USD.
- The LEAF program aims at unlocking commercial and local-currency financing for decentralized renewable energy (DRE) projects in six countries in Africa.
African Development Bank’s Leveraging Energy Access Finance Framework (LEAF) program is poised to get a boost with the Board of Green Climate Fund (GCF) approving 170.9 million USD. The LEAF program aims at unlocking commercial and local-currency financing for decentralized renewable energy (DRE) projects in six countries in Africa such as Ghana, Guinea, Ethiopia, Kenya, Nigeria and Tunisia. The larger agenda of the Green Climate Fund that has a 900 million USD program budget is to scale up the roll-out of mini-grids, solar home systems, and commercial and industrial solar solutions in the program countries.
In a press release, Green Climate Fund Private Sector Facility Acting Director, Tony Clamp remarked that Green Climate Fund’s commitment will help overcome financing barriers caused by Covid-19 by unlocking the commercial capital and local currency financing.
Speaking about the initiative, African Development Bank Vice President for Power, Energy, Climate and Green Growth Vice President Kevin Kariuki said that GCF’s approval of LEAF is a significant boost for the African Development Bank and facilitates the Bank’s goal of accelerating electricity access. It also supports Africa’s transition to clean energy using decentralized renewable energy solutions, facilitated through local financing.
GCF was established by 194 governments to limit or reduce greenhouse gas (GHG) emissions in developing countries, and to help vulnerable societies adapt to the unavoidable impacts of climate change.
