G7, EU pledge 10 BLN U.S. dollars to aid Africa's renewables plan

Dec 11, 2015 The group of seven most advanced economies also known as the G7 along with the 28-member European Union bloc recently backed a plan to generate 300 gig watts of electricity from renewable sources in Africa by 2030.

The support was accompanied with a loan promise worth $10 billion.

African nations, led by the continent’s development bank, recently launched the African Renewable Energy Initiative which aims at boosting electricity output in the continent.

Speaking in support of the initiative, French Foreign Minister and climate summit president Laurent Fabius said:

“The idea was put forward, and France and other countries offered their support, that we could move very substantially forward on renewable energy which means that we can change the lives of lots of people because if you have electricity you can start a business and have a better daily life,”

Fabius went on to explain that the funds will be managed by the African Development Bank, who will reserve the prerogative of choosing priority projects.

“We’ve already raised 10 billion. Egypt, as the leader of the AMCEN (the African Ministerial Conference on the Environment) and the African Development Bank, will make sure that the most important projects are financed. But it’s a very, very important piece of news because it’s going to bring a lot of positive things for development in Africa,”