Nordic Development Fund (NDF)’s Post

IRENA and GCFC join forces to speed up global climate finance initiatives IRENA and the Global Climate Finance Centre (GCFC) have formed a strategic partnership to boost global climate finance and renewable energy initiatives. This collaboration aims to address financial disparities in renewable energy projects, especially in emerging markets, by enhancing finance flows, building capacities, and fostering innovation. The partnership will focus on market intelligence, capacity building, and project pipeline financing, with specific initiatives like supporting African countries through IRENA’s Accelerated Partnership for Renewables in Africa and GCFC's Africa Green Investment Initiative. The MoU signing was witnessed by Salem Mohammed Al Darei, Chairman of GCFC and Dr Nawal Al-Hosany, the Permanent Representative of the UAE to the International Renewable Energy Agency (IRENA).  https://lnkd.in/d768MTiJ #Sustainability #ClimateChange #CarbonSolution

Expanding access to affordable, reliable, & sustainable electricity is a critical step for improving individual wellbeing, reducing poverty, and promoting economic growth in Africa. IFC - International Finance Corporation is investing in Acumen's 𝗛𝗮𝗿𝗱𝗲𝘀𝘁-𝘁𝗼-𝗥𝗲𝗮𝗰𝗵 (𝗛𝟮𝗥) initiative to boost access to clean and affordable energy through off-grid household solar power☀. By providing access to a sustainable power source like solar, the initiative will support the reduction of GHG emissions by hundreds of thousands of tons per year, as well as unlock economic potential and improve quality of life for millions of people. Learn more here: https://lnkd.in/eJqVSjVE #COP29 #COP29Azerbaijan #ClimateAction

💡Imagine a world where #CleanEnergy reaches even the most remote areas. IFC partnered with Africa Minigrid Developers Association (AMDA), Government of Canada, ESMAP - Energy Sector Management Assistance Program and the Global Infrastructure Facility to share critical information on how to attract private investment to revolutionize electricity access across #Africa. This program toolkit combines financial advisory support, risk mitigation and more to boost economic growth, create jobs and bring light to communities. Learn more ➡️http://wrld.bg/n0yo50UIeae #PoweringAfrica #Mission300 #IFCEnergy

Big news for climate action in Africa! The African Development Bank has approved a $30 million equity investment in the Africa Finance Corporation (AFC) to fund climate-focused projects across the continent. This investment will support the development of solar power plants, energy storage systems, and other green initiatives, including wind and solar projects in Djibouti and Egypt, and energy storage systems in Cabo Verde. AFC’s groundbreaking “green shares” program will help unlock substantial funding for these impactful ventures. A powerful step toward a sustainable future for Africa! 🌱 Read more here: https://lnkd.in/dhHVE2QR #ClimateAction #Sustainability #GreenEnergy

Today, our partners, the International Renewable Energy Agency (IRENA) and ESMAP - Energy Sector Management Assistance Program, along with the government of Malawi, hosted a side event at the UN High-Level Political Forum for Sustainable Development, focusing on International Collaboration for De-risking Investment and Mobilizing Finance to achieve SDG 7. Key Takeaways: 🔑 Access to Finance: Addressing the high cost of capital and lack of bankable projects is critical for private finance in achieving SDG 7. However, financial aspects alone don't cover all contexts, as SRMI partners' analyses show. 💡 Innovative Solutions: Increased public finance and innovative solutions by MDBs and development partners are crucial to unlocking investment. Financial innovation is needed to accelerate private financing for clean energy, tackle residual risks, and support innovative technologies. 🔒 Risk Mitigation: Risk mitigation and collaboration are essential to develop bankable projects and attract investments. De-risking must be reconceptualized to go beyond financing risks if we are to achieve SDG 7 and all SDGs. Many thanks to Raul Alfaro-Pelico for the excellent moderation and to Raihan Elahi, Anita Otubu, Minoru Takada Miquel Muñoz Cabré Riad Meddeb, and Jasmin Haider for the insightful contributions. #SDG7 #SustainableDevelopment #RenewableEnergy #FinancialInnovation #GlobalCollaboration #energytransition #climatefinance #riskmitigation #SRMI #UNEnergy

🌍💬 How can Africa's financial sector drive the clean energy transition while addressing its biggest emission blind spot? Financed emissions—those indirect emissions linked to a financial institution’s loans and investments—are 700 times greater than the institution's direct emissions. Yet, only 20% of financial institutions worldwide have committed to reducing these emissions as part of their net-zero goals. In Africa, where renewable energy investment is critical, this presents a significant challenge. African banks, insurers, and asset managers are pivotal in financing infrastructure projects. However, their contribution to the clean energy transition remains limited unless they address the emissions tied to their financing activities. Financed emissions, classified as Scope 3, Category 15, must become a priority in their sustainability efforts if we are serious about meeting climate targets. The Glasgow Financial Alliance for Net Zero (GFANZ) is working globally to address this, but African financial institutions are still underrepresented. With the pressing need for renewable energy infrastructure, aligning financing with net-zero goals is no longer optional—it’s essential for the continent’s future. #ClimateFinance #NetZero #RenewableEnergy #FinancedEmissions #SustainableInvesting #AfricaCleanEnergy #Scope3Emissions #GFANZ #ClimateAction #InfrastructureDevelopment ------------------------------------------------------------------------------- 👑 Most likely to be found geeking out on all things related to ‘Renewable energy finance for Africa’ I cut through the complex jargon of climate finance issues to inspire urgent action. Interested? Let’s connect! 🤝 -------------------------------------------------------------------------------

The investments support the Paris Agreement and the African Union’s Agenda 2063, focusing on low-carbon, climate-resilient development. Moreover, AFC’s infrastructure expertise and SEFA’s renewable energy focus provide a dual advantage—scaling sustainable solutions across sectors. Head to the link in bio for the full story. Read the full story here: https://lnkd.in/daMqVYxH African Development Bank Group Africa Finance Corporation Sustainable Energy Fund for Africa (SEFA) Harith General Partners

Empowering Africa's Green Energy Future: AfDB and AFC Join Forces 🌱 The African Development Bank Group (AfDB) has invested $30M in the Africa Finance Corporation (AFC) to fuel transformative climate action projects. This strategic partnership will drive the development of solar power plants, energy storage systems, and innovative green initiatives across the continent. By supporting AFC’s groundbreaking “green shares” program, this investment is a bold step toward creating a sustainable financing ecosystem to bridge Africa's $170B annual infrastructure gap and enhance climate resilience. 🌿 This collaboration doesn’t just promise clean energy—it’s about inclusive growth, creating jobs, and empowering marginalized communities. Read the full article by Tech in Africa here: https://lnkd.in/d_jqPHRQ #Sustainability #GreenEnergy #AfricaDevelopment #ClimateAction #Infrastructure #RenewableEnergy

🚨 Dispatch from #GOGSFE24 in Nairobi! Our Robert Zeidler was on today's panel ''Public Funding for Off-Grid Solar: The Key to Unlock the Next Wave of Growth''. "Had a great time on a panel discussing how public finance can drive Universal #EnergyAccess! I shared insights on leveraging credit lines and guarantees to unlock local financing, especially in local currencies. We also explored the importance of a systemic approach, blending different funding sources to maximize impact. For example, Results-Based Financing (RBF) can help de-risk companies, making it easier for them to access working capital and local financial resources.'' 🌍💡 Thanks to fellow panellists from GOGLA, Ecowas Rogeap _ Regional Off-Grid Electricity Access Project, Power Africa and the Renewable Energy Association of Zimbabwe for an engaging discussion! #PublicFinance #UniversalEnergyAccess #SustainableFinance #EnergyAccess #DevelopmentFinance #RBF #3xRenewables # SDG7 #SDG13

IFC - International Finance Corporation has committed $25 million to Acumen's 𝙷𝚊𝚛𝚍𝚎𝚜𝚝-𝚝𝚘-𝚁𝚎𝚊𝚌𝚑 𝙵𝚞𝚗𝚍, a $200 million initiative to improve energy access in underserved areas of Sub-Saharan Africa. The fund targets off-grid solar companies in 16 countries with low electrification rates, focusing on 𝙿𝚊𝚢-𝚊𝚜-𝚢𝚘𝚞-𝙶𝚘 𝚜𝚘𝚕𝚊𝚛 businesses. These companies offer affordable solar home systems to low-income households through incremental payments, bringing clean energy to areas where traditional grid infrastructure is unfeasible. The fund aims to electrify 72 million people in a decade while cutting 5 million tonnes of CO2 emissions. It uses a blended finance approach, mixing commercial investments with concessional capital and grants. A key feature is the grant component, which encourages solar providers to lower interest rates for customers by meeting performance targets. This approach balances financial viability with social impact, supporting both underserved communities and sustainable businesses in the off-grid solar sector. #IFC #Acumen #EnergyAccess #SolarEnergy #SubSaharanAfrica