Advancing finance for clean energy in West Africa

Friday 09 Nov 18
Entrepreneurs, key experts and stakeholders joins UNEP DTU Partnership at the ECOWAS Sustainable Energy Forum to discuss finance for clean household energy.

In many parts of West Africa, most villages are off-grid, and those who do have access to electricity, are subject to daily blackouts.
As a result, households have come to rely on highly polluting and hazardous forms of energy, including wood, charcoal and kerosene, to cook and to light their homes. This has major negative impacts on both health and climate, and is driving deforestation at an alarming rate. On the other hand, clean energy has great potential to stimulate economic growth.

At the ECOWAS Sustainable Energy Conference 2018 UNEP DTU Partnership, along with the Climate and Clear Air Coalition (CCAC) and UN Environment, will organize a workshop focused on household finance solutions for clean energy on the 15-16 of November.

The Workshop on clean energy end-user finance solutions in Nigeria and West Africa will be an opportunity to hear from successful entrepreneurs, key experts and stakeholders from African countries. Other developing regions and international organizations will also contribute on the subject regarding successful lessons for possible replication and 'pitfalls' to avoid.

Climate mitigation with co-benefits
Short-lived climate pollutant (SLCP) emission reductions can play an instrumental role in curbing climate change while also realizing co-benefits for air quality, health and agricultural productivity. Yet despite these multiple benefits, SLCP mitigation projects have not been financed to their full potential.

Several existing funds are in a position to finance projects, technologies, and policies that cut SLCP emissions and the private finance sector is increasingly aware of climate change risks and the economic benefits of mitigation activities.

The all-important current challenge is to create an environment where these sources of finance can be channelled to SLCP projects at a larger scale.

Through this South-South learning exchange platform, UNEP DTU Partnership will facilitate discussions with all relevant stakeholders with the aim to further end-user finance solutions in Nigeria and West Africa for clean energy for lighting and cooking.

Developing finance tools
Finance for SLCP reductions is a diverse activity that requires solutions customized to each sector, type of purchase and investment.
It includes activities that range from long-term public sector infrastructure investments and public procurement, to corporate investments and individual purchase decisions.

Recognizing the need to accelerate and scale up SLCP mitigation, the Climate and Clean Air Coalition has established the Finance initiative to catalyse investment.

This initiative is specifically working with partner financial institutions to develop tools that will allow them to assess and prioritize investments based on their contributions to SLCP reductions.

Building on this work, the South-South workshop will additionally discuss findings from the household surveys and analysis on technology feasibility and market needs assessment that was undertaken in the Adamawa State (north-eastern Nigeria) to identify the constraints in accessing finance for clean energy technologies. It also aims to identify prospective quantitative targets in terms of hardware, finance and beneficiaries and would recommend high impact approaches.

Accelerating sustainable solutions
The Economic Community of West African States (ECOWAS) Centre for Renewable Energy and Energy Efficiency (ECREEE) is hosting the second Edition of the ECOWAS Sustainable Energy Forum (ESEF2018) from 13 -15 November 2018 at the Radisson Blu Hotel in Dakar, Senegal.

The forum promotes the exchange of ideas and cooperation to support the acceleration of sustainable solutions for the region’s energy situation. 

The forum also provides a platform for improving the policy and regulatory landscape for private sector investment. The forum also facilitates networking and partnerships between ECOWAS policy makers, regional, international private sector players, and financial institutions.

This year's event will focus on fostering concrete progress in the implementation of the ECOWAS region’s sustainable energy targets. 

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23 MAY 2019