Groups partner to boost clean energy access in Africa

The Global Energy Alliance for People and Planet (GEAPP) and Agence Française de Développement (AFD Group), has announced a joint commitment to support local financial institutions in Africa, with the goal of accelerating clean energy access across the continent.

The partnership, launched at the Finance in Common Summit (FiCS) Thursday in Cape Town, aims to mobilise up to $5 million in technical assistance to elevate the role of local financial institutions in supporting clean energy projects.

GEAPP and AFD Group’s joint investments will provide technical and financial support to private financial institutions and Public Development Banks (PDBs) in Africa, enhancing their capacity to deploy long-term and stable resources essential for scaling transformative energy technologies.

This initiative is a direct response to the growing momentum among partners supporting Mission 300, the World Bank and African Development Bank’s landmark ambition to deliver affordable and sustainable electricity to 300 million people in Africa by 2030.

Chief Executive Officer of AFD Group, Rémy Rioux, said “through national PDBs and local private banks, we have a unique opportunity to accelerate energy access in Africa,”.

 “The partnership with GEAPP proves that FiCS is an ideal platform to support cross-fertilizing partnerships between public development banks and other stakeholders committed to sustainable solutions.”

GEAPP’s Chief Executive Officer, Woochong Um, added that this collaboration demonstrates the power of radical collaboration to achieve the Mission 300 goal of connecting 300 million Africans by 2030.”