Africa Renewable Energy Initiative to Get Over $10Bln Funding Boost

PARIS (Sputnik) — The Africa Renewable Energy Initiative (AREI) will receive a financial support of over $10 billion from the developed states, the United Nations Environment Program (UNEP) said in the statement on Tuesday.

The initiative is an Africa-led plan to increase renewable, clean energy by 10,000MW by the year 2020.

According to UNEP Executive Director Achim Steiner, Africa's renewable energy revolution would ensure access to clean, reliable and efficient energy, without producing additional greenhouse gas emissions.

"Such leadership from Africa, and the financial backing from the international community announced today, provides fresh hope that we can tackle the twin challenges of sustainable development and climate change," Steiner said in a statement on the matter following the event on the sidelines of the Paris climate change conference.

African Development Bank (AfDB) President Akinwumi Ayodeji Adesina added that the lack of electricity has put the brakes on African industrialization.

"Through the Africa Renewable Energy Initiative, we can sustain fast economic growth in Africa and on a low carbon development pathway," Akinwumi Ayodeji Adesina added as quoted in the statement.

According to UNEP, the funds for the African states, where some 600 million people have no access to electricity, will be allocated by the European Union, Sweden and G7.