July 25, 2024
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RENEWABLE ENERGY

Italy Announces €5m Contribution to Sustainable Energy Fund for Africa

The Italian Deputy Minister of Environment and Energy Security, Vannia Gava, has announced the European country’s new commitment of €5 million to Africa’s sustainable energy future through the Sustainable Energy Fund for Africa (SEFA) Special Fund.

She announced this on Monday during a side event at the 2023 United Nations Climate Change Conference, COP28, in Dubai, United Arab Emirates.

SEFA is a multi-donor Special Fund that provides catalytic finance to unlock private sector investments in renewable energy and energy efficiency. SEFA offers technical assistance and concessional finance instruments to remove market barriers, build a more robust pipeline of projects and improve the risk-return profile of individual investments.

According to Gava, “This new contribution of €5 million to the Sustainable Energy Fund for Africa (SEFA) Special Fund strengthens the attention that the Italian Government devotes to Africa, a geographical region of priority importance for our country’s energy and climate policies,” Gava said.

She added that the commitment underscores Italy’s continued dedication to fostering sustainable energy development in Africa. “Our long-lasting cooperation with the African Development Bank, launched in 2015 with the contribution to the first cycle of SEFA and the Africa Climate Change Fund (ACCF), is further reinforced by this commitment.”

Titled “Gearing up Africa’s energy transition by conducive policy and legislative frameworks”, the event focused on the necessity of private sector investments to expedite the sustainable transformation of Africa’s electricity sectors. It also highlighted the critical role of technical assistance programmes in achieving these goals.

Dr. Daniel Schroth, Director of the Renewable Energy and Energy Efficiency Department at the African Development Bank, stated, “Italy’s new contribution to SEFA is a powerful statement of its commitment to Africa’s just energy transition.

“This funding will further bolster SEFA’s efforts to deliver sustainable and reliable energy access across the continent, driving economic growth and enhancing the quality of life for millions. We are deeply grateful for Italy’s continued partnership and shared vision in supporting Africa’s sustainable energy journey.”

Italy’s contribution aligns with the broader goals of COP28, particularly the objective of tripling the deployment of renewable energy.

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