Addis Ababa January 30/2017 Prime Minister Hailemariam underscored on the importance of developing Africa’s renewable energy sector as a critical power source for Africa’s industrialization.
Speaking on the first meeting of the Board of Directors of African Renewable Energy Initiative (AREI) here at the AU headquarter, Hailemariam said “without energy and electricity it is very difficult for African countries to industrialize.”
The Premier also praised the program, as the brainchild of Africans and owned by Africans, affirming Ethiopia’s commitment for the realization of the program.
“My country Ethiopia will be very much involved and much committed for the success of the program”, Hailemariam said.
The Africa-led Initiative is aimed to accelerate and scale up the harnessing of the continent’s huge renewable energy potential, set to achieve at least 10 GW of new and additional renewable energy generation capacity by 2020 and 300 GW by 2030.
“This kind of program usually takes a lot of time. We have to make sure that we shorten our programs because we have time boundary of 15 years on our development agenda”, he said.
AUC Chairperson, Dr. Nkosazana Dlamini Zuma for her part praised all stakeholders who are striving for the realization of the project.
AREI aims at enabling nations develop their renewable energy sources thereby improve the livelihoods of citizens, transform economies as well as realize zero carbon development.
At least 5 billion USD in public and from bilateral, multilateral and other sources will be needed to leverage a further 15 billion USD in other investments, for a total investment of at least USD 20 billion up to2020, for the years between 2016 and 2020.
The Initiative was launched in December 2015 at the 21st Conference of the Parties (COP21) to the UNFCCC in Paris, France.
At the occasion a group of 10 international partners committed to mobilize 10 billion USD, between 2015 and 2020, to contribute to the goal of the initiative.
One year after the launch, significant progress has been made, the 2016 AREI report regarding its progress said.