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Add to Preferred SourcesThe Austrian Development Agency (ADA) joined NDF and the Ministry for Foreign Affairs of Finland (MFA Finland) as a donor to the new Energy and Environment Partnership Trust Fund covering Southern and East Africa (EEP Africa) raising combined commitments to the Fund to EUR 28 million.
EEP Africa was first launched in 2010 under the leadership of MFA Finland with co-financing from Austria and the UK. It has been at the forefront of efforts to fast-track clean energy access and sustainable and inclusive green growth across the region.
In January 2018, EEP Africa transitioned into a multi-donor trust fund hosted and managed by NDF and providing early-stage grant and catalytic financing to innovative clean energy projects, technologies, and business models.
The new financing commitment from Austria will support access to clean energy in 15 countries in Southern and East Africa and highlights a strong start for the Fund. Discussions are ongoing with additional donors with the aim of growing the commitments to the Fund by the end of the year.
EEP Africa increases energy supply and access to renewable energy for poor people and promotes energy efficiency by demonstrating and deploying new technologies in Southern and East Africa. EEP Africa targets the key barriers of access to finance and information in order to advance low carbon private sector development in a cost-effective and evidence-based way.
According to ADA Managing Director, Martin Ledolter, “Austria is convinced of the necessity to invest in climate change mitigation and thus driving forward the renewable energy agenda in the global fight to reduce carbon dioxide emissions. This is why Austria explicitly supports renewable energy and low-carbon technologies such as solar, hydro, wind and biofuels. Hence the participation within this successful partnership with Finland and the Nordic Development Fund provides Austria a unique opportunity to contribute to our convictions in this area on a larger scale and to jointly be at the forefront of efforts to fast-track clean energy access and sustainable and inclusive green growth across the region.”
NDF Managing Director, Pasi Hellman, noted, “Austria’s contribution has special significance as it is the first time that a non-Nordic partner commits funding under NDF management. This highlights Austria’s continued commitment to EEP Africa and our shared priorities for energy access and low carbon private sector development in Africa as well as trust in NDF to lead the programme into a new phase.”
Since 2010, EEP Africa has channeled more than EUR 57 million to more than 200 pioneering projects leveraging innovative clean energy technologies and energy access business models to transform lives and livelihoods with particular focus on the very poor.
EEP projects have improved energy access for more than 900,000 households and contributed to more than 8,000 new jobs, of which more than 3,000 accrued to women. EEP financing has also triggered direct greenhouse gas (GHG) emissions reductions of more than 1.3 million tonnes of CO2 equivalent and leveraged more than €150 million in additional investment.
Original source: NDF
Published on 4 July 2018