AFD, GEAPP partner on clean energy financing

The Agence Française de Développement (AFD) and the Global Energy Access Partnership (GEAPP) have partnered to expand clean energy financing in Africa under Mission 300. Hélène Djoufelkit, Deputy Executive Director of Sustainable Finance & Economy at AFD, recently discussed this groundbreaking initiative with CNBC Africa. Djoufelkit emphasized the importance of energy access for overall development, pointing out that it plays a crucial role in economic, social, and environmental progress. The Energy 300 initiative aims to mobilize up to $100 billion for energy access in Africa, with AFD committing to financing $1 billion by 2030 in collaboration with GEAPP. The partnership focuses on providing funding to small and medium enterprises (SMEs) and offering technical assistance for banking institutions to attract private sector investment. Djoufelkit highlighted the goal of leveraging private finance and stimulating renewable energy investments across the continent. African countries are at the forefront of climate change impacts, with approximately 600 million people still lacking access to reliable energy sources. AFD and GEAPP are working closely with governments to align transition plans and support sustainable energy projects. This holistic approach includes financial support, technical assistance, and research initiatives to address the financing gap and promote green energy solutions. Djoufelkit underscored the crucial role of energy access in driving economic growth, job creation, and environmental sustainability. By prioritizing the needs of vulnerable populations, AFD and GEAPP aim to create lasting impact and facilitate inclusive development. Despite challenges in identifying bankable projects, Djoufelkit emphasized the importance of public-private partnerships and collaboration among development banks to make sustainable energy initiatives financially viable. The partnership between AFD and GEAPP exemplifies a shared commitment to advancing clean energy financing in Africa and driving positive change for communities across the continent.