Nigeria as well as other African countries are set to be beneficiaries of a $90 billion electricity funds backed by the from the World Bank and the African Development Bank.
The fund is part of the plan from the global financial institution to provide electricity to 300 million African population by the year 2023, according to a Bloomberg report.
Leading climate organizations including the Rockefeller Foundation, Global Alliance for People and Planet, and Sustainable Energy For All on Friday announced the launch for a new technical assistance facility.
This initiative, part of the Mission 300 program, aims to assess and support projects, helping them secure funding if they meet the program’s criteria.
Nigeria, an integral part of Mission 300, will also be a major beneficiary of the project through the Nigeria Distributed Access through Renewable Energy Scale-up (DARES project.
According to the World Bank, the project will benefit over 17.5 million Nigerians, or 20% of the country’s currently unserved population, while replacing over 250,000 polluting and expensive diesel generators.
Accordingly, the Rockefeller Foundation, in partnership with the Bezos Earth Fund and the Ikea Foundation, founded the Global Energy Alliance for People and Planet (GEAPP) in 2021.
Together, they are providing an initial $10 million through the World Bank to support 15 clean energy projects across 11 African countries, including Burkina Faso and Mozambique.
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This initiative aims to advance clean-energy solutions, with a focus on technologies like mini-grids, according to a joint statement from the organizations.
“We’ve seen, frankly, stagnation in getting electricity to more Africans over the last 15 years. This is for us the defining climate and development challenge for the continent over the next 20 years,” Ashvin Dayal, who heads the Rockefeller Foundation’s power and climate program, told Bloomberg TV.
On their part, GEAPP said the fund aim to create a massive fund-raising and advocacy effort to elevate action and mobilize the resources required in order to help raise some of the funds.
“We need to make sure that we create bankable projects that deliver impact and commercially sound returns.
“We will launch a massive fund-raising and advocacy effort to elevate action and mobilize the resources required,” Woochong Um, GEAPP’s chief executive officer, said.
The aim is to split the $90 billion needed in funding equally between public funds, concessional and philanthropic finance and commercial commitments.
Possible sources include the International Monetary Fund’s Resilience and Sustainability Trust and re-channeled special drawing rights, which are reserve assets issued by the IMF to its members.
Under the program, countries will be encouraged to boost their access to funding by committing to reforms that encourage the roll out of green energy.
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Why I lost to Daniel Dubois in fifth round – Anthony Joshua
Anthony Joshua has revealed why he was knocked out in the fifth round by Daniel Dubois during their heavyweight clash on Saturday, which saw Dubois retain his IBF heavyweight title.
The fight, held at Wembley Stadium in front of a massive crowd of 96,000, showcased a dominant performance by Dubois.
The 27-year-old floored Joshua four times before delivering the decisive blow in the fifth round—a powerful right to the chin that ended the contest.
During his post-match press conference, Joshua reflected on the loss, attributing his defeat to a series of mistakes made throughout the bout.
He said: “The first round? Overhand right, chin in the air, no defence kaboom.
“And it was a bit of a downhill slope from there. Tried to change the tides but it just weren’t my night tonight.”
Revealing what went wrong with him in the fifth round despite starting it strongly Joshua said: “I caught him with a good shot I think and then I tried to go for it, and then I got caught with an overhead right, when I was throwing the uppercut.
“Thing is, I wasn’t setting shots up. In a shootout like that you really got to be a bit more sniper-esque.
“But when you’ve been hit a few times, it’s survival, I’m in survival mode.
“I just want to get him out of there and we had a shoot out and he hit me.”
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