Between 2011 and 2012, the African Development Bank (AfDB) increased its investment in clean energy in Africa by a staggering 92 percent putting its clean energy projects in Africa at $4.3 billion.
The new report by Bloomberg New Energy Finance, which looks at the clean energy transactions of 26 national and multilateral development banks from 2007 to 2012, between 2011 and 2012, AfDB increased by a staggering 92% its investment in clean energy in Africa, the largest source of financing for the Africa region so far.
AfDB was the first with $4.3 billion of the total $14.7 billion invested into clean energy projects followed by the World Bank Group at $2.9 billion since 2007.
The funds totaling $1.2 billion are used to accelerate risky and costly clean energy projects such as the Moroccan Integrated Solar and Wind Energy Programs and Kenya’s Geothermal Development Project in Kenya. Investments worldwide increased three-fold from 2007 to 2012, from $36.8 billion to $108.9 billion. Clean energy financing from development banks broke the $100 billion mark in 2012 for the first time in history.