IFC and Government of Côte d’Ivoire Release Roadmap Towards 2030 Renewable Energy Targets

IFC, a member of the World Bank Group, and Côte d’Ivoire’s Ministry of Petroleum, Energy, and Renewable Energy Development today released a roadmap study that outlines pathways for achieving the country’s Nationally Determined Contribution (NDC) target of producing 42 percent of the country’s power by renewable energy resources in 2030.

“Unlocking Private Investment: A Roadmap to achieve Côte d’Ivoire’s 42 percent renewable energy target by 2030” results from substantive dialogue among more than 100 energy sector stakeholders, including the country’s public, private, civil society, and development finance sectors. It captures a variety of challenges and proposes solutions that will help Côte d’Ivoire reach its NDC target with the support of government and other actors,.

The NDC commitments made by countries during the landmark 2015 Paris Agreement have generated enormous opportunities for climate-smart investment in a variety of sectors. According to a recent study by IFC, these NDCs represent an estimated $23 trillion in global investment potential. Côte d’Ivoire aims to be an economic engine for West Africa as well as a trailblazer for scaling renewable energy technologies. It is the first country to analyze its own commitments with the goal of identifying private sector investment opportunities

Alzbeta Klein, IFC Director and Global Head of IFC Climate Business, said, “Côte d’Ivoire aims to be an economic engine for West Africa as well as a trailblazer for scaling renewable energy. With the right government policies in place, achieving the renewable energy target in full can create a $9 billion investment opportunity by 2030.”

Thierry Tanoh, Côte d’Ivoire’s Minister of Petroleum, Energy, and Renewable Energy Development, said: “The Roadmap is an innovative tool to attract more investors in the renewable energy sector. With the support of IFC and other partners involved in this process, we can clearly identify effective policies, frameworks, and processes to boost the development of renewables in Côte d’Ivoire.”

The Roadmap also focuses on Côte d’Ivoire’s goal of achieving near-universal energy access by 2020. The Roadmap’s next steps include developing a platform for continued engagement among stakeholders. IFC will continue to work with private sector, government of Côte d’Ivoire and other development partners to facilitate that dialogue.

IFC plays a key role in advancing private sector climate solutions. In FY18, IFC invested more than $3.8 billion with an additional $3.2 billion in core mobilization in long-term financing in climate-smart industries ranging from renewable power generation to energy efficiency, climate-smart agribusiness, green finance, and green buildings.

About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY17, we delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity.

Since 2005, IFC has invested more than $18 billion in long-term financing in climate-smart industries ranging from renewable power generation to energy efficiency, climate-smart agribusiness, green finance, and green buildings. For more information, visit www.ifc.org

Source: businessghana