The Africa Renewable Energy Manufacturing Initiative will invest $850m in Africa

The Africa Renewable Energy Manufacturing Initiative will invest $850m in Africa

The African Climate Foundation, Bloomberg Philanthropies, ClimateWorks Foundation, and the Chinese Renewable Energy Industries Association (CREIA) launched the Africa Renewable Energy Manufacturing Initiative (AREMI) to drive investment and mobilize action in African countries to scale up renewable energy manufacturing capabilities.

AREMI will focus on capacity building, knowledge transfer, policy dialogues, and advocacy, as well as enabling pilot projects that drive low-emission development and carbon neutrality in Africa. This will be implemented through four key programs: enable a best-in-class business environment and drive market demand, build Africa’s green manufacturing workforce, attract green manufacturers to Africa and incubate African green manufacturing projects and policies.

“With some of the fastest growing economies, Africa has the potential to be a global energy leader and address the twin challenges of energy poverty and the climate crisis. However, current clean energy investments in Africa are at an alarming low. Changing that requires new levels of collaboration to unlock the dollars needed to electrify and decarbonize Africa. The Africa Renewable Energy Manufacturing Initiative will turbocharge new levels of cooperation to scale and boost green manufacturing capacity, create good jobs, and make renewable energy a key economic anchor in the continent and around the world,” Antha Williams, who leads environment programs at Bloomberg Philanthropies. 

Home to 60% of the world’s best solar resources, Africa has the potential to become a global green manufacturing hub with expected growth in solar photovoltaics (PV) to 650 gigawatts by 2050.

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