CAPE TOWN - The African Development Bank has achieved a 100% investment in 2017 for renewable energy projects and efficiency.
This is a major landmark for this financial institution when comparing with the past few years.
"The share of renewable energy projects as a part of the bank’s portfolio of power generation investments increased from 14% in 2007/2011 to 64% in 2012/2016," the institution said in a statement.
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It is said that power generation projects with a cumulative 1,400 megawatts exclusively from renewables were approved during the year, with plans to support more renewable energy projects in 2018 under the New Deal on Energy for Africa.
The African Development Bank President, Akinwumi Adesina said, "We are clearly leading on renewable energy. We will help Africa unlock its full energy potential while developing a balanced energy mix to support industrialisation. Our commitment is to ensure 100% climate screening for all bank-financed projects".
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This financial group has an aspirational goal of achieving a universal access to energy in Africa by 2025, as more than 600 million people in the African continent do not have access to electricity.
Meanwhile, the nuclear deal headed by Energy Minister, David Mahlobo has received several critics from the lobby groups and the public - claiming that South Africa does not need and can't afford nuclear power.