Nigeria Asks World Bank, IMF to Scale up Renewable Energy
Nigeria has asked the World Bank Group and the International Monetary Fund (IMF) to scale up the provision of and access to renewable energy in order to deliver development results and meet global climate goals. Nigeria’s position on renewable energy and regional integration was presented by the Minister of Finance…
As reported by Nigeria Electricityhub, the financing of infrastructure to support renewables was discussed at a G24 Finance Ministers and Central Bank Governors meeting in Washington D.C.
Of note was a call from the ministers and governors for Multilateral Development Banks (MDBs) to deliver on their ‘Joint Declaration of Aspirations on Actions to Support Infrastructure Investments’ to help develop new risk mitigation instruments and infrastructure investment as an asset class. That joint declaration included a commitment from the African Development Bank Group of $7.3 billion in 2017 and $6 billion in 2018 for infrastructure.
Other MDBs include Asian Development Bank, European Bank for Reconstruction and Development, and the European Investment Bank.
Those banks are part of a growing financial network dedicated to funding climate initiatives.
Climate finance is a critical and ongoing issue for those countries that are committed to the Paris Agreement but also are financially insecure. Green & Resilience Banks reported in 2016 that $13 trillion in investments is required just to meet the pledges made by countries supporting the Paris Agreement.