- ECREEE and GGGI propose EREF for business growth in West Africa.
- The facility is said to be worth $75 million.
ECOWAS Centre for Renewable Energy and Energy Efficiency (ECREEE) and the Global Green Growth Institute (GGGI) propose the creation of a new blended finance facility worth $75 million named the ECOWAS Renewable Energy Facility (EREF) to help businesses in West Africa expand by 2030.
To address the region’s difficulties accessing renewable energy, the fund would support small and medium-sized renewable energy and energy efficiency (RE&EE) projects and enterprises in rural and peri-urban areas of the ECOWAS member countries.
This was discussed at the 7th Edition of the ECOWAS Sustainable Energy Forum (ESEF 2022) themed “Achieving Sustainable Energy Targets in the ECOWAS Region: Moving from Resilience to Transition.”
The Forum was held to examine the policies required to improve energy security and achieve Sustainable Development Goal (SDG) 7, as well as what is needed to shift the region’s energy trajectory to one low in carbon emissions. Discussions focused on the obstacles impeding the development of a regional sustainable energy market and solutions to those problems.
The overarching objective of EREF 2030 is to promote the use of dependable, affordable renewable energy and energy efficiency technologies and services to support sustainable development in ECOWAS’ peri-urban and rural areas.
“The Direct Beneficiaries of the EREF are project developers directly involved in executing renewable energy projects funded by EREF. The Final Beneficiaries are the energy end-users, particularly in peri-urban and rural areas benefiting from modern, reliable, and affordable energy services. Finally, the global community through reducing GHG emissions,” the statement said.