In a significant move at the 2023 United Nations Climate Change Conference (COP28) in Dubai, Italy has announced a substantial contribution of €5 million to the Sustainable Energy Fund for Africa (SEFA) Special Fund. This allocation aims to bolster sustainable energy initiatives across Nigeria and other African nations.
Vannia Gava, Deputy Minister of Environment and Energy Security for Italy, revealed this commitment during a side event at COP28. Stressing the importance of Africa in Italy’s energy and climate policies, Gava highlighted the €5 million as a testament to Italy’s dedication to fostering sustainable energy development on the continent.
The announcement garnered praise from the Director of the Renewable Energy and Energy Efficiency Department at the African Development Bank, who lauded Italy’s ongoing commitment to advancing sustainable energy in Africa. He emphasized that Italy’s contribution aligns seamlessly with COP28’s overarching goals, particularly the ambitious target of tripling renewable energy deployment.
Italy’s injection of funds into SEFA serves as a robust affirmation of its support for Africa’s just energy transition. The financial boost is poised to significantly enhance SEFA’s capabilities in delivering sustainable and reliable energy access throughout the continent. This, in turn, is expected to drive economic growth and elevate the quality of life for millions of people.
Expressing gratitude for Italy’s continued partnership, the Director highlighted the shared vision in advancing Africa’s sustainable energy journey. The Sustainable Energy Fund for Africa, renowned as SEFA, operates as a multi-donor Special Fund, strategically providing catalytic finance to stimulate private sector investments in renewable energy and energy efficiency.
SEFA plays a crucial role by offering technical assistance and concessional finance tools to eliminate market barriers, enhance project pipelines, and optimize the risk-return profile of specific investments. Italy’s substantial contribution not only reinforces SEFA’s mission but also underscores the collaborative global effort needed to address the energy challenges facing Africa, emphasizing the potential for transformative change through sustainable energy initiatives.
