Abidjan, March 2nd, 2018–IFC, a
member of the World Bank Group, and Côte d’Ivoire’s Ministry of Oil,
Energy and Renewable Energy Development of Côte d’Ivoire today partnered
to bring together public and private sector executives in dialogue around
how to unlock private investments to achieve the country’s goals in renewable
energy. Côte d’Ivoire has announced it wants renewable energy to represent
42 percent of the country’s energy mix by 2030.
Private sector stakeholders and policy makers
at a workshop today in Abidjan discussed putting in place feasible near-term
solutions in the renewable energy sector. They discussed policies, market
and investment activities and financial innovations needed to attract private
investment for renewable energy projects.
The workshop follows the recent IFC publication
‘Creating Markets for Climate Business’, which identifies seven industrial
sectors that can have a significant impact if they benefit from private
investment. These sectors are renewable energy, off-grid solar and energy
storage, agribusiness, green buildings, urban transport, and water and
urban waste management.
Thierry Tanoh, Côte d’Ivoire’s Minister
of Oil, Energy and Renewable Energy Development said: “Our country has
an ambitious agenda to scale up cost-effective and reliable renewable energy.
We are pleased to work with IFC to engage the private sector to help achieve
Cassandra Colbert, IFC Regional Representative
said: “IFC is committed to working with the Ivorian private sector and
government to leverage the country as a renewable energy hub for the sub-region
and to promote innovative enterprises and contribute to sustainable development.”
Peak demand in electricity in Côte d’Ivoire
has been growing by an average rate of 6.9 percent since 2011 and reached
almost 1,300MW in December 2016. The government’s aim is to achieve
installed capacity of 4,000 MW in 2020. There is an estimated $10 billion
in climate-smart investment potential, $2.7 billion of which is tied to
the country’s target to generate 42 percent of its electricity from renewable
energy by 2030 through hydro, solar and biomass projects.
Addressing climate change is a priority for
IFC. Since 2005, IFC has invested $ 18.3 billion of its own funds in long-term
financing of climate-friendly projects in and leveraged an additional $
11 billion from other investors.
IFC, a member of the World Bank Group, is the largest global development
institution focused on the private sector in emerging markets. Working
with more than 2,000 businesses worldwide, we use our capital, expertise,
and influence to create markets and opportunities in the toughest areas
of the world. In FY17, we delivered a record $19.3 billion in long-term
financing for developing countries, leveraging the power of the private
sector to help end poverty and boost shared prosperity. For more information,