AfDB Highlights Critical Role of Private Sector in Sustainable Development

The African Development Bank’s strategy to involve the private sector in providing sustainable energy solution was the focus of this year’s Global Green Growth Forum (3GF) in Copenhagen, Denmark.

At a June 7, 2016 panel discussion on “Accelerating Financial Investments in Sustainable Growth”, the AfDB President Akinwumi Adesina stressed the importance of ensuring mechanisms that will encourage private sector investment in sustainable development. “We need to provide a robust framework though which we can accelerate financial investments in sustainable development,” he said.

“Lake Turkana would not have happened without all partners coming in. Public-private partnerships are essential,” he added. The Bank-funded Lake Turkana wind power project in Kenya will significantly increase the country’s power generation capacity, providing the country with clean affordable energy.

President Adesina highlighted the Bank’s plan to lead the way on green growth and to triple its climate finance to US $5 billion per year, and to leverage about US $20 billion in private and public sector investments in climate mitigation and adaptation by 2020. The President stressed that Africa presented great opportunities. “It is not a question of the demand not being there, but how you structure the projects and bring them to bankability. Africa needs relevant and sustainable projects,” he said.

Other speakers on the panel were Yvo de Boer, Director General of Global Green Growth Institute; Torben Møger Pedersen, CEO of PensionDanmark, Denmark; Mariuz Calvet Roquero, Head of Sustainability, Banamex, Mexico; and Caroline Anstey, the Global Head of UBS and Society, Switzerland.

Read the full article from All Africa here.