Investment in renewable energy needs to double to nearly $750bn from $330bn now to deploy clean power at the speed needed to achieve sustainable development goals and tackle climate change, according to the International Renewable Energy Agency (IRENA).
The Facility supports developing countries in securing low-priced capital for renewable energy projects to increase energy access, improve livelihoods and advance sustainable development on the ground.
"They will take advantage of cost-effective renewable energy to help reduce poverty, enable income-generating activities, and provide electricity to healthcare facilities and educational institutions, which will create jobs, empower women, and strengthen local communities", said Amin. The project is expected to benefit 5,500 households and allows for large reductions in the import of fossil fuels.
An 8 MW hybrid power plant (solar and wind) will receive an ADFD investment of US$15 million.
Commenting on the agreement, Samuele Lande thanked ADFD for bolstering renewable energy capacity in River Gee county and ensuring access to affordable power for the rural population, businesses, institutions and industries in the south-east region of Liberia. Over 215,000 people in six cities are expected to benefit from the facility. By the end of this decade, solar PV and wind costs may consistently outcompete traditional energy.
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Mohammed Saif Al Suwaidi, director-general of ADFD, said, "The fund has enhanced long-term growth prospects and yielded socio-economic benefits for millions of lives in line with the national objectives of the beneficiary countries".
The ADFD loan of US$15 million will contribute to the construction of a 6 MW solar power plant. The Energy Minister said she proposed to director La Camera to support Albania's future plans in renewable energy, through innovative projects such as floating solar panels, which have been successfully piloted in several countries.
To achieve that, yearly renewable energy investment will have to double from about $330-billion to close to $750-billion. The renewable energy venture aims to reduce carbon emissions, fossil fuel consumption and operating costs.
Since its inception in 1971, ADFD has financed hundreds of development projects in the renewable energy sector around the world worth US$1.187 billion (AED4.4 billion).
The United Nations Environment Programme and partner organizations determined in a recent report "the world's nations are on track to produce more than twice as much coal, oil, and gas as can be burned in 2030".