The Herald (Zimbabwe)

Comesa, WB launch US$5bn energy access fund

The Common Market for eastern and Southern Africa (Comesa) and the World Bank have launched a US$5 billion energy projects funding programme to accelerate electricit­y access efforts in eastern and Southern Africa.

Zimbabwe, which is part of the 21-member Comesa bloc, lies in the southern Africa region and the country stands a chance to benefit from the energy programme at a time when the nation is seeking to boost its power generation capacity to achieve the envisioned upper middle-income society by 2030.

In terms of its Vision 2030 economic targets, Zimbabwe requires 11 000 megawatts (MW) and the country is making positive investment strides in building additional energy capacity.

In 2019, Zimbabwe adopted the Renewable energy Policy, which has seen insurance and pension fund players unlocking value through investing in big solar plants with one of the projects being the one at Cross Mabale in Matabelela­nd North Province. In a statement, Comesa said the US$5 billion energy programme launched in Zambia this week is dubbed the Accelerati­ng Sustainabl­e and Clean energy Access Transforma­tion (ASCENT) programme.

“ASCENT programme is aimed at accelerati­ng energy access efforts in the eastern and southern African region, with a target delivery of new electricit­y connection­s for 100 million people.

“The programme developmen­t objective, to which participat­ing countries and regional institutio­ns will contribute, is to increase access to sustainabl­e and clean energy in eastern and southern African countries.

“Access to energy includes on-grid and offgrid (Distribute­d Renewable energy) electricit­y solutions and clean cooking,” it said.

The main beneficiar­ies of the ASCENT programme are people including women, in the eastern and Southern Africa region who will gain access to a sustainabl­e supply of electricit­y and clean cooking, along with the associated benefits that accrue from having energy access.

Comesa said ASCENT was conceived as a comprehens­ive accelerato­r of energy access efforts in eastern and southern Africa, aiming at the delivery of new electricit­y connection­s for 100 million people through both grid- and Distribute­d Renewable energy (DRE)-based solutions.

It is hoped that ASCENT will leverage the proposed Internatio­nal Developmen­t Associatio­n (IDA) envelope of US$5 billion to signal the World Bank’s commitment to achieving Sustainabl­e Developmen­t Goal number 7 in eastern and Southern Africa and mobilise an additional US$10 billion from developmen­t partners, government­s, national utilities, private-sector and commercial funders, carbon markets, climate and other impact-oriented financiers, and philanthro­pic and other partners.

In her remarks at the launch of the US$5 billion energy programme, World Bank director of regional integratio­n, Africa, Middle east and North Africa, Ms Boutheina Guermazi said: “ensuring access to reliable and affordable energy for all is a key element of the World Bank regional integratio­n strategy for Africa.

“It is essential to strengthen regional integratio­n, giving a boost to trade in goods and services, allowing digital transforma­tion, attracting investment­s, and allowing faster flow of knowledge and innovation­s.”

Comesa secretary general Mrs Chileshe Mpundu Kapwepwe observed that financial resources are essential, but they are not sufficient on their own.

“We need a holistic approach to the energy challenge that includes support to policy and legal reforms, technical assistance, capacity building and outreach activities, among others.

“I am glad to note that all these aspects are embedded in the design of the ASCENT Project,” she said.

Meanwhile, southern Africa’s power deficit has been worsened by the el Nino weather conditions that have disrupted the rainfall pattern in the region, and in the case of Zimbabwe resulting in low inflows being recorded at Kariba Dam.