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New Africa-focused initiative to unlock USD 850 mn in funding for the continent

The Africa Renewable Energy Manufacturing Initiative (AREMI) will invest USD 850 mn towards the continent’s clean energy manufacturing capacity, according to a press release published last week. AREMI aims to boost climate business and investment to scale renewable energy on the continent, which it identifies as having a potential 1.2 TW of energy, increasing Africa’s total GDP by 6.4% by 2050.

How will they do it? AREMI will target countries with similar development needs and policy including China, India, and other Southeast Asian countries who are heavily experienced in green manufacturing for potential investments and partnerships with African countries, the statement notes.

Where’s the money likely to go? Algeria, Egypt, Morocco, and Tunisia were identified in a first wave of countries “that have medium or high feasibility to localize solar or battery storage manufacturing capacities” in a Sustainable Energy for All (SEforALL) report released in conjunction with the launch of the initiative, alongside Ghana, Namibia, South Africa, and Tanzania.

Who’s backing it? Launched at Abu Dhabi Sustainability Week, AREMI was launched by SEforALL, the African Climate Foundation, Bloomberg Philanthropies, ClimateWorks Foundation, and the Chinese Renewable Energy Industries Association.

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