News

UNEP African Carbon Asset Development Facility Announces Green Financing Projects

4 November 2010: The African Carbon Asset Development Facility (ACAD), which is a partnership between the UN Environment Programme (UNEP) and its Risoe Center, the German Government and Standard Bank, has announced it will finance seven projects. The announcement was made at the Second African Bankers' Carbon Finance and Investment Forum, which convened in Johannesburg, South Africa, from 4-5 November 2010.

The Forum aimed to assist African bankers in learning more about carbon finance and to facilitate investment in green development projects across Africa. It also highlighted the need for public private partnerships that develop skills, share opportunities and unlock the potential of Africa's green economy as a growth driver. According to statistics from UNEP's Risoe Center, in 2009 approximately US$84 billion was invested in 684 emerging market emissions reduction projects worldwide. However, African countries accounted for only 2% of the total.

ACAD announced support for the seven following projects: the International Ferro-Metals Cogeneration Facility in South Africa, a new cogeneration facility producing clean power captured from waste gas; Clay Brick Energy Efficiency in South Africa, an integrated efficient brick manufacturing project transitioning to vertical shaft kiln technology to reduce energy and carbon emissions; the NURU Lights project in Rwanda, which is developing a sales and distribution network for LED-powered lighting in Rwanda and neighboring countries; the Lake Turkana Wind Power Project in Kenya, which aims to provide clean power to approximately two million households in the country; the Kaloleni Cement Plant, Athi River Mining Company, in Kenya, where ACAD will support carbon investment feasibility assessments for reduction of coal consumption in a cement plant through energy efficiency measures and potential fuel switching; the Terem Hydropower Project in Kenya, a small-hydro plant in rural Western Kenya; and the Oando LPG Rollout Nigeria Project in Nigeria, which is establishing a roll-out programme for disseminating clean LPG canisters that will replace kerosene, charcoal and wood from non-renewable sources. [Conference Website] [UNEP Press Release]