Availability of financing from private and public sources is a key factor to progress towards SEforALL objectives.The SEforALL financing working group suggested a range of approaches to scale-up and attract private sector investments, that is essential to fill the finance gap estimated to be, for all the regions, of USD 36 billion for energy access (one third of which for SSA) and of around USD 161 USD billion for Energy Efficiency and Renewables.
To provide adequate financing the SEforALL partners, bilateral, multilateral and the private sector are creating a number of energy initiatives, facilities and funds.
From the AfDB side, in January 2016 President Adesina presented the New Deal on Energy for Africa in Davos with the aspirational objective of achieving universal energy access in Africa in ten years. The New Deal will provide a platform for public private partnerships for innovative financing for Africa’s energy sector. AfDB will invest USD 12 billions in the next five years and plans to leverage four time that amount.
Partners initatives include the G20 Energy Access Action Plan for Sub-Saharan Africa, the Africa Renewable Energy Initiative, the IRENA clean energy corridor, the UK Energy Africa Campaign, Power Africa, the EU Actions in the Energy Sector, the Africa-EU Partnership to cite few.
The SEforALL Hub supports African countries with the mobilization of resources for the implementation of the SEforALL Action Agendas and Investment Prospectuses.