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The African Development Bank (AfDB) will commit USD one billion a year to the energy sector, Bank president Donald Kaberuka said Thursday at the UN Conference on Sustainable Development, Rio+20.

Mr. Kaberuka made the announcement at an event promoting the Sustainable Energy for All (SE4All) initiative, which was chaired by UNIDO President Kandeh Yumkellah. Mr. Kaberuka shared the platform with Mozambique’s President Armando Guebeza and European Commission President Jose Manuel Barraso. 

The SE4All initiative was launched by the United Nations Secretary General in September 2011 to achieve three main objectives by 2030. The objectives were to ensure universal access to modern energy services, to double the global rate of improvement in energy efficiency, and to double the share of renewable energy in the global mix.

Mr. Kaberuka said, “Promoting affordable and clean energy access is a critical development theme for Africa and for the AfDB.”

Access to reliable, affordable and clean energy is paramount for powering economic activity and growth. Energy access in Africa is still the lowest in the world, with at least 625million people in sub-Saharan Africa without access to modern energy services.

(The Ethiopian Herald)