Funding growth for renewables in Asia & Africa

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Colin Ley analyses the situation in the region.
A significant rise in development funding capacity is being created for use across Asia with similar advances in clean energy financing also being pursued in Africa. In both continents, the need to address climate change concerns is central to many new or emerging spending plans, clearing the way for renewable energy businesses to play a leading part in the reduction of carbon emissions globally.
Heading the new finance list is the unlocking of $100 billion (€92 billion) in additional funding capacity over the next decade by the Asian Development Bank (ADB), an initiative which was recently described as a move designed to help mobilise private and domestic capital across the region. At its best, this will shift the Asia and Pacific funding focus from billions to trillions in terms of available resources to tackle the climate crisis.
The Africa Development Bank (AFDB) is equally committed to enabling businesses within its domain to be given access to increased amounts of project funding, again with high priority being given to initiatives which promise to alleviate the continent’s climate-based...

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