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Abidjan, 28 November 2024 – ECREEE hosted its flagship annual event, the ECOWAS Sustainable Energy Forum (ESEF), in Abidjan, Côte d’Ivoire, from November 28–29, 2024. This year’s forum included a major highlight: the inaugural Fundraising Luncheon on Green Finance.
The exclusive event convened leading financial executives, government representatives, energy specialists, and other key stakeholders to tackle a critical challenge in West Africa: mobilizing green finance to accelerate the transition to sustainable energy. Central to the discussions was the ECOWAS Renewable Energy and Energy Efficiency Facility (EREEEF), an innovative financing mechanism developed by ECREEE in partnership with the ECOWAS Bank for Investment and Development (EBID) and the Global Green Growth Institute (GGGI).
The luncheon was opened by Gibson Obasi, ECREEE’s Director of Administration and Finance. Setting the tone for the event, Monica Maduekwe, Programme Officer for Resource Mobilisation and Project Development at ECREEE, highlighted the global scarcity of climate finance. She referenced discussions from the recently concluded COP29, where the New Collective Quantitative Goal (NCQG) on climate finance was set at $300 billion per year, falling short of the trillions anticipated to meet the Paris Agreement’s targets. Maduekwe emphasized the importance of using public funds to attract private capital in West Africa. She underscored the vital role of EREEEF in building a robust pipeline of derisked projects ready to receive private investments, thus enabling the region to mobilize the green finance needed for its energy transition.
The keynote address was delivered by Alima Diarra, an Electrical Engineer representing EBID. Diarra outlined EBID’s vision of becoming West Africa’s leading development and investment bank, driving economic growth, industrialization, and wealth creation. Her presentation highlighted EBID’s financial instruments, its track record of funding strategic projects, and plans for implementing EREEEF.
Sidonie Kouam, GGGI’s Regional Investment Lead for Africa, provided a detailed overview of EREEEF. The facility is a $75 million concessional finance program designed to support small and medium-sized renewable energy and energy efficiency (RE&EE) projects in rural and peri-urban areas across ECOWAS member states. Of this, $65 million is allocated to credit lines and guarantees, while $10 million will fund project preparation. Hyacinth Elayo, ECREEE’s focal point for the initiative, contributed insights into the implementation modalities of EREEEF, emphasizing its potential to catalyze investments in sustainable energy.
Participants, including representatives from the World Bank, International Finance Corporation (IFC), and Bank of Africa (BOA), were invited to share their current and planned financing initiatives for the region. The luncheon provided a platform for financiers and stakeholders to engage directly with EREEEF’s objectives, fostering partnerships aimed at driving investment in transformative green energy projects.
Through this inaugural fundraising luncheon, ECREEE demonstrated its commitment to creating actionable solutions for financing sustainable energy in West Africa, marking a significant step forward in addressing the region’s energy challenges.