Unlocking Private Investment : A Roadmap to Achieve Côte d’Ivoire’s 42 Percent Renewable Energy Target by 2030
Countries around the world are working towards a low-carbon future. Since the adoption of the Paris Agreement in December 2015, 189 countries have submitted national plans that set clear goals to increase investment in renewable energy, energy effi...
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| Format: | Report |
| Language: | English |
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International Finance Corporation, Washington, DC
2018
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| Online Access: | http://documents.worldbank.org/curated/en/566921532638485663/Unlocking-private-investment-A-Roadmap-to-achieve-Côte-d-Ivoire-s-42-percent-renewable-energy-target-by-2030 http://hdl.handle.net/10986/30173 |
| Summary: | Countries around the world are working
towards a low-carbon future. Since the adoption of the Paris
Agreement in December 2015, 189 countries have submitted
national plans that set clear goals to increase investment
in renewable energy, energy efficiency, sustainable
infrastructure, climate-smart agriculture, and more. Beyond
setting the stage for bottom-up action, these Nationally
Determined Contributions (NDCs) also opened massive
potential for investment—nearly $23 trillion according to
the 2016 International Finance Corporation (IFC) Climate
Investment Opportunities in Emerging Markets report. Much of
this investment will need to come from the private sector.
Governments— including Cote d’Ivoire—are increasingly
interested in working with the private sector to unlock
vital finance and develop innovative solutions. Costs for
renewable energy are rapidly decreasing and in certain cases
can be less expensive than generating electricity from
fossil fuels. This has helped to radically change the model
of energy development and access around the globe, and a
larger share of the energy mix is expected to be renewable
in future. In regions like Sub-Saharan Africa where there is
high interest in expanding infrastructure to improve access
to energy, there is an opportunity to leapfrog traditional
electrification approaches and develop new models that are
cleaner, more efficient, and focused on customer and
business needs. Cote d’Ivoire’s commitments are ambitious.
The country's NDC, released in 2016, set a target to
reduce its greenhouse-gas emissions by 28 percent by 2030,
including a target to generate 42 percent of electricity
from renewable energy by 2030. As highlighted in the IFC
Climate Investment Opportunities report, the country is
focused on spurring economic growth and solidifying its role
as an economic engine for West Africa. The government
recognizes the key role of private sector investment in
expanding renewable energy penetration. Overall, Cote
d’Ivoire’s 2016-2020 National Development Program aims to
attract $32 million in private investment. The main drivers
of sustained growth are expected to be both public and
private investments in infrastructure, opening significant
opportunities for the energy and electricity sectors. The
Ministry of Petroleum, Energy and Renewable Energy
Development is developing the overall strategy and policy
framework for including renewables into the energy mix. The
Societe des Energies de Cote d’Ivoire (CI-Energies), a
state-owned asset holding company, is moving this framework
forward and has mapped technology-specific needs and is
offering tenders to develop the projects that will
contribute to NDC goals. Although Cote d’Ivoire has yet to
increase its power generation capacity, it has made
substantial progress in improving the existing transmission
and distribution network and restoring the energy sector’s
financial viability. |
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