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Home Energy

UN SDG-fund announces US$45M renewable investment in Zimbabwe

Energy Capital & Power by Energy Capital & Power
January 20, 2022
in Africa, Energy, Zimbabwe
Reading Time: 2 mins read
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The United Nations Sustainable Development Goals (SDG)-Fund – an international multi-donor, multi-agency development mechanism – will invest $10 million into Zimbabwe’s renewable energy sector through a program that aims to catalyze clean energy developments in the southern African country.

The 4-year program will be implemented in collaboration with the Zimbabwean government, who, through the Infrastructure Development Bank of Zimbabwe, will be investing $35 million together with local partners, Old Mutual Investment Group – alongside its member CABS – and Zimnat Asset Management. Expected to commence as early as April 2022, the program positions renewable energy developments as a catalyst for sustainable socio-economic growth.

Collaboratively developed by UNESCO, UNWOMEN, UNDP and the Government of Zimbabwe, the program will leverage private capital for the attainment of all SDG goals. By emphasizing the role that the private sector will play in driving renewable energy developments, the program ensures a high return of investment while meeting social impact objectives. Key to this process, is the establishment of Renewable Energy Fund (REF).

Also read: Zimbabwe launches youth agri-empowerment scheme

Attention to the realization of key national priorities will also be given, as highlighted in Zimbabwe’s National Development Strategy. Zimbabwe is endowed with solar, wind and hydropower energy sources, most of which remain largely untapped. These resources, coupled with the fact that urgent solutions are required if the country is to realize its economic development objectives – specifically economic growth, increased access to electricity, climate mitigation and women and youth empowerment – positions the country as a primary market for programs such as this.

In addition to project investment, the program comprises strategic capacity-building components, whereby the Zimbabwean workforce will be trained in ICT, renewable energy and Science, Technology, Engineering and Mathematics (STEM) fields. Accordingly, the program is not restricted to only developing the sector, but the capacity of the local workforce as well.

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Source: Energy Capital Power
Tags: CABSclean energyclean energy developmentsEnergyFeatureInfrastructure Development Bank of ZimbabweOld Mutual Investment GroupREFRenewable Energy Fundrenewable investment programrenewable investment program in ZimbabweScience Technology Engineering and MathematicsSDG-Fundsouthern African countrystemUN SDG-fundUN SDG-fund announces US$45M renewable investment program in ZimbabweUNDPUNESCOUnited Nations’ Sustainable Development GoalsUNWOMENzimbabweZimbabwe National Development StrategyZimbabwe’s renewable energy sectorZimnat Asset Managementзимбабвеزيمبابويジンバブエ津巴布韦
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Energy Capital & Power

Energy Capital & Power

Energy Capital & Power is the African continent’s leading investment platform for the energy sector. Through a series of events, online content and investment reports, we unite the entire energy value chain – from oil and gas exploration to renewable power – and facilitate global and intra-African investment and collaboration.

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