Good news out of Africa. Paul Dreissen and David Wojick report on the change of direction of the African Development Bank. The Obama administration was a disaster for power-starved Africans because they backed expensive and unreliable power developments. One of the lenders, the African Development Bank has broken ranks to back hydrocarbon fuels.
The AfDB is being encouraged by the Trump Administration, which may partly account for the new policy. The Trump USAID is now running the Power Africa 2.0 program, a vital upgrade of the Obama era program that promoted renewable energy and strongly discouraged the use of affordable fossil fuels.
We recently explained how Multilateral Development Banks (MDBs) use manmade climate change alarmism to justify lending policies that reject funding for fossil fuel electricity generation, promote expensive and unreliable renewables.
Now, the African Development Bank (AfDB) has broken ranks with the World Bank has announced that it will once again finance coal and natural gas power generation projects. As AfDB President Akinwumi Adesina puts it, “Africa must develop its energy sector with what it has.”
The Obama program managed to facilitate financing for just 7,300 MW of electrical generating capacity (15% of what Germany generated with coal in 2016) – and most of that was from expensive, unreliable wind and solar units.
Paul Driessen contributed a chapter on the Pope in Climate Change: The Facts 2017.