Praia, March 27, 2024 – In a stride towards sustainable energy development in the ECOWAS region, the Regional Validation Workshop of the ECOWAS Renewable Energy and Energy Efficiency Facility (EREEEF) marks a significant milestone. The workshop featured the ECOWAS Commissioner for Infrastructure, Energy and Digitalization, Mr. Sediko Douka, the Vice President in charge of Operations of the ECOWAS Bank for Investment and Development (EBID), Dr. Olagunju M. O. ASHIMOLOWO, the ECREEE Executive Director, Mr. Francis Sempore, and crucial stakeholders such as representatives from ECOWAS Member States (ECREEE Focal Points), the Global Green Growth Institute (GGGI) and private sector.

The pressing need for financing to implement the Nationally Determined Contributions (NDCs) of ECOWAS Member States has been a focal point, with estimations reaching USD 294 billion by 2030.  Although flows of climate finance into the ECOWAS region have been increasing over the past decade, they are not commensurate with needs despite countries’ successes in applications to climate funds. To address these challenges, ECREEE, in collaboration with the EBDI, and with the technical assistance of GGGI, is spearheading the establishment a new blended finance facility of USD 75 million called the EREEEF.

The primary objective of the workshop was to validate the Framework Document relating to EREEEF.  This facility represents a paradigm shift towards leveraging blended finance mechanisms to bolster sustainable energy initiatives and projects across the ECOWAS region. The validation of the Framework Document not only signifies a concrete step towards the operationalization of EREEEF, but also underscores the commitment of ECOWAS Member States towards attaining the region’s sustainable energy targets. Through targeted investments in renewable energy and energy efficiency projects, EREEEF is poised to catalyze socio-economic development, enhance energy access, and mitigate climate change impacts across the region. By convening stakeholders and experts, the workshop served as a platform for constructive dialogue, ensuring alignment with regional priorities and fostering inclusive decision-making processes. By harnessing the synergies between public and private sectors, EREEEF holds the potential to unlock financing opportunities, develop infrastructures, spur innovation, and drive transformative change in the energy landscape of the ECOWAS region.