Mar 31, 2020
WASHINGTON, D.C.—The $8.5 billion Climate Investment Funds (CIF), among the world’s largest and most experienced climate funds, has approved a financial package of $28 million to support sustainable energy development in Zanzibar.
The investment, channeled through CIF’s Clean Technology Fund, will support three key outcomes:
- The development of a privately financed grid-scale solar photovoltaic power plant, designed to offset the area’s relatively carbon-intensive electrical grid
- The installation of an energy storage system to better integrate variable sources of renewable energy into the electrical grid, helping meet Zanzibar’s growing demand for electricity
- The provision of technical assistance to support the transformation of the electricity sector
By taking this action, CIF is supporting an enabling environment for private sector participation in the Zanzibar electricity sector. In parallel, CIF will work with partners to expand access to sustainable, efficient, and reliable electricity services in an archipelago where only half of the population is connected to the electrical grid.
The initiative is expected to prevent the equivalent of nearly 1.5 million tons of carbon dioxide emissions and benefit a million people, half of whom are women. In addition to driving economic activity and job creation, including in some of the isles’ poorest and remotest areas, these efforts will accelerate Zanzibar’s efforts to build a low-carbon power sector and meet its target of delivering universal energy access by 2032.
The funding is expected to be part of a larger financing package under preparation aimed at supporting Zanzibar’s energy sector.
Through its Clean Technology Fund (CTF), CIF is globally investing more than $5.4 billion to build and scale up low-carbon technologies that help developing countries prevent long-term greenhouse gas emissions. Supported by co-financing in excess of $46 billion, as of December 2018 CTF initiatives are on track to install nearly 24 gigawatts in clean energy capacity, save some 10,330 gigawatt-hours per year, and reduce annual carbon dioxide emissions by 64 million metric tons.
Media contact
Scott Vincent Andrews
E: sandrews3@worldbank.org
T: +1 (202) 458-9562
