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Friday, 22 January

Dear <<First Name>>

If ever there was a moment when things started to look up for the world, it was surely at around 5pm GMT on Wednesday, was it not?

Joe Biden being safely sworn in as the 46th President of the United States is not the answer to the world’s problems by a very long stretch, but with regards to the climate crisis at least, it is certainly something to celebrate.

On his first day in office, the new president rejoined the Paris climate accord and pledged to reverse many of the other anti-climate rollbacks of his predecessor. Suddenly, that faint whiff of optimism we enjoyed when China announced its plans to become carbon neutral by 2060 back in September is starting to take hold.

There was further good news this week as the IFC claimed the “green recovery” could drive a USD2.5 trillion renewables market in emerging economies by 2030. And BloombergNEF predicted 194GW of solar PV could be installed globally this year alone.

Last week, I wrote about the enormous challenge facing the UK to deliver the goods at COP26 in November. With the US back in the fold, the task is no less enormous, but perhaps a little more achievable.

Happy weekend everyone!

Geoff

Managing Director, Camco Clean Energy

Story of the week
The EU has allocated USD23 million to the Zambian Government to implement the Increased Access to Electricity and Renewable Energy Production programme. Currently in its third phase, it aims to finance six projects and improve the electricity supply for 200,000 Zambians.

Southern Africa

Botswana: Giyani Metals plans to build solar plant at manganese mine (PV-Magazine)
- Three scenarios under review as the company seeks to achieve grid independence and reduce costs.

South Africa: 75MW Zeerust solar plant begins commercial operations (Engineering News)
- The facility is the largest in the North West province and is expected to generate 180GWh/year.

Zambia: EU to provide USD23 million grant for renewable energy implementation programme (Afrik21)
- The grant will be used to fund the third phase of the Increased Access to Electricity and Renewable Energy Production programme.

East Africa

Kenya: Kenya Power rolls out smart meter project to improve service (ESI)
- The World Bank-backed project will cost USD11 million and will target 55,000 SMEs across the country.

Africa - general

General: Finnfund and Norfund expand line of credit to USD20 million for Starsight (Afrik21)
- Additional credit will be used to finance further C&I projects in West Africa.

General: ElectriFi to invest USD4.5 million in solar companies (PV-Magazine)
- Funds will be used to finance solar-powered lights and water pumps in East Africa and the expansion of several mini-grid developers in West Africa.

General: EIB and AfDB join forces to boost infrastructure investment (ESI)
- The recently signed Joint Action Plan will boost cooperation between the institutions and allow them to grow their shared portfolio.

Rest of World

General: IFC says green recovery could drive USD2.5 trillion renewables market this decade (PV-Magazine)
- Research indicates that if COVID-19 stimulus is channelled into a green recovery it could generate a total of 213 million jobs and USD10.3 trillion in investment across 21 emerging economies.

Solar: BNEF estimates up to 194GW of solar could be installed globally in 2021 (PV-Tech)
- Investments in solar increased by 12% in 2020 to USD148.6 billion, beating predictions, while the renewables sector attracted USD303.5 billion in funding.

Solar: China installs 48.2GW of solar in 2020, according to official figures (PV-Tech)
- Figures includes as much as 23.3GW of new installations in December alone.

Currencies

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