ECOWAS Moves To Establish $75m Renewable Energy Facility
The Economic Community of West African States (ECOWAS) is advancing plans to establish a $75 million ECOWAS Renewable Energy and Energy Efficiency Facility aimed at boosting clean energy solutions across the region. The President of the ECOWAS Commission, Dr. Omar Touray, made this announcement on Thursday during the opening of the 93rd Ordinary Session of the ECOWAS Council of Ministers in Abuja.
Dr. Touray explained that the framework document for the establishment of this new blended finance facility has been finalized by the ECOWAS Ministers. The facility will provide grants, loans, and guarantees to support demand-driven projects that promote renewable energy and energy efficiency within the region. The initial amount for the facility is set at $75 million, which will be used to fund competitive proposals for clean energy solutions in the ECOWAS region.
In addition to the renewable energy initiative, Dr. Touray highlighted other major regional integration projects, including the ambitious 6,800 km Nigeria-Morocco gas pipeline project. This gas pipeline aims to connect Nigeria to Morocco, providing natural gas to ECOWAS member states, Mauritania, and eventually extending to Europe. The pipeline will have a transport capacity of 30 billion cubic feet of natural gas annually, with 5,100 km of it being offshore.
Touray also discussed the importance of measuring the impact of community investments in regional cooperation through various human capital development indexes. These include health, education, financial inclusion, entrepreneurship, and the digital economy.
However, Dr. Touray expressed concern over the declining community levy remittances from ECOWAS member states. As of October 2024, only 40% of the approved levy had been received, hindering the implementation of the regional work programme. He stressed the critical role that member states and local private sector actors play in supporting ECOWAS initiatives.
On security matters, Dr. Touray emphasized that terrorism, violent extremism, and organized crime continue to undermine the region’s stability. He noted the growing concern regarding drug abuse and trafficking. The recent withdrawal of military authorities in Mali, Burkina Faso, and Niger from ECOWAS also remains a point of contention, and the community is engaged in efforts to encourage reconsideration of these decisions.
Touray concluded by reaffirming the importance of unity and cooperation among ECOWAS member states to address these challenges and ensure the success of regional integration.
