3 June 2019

Liberia: PFAN to Support Climate Adaptation, Renewable Energy Projects

Private Financial Advisory Network (PFAN), a global network of climate and clean energy financing experts was on Wednesday, May 29, 2019, introduced in Liberia to support entrepreneurs, who are engaged in advancing projects related to climate change adaptation and renewable energy.

The introduction of the program was in Monrovia and was attended by more than 20 entrepreneurs in the climate change adaptation and renewable energy sectors.

PFAN advises low-carbon, climate resilient businesses in developing countries, and matches projects to appropriate private financing with the aim to reduce Green House Gases (GHG) emissions and build climate resilience, thereby contributing to the Paris Agreement and the United Nations Sustainable Development Goals (UNSDGs.)

Currently, PFAN is hosted and managed by the United Nations Industrial Development Organization (UNIDO), and the Renewable Energy and Energy Efficiency Partnership (REEEP).

It brings together key business players and government agencies to identify opportunities to form partnerships, access business development technical support and accelerate funding for climate Adaption and clean energy projects.

Primarily, PFAN works with Renewable Energy project developers, offering coaching and business model structuring, with the aim to present bankable adaptation projects to financial investors, bridging the gap between investors and adaptation-related business opportunities.

PFAN Liberia Coordinator, Wilson Idahor, who introduced the organization to the renewable energy and climate change project developers, said since PFAN was established in 2006, it has raised a total financing of US$1.4 billion to build, install and operate over 890 megawatts of clean power for 113 projects across Africa, Asia and Latin America.

He said the projects include solar and wind farms, biomass and biogas power plants, small hydro generators, and mini-grids for rural communities.

According to Mr. Idahor, these projects have prevented over 3.5 million tons of carbon dioxide that otherwise could have been released in to the atmosphere annually.

Mr. Idahor the called on the participants to develop great climate change and clean energy projects that can attract necessary investments to help the country reduce GHG.

"We are willing to receive business plans from you that we can help to appropriately structure and attract investors, because this organization cannot meet its goals without working with private sectors," he said.

He further said that those business plans that could be shared with his organization must be sustainable to address GHG emissions.

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