African countries seek policy shifts to boost energy investment

2023-06-27 20:34:08
African countries seek policy shifts to boost energy investment

Africa needs more than targets and positive words to mobilise urgently needed investment in renewable and clean energy.

In terms of the energy transition, many African countries are now choosing a course that prioritises their own imperatives, allying job creation and economic growth to sustainable development.

In November, President Cyril Ramaphosa of South Africa said the country would need more than $80bn over the next five years to realise its plans to cut carbon emissions, benefit economically from the energy transition and support affected sections of its population.

Francesco La Camera, director-general of the International Renewable Energy Agency, said earlier this year that annual renewable energy capacity growth of 1 TW globally would be needed to meet climate goals.

Given that Africa has some of the world’s best climatic conditions for renewable energy production, such a scale-up would benefit a continent already in the process of embracing solar and wind power.

However, African leaders would probably prefer to have concrete arrangements in place to mobilise funding for the energy transition, rather than relying on setting build-out targets and hoping for a market response.

Read full report at African Business


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