Energy transition, a catalyst for Africa’s economic future? –

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A new analysis published by the International Renewable Energy Agency (IRENA) in collaboration with the African Development Bank (AfDB) indicates that the energy transition is at the heart of Africa’s economic future.

An integrated policy framework built around energy transition could bring a wave of new sustainable energy investment to Africa, growing the region’s economy by 6.4% by 2050.

The report, Renewable energy market analysis: Africa and its regionsshows that Africa is thriving significantly through development enabled by renewable energy, while dramatically improving energy access and delivering profound social and environmental benefits to people across the continent.

Its vision for an energy transition in Africa aligned with global climate ambition shows that the continent will generate 26 million more jobs across the economy by 2050 than projected under a scenario of status quo. The jobs created through the energy transition in Africa would exceed the job losses associated with fossil fuels by a factor of four, representing a significant net gain for regional economies. About two million people currently work in the fossil fuel industry in Africa.

“African governments and people are too often asked to rely on unsustainable fossil fuels to power their development while renewable energy and energy efficiency solutions offer economically attractive and socially beneficial alternatives,” said Francesco. La Camera, Director General of IRENA.

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“The transition offers a unique opportunity for Africa to meet its development imperatives. Through tailored policy packages, African countries can harness their strengths and resources to overcome long-established structural dependencies.

Report Launch: Renewable Energy Market Analysis-Africa_Statement by Francesco La Camera, CEO, IRENA

Dr Kevin Kariuki, Vice President for Power, Energy, Climate and Green Growth at the African Development Bank, said Africa is endowed with abundant sources of renewable energy, on which it can sustainably establish its ambitious socio-economic development. “However, this requires strong political commitment, a fair and equitable energy transition framework and massive investments. The African Development Bank is committed to supporting the continent’s energy transition, facilitating increased private sector investment through its growing suite of green financing instruments, including the Sustainable Energy Fund for Energy. ‘Africa.

Coal, natural gas and oil now account for around 70% of total electricity generation in Africa and conventional energy attracts far more funding than renewables in Africa, due to an established process that promotes less capital-intensive thermal generation, the report notes. Financing for the energy transition must become more easily accessible. Coordinated efforts must be made to ensure that public spending – the main source of financing Africa’s energy transition – clearly prioritizes renewables.

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Report Launch: Statement on Renewable Energy Market Analysis in Africa by Dr. Kevin Kariuki, Vice President, AfDB

Of the $2.8 trillion invested in renewable energy globally between 2000 and 2020, only 2% went to Africa, despite the continent’s huge renewable energy potential and need to bring energy. modern energy to billions of citizens who still do not have access to it. While the energy access rate in sub-Saharan Africa has risen from 33% to 46% over the past decade, rapid population growth meant that 570 million people still lacked access to electricity in 2019 – 20 million more than 10 years ago. Around 160 million more people lacked access to a clean kitchen during the same period.

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“Allowing African countries, which have contributed little to historic greenhouse gas emissions, to develop, while recognizing the need to address the climate emergency, is imperative,” La Camera said. “International cooperation, including South-South cooperation, will be essential to mobilize resources and know-how at the scale and speed commensurate with the needs of Africa’s economies, communities and people” .

To access the entire renewable energy market Analysis: report on Africa and its regions here

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