According to officials, analysis of the renewable energy market, Africa and its regions, shows that Africa is prospering significantly from the development enabled by renewable energy, while significantly 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 economy-wide jobs by 2050 than projected under a scenario of status quo.
“The jobs created through the energy transition in Africa would outweigh the job losses associated with fossil fuels by four times, representing a significant net gain for regional economies. About two million people currently work in the fossil fuel industry in Africa.
According to Francesco La Camera, African governments and their populations are too often asked to rely on unsustainable fossil fuels to power their development while renewable energies and energy efficiency solutions offer economically attractive and socially beneficial alternatives, adding that the transition offers a unique opportunity for Africa. meet its development needs.
Through tailored policy packages, African countries can harness their strengths and resources to overcome long-established structural dependencies.
He said that Africa is endowed with abundant sources of renewable energy, on which it can sustainably base its ambitious socio-economic development, adding that this requires strong political commitment, a just and equitable energy transition framework and massive investments.
Dr. Kevin Kariuki, African Development Bank and Vice President for Power, Climate and Green Growth, said the African Development Bank is committed to supporting the continent’s energy transition, facilitating the increased private sector investment through its growing range of green financing instruments, including the Sustainable Energy Fund for Africa.