Africa scouts $1.3 trillion for energy amid resources, security concerns
17 April 2024 |
4:39 am
African countries, through the African Union (AU), are scouting a $1.3 trillion financing option in an attempt to address the energy crisis amid rising climate change and dwindling revenue from fossil fuels.
Francesco La Camera is the Director-General of the International Renewable Energy Agency (IRENA).
• IRENA canvasses reasonable oil investment, tripling of renewables’ funding
African countries, through the African Union (AU), are scouting a $1.3 trillion financing option in an attempt to address the energy crisis amid rising climate change and dwindling revenue from fossil fuels.
This comes as the International Renewable Energy Agency (IRENA) canvassed tripling of current investment in renewable energy, explaining that the move does not mean a call to halt investment in fossil fuel.
The Director General, Francesco La Camera, who was speaking ahead of the meeting of global leaders at the agency’s 14th session to decide the outlook of renewables, harped on the need for Africa to increase its renewable energy portfolio.
He advocated a holistic approach to energy system development with a focus on public and private finance, de-risking mechanisms and diversifying energy sources to mitigate the impact of climate change.
Camera stressed private and public finance for renewable energy in Africa, with a clear plan for international support, especially in accelerating solar energy.
With around 940 million people in Sub-Saharan Africa lacking access to clean cooking fuels and technologies, and about 600 million people living without electricity, the AU noted yesterday at the 14th Assembly of IRENA in Abu Dhabi, United Arab Emirates that urgent approaches are being considered with about $3 billion already secured and key projects identified.
But with existing and rising security challenges, especially within the West and Central Africa regions, where coups and unrest are heightening tensions, most energy projects are facing hurdles.
Already, one of Nigeria’s most ambitious infrastructure projects, the 4,128 kilometres trans-Sahara gas pipeline, which would link most African countries and Europe, is affected by insecurity.
With the exit of Niger, Burkina Faso and Mali from the Economic Community of West African States (ECOWAS), the 330kV North Core power transmission project, expected to link Nigeria, Niger, Benin Republic, Burkina Faso and Togo, also faces a critical challenge.
Commissioner for Infrastructure and Energy at the African Union Commission, Amani Abou-Zeid, said an integrated approach with priority on renewable energy is being explored for the energy crisis on the continent.
Speaking specifically on the security threat, she stated that the commission’s security council understands the situation and is tackling the situation head-on.
With declining investment from fossil fuel, Abou-Zeid said gas remains a short-term transition plan for Africa, adding that the scale of energy is critical, requiring serious attention.
Citing the over 70 projects across Africa, targeting climate resilience, and gender equity through smart technologies, Abou-Zeid harped on equal distribution of energy and the need for new technologies, especially the deployment of renewables and infrastructure for peace and development on the continent.
She highlighted the importance of harmonising regulations in Africa while stressing the need to improve its investment climate to attract international finance and promote energy transition.
Chief Executive Officer of Global Renewables Alliance, Bruce Douglas, who wants countries like Nigeria to leverage development financing institutions, admitted that higher inflation, high cost of material, interest rates for project development, loans and current risk pose a complex challenge for Africa.
He emphasised the need to build confidence in investors, as the multilateral development banks are needed to accept a level of risk. Presided over by Rwanda, the 14th Assembly is attracting more than 1,300 participants from 144 countries, including ministers, industry leaders and Chief executives to chart a strategic way forward across countries, regions and the world, in light of the findings of the first Global Stocktake at COP28.
Under the theme, “Outcome of COP28: Infrastructure, Policies and Skills for Tripling Renewables and Accelerating the Energy Transition”, the gathering is to explore priorities for the energy transition and immediate steps to accelerate progress towards tripling renewable power capacity to at least 11 terawatts (TW) by 2030.
IRENA’s latest capacity data show that the world is still falling short, with 473 gigawatts (GW) of new renewable power capacity deployed in 2023, compared to almost 1,100 GW of renewable power capacity required yearly.
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