- African nations are the destination for just two per cent of international spending on clean energy.
- Seventy-seven per cent of the population in sub-Saharan Africa lacks energy access.
The latest International Energy Agency (IEA) analysis has shown that Africa accounts for only two per cent of international spending on clean energy despite its 20 per cent global population record. According to the agency, this is despite the continent accounting for approximately 20 per cent of the world’s population. The agency said this calculation covers both public and private sector investment. In its analysis, the IEA added that with such a low level of spending, there is little to no chance of the continent aligning with the UN’s seventh Sustainable Development Goal (SDG), which concerns universal access to clean, affordable energy.
The IEA said that 77 per cent of the population in sub-Saharan Africa lacks energy access. This is going by basic definitions of access; an even greater number of people would lack access to the energy needed to run a business or community facility. While Africa currently accounts for less than 3 per cent of global energy-related emissions, it would need to rapidly expand energy access without relying on dirty fossil fuels. This requires an urgent acceleration in renewable investment. For instance, Africa currently hosts just one per cent of global solar capacity.
The agency has emphasised that scaling investment would be feasible and come with multiple co-benefits. The analysis estimates that achieving SDG 7 for Africa would require $25bn in spending annually this decade – around the amount that one new liquid natural gas (LNG) terminal would cost. It believes that around three dollars of private investment could be unlocked for every dollar provided in concessional capital. It said further funding for energy access and clean energy will not be unlocked at the scale and pace needed without changes to some international finance system infrastructure.