- African Union stressed the need for Africa to increase its renewable energy portfolio.
- Camera urged private and public finance for renewable energy in Africa, with a clear plan for international support.
African countries, through the African Union (AU), are on the lookout for a $1.3 trillion financing option 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, speaking ahead of the meeting of global leaders at the agency’s 14th session to decide the outlook of renewables, stressed the need for Africa to increase its renewable energy portfolio.
He urged 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.
The DG called for 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 they are considering urgent approaches 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.
In addition, insecurity is currently affecting one of Nigeria’s most ambitious infrastructure projects, the 4,128 kilometres trans-Sahara gas pipeline, which would link most African countries and Europe.
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.
On her part, the commissioner for Infrastructure and Energy at the African Union Commission, Amani Abou-Zeid, said the commission is exploring an integrated approach with priority on renewable energy for the energy crisis on the continent.
Abou-Zeid said that the commission’s security council understands the situation and is tackling the situation head-on. According to her, with declining investment from fossil fuel, 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 reiterated equal distribution of energy and the need for new technologies, especially the deployment of renewables and infrastructure for peace and development on the continent.
Furthermore, she pointed out the importance of harmonising regulations in Africa while stressing the need to improve its investment climate to attract international finance and promote energy transition.