I am honoured to introduce this vital report on financing clean energy transitions in Africa,which sheds light on the crucial actions needed to bring about the transformation of ourcontinent’s energy systems.
Authored by the International Energy Agency(IEA)and the African Development Bank Group(AfDB),two organisations dedicated to Africa’s progress,this report serves as an invaluableguide for charting our course towards a sustainable and prosperous future.
The credibility of the IEA as the world’s authoritative agency for energy policy makes thisreport an indispensable resource for decision makers,investors and all those committed toAfrica’s development.Rooted in robust data and case studies from across the region,itarticulates the pressing need for action from all stakeholders:governments,developmentfinance institutions,the private sector and domestic capital providers.
Energy investment on our continent has fallen short,accounting for a mere 3%of the globaltotal,even though Africa is home to one-fifth of the world’s population.To achieve theUnited Nations goals for universal energy access by 2030 and meet international climateobjecives under the Paris Agreement,it is imperative we take bold steps to more thandouble energy investment here in the next decade,with a primary focus on clean energy.
The report’s examination of the cost of capital in Africa,which is at least two to three timeshigher than in advanced economies,is a stark reminder of the formidable challenges we mustaddress to unleash our continent’s full development potential.
Yet this report is not simply a laundry list of Africa’s challenges.It is an inspiring testamentto the innovative spirit of our continent.Case studies from the AfDB and other sourcesunderscore the vast array of transformative solutions emerging from Africa’s creative minds.The report provides invaluable insights on how we can harness the existing dean energyinvestment landscape,optimise capital allocation across sectors and technologies,andgenerate a transformative cycle of change to scale up investments sustainably.
By effectively mobilising private capital and securing USD 28 billion of concessional funding
by 2030,we can unlock the necessary USD 90 billion in private investment for clean energythat will revolutionise our continent’s trajectory and support global climate ambitions.
As we gather at the African Climate Action Summit in Nairobi,where this report will belaunched,let us stand united in purpose and determination.It is our collective responsibilityto draw on the insights from this report,forging new partnerships and fostering innovationthat can tap into the vast potential of clean energy and improve the lives of millions of peopleacross our continent.
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