Africa needs $240bn funding by 2030 to meet energy needs: IEA
PARIS, 9 days ago
Meeting growing energy demand in Africa requires a surge of spending on clean energy projects, with swift action to tackle financial barriers, so investment can reach the levels that are needed, according to a new report from the International Energy Agency (IEA).
To achieve the energy access, climate and development goals set by governments in the region, Africa requires annual energy investments worth over $240 billion by 2030 - growing more than two-fold in the next six years - with around three-quarters going to clean energy, stated IEA in its report.
The report, 'Clean Energy Investment for Development in Africa,' outlines key target areas for investment, including energy access, the power sector and emerging industries, such as critical minerals and the manufacturing of clean energy technologies.
It supports a flagship initiative launched by Italy’s G7 Presidency at the Leaders’ Summit in Apulia.
Called Energy for Growth in Africa, it aims to help foster a strong pipeline of bankable clean energy projects in Africa and to improve access to financing, so the projects can come to fruition, with an emphasis on technical assistance and capacity building.
According to IEA, the Clean Energy Investment for Development in Africa lays out the opportunities and challenges of accelerating the sustainable development of Africa’s energy infrastructure.
Despite the continent’s immense energy resources, it currently attracts only around 3% of global spending on energy.
About 600 million Africans still lack access to electricity, and more than 1 billion cook their meals over open fires and traditional stoves using wood, charcoal, kerosene, coal or animal waste, it added.-TradeArabia News Service
