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$100 billion needed annually for Africa’s renewable energy goal – Report


At COP28, governments reached a consensus to triple global renewable energy installations by 2030, to cap global warming at 1.5°C.

For Sub-Saharan Africa to play its part in achieving this target, investments must increase from $20 billion in 2023 to $100 billion annually by 2030, as outlined by Climate Analytics.

The policy institute’s study builds on the COP28 agreement by proposing regional benchmarks and calculating the amount of funding required. That compares with a global need of $2 trillion a year from 2024 to 2030, the study shows.

“Without an urgent and rapid increase in finance to support renewables deployment in Africa, millions will miss out on the benefits of the renewables revolution – cleaner air, cheaper power and increased energy security,” the Berlin-based institute said in the report released Tuesday.

“Much more needs to be done to mobilize renewables and grid expansion in less wealthy countries.”

Sub-Saharan Africa stands as the least electrified region globally, with over half its population lacking access to power.

According to data from the International Energy Agency (IEA), some 660 million are projected to remain without access in 2030, of which 85% or about 560 million people will be in Sub-Saharan Africa.

The study suggests that Africa must boost its renewable capacity to 300 gigawatts by 2030, and retire just about 60 gigawatts of fossil fuel energy by 2040. In stark contrast, Europe faces the need to retire 1,500 gigawatts of environmentally detrimental energy by 2035.



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