According to the experts, renewable energies in Africa offer ideal opportunities for the continent to achieve its sustainable development goals. African leaders are called upon to control, exploit and transform their enormous mineral resources locally, in order to generate the financial resources needed for development. Renewable energies have the potential to provide electricity to over 600 million Africans who have no access to it, create jobs and stimulate industrialization according to the African Development Bank Group.
Africa is home to some of the fastest growing economies and holds around 40% of the world’s solar energy potential. However, the continent contributes less than 5% of global greenhouse gas emissions and its growing population suffers from some of the lowest access rates to electricity in the world. According to experts, Africa must increase investment in developing its renewable energy and attract greater support of the private sector and international financial institutions in order to achieve its Sustainable Development Goals
“Today there are about 600 million Africans who have no electricity. And there are another 150 that have irregular access to electricity. But our renewable energy potential is sufficient to be able to give power, to give electricity to all of those 600 million and the 150 that have irregular access at 30 percent cheaper than, you know, stated cost at the moment”.
Yemi Osinbajo, Former vice-president of Nigeria
In addition to solar energy, Africa’s renewable assets include wind power, biomass, hydroelectricity and minerals such as lithium, graphite and cobalt, which are essential for renewable energy technologies, including the production of solar panels and batteries for electric vehicles. According to experts, the deployment of renewable energies will gradually lead to lower costs, and for each dollar invested in renewable energies, an additional USD 0.93 is generated.
“I think our contribution to the renewable energy capacity of the world is huge. We have everything that it takes. And I think that, again, just as I said earlier, our commitment to climate positive growth makes that even more compelling. There’s tremendous potential. There’s tremendous potential”.
Yemi Osinbajo, Former vice-president of Nigeria
According to the International Renewable Energy Agency (IRENA), between 2000 and 2020, around USD 2.8 trillion was invested in renewable energies worldwide, but only 2% went to Africa. The continent’s energy transition is projected to enable the region’s economy to grow by 6.4% by 2050. Renewable energy capacity in Africa is expected to reach 310 GW by 2030.
