The International Energy Agency (IEA) has said that with over 600 million Africans lacking access to electricity and more than 1 billion persons cooking their meals in open fires, over $240 billion will be required by 2030 to fix the problem.
The IEA in its report at the weekend also threw its support behind the G7 initiative, which laid out key energy investments needed to achieve Africa’s energy and climate goals, and how to finance them.
Leaders of the G7, an informal association of seven of the world’s advanced economies and some of Nigeria’s biggest trading partners, had pledged a $420 million investment commitment to boost infrastructure on the continent.The countries comprising G7 include: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, as well as the European Union (EU).
According to the agency, meeting the 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.
The report: “Clean Energy Investment for Development in Africa”, the IEA recalled, aimed 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.
The IEA pledged to be the initiative’s key knowledge partner, working alongside the United Nations Development Programme (UNDP) which will focus on implementation.
Energy for Growth in Africa – which will complement existing initiatives among G7 members, including the Partnership for Global Infrastructure and Investment (PGII), Global Gateway, and Just Energy Transition Partnerships – will initially collaborate with the Republic of Congo, Côte d’Ivoire, Ethiopia, Kenya, Mozambique, Nigeria and South Africa, it said.
