Africa boasts of abundant renewable energy resources, including hydro, solar, wind, and more, but despite this wealth of resources, only about 7% of Africa’s vast hydroelectric potential has been utilized.
These resources hold significant potential for driving Africa’s sustainable development and contributing to the global shift toward a low-carbon future. However, financial limitations and underinvestment have hindered many African nations from fully leveraging their renewable energy capabilities.
According to a report by Development Reimagined, the Nationally Determined Contributions (NDCs) of African countries for the 2020-2030 period require an estimated $2.8 trillion, an amount which exceeds 93% of the continent’s combined GDP.
The report adds that although governments have committed approximately 10% of the required amount, a substantial funding gap persists, especially in key sectors such as energy and transport.
The entry of Chinese investors is filling the financing gap, bringing in necessary funding, technology, and expertise to help African countries tap into and fully harness their renewable energy resources.
Using factors like Total Climate Finance (TCF), Electricity Access (EA), Chinese Foreign Direct Investments (CFDI), Renewable Energy Capacity (2022), Deployment of Policies (DOP), Percentage of Renewable Energy Source (RES) in Total Electricity Generated, and Renewable Energy Potential (REP), the countries were each assessed and the five best destinations were picked.
According to the report, these five African countries presented in the table offer significant untapped opportunities and a strong demand for energy investments.
| S/N | Country | RE Capacity |
|---|---|---|
|
1 |
Angola |
4068 MW |
|
2 |
Zambia |
3301 MW |
|
3 |
DR Congo |
2742 MW |
|
4 |
Mozambique |
2316 MW |
|
5 |
Uganda |
2181 MW |
