Ministers claim that despite Africa’s mineral wealth, it lacks financial resources to embrace renewable energy.
Africa continues to lag behind in its efforts to transition to renewable energy, which is a crucial component of the strategy to reach the global targets, with less than seven years left for the world to adapt and stay within the 1.5 degree pathway under the Paris Agreement and also achieve the Sustainable Development Goals (SDGs).
Africa requires long-term assistance through partnerships, according to Energy Cabinet Secretary Opiyo Wandayi, who spoke at the Investment Forum for Accelerated Partnership for Renewables in Africa (APRA) opening in Nairobi on Monday.
He went on to say that the largest obstacle to Africa’s goal of using renewable energy is a lack of funding.
Wandayi continued, “To overcome transition challenges in APRA countries, which include Kenya, Ethiopia, Namibia, Rwanda, Sierra Leone, and Zimbabwe, we must foster collaborative networks and partnerships, both within Africa and globally, with the support of international partners like Denmark, Germany, the UAE, the USA, and IRENA.”
Mensah hinted that because Africa is mineral-rich, the continent must cooperate to harness the power of renewable energy in order to meet the expected goals of the energy transition.
These results are crucial to furthering Africa’s energy transition; they are not merely aspirational. We need to make sure that this Forum produces measurable outcomes that immediately help to change the energy landscape on the Continent. It is essential that the decisions we make here serve as the basis for actual advancement,” Camera stated.
He went on to say that sub-Saharan Africa accounts for 55% of the projects received through IRENA’s ETAF Platform. Nevertheless, the majority of projects encounter difficulties during the business development phases and never make it to the point where financiers are able to review them.
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