eBusiness Weekly
As talks in Sharm entered their final week, Tuesday marked an energy-themed day, with efforts to expand access to clean electricity dominating the discussion.
Two new initiatives were launched as ministers and industry leaders met for the 9th day: The Global Renewable Hydrogen Council Initiative aimed at accelerating green hydrogen projects in Africa, and the Africa Just & Affordable Energy Transition Initiative, to facilitate affordable energy for at least 300 million people on the continent.
Bloomberg also released the 2022 edition of its annual Climatescope survey providing critical and timely insights into the state of Africa’s energy sector: The good news is that the total installed power-generating capacity on the continent jumped from 111GW in 2006 to 249GW in 2021, an impressive 123 percent increase.
This represents just 3 percent of installed global capacity, a share which has remained stable over the past 15 years despite the continent’s burgeoning, power hungry population.
The report shows signs that decision-makers are starting to grasp the opportunities offered by renewables. In 2021, 36 out of 42 markets in Africa had policies targeting renewable energy, the survey shows.
But the missing ingredient is legislative frameworks to put pressure on governments and translate policy to action. Only if financial and regulatory barriers are addressed can solar energy in sub-Saharan Africa, reach over 400GW in 2050 and close the continent’s electricity gap, as BNEF’s New Energy Outlook predicts.
COP27 provides the right platform to launch progressive initiatives to electrify Africa. Now it’s the job of legislators to act on them. — Africa Business
