Africa renewable resource investment at 11-year low: study

Nov 10, 2022 04:02 PM ET
  • Investment in renewable energy in Africa was up to its lowest level in greater than decade last year despite the continent's huge possibility, experts claimed Wednesday at the COP27 climate conference.
Africa renewable resource investment at 11-year low: study

Just $2.6 billion of resources was rolled out for new wind, solar, geothermal and various other sustainable power-generating projects in 2021, the lowest level of financing in 11 years, study team BloombergNEF (BNEF) claimed.

This totaled up to 0.6 percent of the $434 billion invested in renewables across the globe, stated the report, released at the United Nations meeting in the Egyptian seaside resort of Sharm el-Sheikh.

Renewable energy investments climbed nine percent worldwide between 2020 and 2021 to get to a record high, however they fell 35 percent in Africa, it stated.

This occurred "regardless of Africa's outstanding natural resources, quickly expanding electrical energy need as well as enhancing policy frameworks," the report stated.

" Clean energy investment in Africa is at a worrying low level," Michael Bloomberg, the billionaire benefactor and previous New york city mayor, said in a statement.

" Altering that calls for new levels of partnership to identify viable clean energy projects and bring even more personal funding as well as public assistance to them," claimed Bloomberg, that is also the UN chief's unique envoy on Climate Aspiration as well as Solutions.

Africa has huge potential for solar power but it only stands for 1.3 percent of global capacity.

Investment is additionally greatly concentrated in a couple of nations, including Egypt, Kenya, Morocco as well as South Africa, which with each other represent 3 quarters of the total.

" The components are there for Africa to be a significant market for clean energy development, including outstanding natural resources as well as massive demand," stated Luiza Demoro, head of energy transition research study at BNEF.

" But incomplete policy regimens and unwilling investors continue to keep investment levels below where they could as well as truly need to be."

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