An integrated policy framework built around the energy transition could bring a wave of new sustainable energy investments to Africa, and thus generate a 6,4% improvement in the economy in the region by 2050, according to the results of an analysis published a few days ago by the International Renewable Energy Agency (IRENA) in collaboration with the African Development Bank (AfDB).
The report Renewable Energy Market Analysis: Africa and Its Regions (Renewable Energy Market Analysis: Africa and Its Regions) shows that Africa is prospering significantly from renewable energy-enabled development, while dramatically improving energy access and delivering powerful social and environment to people on the continent.
This vision of an energy transition in Africa aligned with climate projects globally, shows that the continent will create 26 million more jobs for the whole economy by 2050 than projected in the scenarios. usual. The number of jobs created through the energy transition in Africa would be four times greater than the job losses linked to fossil fuels, which would represent a significant net benefit for regional economies. About two million people currently work in the fossil fuel industry in Africa.
“African governments and people are too often asked to rely on unsustainable fossil fuels to power their development when renewable energy and energy efficiency solutions offer attractive socially beneficial economic alternatives,” said Francesco La Camera. “The transition offers a unique opportunity for Africa to meet its development demands. Through tailor-made policy packages, African countries can harness their strengths and resources to overcome long-established structural dependencies. »
“Africa has abundant sources of renewable energy, on which it can sustainably base its ambitious socio-economic development. However, a strong political commitment, a fair and equitable energy transition framework, and massive investments are necessary. The African Development Bank is committed to supporting the continent's energy transition, facilitating increased private sector investment through its wide range of green financing instruments, including the Sustainable Energy Fund for Africa,” explains Dr. Kevin Kariuki, African Development Bank, Vice President of Power, Energy, Climate and Green Growth.
Coal, natural gas and oil together currently account for around 70% of total electricity generation in Africa and conventional energy attracts far more financing than renewables, due to an established process that promotes less capital-intensive thermal energy, notes the report. Financing the energy transition must become more accessible. Coordinated efforts must be made to ensure that public spending, the main source of financing for the energy transition in Africa, clearly focuses on renewable energy.
Of the $2,8 billion invested in renewable energy globally between 2000 and 2020, only 2% went to Africa, despite the continent's huge renewable energy potential and the need to bring modern energy to billions of citizens who still do not have access to it. While the rate of access to energy in sub-Saharan Africa has increased from 33% to 46% over the last decade, due to rapid population growth, 570 million people still did not have access to electricity in 2019, 20 million more than 10 years ago. About 160 million more people did not have access to proper cooking during this same period.
“It is imperative to allow African countries, which have contributed little to historical greenhouse gas emissions, to develop, while recognizing the need to address the climate emergency,” said Director General La Camera . “International cooperation, including South-South cooperation, will be essential to mobilize resources and know-how at a scale and speed commensurate with the needs of Africa's economies, its communities and its people. »