Investments in renewable energy in Sub-Saharan Africa must increase fivefold to meet the commitment of achieving 11,500 gigawatts of clean energy by 2030, as revealed by a new study.
During the United Nations Climate Change Conference “COP 28”, governments agreed to triple renewable energy installations worldwide by 2030 to limit global warming to 1.5 degrees Celsius.
To contribute its share towards this goal, Sub-Saharan Africa needs to boost its investments from $20 billion in 2023 to $100 billion annually by 2030, according to Climate Analytics.
The policy institute’s study builds on the “COP 28” agreement by setting regional benchmarks and estimating the required funding.
The Berlin-based institute stated in its report released on Tuesday that without a significant and swift increase in funding to support the deployment of renewable energy sources in Africa, millions will miss out on the benefits of the renewable energy revolution, such as cleaner air, more affordable energy, and enhanced energy security.
The report emphasizes the urgent need to mobilize renewable energy sources and expand networks in less affluent countries.
Sub-Saharan Africa is the world’s least electrified region, with over half of its population lacking access to energy sources. The demand for energy in the region is expected to double over the next decade, presenting an opportunity to accelerate the energy transition.
According to the study, Africa needs to increase its renewable energy capacity to 300 gigawatts by 2030 and phase out only about 60 gigawatts of fossil fuel energy by 2040.
In contrast, Europe needs to eliminate 1,500 gigawatts of environmentally harmful energy by 2035.
