Energy Transition Central to Africa’s Economic Future

Officials at the Berlin Energy Transition Dialogue have said that an integrated policy framework built around the energy transition could bring a wave of new sustainable energy investment to Africa, growing the region’s economy by 6.4 percent by the International Renewable Energy Agency (IRENA) in collaboration with the African Development Bank (AfDB).

According to officials, Renewable Energy Market Analysis, Africa and its regions, shows that Africa is prospering significantly from development enabled by renewable energy, while greatly improving energy access and offering profound welfare and environmental benefits to people across the continent.

Its vision for an energy transition in Africa aligned with global climate ambition shows the continent generating 26 million more economy-wide jobs by 2050 than is anticipated under a business as usual scenario plans.

“Jobs created through the energy transition in Africa would outstrip fossil fuel related job losses by a factor of four, presenting a significant net gain to regional economies. Around two million people currently work in the fossil fuel industry in Africa.”

According to Francesco La Camera, Africa’s governments and their people are too often asked to rely on unsustainable fossil fuels to power their development when renewable energy and energy efficiency solutions offer economically attractive and socially beneficial alternatives, adding that the transition offers a unique opportunity for Africa to meet its development imperatives.

Through tailored policy packages, African countries can harness their strengths and resources to overcome long established structural dependencies.

He said Africa is endowed with abundant renewable energy sources, upon which it can sustainably base its ambitious socio-economic development, adding that this requires strong political commitment, a just and equitable energy transition framework, and massive investments.

Dr Kevin Kariuki, African Development Bank and Vice President for Power Energy, Climate and Green Growth, said that the African Development Bank is committed to supporting the continent’s energy transition, by facilitating increased private sector investments through its expanding range of green finance instruments, including the Sustainable Energy Fund for Africa.

Original Source: The Point