Africa needs $277 billion annually to achieve the 2030 SDGs – IAE Panel

Panelists at the Invest in African Energy (IAE) forum in Paris say Africa needs $277 billion to achieve the 2030 Sustainable Development Goals, the SDGs.

Africa’s solar energy potential has 60 percent of the world’s best solar energy resources and offers multiple opportunities for investors seeking scalable long-term financial prospects.

A panel session at this year’s Invest in African Energy (IAE) 2024 forum explored strategies to unlock finance for sustainable energy projects across the continent.

During the session, in which the independent energy producer ENGIE Energy Access also participated, a robust discussion took place about the use of solar energy. Committed to increasing electrification rates across the continent.

The company is developing a $60 million mini-grid project in Nigeria, scheduled to be completed in 2026 and ready to connect more than 150,000 people to the electricity grid.

“More than 600 million people do not have access to electricity, and ENGIE Access’s goal is to bridge this gap,” said Marie Testard, head of financing at ENGIE Energy Access, adding: “ENGIE Energy Access is the energy access company that wants to use this solution. in sub-Saharan Africa, and so far we are present in nine countries, building almost 10 GW of mini-grids.”

Meanwhile, after securing $222.5 million in commitments from African institutional investors in January, pan-African infrastructure investment platform Africa50 Group is well positioned to roll out a pipeline of renewable energy infrastructure projects.

The Fund is poised to play a critical role in addressing the continent’s energy needs while promoting inclusive and sustainable development.

“The African continent has many renewable resources and the largest solar potential in the world, with only 5 GW of installed solar capacity to date,” said Molly Gbodimowo, Strategy Director of the Africa50 Infrastructure Investment Platform, adding: “In total, Africa $277 billion needed. annually to implement the 2030 Sustainable Development Goals.”

The speakers underlined the crucial role of public-private partnerships and innovative financing mechanisms in boosting renewable energy initiatives and emphasized the importance of local institutions and a favorable investment environment in Africa.

Furthermore, it was noted that Africa’s path to a more sustainable future will require a concerted effort from international stakeholders in the continent’s energy sector to wean itself from carbon-intensive resources and transition to sustainable energy sources.

FA
May 15, 2024