$190 Billion Investment needs by Africa yearly between 2026 – 2030 in a bid to meet Africa’s Energy and Climate Objectives in order to Enhance Socio-Economic Achievement
By Abdul Rahman Bangura-
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone– Delivering a paper titled “Energy Mix – Ttoes with Finding and Deploying Commercially Viable Renewable Energy Solutions”, at the West Africa Power Pool Conference in Dakar, Senegal, said: “Achieving Africa’s energy and climate goals means more than doubling energy investment this decade. This would take it over $190bn each year from 2026 to 2030, with two-thirds going to clean energy.”
He remarked that Africa’s energy generation would proceed to be from natural gas, as renewables were anticipated to thrive from 21% in 2020 to 59% of electricity generation by 2030. According to him, Africa would expect about $2.64tn, approximately the size of her GDP, to bank 100% on renewable energy sources for electricity generation by
He asserted the budgets would be obliged to drive the installation percentage the renewable energy sources, as well as the infrastructure desired for the generation, network, storage system, and other facilitating costs.
He expanded that solar, wind, and hydropower of generation are the extensively achievable renewable energy solutions in Africa. He pinpointed that Nigeria’s photovoltaic power potential made solar energy very possible for both investors and consumers.
“Sahara Power is currently harnessing this potential through the implementation of large-scale and mini-grid solar projects,” he stated, adding, “Sahara has begun the implementation of solar energy in Nigeria solar large-scale renewables, such as the construction of a 5MW solar farm in North East Nigeria and the deployment of mini-grid solutions to locations that commenced with three pilot projects within Sahara Power’s Ikeja Electric franchise in Lagos.”
He told the solar solution in Lagos is predicted to assist over 20,000 households, with a far-reaching positive influence on economic activities.
Public and private investors have been the references of reserves for Africa’s renewable energy enterprises, encompassing international donors, banks and development finance institutions.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent