Africa requires approximately $70bn in annual investment in renewables until 2030 to implement a clean energy transition, says Africa Oil and Power’s report.
The report, ‘Africa Energy Series: Africa Renewables 2021′, was dedicated exclusively to renewable development and investment within the African energy sector, an AOP statement noted on Thursday.
The report includes outlining pan-African investment opportunities in clean energy development on the back of global initiatives that call for a decarbonized energy sector.
“With renewables accounting for 52 per cent of total capacity expansion in Africa in 2020, the downloadable report identifies the government targets, large-scale projects, and strategic opportunities shaping renewable development across the continent,” AOP said.
In addition to providing insight on Africa’s renewable potential, as well as the socio-economic benefits initiated by increased renewable penetration in the market, the report provides a pathway for public and private sector alike to reduce associated risk, mobilise financial instruments, build capacity and establish strong regulatory frameworks to facilitate clean energy investment.
AOP added, “Successful case studies (in the report) include the development of hydropower in the Democratic Republic of the Congo, including the Inga III Dam project; the role of private sector participation through the Renewable Energy Independent Power Producer Procurement program in South Africa.”
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