Africa will require about $190bn worth of investments annually between 2026 and 2030 to meet its energy and climate goals to boost socio-economic prosperity on the continent.
This was disclosed by Seyi Sobogun, Head, Capital Projects, Egbin Power Plc, a Sahara Power Group Company, while delivering a paper titled “Energy Mix – The Challenges with Funding and Deploying Commercially Viable Renewable Energy Solutions,” at the recently concluded West Africa Power Pool Conference in Dakar, Senegal.
Citing the International Energy Agency’s Africa Energy Outlook for 2022, Sobogun 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.”
Noting that Africa’s energy generation would continue to be from natural gas, as renewables were expected to grow from 21 per cent in 2020 to 59 per cent of electricity generation by 2030, Sobogun said Africa would require about $2.64tn, roughly the size of her GDP, to rely 100 per cent on renewable energy sources for electricity generation by 2050.