Green energy requires $25b yearly investment for universal access
By Jeph Ajobaju, Chief Copy Editor
Universal access to renewable energy in Nigeria and other African countries requires $25 billion investment every year for the target to be reached by 2030 as planned, according to a report by Africa Energy Outlook (AEO).
The report acknowledged the huge potential of renewable energy but said climate finance to enable Africa meet its energy needs and climate goals requires $190 billion each year from 2026 to 2030, with two-thirds going to clean energy.
It added, however, that Africa’s industrialisation relies in part on expanding gas use, contrary to the report of the International Energy Agency (IEA) on Net Zero by 2050, which calls for no new investment in fossil fuels.
The UN climate talks, COP27, being held in Africa, suggesting fossil fuel investment on the continent most vulnerable to climate change is concerning.
Climate justice activists, among them 350Africa.org, oppose this push for gas expansion in Africa, saying this notion, which is not aligned with the pathway to keep global warming under 1.5 degrees, would only further the interests of the fossil fuel industry and developed nations at the risk of impoverishing African nations.
“Despite recent discoveries of gas reserves in countries such as Mozambique, Senegal, Mauritania, Tanzania and South Africa, global bodies such as the IPCC indicate that a phase out of all fossil fuels, including gas, is needed to avoid the worst impacts of climate change,” 350Africa.org Regional Director Landry Ninteretse said.
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Dependence on fossil fuel
In its report last year, the IEA called for no investment in new fossil fuel supply projects. Climate and energy crises are caused by the continued dependence and addiction to fossil fuels.
“Pushing for the exploitation of gas in Africa will primarily benefit the fossil fuel industry and Western societies seeking to fill the gap left by shortages from Russia, while failing to meet the real and pressing energy needs of ordinary people,” the report said, per reporting by The Nation.
“Rather than engaging in opportunistic and exploitative pursuit of fossil fuels from Africa, developed countries historically responsible for the climate crisis should massively increase their financing of ambitious renewable energy plans that respect the social, economic and environmental rights of Africans.”
