A new report says achieving Africa’s energy and climate goals would cost over $190 billion each year from 2026 to 2030, with two-thirds going to clean energy.

Published by the International Energy Agency (IEA), the report shows that there is a need to double energy investment this decade.

The report titled “Africa Energy Outlook 2022” sets out a path to bring modern energy access to all Africans this decade while creating new growth industries in critical minerals and green hydrogen.
Africa needs over $190 billion each year from 2026 to 2030 to achieve energy, climate goals

Average annual energy investment in the Sustainable Africa Scenario, 2016-2030. Source: IEA Africa Energy Outlook Report

According to the report, “Russia’s invasion of Ukraine has sent food, energy, and other commodity prices soaring, increasing the strains on African economies already hard hit by the Covid-19 pandemic.

“The overlapping crises are affecting many parts of Africa’s energy systems, including reversing positive trends in improving access to modern energy, with 25 million more people in Africa living without electricity today compared with before the pandemic.”

The report further highlights that, although having the least blame for the problem, Africa is already experiencing more severe climate change effects than most other parts of the world, including massive droughts.

“Africa accounts for less than 3% of the world’s energy-related CO2 emissions to date and has the lowest emissions per capita of any region.”

While reacting to the report, IEA Executive Director, Fatih Birol, said that based on the current energy crisis, Africa has gotten the raw end of the deal from the fossil fuel-based economy, obtaining the fewest advantages and the greatest drawbacks.

He said the new global energy economy promises Africa a brighter future, with great possibilities for solar and other renewables to power its development – as well as new industrial prospects in critical minerals and green hydrogen...

More: https://www.dataphyte.com/latest-reports/energy/africa-needs-over-190-billion-each-year-from-2026-to-2030-to-achieve-energy-climate-goals/

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More: https://www.dataphyte.com/latest-reports/energy/africa-needs-over-190-billion-each-year-from-2026-to-2030-to-achieve-energy-climate-goals/

And when the money is readily available, Wicked and Kleptomaniac Politicians would not use it for the purpose intended...

Africa .... Who do you this thing ?