Africa needs estimated 100 billion dollars annually between 2020 and 2040 to attain energy transition

Date:

Abuja, April 1, 2023 Dr Akinwunmi Adesina, African Development Bank (AfDB) Group President, says Africa’s energy transition would require an estimated 100 billion dollars annually between 2020 and 2040.

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The AfDB president, in a statement, said this at the Berlin Energy Transition Dialogue, hosted by the German Federal Government.

While underscoring Africa’s success and enormous potential to become a global leader in sustainable development, Adesina highlighted the significant energy challenges millions of Africans still faced.

According to him, a report in 2022 reviewed that at least 600 million people did not have access to electricity, and 970 million lacked access to clean energy for cooking.

He said to achieve the United Nations Sustainable Development Goal (SDG) Seven of affordable, reliable, sustainable and modern energy for all, Africa must connect 90 million people annually to electricity by 2030.

The bank president said the continent must also shift 130 million people from dirty cooking fuels yearly.

He acknowledged the scale of the challenge, noting that

Adesina said Africa’s significant cobalt, manganese and platinum reserves could be utilised to build a robust manufacturing sector rather than being merely exported as raw materials.

Alluding to Europe’s push for emissions-free vehicles, he said, “Africa is a crucial source for minerals and metals for clean energy value chains, including electric vehicles and utility-scale battery storage.

“Africa is the perfect place to build lithium-ion batteries to power German cars.”

The president also recognised green hydrogen as a low-carbon investment in building decarbonised economies.

He reiterated that AfDB was spearheading efforts to unlock Africa’s vast renewable energy potential, with 86 per cent of its power generation investments in renewables and a ban on coal energy projects.

Adesina insisted that natural gas should be crucial to Africa’s diversified energy mix to guarantee a secure energy supply for industries and residences.

“Africa, just like Germany and Europe, must be given time to transition and be allowed to use its natural gas resources as a transition fuel.

“While Africa will do everything possible to expand the use of renewable energy, the intermittency sources, such as wind and solar, made it impossible to guarantee the security of supply.

“Natural gas is, therefore, a key part of the energy mix for assuring the security of supply and critical for Africa,” Adesina said.

Kenyan President William Ruto urged the audience to rise to the challenge of genuine partnership to address the climate crisis and break the cycle of dependence that had plagued Africa for decades.

German Federal Minister for Foreign Affairs Annalena Baerbock said the energy transition was primarily about the security, and global security depended on getting away from fossil fuels.

The annual Berlin Energy Transition Dialogue is a joint initiative of the German Renewable Energy Federation, the German Solar Association, the German Energy Agency, and consulting firm eclareon.

The forum draws a wide range of prominent participants from the energy sector, including policymakers and representatives from industry, science and civil society.

It provides a platform for discussing experiences and ideas on a safe, affordable, and environmentally responsible global energy transition.

Godwin Okafor, The Naija247news
Godwin Okafor, The Naija247newshttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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