Africa’s energy investment needs to double by 2030 to meet development and climate goals

Delivering modern energy to all Africans will require nearly $25 billion in spending per year until 2030, report says

Wind turbines at the West Coast One wind farm near Vredenburg, South Africa. Bloomberg

Swift action to improve capital access and reduced financing costs are crucial to boosting clean energy spending in Africa, a report has found.

Energy investment in the continent needs to more than double by 2030 to meet African development ambitions and climate goals, with nearly two thirds going to clean energy, the International Energy Agency and the African Development Bank Group said in a report on Wednesday.

“The African continent has huge clean energy potential, including a massive amount of high-quality renewable resources. But the difficult backdrop for financing means many transformative projects can’t get off the ground,” said Fatih Birol, the agency’s executive director.

Despite having 20 per cent of the world’s population, the region only receives 2 per cent of the global investment in clean energy.