Africa is better off investing in renewable energy, the energy of the future.
The era of fossil fuels as the primary source of energy is soon coming to an end, having powered the modern global economy at a high cost to the environment as the planet warms.
Africa has a low development base and is rushing to make up for years of underinvestment. The good news is that, by going green, the continent could rapidly accelerate this progress.
Clearly, the economic model that most post-independence African nations inherited has failed to provide universal energy access decades later.
For example, Nigeria’s oil reserves have been extracted in vast quantities for decades, yet the country still faces energy challenges.
Similarly, South Africa, which relies heavily on coal-fired power plants, continues to experience rolling blackouts despite the exploitation of its vast coal reserves.
We’ve begun to witness a shift, with decentralized technologies powered by solar and wind illuminating thousands of remote villages that would have remained in the dark for at least another century.
Still, more than half of Africa’s population lacks access to electricity. Also, the greening of national grids through the incorporation of renewable energy is sluggish primarily due to a lack of investment.
African Union environmental policy
As a solution to these problems, African leaders and business titans could, through the African Union (AU), give the green agenda a significant boost.
To steer the continent towards a clean energy future, for instance, AU leaders must develop legally binding green policy frameworks to guide the 55 member states.
They must ensure that renewable energy and climate change are front and center during AU head of state meetings. Aside from international climate change conferences, such as the recent COP27, there have been few Pan-African engagements on these issues. That must be altered.
Worse yet, some African leaders want to invest in fossil fuels such as natural gas primarily to serve their political interests, while foreign oil and gas companies, which are already reaping billions of dollars in profits, profit at the expense of African communities.
This is inadmissible. As the world transitions to clean energy, our leaders must take a stand and seize opportunities for the continent to become energy secure and a leader on this path.
Increased pan-African coordination among AU leaders would snowball into an unstoppable force on the international stage.
Africa will be able to negotiate more effectively with developed nations and investors in order to unlock investment flows.
Africa received only two percent of the $2.8 trillion invested globally in renewable energy between 2010 and 2020, despite having more clean energy resources than any other continent.
Africa’s potential wind resource exceeds 59,000GW (IFC), which is sufficient to supply 250 times the continent’s energy demand.
There is a need for an Africa Climate Summit led by the AU.
To clarify, it is not as if the AU has done nothing in its 20 years of existence. It has implemented a number of sustainability-oriented programs. The issue is their implementation.
The AU, for instance, launched the Green Recovery Action Plan in 2021, focusing on climate finance, renewable energy, nature-based solutions and biodiversity, sustainable agriculture, and green and resilient cities. Unfortunately, this blueprint remains a mere piece of paper.
The Grand Inga Dam in the DRC, an AU flagship mega hydroelectric dam that has been stalled for decades, is another example.
If the power station’s construction had gone according to plan, it would have generated approximately 40,000MW of hydropower and significantly reduced the current power shortages in sub-Saharan Africa while also creating jobs.
Alliance for Green Infrastructure in Africa (AGIA) is a $10 billion initiative launched at COP27 by the African Union, the African Development Bank Group, and Africa50 to encourage investment in green infrastructure projects across the continent.
Energy influencing the free trade zone
Moreover, cross-border food trade will be the focal point of the African Continental Free Trade Area (AfCFTA). Green energy, including decentralized solar solutions, will play an essential role in preventing food waste along the cold chain.
In addition, by interconnecting their electricity supplies, African nations will be able to combine their distinct electricity markets into a single regional market where simultaneous sales and purchases occur. Thus, the pooled economies will enjoy energy security and resiliency as a result of access to a variety of renewable energy sources and supplies.
Investing in renewable energy is Africa’s energy and development solution.
