Our president, Rajiv J. Shah, spoke with CNBC Africa about expanding clean energy access across the continent. We are working with The World Bank and the African Development Bank Group to help realize the ambition of electrifying 300 million people across Africa by 2030, 1/3 of whom are in Nigeria. Rajiv J. Shah shared stories of entrepreneurs who've transformed their businesses after switching from diesel generators to solar power. These changes aren't just good for the environment - they're creating jobs and driving inclusive economic growth. "When we multiply that across the continent in sub-Saharan Africa, we can have a real impact in restarting inclusive growth" What are your thoughts on scaling clean energy access in Africa? How can we accelerate progress towards universal, sustainable energy? Watch the full interview here: https://lnkd.in/e2P44GUd #CleanEnergy #EconomicOpportunity #LetsChangeEnergy
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The World Bank Launches Bold Energy Access Program For Africa: The DARES Initiative In a recent statement, the World Bank unveiled a groundbreaking initiative aimed at addressing the energy access crisis in Africa, particularly spotlighting Nigeria’s pivotal role in driving the continent’s electrification agenda. With over 600 million people lacking reliable electricity across the continent, urgent and collective action is imperative to bridge this profound gap. Nigeria, despite its abundant energy resources and economic prominence, stands as a stark example of energy poverty. More than 85 million Nigerians remain deprived of electricity, underscoring the urgency of transformative interventions. The World Bank’s initiative, titled Distributed Access through Renewable Energy Scale-Up (DARES), is set to […] Read the full story here: https://lnkd.in/d44FZAXy #solarenergy #alternativeenergy #solarpv #pvsolar #photovoltaic #cleanenergy #cleantech #climatechange #middleeast #africa #india #asiapacific #asia #africa #nigeria #renewableenergy #solarenergy #worldbank
World Bank Launches Bold Energy Access Program For Africa: The DARES Initiative
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𝐖𝐢𝐭𝐡 𝐭𝐡𝐞 𝐦𝐨𝐬𝐭 𝐝𝐢𝐯𝐞𝐫𝐬𝐞 𝐞𝐧𝐞𝐫𝐠𝐲 𝐬𝐲𝐬𝐭𝐞𝐦, 𝟓𝟎% 𝐨𝐟 𝐀𝐟𝐫𝐢𝐜𝐚 𝐬𝐭𝐢𝐥𝐥 𝐝𝐨𝐞𝐬 𝐧𝐨𝐭 𝐡𝐚𝐯𝐞 𝐚𝐜𝐜𝐞𝐬𝐬 𝐭𝐨 𝐞𝐥𝐞𝐜𝐭𝐫𝐢𝐜𝐢𝐭𝐲.. Africa's energy mix is both diverse and complex. Key energy sources include fossil fuels, especially in coal and gas-rich regions. Hydropower is pivotal, while wind and solar are gaining momentum, driven by high solar potential. However, Africa faces its greatest energy challenge yet. 𝐖𝐢𝐭𝐡 𝟏.𝟓 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐩𝐞𝐨𝐩𝐥𝐞, 𝐢𝐭'𝐬 𝐡𝐨𝐦𝐞 𝐭𝐨 𝟐𝟎% 𝐨𝐟 𝐭𝐡𝐞 𝐰𝐨𝐫𝐥𝐝'𝐬 𝐩𝐨𝐩𝐮𝐥𝐚𝐭𝐢𝐨𝐧, 𝐲𝐞𝐭 𝐚 𝐬𝐭𝐚𝐠𝐠𝐞𝐫𝐢𝐧𝐠 𝟕𝟕𝟓 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐀𝐟𝐫𝐢𝐜𝐚𝐧𝐬 𝐥𝐚𝐜𝐤 𝐚𝐜𝐜𝐞𝐬𝐬 𝐭𝐨 𝐞𝐥𝐞𝐜𝐭𝐫𝐢𝐜𝐢𝐭𝐲. Challenges include rural electrification, infrastructure deficits, financial constraints, and the transition to cleaner energy. Political instability and corruption also hinder progress. Addressing these challenges is essential for achieving widespread, sustainable electricity access and economic development across Africa. 🔖 P.S.: Stay updated on sustainability topics by checking out our TOP10 newsletter, linked in the first comment. #energy #sdg7 #renewableenergy #illuminem
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𝗪𝗶𝘁𝗵 𝘁𝗵𝗲 𝗺𝗼𝘀𝘁 𝗱𝗶𝘃𝗲𝗿𝘀𝗲 𝗲𝗻𝗲𝗿𝗴𝘆 𝘀𝘆𝘀𝘁𝗲𝗺, 𝟰𝟯% 𝗼𝗳 𝗔𝗳𝗿𝗶𝗰𝗮 𝘀𝘁𝗶𝗹𝗹 𝗱𝗼𝗲𝘀𝗻'𝘁 𝗵𝗮𝘃𝗲 𝗮𝗰𝗰𝗲𝘀𝘀 𝘁𝗼 𝗲𝗹𝗲𝗰𝘁𝗿𝗶𝗰𝗶𝘁𝘆... Africa's energy mix is both diverse and complex. Key energy sources include fossil fuels, especially in coal and gas-rich regions. Hydropower is pivotal, while wind and solar are gaining momentum, driven by high solar potential. However, Africa faces its greatest energy challenge yet. 𝗪𝗶𝘁𝗵 𝟭.𝟱 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 𝗽𝗲𝗼𝗽𝗹𝗲, 𝗶𝘁'𝘀 𝗵𝗼𝗺𝗲 𝘁𝗼 𝟮𝟬% 𝗼𝗳 𝘁𝗵𝗲 𝘄𝗼𝗿𝗹𝗱'𝘀 𝗽𝗼𝗽𝘂𝗹𝗮𝘁𝗶𝗼𝗻, 𝘆𝗲𝘁 𝗮 𝘀𝘁𝗮𝗴𝗴𝗲𝗿𝗶𝗻𝗴 𝟲𝟬𝟬 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 𝗔𝗳𝗿𝗶𝗰𝗮𝗻𝘀 𝗹𝗮𝗰𝗸 𝗮𝗰𝗰𝗲𝘀𝘀 𝘁𝗼 𝗲𝗹𝗲𝗰𝘁𝗿𝗶𝗰𝗶𝘁𝘆. Challenges include rural electrification, infrastructure deficits, financial constraints, and the transition to cleaner energy. Political instability and corruption also hinder progress. Addressing these challenges is essential for achieving widespread, sustainable electricity access and economic development across Africa. 🔖 P.S.: Stay updated on sustainability topics by checking out our TOP10 newsletter, link in the first comment. #energy #sdg7 #renewableenergy #illuminem
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We're excited to share some insights from the 26th African Energy Forum 2024 (EnergyNet Ltd.) in Barcelona, where leaders, investors, and policymakers gathered to shape Africa's energy future. Here are some of our key takeaways. Would love to hear your thoughts: -Project Financing: Africa needs $200 billion annually by 2030 for electrification, with $130 billion expected from the private sector. Current contributions are much lower. -Project Risk: High investment risks due to currency reliance, inflation, debt, and unfavourable deals necessitate $30-40 billion for "de-risking." Despite these risks, Africa's infrastructure projects have the world's lowest default rates at 5.5%, according to the AfDB. -Transmission Losses: Africa experiences over 30% electricity transmission and distribution losses, compared to less than 10% in developed nations. -Battery Storage: Despite high renewable potential, the continent has less than 1 GW of installed battery storage, hindered by high costs and long development timelines. -Clean Hydrogen: Producing 1% of hydrogen via renewables requires 10 GW of electrolyzers, 20 GW of renewable electricity, and $30 billion in investment. -Oil & Gas Emissions: Emissions from oil and gas extraction and export are significant, despite low overall emissions. -Consumer Impact: Energy contract prices have risen by up to 30% from pre-COVID days, increasing power tariffs. Addressing these challenges requires strategic investment, innovation, and collaboration. #AfricaEnergyForum2024 #Sustainability #Investment #RenewableEnergy #PASH
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Energy: Connecting 300 million Africans by 2030 By Mali Tribune -Apr 24, 2024 An initiative by the World Bank Group and the African Development Bank Group aims to halve the number of people in Africa without access to electricity. They plan to provide electricity access to 300 million people in Africa by 2030. The World Bank Group will focus on connecting 250 million people through decentralized renewable energy systems or distribution networks, while the African Development Bank Group will support an additional 50 million people. Access to electricity is a fundamental human right crucial for successful development efforts. Currently, 600 million Africans lack access to electricity, hindering healthcare, education, productivity, digital inclusion, and job creation. This partnership reflects the determination of both groups to address one of Africa's most pressing challenges. It underscores the World Bank Group's commitment to achieving impact and results through concerted efforts to establish a better bank, supported by regional energy programs aligned with this common goal. To connect 250 million people, $30 billion in public investments, facilitated by the International Development Association, will be required, along with government policies to attract private investment and reform public services. This initiative presents investment opportunities of $9 billion in distributed renewable energy alone, with considerable potential for private investment in grid-connected renewables essential for economic growth. #electricity #africa #westafrica #renewableenergy #worldbank #internationalmarketing
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Energy Professional | Skilled in Production/Process Operations, Hydrocarbon Accounting, Production Planning | Driving Optimal Results with Innovative Technologies
Africa's acceptance of renewable energy is driven by the need for sustainability and a desire for economic growth. This transition is spurred by the availability of renewable resources like solar and wind, which can reduce carbon emissions and decrease reliance on fossil fuels. This adaptability and readiness to embrace change are deeply rooted in Africa's history of resilience. The continent has faced various challenges, from colonialism to economic disparities, but it has consistently demonstrated its capacity to innovate and adapt to changing circumstances. A key driver of Africa's adaptability is the recognition that change is necessary for progress. African leaders and citizens understand that outdated practices won't lead to a brighter future. In this context, renewable energy represents a transformative shift towards a more sustainable and economically prosperous future. Governments in Africa are adopting renewable energy policies, setting ambitious targets, and encouraging investment in the sector. Entrepreneurs and startups are emerging, creating jobs and positioning Africa as a hub for renewable energy technology. For instance, #Kenya has invested in geothermal power, reducing reliance on fossil fuels. #Morocco leads in solar energy with one of the world's largest concentrated solar power plants. Small-scale renewable solutions empower local communities, improving lives and fostering economic growth. Africa's commitment to renewable energy is also driven by the need for energy security. Diversifying energy sources reduces vulnerability to supply disruptions and price fluctuations, enhancing energy security and reducing dependence on external sources. The continent's adaptability is evident in its focus on addressing energy access challenges. Initiatives like "Power Africa" are expanding electricity access through renewable energy, improving the quality of life and driving economic activities. Renewable energy also plays a vital role in education and technology. It can power schools and universities, improving education access and fostering innovation. Additionally, healthcare facilities benefit from reliable power, enhancing medical services. In summary, Africa's acceptance of renewable energy is a strategic move towards sustainability and economic growth. This adaptability is deeply ingrained in its history and driven by the need for progress, energy security, and improved living standards. Africa's commitment to renewables positions it as a hub for innovation and development in the sector, benefiting both its people and the planet. #energy #innovation #management #africa #sustainability #unglobalimpact #unitednation
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We're thrilled to share insights from the 26th African Energy Forum 2024 in Barcelona, hosted by EnergyNet Ltd. Leaders, investors, and policymakers gathered to shape Africa's energy future. Here are some key takeaways: Project Financing: Africa needs $200 billion annually by 2030 for electrification, with $130 billion expected from the private sector. Current contributions fall short of this target. Project Risk: High investment risks due to currency reliance, inflation, debt, and unfavorable deals necessitate $30-40 billion for "de-risking." However, Africa's infrastructure projects have the world's lowest default rates at 5.5%, according to the AfDB. Transmission Losses: Africa experiences over 30% electricity transmission and distribution losses, compared to less than 10% in developed nations. Battery Storage: Despite high renewable potential, the continent has less than 1 GW of installed battery storage, hindered by high costs and long development timelines. Clean Hydrogen: Producing 1% of hydrogen via renewables requires 10 GW of electrolyzers, 20 GW of renewable electricity, and $30 billion in investment. Oil & Gas Emissions: Emissions from oil and gas extraction and export are significant, despite low overall emissions. Consumer Impact: Energy contract prices have risen by up to 30% from pre-COVID days, increasing power tariffs. Addressing these challenges requires strategic investment, innovation, and collaboration. #africaenergyforum2024 #sustainability #investment #renewableenergy #PASH
We're excited to share some insights from the 26th African Energy Forum 2024 (EnergyNet Ltd.) in Barcelona, where leaders, investors, and policymakers gathered to shape Africa's energy future. Here are some of our key takeaways. Would love to hear your thoughts: -Project Financing: Africa needs $200 billion annually by 2030 for electrification, with $130 billion expected from the private sector. Current contributions are much lower. -Project Risk: High investment risks due to currency reliance, inflation, debt, and unfavourable deals necessitate $30-40 billion for "de-risking." Despite these risks, Africa's infrastructure projects have the world's lowest default rates at 5.5%, according to the AfDB. -Transmission Losses: Africa experiences over 30% electricity transmission and distribution losses, compared to less than 10% in developed nations. -Battery Storage: Despite high renewable potential, the continent has less than 1 GW of installed battery storage, hindered by high costs and long development timelines. -Clean Hydrogen: Producing 1% of hydrogen via renewables requires 10 GW of electrolyzers, 20 GW of renewable electricity, and $30 billion in investment. -Oil & Gas Emissions: Emissions from oil and gas extraction and export are significant, despite low overall emissions. -Consumer Impact: Energy contract prices have risen by up to 30% from pre-COVID days, increasing power tariffs. Addressing these challenges requires strategic investment, innovation, and collaboration. #AfricaEnergyForum2024 #Sustainability #Investment #RenewableEnergy #PASH
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Lets talk about Africa? I delve into the pivotal role Africa is playing in the global energy landscape. From significant growth projections to transformative projects reshaping the continent's infrastructure, the potential for investment and development is immense. Discover why Africa is poised to become a powerhouse in energy production and how innovative strategies are addressing challenges such as sustainability and diversification. Read the full article [https://lnkd.in/d7r77eVt] and join the conversation on Africa's energy future! #insightswithpablocosta #EnergySector #AfricaDevelopment #OilAndGas Source: https://lnkd.in/d7r77eVt
Fueling the Future: Africa’s Oil and Gas Boom?
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"technologies deployed at scale in the Sustainable Africa Scenario are mature and commercially viable, utilising some of the highest-quality renewable resources in the world. Yet despite the limited technology risk, the cost of capital for utility-scale clean energy generation projects in Africa is at least two to three times higher than in advanced economies and China. It is even higher for smaller scale projects, especially those that can only access debt from local commercial banks....concessional finance providers may need to take on more risk, including for pre-development stages, to help get more bankable projects in front of investors and to increase support in fragile and low-income countries. African governments also need to create the right enabling environment, ensuring stable regulation and financially reliable utilities. Meanwhile, the private sector can ensure it accurately prices risks and works in tandem with concessional providers of blended finance instruments, particularly in technologies and markets that are already proven." https://lnkd.in/ezBUsZ49 International Energy Agency (IEA) William Samoei Ruto, PhD Fatih Birol Tim Gould Rita Madeira Alana Rawlins Bilbao Luca Lo Re cecilia tam Emma Gordon Sanne van der Mijl Tanguy de Bienassis Gianluca Tonolo Cornelia Schenk Arnaud Rouget Simon Bennett Kevin KARIUKI Wale Shonibare David Ashiagbor Monojeet P. Freda Akyeabea Opoku #iea #africaenergy #africa #energytransition #energypoverty #energypolicy #blendedfinance #costofcapital #economicdevelopment #growthcapital #infrastructureinvestment #renewableinfrastructure #sustainablefinance #impactinvestment #climatefinance #energyfinance #justtransition #globalsouth #greeninfrastructure #financeinnovation #developmentfinance #energycrisis #climatecrisis #economicresilience #energytech #gridresilience #energystorage #microgrids #climatejustice
Doubling energy investment in Africa requires urgent action to bring down financing costs and boost access to capital - News - IEA
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As of 2023, Africa is the world's second fastest growing continent with over 1.4 billion people. With this rapid growth comes strained energy resources, leading many nations to embrace renewable energy solutions. The top 10 countries, including South Africa, Egypt, Morocco, Kenya, and Ethiopia, are heavily investing in renewables due to emissions reduction, fossil fuel costs, and tech availability. Smaller-scale investments are growing, with Nigeria reaching USD 5.4 billion in 2022 from USD 3.2 billion in 2021. These investments are reducing emissions, creating jobs, expanding energy access, and enhancing Africa's appeal to foreign investors. 🌍💡 Follow Oluseun Onasoga for Pan-African & Sustainable Finance conversations. #RenewableEnergy #AfricanDevelopment #OluseunOnasoga
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Principal Strategist @ Beacon Organizational Consulting | Philanthropic Foundations
2wExciting progress on clean energy in Africa! Solar solutions are transforming economies and creating jobs. Let's keep pushing for universal sustainable energy!