President William Ruto has made a powerful appeal for increased global investment in Africa’s renewable energy sector, emphasizing the continent’s vast potential and the urgent need for financial support.
Speaking at the High-Level Business Segment on Climate Change Response in Seoul, South Korea, Ruto highlighted that while 2023 saw a significant global increase in renewable energy capacity—adding approximately 500 gigawatts and attracting $600 billion in investments—Africa’s contribution remains alarmingly low.
The continent has only managed to add 3 gigawatts to this total, representing a mere 1.6% of the world’s renewable energy capacity.
Ruto pointed out that Africa possesses the highest untapped potential for renewable energy resources globally, particularly in solar power.
He urged wealthy investors from the Global North to recognize the opportunities available in Africa’s clean energy landscape, framing it as a mutually beneficial scenario.
The President noted that African leaders recently endorsed the Nairobi Declaration, which aims to quintuple the continent’s green power generation capacity from 56 gigawatts in 2022 to at least 300 gigawatts by 2030.
Investing in renewable energy is not just about addressing climate change; it also has the potential to drive economic transformation across Africa.
Renewable energy projects can create numerous jobs in construction, maintenance, and operation.
For instance, successful initiatives in solar and wind energy have already stimulated local economies and provided employment opportunities.
By reducing reliance on imported fossil fuels, African nations can enhance their energy independence, leading to cost savings and greater economic stability.
Access to reliable electricity remains a critical issue for many communities across Africa, particularly in rural areas.
Currently, millions of people lack access to affordable energy sources. Renewable energy projects can bridge this gap by providing sustainable electricity solutions that empower underserved communities.
Reliable electricity can significantly enhance quality of life by improving access to education, healthcare, and entrepreneurial opportunities.
In addition to economic benefits, investing in renewable energy can bolster climate resilience across the continent.
African nations are increasingly facing climate-related challenges such as droughts and floods, which threaten food security and livelihoods.
By developing local renewable energy sources, countries can better adapt to these impacts and reduce their vulnerability to global energy price fluctuations.
Ruto also emphasized the moral obligation of developed nations to support Africa’s transition to renewable energy.
He called for equitable partnerships that benefit both sides, highlighting opportunities for technology transfer and knowledge sharing.
Collaboration between African nations and global investors can lead to shared innovations and best practices that enhance the effectiveness of renewable energy projects.
To mobilize the necessary capital for these ambitious goals, innovative financing models are essential. Public-private partnerships can play a crucial role in funding renewable projects, while green bonds and international funding mechanisms offer additional avenues for investment.
The goal is to mobilize $1 trillion from both public and private finance by 2030. By addressing underfunding issues and emphasizing Africa’s rich resources, Ruto seeks to attract global investors and foster a collaborative approach to achieving sustainable energy goals.
This initiative not only aims to enhance Africa’s energy capacity but also strives to create economic growth and resilience in the face of climate change.
