Africa’s investments accounted for only 0.6% of the $434 billion destined for clean energy worldwide. | energynews
Africa’s investments in renewables trail far behind the rest of the continents, accounting for only 0.6% of the $434 billion destined for clean energy worldwide in 2021, aAccording to the market analyst, despite Africa’s natural resource wealth, rapidly growing electricity demand and improving policy frameworks, only $2.6 billion of capital was deployed for new wind, solar, geothermal or other renewable power-generating projects in 2021, the lowest in 11 years.
Looking specifically at solar energy, Africa is now home to just 1.3% of global solar capacity. The existing capacity is 13GW or 5.5% of Africa’s total. South Africa, Egypt and Morocco account for two-thirds of the solar capacity. The same data sources show that the rate of new electricity-generating projects added to Africa’s grids has slowed since 2018, with year-on-year installed capacity growth averaging 6.6% annually from 2011 to 2018, but only 3.8% over the 2019-2021 period.In the view of BNEF’s experts, Africa is in a privileged position to take advantage of lowering prices when it comes to clean energy infrastructure, particularly due to its wealth of natural resources.
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