As stated by UN Secretary-General, António Guterres, in the Africa Climate Summit last week, Africa must work together with developed countries, financial institutions, and technology companies to create a true African Renewable Energy Alliance.
ccording to the UN Secretary-General, António Guterres, with adequate access to financial resources and technological support, renewables could dramatically boost economies, grow new industries, create jobs, and drive development, including reaching the over 600 million Africans living without access to power.
The climate crisis is inflicting tremendous distress in Africa, which contributes less than 4% of the world’s greenhouse gas emissions. Extreme temperatures, floods, and droughts plague the continent, resulting in growing starvation, displacement, weakened infrastructure, and overburdened systems. António Guterres stated that a qualitative shift in climate action is required to avoid the worst effects of climate change.
Assistance from developed nations
Moreover, climate justice is essential. António Guterres finds that developed nations must present a clear road map to double adaptation finance by 2025, provide $100 billion annually to developing nations for climate support, and entirely replenish the Green Climate Fund. This year, all nations must implement the loss and damage fund proposed at the 28th United Nations Climate Change Conference (COP 28).
By 2027, an early warning system must be in place, as six out of ten Africans presently lack access to such a system. To support accelerated climate action within the context of sustainable development, the global financial system requires a course correction.
This necessitates an international financial system that supports payment suspensions, longer lending terms, and lower interest rates, as well as the re-capitalization and modification of the business model of multilateral development banks in order to leverage private financing at affordable rates in order to assist developing nations in building sustainable economies.
Renewable energy capability
30% of Africa’s mineral reserves are essential to renewable and low-carbon technologies, such as solar power, electric vehicles, and battery storage. Africa’s renewable energy potential is substantial.
To genuinely benefit all Africans, the production and commerce of these essential minerals must be sustainable, transparent, and fair at every node of the supply chain, António Guterres highlighted.
African leadership also contributes to the development of innovative green economies based on renewable energy. Africa is home to sixty percent of the world’s finest solar resources, but has received only two percent of global investments in renewable energy over the past two decades.
Now is the time to bring together African countries with developed countries, financial institutions and technology companies to create a true African Renewable Energy Alliance.
… said António Guterres
With adequate access to financial resources at a reasonable cost and technological support, renewables could dramatically boost economies, grow new industries, create jobs and drive development — including by reaching the over 600 million Africans living without access to power.
I’m convinced that Africa can be at the heart of a renewable future. At the end of this month, I will hold, on the way to the twenty-eighth United Nations Climate Change Conference, a Climate Ambition Summit to summon the world’s attention and committed action to climate change and the need to support developing countries as they transition to a renewable future.
… concluded António Guterres
Relevant to this subject, and in light of global developments, RES4Africa’s sixth flagship report Africa’s energy future is renewable aims to understand the rapidly changing global energy transition landscape and take stock of current challenges and opportunities for Africa’s future energy pathways.
To remind, The Nairobi Declaration was signed by 20 African countries last week which calls for new global taxes to fund their climate change action and adaptation, a move that could dramatically shift the balance of country positions at the IMO.