Energy for Growth in Africa Initiative Unveiled

By.Mohammed A.Abu

The decades long delay in fulfilment of pledges made by the Global South towards  climate change impact funding  in the Global North hasn’t helped the course of the global transition from fossil fuels derived energy to renewable energy as global warming and climate change impact bites deeper.

Indeed, lack of external affordable funding for renewable energy projects in both the public and private sectors of countries in the Global South with particular reference to Africa, the world’s most energy poor continent, has since given rise to the legitimate issue of energy transition justice.

The energy for growth in Africa Initiative that was unveiled on the sidelines of the recently held G7 Leaders Summit could  be a game changer if implemented to the full.

For the details regarding  the initiative, read on

“We the representatives of Canada, the Republic of Congo, Côte d’Ivoire, Ethiopia, France, Germany, Italy, Japan, Kenya, Mozambique, Nigeria, South Africa, the United Kingdom, the United States of America, and the European Union, recognize that universal access to affordable clean energy is a key factor for sustainable, resilient and inclusive economic growth and social development, as proclaimed by the 2030 Agenda for Sustainable Development and the African Union’s Agenda 2063.

“It also contributes to meeting the climate goals of the Paris Agreement and to keeping a temperature limit of 1.5C within reach. Africa’s significant but largely untapped clean energy potential needs massive investments.

“We will work to accelerate investments in clean energy sources to ensure an inclusive transition which supports energy security, recognizing that a substantial proportion of people in Africa still lack reliable access to electricity and clean cooking.

“To meet these objectives and the global efforts decided upon at the 5th session of the Conference of the Parties serving as the Meeting of the Parties to the Paris Agreement (CMA5), we look forward to the launch of the G7’s ‘Energy for Growth in Africa’ initiative and to contributing to its success.

“The initiative will help develop bankable clean energy projects, attract private capital through the catalytic use of public finance and technical assistance, encourage the flow of concessional finance, and overcome barriers to investments in clean energy across Africa.

“The initiative will engage with governments, the private sector, financial institutions, multilateral development banks, and community groups. It will partner with the United Nations Development Program and the International Energy Agency.

“It will also coordinate with existing programmes, to ensure complementarity and avoid duplications, and will operate in close coordination with the G7 Partnership for Global Infrastructure and Investment”,the joint statement concluded.

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