New whitepaper on Africa’s electricity landscape released at the 2021 Sustainable Development Impact Summit: Decarbonization, Decentralization, Digitalization

New whitepaper on Africa’s electricity landscape released at the 2021 Sustainable Development Impact Summit: Decarbonization, Decentralization, Digitalization

• Africa’s developing nations need investment in renewable energy solutions to fight climate change
• But, emissions reduction strategies must be balanced with vital needs for economic growth and stability
• Many cases will require financing for low carbon energy solutions and transition finance to assist in making the shift
• New analysis outlines financing options and investment, for the continent’s energy transition
• Read the report and Follow the Sustainable Development Impact Summit 2021

(PRESS RELEASE) GENEVA, 23-Sep-2021 — /EuropaWire/ — New report, written in collaboration with Deloitte, on Africa’s energy future has been released during the 2021 Sustainable Development Impact Summit. Titled “Financing the Future of Energy,” the report outlines Africa’s electricity landscape and financing options in context with the global drive to reduce carbon emissions.

Africa’s power sector will play a central role in the transition from fossil fuel-driven power generation to a renewable-strong energy mix. According to the whitepaper written in collaboration with Deloitte, the migration to a multi-stakeholder-oriented net-zero power grid is being driven by “the 3Ds:”

• Decarbonization: moving from fossil fuel sources to renewables
• Decentralization: Shifting from centrally managed generation, transmission, and distribution to decentralized systems
• Digitalization: Leveraging digital technology to advance the transition

The report contends that new coalitions and investments with developed nations and NGOs including the World Economic Forum must coordinate and enable countries to leapfrog existing technologies and infrastructure.

“The need for digitally smarter utility platforms and sustainable development programs will guide global leaders in helping to shape equitable and inclusive recovery programs,” said Chido Munyati, Head of Africa at the World Economic Forum. “The entire continent remains vulnerable, but this whitepaper offers a view on what are viable financing options that exist today for clean energy sustainability and equitable recovery for all of Africa.

Funding will be the biggest hurdle to ensuring Africa’s sustainable transition to Renewables at scale; there are many financing solutions available,” said Mario Fernandes, Director, Africa Power Utilities and Renewables, Deloitte. “Africa’s winners will be the ones that are able to leverage what exists while creating an enabling environment for the private sector through a Renewables Energy Investment facility.”

Case studies in China and India showed that financing solutions for a clean energy transition often involve long cycles. Economic booms in these countries resulted in a significant shift in carbon emissions. Since similar economic booms are expected across Africa, the report highlights how crucial it is to anchor growth in technologies that can enable lower emissions.

While Africa’s contribution to greenhouse gas emissions from fossil fuel significantly lags behind those of other continents, it still carries a huge potential to accelerate the transition to a net-zero future. Currently, half of the continent lives without adequate access to electricity. As energy demands increase, the energy gap could be bridged through clean energy alternatives, if the financing solutions are employed now.

Sustainable Development Impact Summit 20-23 September
The meeting brings together global leaders from business, government, and civil society under the theme Shaping an Equitable, Inclusive and Sustainable Recovery. It will focus on new technologies, policies and partnerships to advance cooperation, accelerate progress, and highlight tangible solutions to our global challenges. Media can learn more and register here.

Deloitte Contact:

Thebe Mabanga, Deloitte Africa, tmabanga@deloitte.co.za +27784885803

Notes to editors
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The World Economic Forum, committed to improving the state of the world, is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business and other leaders of society to shape global, regional and industry agendas. (www.weforum.org).

SOURCE: World Economic Forum