In a recently unveiled report by the World Economic Forum (WEF), it has been revealed that Sub-Saharan Africa is emerging as a frontrunner in renewable energy adoption and investment, showcasing the region’s substantial potential for a sustainable future. The report, which scrutinized the Energy Transition Index (ETI) of 120 nations spanning from 2014 to 2023, underscores the noteworthy accomplishments of the continent in the realm of renewable energy.
Topping the charts in Africa is Kenya, with an impressive score of 57.8 points, securing the 46th global rank in the ETI. Kenya is closely followed by Morocco (55.6), Namibia (55.1), Mauritius (55), and Cote D’Ivoire (53.1). While Africa boasts immense renewable energy potential, Mohamed Adow, Founder and Director of Power Shift Africa, stresses the importance of tapping into the continent’s abundant resources and attracting the necessary investments to power comprehensive development. Adow envisions Africa leading the global charge towards 100 percent renewable energy, ushering in what he dubs the “African Century.”
The Sub-Saharan Africa region has witnessed a decade of robust growth, achieving an average score of 49.2 and an 11 percent increase. This places the region in a prominent position on the global stage. Sub-Saharan Africa distinguishes itself through its commitment to sustainability, regulatory frameworks supporting sustainable energy, the creation of green jobs, and political dedication. Noteworthy countries such as Cote D’Ivoire, Kenya, Senegal, Zimbabwe, and Tanzania have outstripped the average growth rates of many European and Latin American nations in the renewable energy sector.
However, the report raises a significant concern about the glaring disparity in global investments in Africa, amounting to a mere 2 percent of the total investments in renewable energy over the past two decades. This imbalance demands immediate attention, calling for a world where access to renewable energy in Africa becomes a vibrant reality for every community.
The adoption of renewable energy sources in Africa is an invaluable contribution to the worldwide fight against the climate crisis and aligns with the objectives of the Paris Agreement. The report underscores the urgency of transitioning to cleaner energy sources and technologies within the next two to three years to meet the 2030 targets and alleviate the impacts of climate change.
Despite the substantial progress in renewable energy investments, the report cautions about the narrowing window of opportunity for an effective energy transition. Developing nations grapple with financial constraints and competing developmental needs. The report underscores the necessity of consistent and balanced progress to successfully navigate the energy transition.
Photo (BY RICK SPENCE)
Delino Gayweh
Serrari Financial Analyst
November 6, 2023
Article and News Disclaimer
The information provided on www.serrarigroup.com is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
www.serrarigroup.com is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
In no event will www.serrarigroup.com be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.
The articles, news, and information presented on www.serrarigroup.com reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.
The content on www.serrarigroup.com may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, www.serrarigroup.com takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.
By using www.serrarigroup.com, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website.
www.serrarigroup.com, reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.
Serrari Group 2023
