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
