The initiative renewAfrica has been recognized as a tool in line with the Green Deal. The European Commission's Executive Vice-President for the European Green Deal, Frans Timmermans, lauded the alignment of the initiative with the European Commission's green ambitions and welcomed the work the initiative has done so far.
The European initiative – for accelerate the transition to sustainable energy in Africa — was structured to implement public-private partnerships (PPP), in order to create a level playing field for European industry and investors. In this regard, the initiative can help add value to existing European financial instruments, thus mobilizing the public and private capital needed to create a pipeline of sustainable and bankable renewable energy projects in Africa.
Renewable energies will be fundamental in the creation of a new one sustainable economy and carbon neutral, overcoming polluting technologies. Furthermore, the potential for renewable energy in Africa offers the opportunity to create new jobs, stimulate industrialisation, kick-start wider and more inclusive socio-economic growth, as well as support countries in implementing their commitments on Sustainable Development Goals and National Contributions Goals under the Paris Agreement.
“Africa has enormous growth potential and access to energy will determine the speed and fairness of this growth. Today, wind or solar technologies can generate electricity at the lowest cost ever and can often be implemented locally, without the need for extensive grids spanning great distances,” he commented. Frans Timmermans.
Although the demand for energy in Africa is increasing rapidly, thanks to the country's rapid demographic and economic growth, around 600 million people still live without access to electricity. Currently, renewable energies represent the fastest and cheapest way to meet energy needs. While globally installed renewable energy capacity has more than doubled in the last decade, in Africa this growth is only 2% of the total.
Need a raise 120 billion dollars of annual investments up to 2040 to guarantee access in the sub-Saharan area, capitals that are unable to mobilize with the classic public funding channels. There have been several barriers that have limited the attractiveness of the continent in the eyes of international investors, thus slowing down the shift towards renewable energies.
In this regard, the renewAfrica task forces have drawn up a proposal, identifying possible pilot countries, outlining a series of technical assistance services and elaborating a financial package to cover the main investment risks. At its current stage, this initiative can contribute to Europe's goals of green diplomacy in Africa.
“Looking at current trends – he declared Francesco Starace, CEO of Enel and President of SEforALL – we are not on the right track to guarantee universal and sustainable access to electricity by 2030, especially in Africa. Stakeholders are willing to bridge the gap, and new technologies and demographic changes can provide valuable support”.
The initiative, launched in June 2019 in Rome by the RES4Africa Foundation, is supported by: AFRY, Cassa Depositi e Prestiti, COFIDES, DNV GL, EDFI, EDP Renewables, Enel Green Power, Enercon, European Investment Bank, FMO, GE Renewable Energy , GWEC, Intesa Sanpaolo, Nordex, Nordic Energy Research, Norfund, Prysmian, PwC, RES4Africa Foundation, Schneider Electric, SDA Bocconi, Siemens Gamesa, SMA, SolarPower Europe, Soltec, Vestas, Wind Europe.
