News image 2024-06-21

Africa to Receive Just 2% of $2 Trillion Global Clean Energy Investment in 2024 as Fati Cookstoves showcased at 2024 Technology & Innovation Expo

According to the International Energy Agency (IEA), Africa is set to receive only 2% of the projected $2 trillion global clean energy investment in 2024, translating to around $40 billion. This funding is starkly insufficient for a continent where over 600 million people lack electricity and 1 billi...n lack clean cooking fuels. The IEA report highlights that Africa's total energy investment will be about $110 billion, with $70 billion allocated to fossil fuels, leaving just $40 billion for clean energy initiatives. This falls significantly short of the $200 billion annual investment needed by 2030 to meet the continent's energy and climate goals.

To address the energy crisis, the World Bank and the African Development Bank (AfDB) have announced a partnership to provide electricity to 300 million Africans by 2030, with an estimated cost of $30 billion. Ajay Banga, President of the World Bank, emphasized the necessity of government policy action and investments from the private sector and multilateral organizations to achieve this target. Akinwunmi Adesina, President of the AfDB, stressed the importance of a collaborative approach involving governments, the private sector, and financial institutions to harness Africa's diverse energy potential and improve access to electricity for the 600 million Africans currently without it.

The IEA report underscores the urgent need for increased strategic investment in Africa's clean energy sector. With strong commitments from global financial institutions and a clear roadmap for action, there is hope that Africa can make substantial progress towards energy access and sustainability by 2030. By fostering multi-stakeholder consultations and creating favorable regulatory environments, Africa can attract the necessary funding to achieve its sustainable development goals.

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The International Centre for Energy, Environment and Development Foundation is committed to the goal of poverty eradication. We deliver this commitment by providing the evidence base for reforms and political influence that shape the poor's energy and climate security. ICEED has over the years of its establishment become Nigeria's leading centre on energy access and climate change. Together with some of the world's foremost resource centres, we have brought market development expertise, capacity building, project implementation and behaviour communication to Nigeria. ICEED has led some of the most important clean energy and climate change activities including the development and promotion of the Bill to Establish the National Climate Change Commission; leading the development of the Greenhouse Gas Emission Inventory for Nigeria and writing the Federal Government of Nigeria's Renewable Energy Master Plan. Our key expertise is in policy reform and market development for expanding access to clean energy.

While ICEED provides the evidence base and advocacy for policy change on clean energy and climate change, the Centre is solidly on the ground changing lives through projects in communities around the country. ICEED has clean energy footprints in communities in over half of the states of the Nigerian federation.