{"id":1524,"date":"2022-01-20T08:19:28","date_gmt":"2022-01-20T08:19:28","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/all-news\/irena-projects-energy-transition-to-grow-africas-economy-by-6-4-by-2050"},"modified":"2022-01-20T09:33:58","modified_gmt":"2022-01-20T09:33:58","slug":"irena-projects-energy-transition-to-grow-africas-economy-by-6-4-by-2050","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/irena-projects-energy-transition-to-grow-africas-economy-by-6-4-by-2050","title":{"rendered":"IRENA Projects Energy Transition to Grow Africa\u2019s Economy by 6.4% by 2050"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>The International Renewable Energy Agency (IRENA) \u2013 an intergovernmental organization dedicated to promoting the adoption of renewable energy \u2013 and the African Development Bank (AfDB) \u2013 a multilateral development finance institution and financial provider to African governments \u2013 have revealed the results of a report that demonstrates that an integrated policy framework built around the energy transition has the potential to bring a new wave of investments to Africa, facilitating an economic growth projection of 6.4% by 2050.<\/p>\n

The report, titled \u2018Renewable Energy Market Analysis: Africa and its Regions\u2019, highlights that the energy transition in Africa has the potential to generate 26 million jobs by 2050, far outstripping the projected loss of jobs owing to the ailing fossil fuel industry \u2013 which currently employs approximately 2 million people in Africa. Moreover, the report shows that Africa is already experiencing capital gains from renewable investments, with the transition significantly improving both energy access and socio-economic development.<\/p>\n

\u201cAfrica\u2019s governments and people are too often asked to rely on unsustainable fossil fuels to power their development when renewable energy and energy efficiency solutions offer economically attractive and socially beneficial alternatives,\u201d stated Francesco La Camera, Director General for IRENA, adding, \u201cThe transition offers a unique opportunity for Africa to meet its development imperatives. Through tailored policy packages, African countries can harness their strengths and resources to overcome long-established structural dependencies.\u201d<\/p>\n

Accounting for approximately 70% of Africa\u2019s total electricity generation, fossil fuels have dominated the continent\u2019s energy sector for decades, owing to established processes and fossil fuel development-related infrastructure. Thus, as energy transition finance becomes more readily available, the continent is poised to benefit from its abundant natural resources, with coordinated efforts being made to prioritize renewable energy development while phasing out harmful fossil fuels, such as coal.<\/p>\n

\u201cAfrica is endowed with abundant renewable energy sources, upon which it can sustainably base its ambitious socio-economic development. However, this requires strong political commitment, a just and equitable energy transition framework, and massive investments. The African Development Bank is committed to supporting the continent\u2019s energy transition, by facilitating increased private sector investments through its expanding range of green finance investments, including the Sustainable Energy Fund for Africa,\u201d outlined Dr. Kevin Kariuki, Vice President for Power, Energy, Climate & Green Growth for the African Development Bank.<\/p>\n

Despite the continent\u2019s overwhelming potential for renewable energy generation, only 2% of the $2.8 trillion of global green energy investment went into Africa between 2000 and 2020.<\/p>\n

\u201cEnabling African countries, which (have) contributed little to historic greenhouse gas emissions, to develop, while recognizing the need to address the climate emergency is imperative,\u201d La Camera remarked, adding that, \u201cInternational Cooperation, including South-South cooperation, will be key to mobilizing resources and know-how at the scale and speed proportionate to the needs to Africa\u2019s economic, its communities, and its people.\u201d<\/p>\n

For More News And Analysis About Botswana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Botswana. The International Renewable Energy Agency (IRENA) \u2013 an intergovernmental organization dedicated to promoting the adoption of renewable energy \u2013 and the African Development Bank (AfDB) \u2013 a multilateral development finance institution and financial provider to African governments \u2013 have revealed the results of a report that demonstrates that an integrated policy framework […]<\/p>\n","protected":false},"author":84,"featured_media":1523,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,12,16],"tags":[233,237,234],"class_list":["post-1524","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-policy","category-twitter","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"\nIRENA Projects Energy Transition to Grow Africa\u2019s Economy by 6.4% by 2050 - 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