PH
According to a recent analysis, Sub-Saharan Africa must invest five times more in renewable energy to satisfy the pledge to increase global clean energy capacity to 11,500 gigawatts by 2030.
At COP28, states agreed to triple worldwide renewable energy installations by 2030 in order to keep global warming below 1.5 degrees Celsius.
To contribute to meeting this goal, Sub-Saharan Africa’s investments must increase from $20 billion in 2023 to $100 billion per year by 2030, according to Climate Analytics.
The policy institute’s report expands on the COP28 accord by establishing regional benchmarks and assessing financial needs. The report estimates a global demand of $2 trillion each year from 2024 to 2030.
“Millions will miss out on the benefits of the renewables revolution, including cleaner air, cheaper power, and increased energy security,” the Berlin-based institute stated in a paper released Tuesday.
“Much more needs to be done to mobilize renewables and grid expansion in less wealthy countries.”
Sub-Saharan Africa is the least electrified region internationally, with more than half of the population lacking access to power.
The International Energy Agency (IEA) predicts that 660 million people would still lack access to energy by 2030, with Sub-Saharan Africa accounting for 85% (560 million).
According to the analysis, Africa should increase its renewable capacity to 300 gigawatts by 2030 and phase out around 60 gigawatts of fossil fuel energy by 2040. In sharp contrast, Europe will need to retire 1,500 gigawatts of environmentally harmful energy by 2035.
