Prepared in collaboration with the African Development Bank Group, the International Energy Agency‘s Financing Clean Energy in Africa report will be launched at the Africa Climate Summit 2023 in Nairobi, Kenya by IEA Executive Director Fatih Birol and African Development Bank Group President Akinwumi Adesina.
Although Africa accounts for one-fifth of the global population, the region currently attracts only 3% of global energy investment. By 2030, this needs to double. Yet, the overall risk profile for projects in Africa mean they are significantly more expensive to finance than those in advanced economies, making them unviable for developers as a result.
This new analysis looks at innovative solutions on how to attract investment, boost the overall availability of capital and reduce the cost of financing clean energy projects in African countries, bringing together over 85 case studies and more than 40 interviews with key stakeholders across the continent. It covers a range of topics, spanning technologies and financing providers, including local institutions, which are vital for sustainable development in Africa over the long term, but currently play a small role.