Editor’s Note: May 30, 2018
Africa’s renewable energy outlook is bright
The International Energy Agency (IEA) and the African Union have agreed a strategic partnership to drive clean energy adoption in Africa. The MoU is aligned with goal seven of the UN’s Sustainable Development Goals, which is aimed at providing “access to affordable, reliable, sustainable and modern energy for all.”
This may sound like a development platitude, but Africa’s renewable energy opportunity is very real.
Investment is booming, with $279.8bn going into renewables globally last year. A record 157GW of renewable power was commissioned in 2017, compared to just 70GW of fossil fuel generating capacity. Renewables met around a quarter of global energy demand growth last year.
This is transforming sub-Saharan Africa’s energy landscape, with the IEA estimating that installed capacity from renewables could almost double by 2022 from 35GW – 60GW.
Much of this will be solar, which accounted for 38% of net new power generating capacity globally in 2017. Off-grid solar is attracting sizeable investment, and a number of major projects in hydro and wind power are in the works. This includes Ethiopia’s 6,400MW Grand Renaissance Dam.
All of this is good news for Africa, where an estimated 600m people still lack access to power.
From The Continent
Kenya’s central bank governor has called for tighter regulation of the country’s booming financial technology (fintech) sector amid concerns of predatory lending practices. Kenya is Africa’s leading fintech market, which has grown out of its world-renowned mobile money industry. More: Africanews
The main factions in Libya’s ongoing civil war have struck a landmark deal to hold UN-backed elections on December 10 during a summit in Paris convened by French president Emmanuel Macron. The oil-rich North African country has been mired in conflict since the 2011 overthrow of Muammar Gaddafi. More: CGTN
The Daily Stat
The new minimum age required to contest presidential elections in Nigeria, down from 40. More: Anadolu Agency
The Global Perspective
The New Development Bank (NDB), set up by the BRICS group of major emerging markets, has said it hopes to increase private sector lending to 30% of its portfolio, currently consisting of $5.1bn across 21 projects. The NDB is part of a growing number of alternatives to traditional lenders in the West, such as the Beijing-based Asian Infrastructure Investment Bank. More: Economic Times
UN Secretary-General António Guterres has appealed to donors to provide more support to the newly established G5 Sahel force, aimed at countering rising Islamist militancy in the region. This comes days after the US rejected his calls for the UN to provide funding to the 5,000 strong force. More: Reuters
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