Publication date: 9 November 2022
Author: Bloomberg Finance
Description: The ongoing global transition from high to low carbon emitting sources of energy has the potential to transform Africa: mass deployment of new, low-cost clean technologies should trigger billions in investment, expand energy access to millions, and help mitigate the worst effects of climate change. Despite the continent’s abundant natural resources that make clean power the least-cost option today, it has reaped limited benefits from the energy transition. In fact, in 2021, Africa’s clean energy investment fell to its the lowest level since 2011 – of the $434 billion invested globally to build wind, solar, and other clean power projects, only 0.6% or $2.6 billion, went to Africa.
