- February 13, 2023
- Posted by: AITRC 2
- Categories: Blog, Report
WEEKLY TRADE POLL FOR AFRICAN COUNTRIES
FEBRUARY 2023
Analysts consider Africa’s drive for a sustainable transition to renewable energy as not gaining momentum. Many African countries set ambitious targets for renewable energy adoption, with no practical measures to achieve them. The level of commitment varies by country, but overall, there is a growing recognition of the importance of renewable energy for sustainable development and the need to move away from fossil fuels. Renewable energy is generated by organic processes that refill themselves faster than they are used up. Examples of such sources that are continuously replenished include the sun and the wind. On the other hand, non-renewable fossil fuels like coal, oil, and gas require hundreds of millions of years to form. Many African countries participating in international initiatives to promote renewable energy and reduce carbon emissions have made commitments such as the African Renewable Energy Initiative, which aims to add 300 GW of renewable energy capacity by 2030.
Experts have argued that when fossil fuels are burned to create electricity, they emit dangerous greenhouse gases like carbon dioxide. More emissions are produced by burning fossil fuels than by producing electricity from renewable sources.Several African countries have made significant progress in expanding their renewable energy capacity with investments in wind, solar, and hydropower projects. For example, Morocco has set a goal to generate 52% of its electricity from renewable sources by 2030, and Ethiopia has plans to become a major exporter of hydropower[1].
However, challenges remain, such as limited financing, insufficient infrastructure, and regulatory barriers. The African Development Bank is an important stakeholder and driver in promoting access to clean and affordable energy across the African continent, with an active portfolio of energy initiatives reaching more than USD 12 billion. [[2]] The goal of this agreement on energy for Africa is to achieve universal access to energy, with a focus on low-carbon technologies that take advantage of the continent’s plentiful hydro, solar, geothermal, and wind resources. Unlocking Africa’s enormous economic potential requires investments in power production, interconnections, transmission, and distribution. These investments will also enable the expansion of value-added industries and services and enhance regional integration by utilizing shared resources.
WEEKLY AFRICA TRADE POLL (SECOND WEEK FEBRUARY, 2023)
In light of this backdrop, the Africa International Trade and Commerce Research (AITCR) weekly trade poll for the second week of February 2023 for African countries seeks to ascertain public perception and collect feedback on the continent’s commitment to its push for a sustainable transition to renewable energy. Findings from the polls reveal that 16 percent of the respondents agreed that African countries are “highly committed” to the goal, 62 percent affirmed that African countries are “little committed” to the goal, while 22 percent indicated that African countries are “not committed” to the goal. Therefore, it implies that a higher proportion believed that Africa has not demonstrated enough dedication to a long-term switch to renewable energy on the continent.
The findings of this poll demonstrate how important it is to provide adequate and comprehensive funding for the continent’s energy industry. A transition to renewable energy sources has the potential to have a significant socioeconomic positive impact on nations all over Africa by enhancing electricity access, generating employment, and enhancing energy security. African nations have the chance to advance from fossil fuel technologies to a more sustainable, climate-friendly power strategy in line with the Paris Agreement and low-carbon development in order to achieve these benefits. [[3]] This is an urgent call for African governments to back the African Development Bank’s efforts in renewable energy because everything rises or falls with leadership. Ensuring an inclusive and equitable transition to renewable energy is crucial to ensure that all members of society, including low-income households and rural communities, benefit from it. Therefore, there is a need for increased commitment and investment to establish a sustainable energy system.
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[1] https://www.un.org/en/climatechange/what-is-renewable-energy
[[2]] https://www.afdb.org/en/topics-and-sectors/sectors/energy-power
[[3]] https://www.irena.org/publications/2021/March/The-Renewable-Energy-Transition-in-Africa
