AU, World Bank Call for Heightened Investment in Electrification

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Presidential members of the African Union (AU) and representatives from the World Bank have made a strong case for heightened investment in African electrification projects, citing the need to ramp up efforts to achieve universal access to electricity by 2030.

With Africa requiring up to $25 billion in annual investment to meet its energy targets, both organizations have identified key projects and initiatives that will help bolster electrification and improve climate resilience.

These include the Geothermal Risk Mitigation Facility – established in 2012 to fund, facilitate and accelerate geothermal deployment in Africa and the African Single Electricity Market – an initiative launched by the AU in 2021 to create the largest single electricity market on the globe and various other large-scale renewable energy projects.

“Accelerating the implementation of Agenda 2063 flagship projects such as the Grand Inga Dam Hydro project, and the energy projects under the Program for Infrastructure Development in Africa is critical in enhancing energy access, regional integration, fostering economic transformation and climate resilience,” commented Azali Assoumani, President of the Union of the Comoros and Chairperson of the AU for 2023.

With access to energy representing the backbone of economic development and prosperity, both the AU and the World Bank underscored the role foreign investment, pan-African partnerships and market-focused policies will play in electrifying the continent. 

“Africa’s key priorities and initiatives including industrialization, AfCFTA, agricultural development, food security, poverty alleviation, job creation and regional integration, as well as the achievement of the SDGs, are all dependent on modern and universal energy access and services,” stated Dr. Amani Abou-Zeid, African Union Commissioner for Infrastructure and Energy.

With significant renewable energy resources, most of which remain largely untapped, Africa is well positioned to achieve universal access to electricity by 2030, if the right investment flows into key initiatives and projects continent-wide.

“The World Bank remains committed to helping countries strengthen their institutional and regulatory frameworks and develop strong utilities – both of which are essential to a thriving power sector,” remarked Victoria Kwakwa and Ousmane Diagana, the respective Vice President’s for Eastern and Southern Africa, and Western and Central Africa of the World Bank.

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Nicholas Nhede

Nicholas Nhede

Nicholas is an energy sector journalist with a passion on how technology and diversification of the energy mix can be used to address energy sector challenges. Nicholas holds a diploma in Journalism and Communication studies and has been covering energy-related topics including the Internet of Things, distributed energy and digitalisation since 2015.

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