With the development trend of sustainability, practising green and low-carbon concepts has become the strategic consensus of all countries in the world. The new energy industry shoulders the strategic significance of accelerating the achievement of dual carbon targets, the popularisation of clean energy and innovative technological innovation, and has gradually evolved and developed into a high-energy track in the globalised industry in recent years. As the new energy industry enters a period of rapid growth, the rapid rise of the new energy industry, the development of new energy, is an inevitable trend to achieve sustainable development in the future.
Africa’s economic backwardness, the government’s financial inability to support the massive investment required for the construction and maintenance of energy infrastructure, as well as limited energy consumption power, limited attractiveness to commercial capital and many other unfavourable factors have led to a shortage of energy in Africa, especially in the sub-Saharan region, known as the continent forgotten by energy, Africa’s future energy needs will be even greater. Africa will be the region with the most abundant and cheapest labour force in the future, and will certainly take on more low-end manufacturing industries, which will undoubtedly generate huge demand for energy for basic living, business and industry. Almost all African countries are parties to the Paris Climate Change Agreement and most have issued strategic plans, targets and specific measures to reduce carbon emissions in order to keep pace with the global development transition, attract investment and achieve sustainable economic growth in Africa. Some countries have started to invest in the construction of large-scale new energy projects and have received support from European and American countries and international multilateral financial institutions.
In addition to investing in new energy in their own countries, Western countries are providing substantial financing support to developing countries, especially African countries, and have phased out their financing support for traditional fossil fuels, vigorously promoting the transition to new energy in developing countries. For example, the EU’s Global Gateway Global Strategy plans to invest 150 billion euros in Africa, focusing on renewable energy and climate adaptation.
The support of governments and international multilateral financial institutions in financing new energy sources in Africa has also encouraged and driven more commercialised capital investment in Africa’s new energy sector. Since Africa’s new energy transition is a definite and irreversible trend, with the decreasing cost of new energy globally and with the support of the international community, the share of new energy in the African energy mix will undoubtedly continue to rise.
Post time: Apr-20-2023
