World Future Energy Summit highlight East Africa Energy transitions challenges and opportunities
As the World Future Energy Summit WFES 2022 enters its final day a new joint report entitled “Renewable Energy Market Analysis: Africa and its Regions” has been published by the International Renewable Agency (IRENA) and African Development Bank (AfDB).
The report calls for an integrated policy framework around the energy transition to bring strong economic growth to Africa over the period to 2050 and the creation of 26 million new jobs. Africa is endowed with abundant renewable energy sources but coal, natural gas and oil currently account for about 70% of Africa electricity generation. Of the US$2.8 trillion invested in renewables in the 20 years to 2020 only 2% went to Africa despite the continent’s enormous renewable energy potential and the report concludes that energy transition finance must become more readily accessible.
Hugh Fraser International is has launched its EAVI - East Africa Ventures Initiative at the start of 2022 to support client ventures on the eastern side of the continent and will shortly be announcing a new collaboration with legal partners in Nairobi in Kenya to combine our international, Middle East and East African corporate law and energy sector expertise as the energy transition challenges and opportunities roll out in that region.