Cape Town - Africa has the world's largest potential for renewable energy but only receives less than 2% of global renewable energy investment, according to the International Renewable Energy Agency (Irena).
In an effort to bolster renewable energy investment on the continent, major wind and solar power organisations have jointly organised the Africa Renewables Investment Summit (Aris) to take place in September.
The Global Wind Energy Council (GWEC) and SolarPower Europe have signed an agreement with RenewAfrica and the Africa Solar Industry Association (Afsia) to host the event that will gather renewable developers to explore ways to harness Africa’s renewable energy potential.
The GWEC is the industry representative body for the wind energy industry globally, and SolarPower Europe is a member-led association for the European solar PV sector.
Wangari Muchiri, director of GWEC’s newly established Africa WindPower initiative, said the summit will present a much needed platform to highlight investment opportunities.
“Wind and solar are the cornerstones of Africa’s transition to sustainable energy, and both industries must continue to work together to drive more investment into the continent, as energy is a key enabler of Africa’s sustainable development,” she said.
Globally, $2 trillion has been invested in renewable energy between 2000 and 2020. The African continent has only received 2% of the share.
The Irena said in order for Africa to meet its goal to achieve universal electricity access by 2030, at least US$70 billion renewable energy investment yearly will be required.
The investment summit is set to explore opportunities for commercialisation and bankability of green hydrogen projects on the continent.
Africa holds potential for renewable hydrogen production, which could be used for decarbonisation of various energy intensive industries.
This includes steel production, transport, aviation, mining, and cement production.
Munyaradzi Jani, executive director at RenewAfrica said the Aris event will give developers and investors a unique opportunity to explore renewable energy opportunities within both the public and private sectors in Africa.
“We didn’t just want to host another talk-shop, we wanted to make an impact. Africa holds so much potential for renewable energy, and frankly now is the time for investors to ramp up investment on the continent,” he said.
The event will take place in Cape Town South Africa, from September 27 to 29, 2022, at the Cape Town International Convention Centre 2 (CTICC 2).
🌍 GWEC is delighted to announce the Africa Renewables Investment Summit.
— GWEC (@GWECGlobalWind) July 14, 2022
📍 Cape Town, 27-29 September
👉 Featuring major renewable energy stakeholders in the region.
📑 Read more and register: https://t.co/HvqbVTzjKk pic.twitter.com/L9uXabklTn