COP26: Which Future?

According to the International Renewable Energy Agency, countries like Egypt, Ethiopia, Kenya, Morocco, and South Africa have shown firm commitment towards accelerated use of modern renewable energy.

There is a need to strengthen policy commitment. Policy and regulatory stability, transparency, and predictability are fundamental to attracting investments and driving cost reduction.

And there is need to support innovation, not only in technologies, but also in policy, business models, and market design.

The IEA’s 2019 Africa Energy Outlook showed how existing policy and investment plans in many African countries fell short of meeting their growing energy needs. The crosscutting effects of the COVID-19 pandemic have now made the situation even more concerning, with energy investment in Africa expected to fall.

These developments highlight the importance of strengthening the environment for investment in infrastructure and all relevant technologies, and continuing to prioritize achievement of the Sustainable Development Goals.

Significant new investment is now critically needed to accelerate the growth of renewable energy in Africa in order to ensure sufficient, affordable, reliable energy for all citizens and drive inclusive, just, and sustainable energy transitions.

Governments can play an enabling role by promoting and implementing policy interventions to support this acceleration. These could be linked to related actions to strengthen energy security, scale up infrastructure investment, and promote the growth of the green economy. Most important, governments need to collaborate more with the private sector to invest in sustainable energy that has proved to be both effective and profitable.

As a promising sign of things to come, several African countries have already succeeded in making steps necessary to scale up renewables, such as adoption of support policies, investment promotion, and regional collaboration.

Daniel-Alexander Schroth, Acting Director for Renewable Energy and Energy Efficiency at the African Development Bank exudes confidence that things are heading into the right path and Africa’s renewable energy is on an accelerated growth.

Maximilian Jarrett, the Africa Programme Manager at International Energy Agency, told Africa Renewal that renewable en104 | COP26