10th January, Abu Dhabi – RES4Africa collaborates with the International Energy Assembly Agency (IRENA) and IRENA Coalition for Action on the session “Scaling-up private sector investment to accelerate Africa’s energy transition” in the framework of the IRENA General Assembly 2020.
The discussion addresses the barriers and hampering elements in energy markets that need to be removed in order to create a favourable business environment for investments and therefore accelerate Africa’s renewable energy transition, with a particular focus on new regulatory frameworks and strong financial de-risking mechanisms. A favourable business environment will attract private sector renewable energy investments, also widening the socio-economic benefits for the overall African population.
The session includes a panel discussion involving representatives from relevant energy and banking organisations active in the Africa renewable energy field such as Enel Green Power, the African Development Bank (AfDB), Africa Renewable Energy Initiative (AREI), the Government of Kenya. The session closes with a dialogue with the audience, constituted by international energy experts, policy makers, private sector representatives and community stakeholders who share their knowledge and expertise.
Following the Addis Ababa Agenda and the 2030 Sustainable Development Agenda, the main objective of the IRENA Public-Private Dialogue is to raise awareness on the importance of intensifying global efforts to deploy renewable energy and discuss their impact on energy transformation and sustainable development. To contribute to the dialogue, the event brings together ministers, member delegations as well as heads of states, governments, international and regional organisations, public and private entities and civil society representatives. The IRENA Assembly, held on 11th and 12th January, takes place prior to the World Future Energy Summit (13th to 16th January), organised on the margins of the Abu Dhabi Sustainability Week.
“In 2030, still over 600 million people in Africa will be living without access to electricity, and filling this energy access gap will require upward of 300 GW of renewable capacity, equivalent to roughly $32bn annually” explains Roberto Vigotti, Secretary General of RES4Africa Foundation, “To fully meet Africa’s energy demand most of the required investment has to come from the private sector: occasions like IRENA’s Public-Private Dialogue are the ideal frameworks to exchange ideas and pave the way forward”.