Stimulating European commitment for Africa’s RE transition:
A new holistic European initiative to foster renewable energy market development through private investments in Africa
The renewAfrica Initiative is a European multi-stakeholder backed initiative to accelerate Africa’s sustainable energy transition. It seeks to catalyse transformational renewable energy investments that will foster the continent’s future sustainable development.
Inadequate energy access is a major obstacle to Africa’s development. Following the current trajectory, in 2030 over 600 million people in Africa will be living without access to electricity, equivalent to 36%of the population. Filling this energy access gap will require upward of 300 GW of renewable capacity.
renewAfrica ambitions to be a one-stop shop Programme with a mission to advance European investment in African renewable energy projects. It seeks to catalyse transformational RE investments and building a pipeline of bankable RE projects through a risk-based approach: our many stakeholders are helping us identify those investment risks, and designing measures to address them. It aims to be comprehensive in the sense that it will offer technical assistance, capacity building, policy dialogue and general advisory services in addition to the more standard elements of financing and financial de-risking tools.
The initiative brings together 24 European leaders from the financial, industrial, institutional and development sectors, who expressed their commitment in the signature of a non-binding Declaration of Intent signed in June 2019.
The renewAfrica approach has no equals in the EU