Clean Energy Projects Are Booming Everywhere. Except in Poor Nations
Despite the global surge in investments in renewable energy, with more money being invested in solar power than oil, many of the world's poorest countries, particularly in Africa, are unable to participate due to a lending system that deems them too risky for investment. Only 2 percent of global renewable energy investment has gone to Africa, where nearly a billion people lack access to electricity. Archip Lobo, whose company raised $70 million to build solar-powered microgrids in Congo, highlights the challenges of attracting investments in risky regions. While such investments are crucial for curbing carbon emissions in the least-developed countries, they often come with high-interest rates and face difficulties in obtaining international loans. African leaders aim to persuade global investors and multinational development banks to provide better deals for African companies to promote clean energy projects.