Renewable Energy Investment in Africa Could Slash Poverty
The United Nations Conference on Trade and Development (UNCTAD) reports that around 490 million people in Africa live in extreme poverty, surviving on less than $1.90 per day. Moreover, over 40% of Africans lack access to electricity. Despite these challenges, Africa receives less than 5% of global energy investment, with the distribution being highly uneven across the continent. A focus on renewable energy investment in Africa, including power-generation plants and a transmission network, could bring numerous benefits. The International Energy Agency (IEA) suggests that optimal renewable energy investment could create around 4 million additional energy-related jobs by 2030, fostering economic growth. Microgrids are seen as a key solution, providing energy independence and democratization. However, challenges include access to finance and the need for a more personalized approach to energy projects, considering local communities' needs and conditions.