Investments in renewable energy to turbo-charge Africa’s just transition

The need to scale-up investments in renewable energy continues to be a mirage in Africa with financial resources to move the continent to a just energy transition being scarce. Well, I'm now joined by Harry Masters from Energy Catalyst to discuss how can the continent reverse this trend by designing bankable projects. Africa is grappling with an energy crisis in terms of supply. One of the key issues that need to be addressed to deliver for the continent is the energy access gap. Over 675 million people globally still live without access to clean and modern energy, with the majority located in Africa. Additionally, billions lack reliable access to electricity, making this a critical focus area for the Energy Catalyst program. Launched in 2014, the program aims to support closing the energy access gap and accelerate innovation to achieve Sustainable Development Goal 7. Harry Masters emphasizes the importance of collaboration and creating an enabling environment to accelerate the continent's renewable energy agenda. By fostering partnerships and developing policies and regulations that support the private sector, African nations can drive innovation in the renewable energy sector. Through a unique partnership model that combines funding and advisory support, the Energy Catalyst program has dedicated over a million pounds to energy access projects, benefiting over a thousand partner organizations across 38 countries. The surge in energy demand in Africa presents significant opportunities for investors in the renewable energy arena. The Renewable Energy Forum Africa, held in Nairobi, brought together investors actively seeking bankable investment opportunities in green hydrogen, wind energy, solar energy, storage, and electric mobility. With the transition to electric mobility, there will be a spike in electricity consumption, requiring substantial investment in companies electrifying fleets of buses and vehicles. One notable investment announcement at the conference was a $10 million partnership between cross-boundary energy access and mobile power to deploy mobile power hubs, providing energy access to over 300,000 people using an innovative battery service. Mobile power, a long-time partner of the Energy Catalyst program, has developed a model using solar-powered hubs to charge batteries rented out to households and small businesses on a pay-per-use basis. This investment exemplifies the tangible opportunities in the renewable energy space and showcases the potential for impactful innovations to drive the continent's energy transition.