AFRICA ENERGY RENAISSANCE CONFERENCE (AERC) - DISCUSSION PAPER - Africa's priorities for a global Renewable Energy target

AERC Discussion Paper AFRICA ENERGY RENAISSANCE CONFERENCE (AERC) DISCUSSION PAPER Africa's priorities for a global Renewable Energy target Key messages: A rapid roll-out of people-centred, environmentally, and socially appropriate renewable energy in Africa is the answer to both the climate crisis and energy access as well as an enabler to attaining Africa’s development aspirations. [...] As the global renewable energy target continues to receive increasing political support, increase in international finance for renewable energy in Africa and call for a big reflection on the Global North offer on renewables that is currently both lacking in speed and scale is very much needed. [...] The global renewable energy goal must be able to address the existing gaps in renewable energy investments especially for the most vulnerable regions such as Africa. [...] Worldwide, Africa and the Middle East receive o nly 2% of investment into renewable energy annually.[2] Subsequently, of the almost 180,000 MW of new renewable power worldwide only 2000 MW were added on the African continent.[3] Instead of pouring more and more finance into the fossil fuel industry in the region, making use of Africa’s huge renewable energy potential and addressing the urgent need. [...] As the global renewable energy target continues to receive increasing political support, increase in international finance for renewable energy in Africa and call for a big reflection on the Global North offer on renewables that is currently both lacking in speed and scale is very much needed.