The next global crisis: Africa's renewable energy financing gap

Energy consumption across the African continent is expected to increase sharply in the next two decades, largely due to population growth, urbanization, and rising incomes. Much of the energy consumption is in the form of wood biomass, kerosene, and diesel. Africa's energy demand trajectory poi...

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Bibliographic Details
Published in:Climate and development 2023-07, Vol.15 (6), p.501-508
Main Authors: Olabisi, Michael, Richardson, Robert B., Adelaja, Adesoji O.
Format: Article
Language:English
Subjects:
Africa
Climate
Emissions
Energy consumption
Energy demand
Energy Transition
Energy usage
Financing
Global climate
Greenhouse gases
Population growth
Renewable energy
Renewables
Sustainability
Urbanization
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Summary:Energy consumption across the African continent is expected to increase sharply in the next two decades, largely due to population growth, urbanization, and rising incomes. Much of the energy consumption is in the form of wood biomass, kerosene, and diesel. Africa's energy demand trajectory points to a future scenario where its contribution to global greenhouse gas emissions will threaten global sustainability. Furthermore, existing supply capacity is unlikely to meet the rising demand for energy. Africa's transition to renewable energy is needed to balance future energy supply and demand with climate-related externalities. A key barrier to this solution is Africa's energy finance gap, which calls for a concerted effort by investors in Africa's energy markets and governments, as well as global development partners. We highlight the direct link between Africa's energy finance gap and the long-run scenario for the global climate crisis.
ISSN:1756-5529
1756-5537
DOI:10.1080/17565529.2022.2113022