Deploying renewable energy is crucial for Africa, not only to achieve its climate targets, but also to meet its socio-economic and sustainable development objectives. However, despite being endowed with abundant renewable energy and critical material resources, the continent’s energy transition has yet to gain significant momentum.
New innovative, partnership models, like APRA, the Accelerated Partnership for Renewables in Africa, are making a difference and was one of the main areas of focus at “Africa’s Green Momentum: Harnessing Renewables for Industrialisation”, a high-level event on the second day of COP29 organised by Kenya, IRENA and the NDC Partnership.
“Just a few weeks ago, APRA hosted the first investment forum in Kenya resulting in projects worth USD 2.6 billion,” said H.E. Musalia Mudavadi, the Prime Cabinet Secretary of Kenya, remarking on the success of the first APRA Investment Forum in Nairobi.
The COP29 event brought together world leaders from African countries like Kenya, Ghana and Sierra Leone and supporting APRA countries like Denmark, Germany and the United States. The high line-up included United Nations Secretary General Antonio Guterres who also delivered opening remarks. He highlighted three priorities to transform socio-economics across Africa, including policy reform and scaled-up financing. He also emphasised the importance of critical materials in revolutionising lives and ensuring access to affordable power.
“Too often we see a scramble for African resources, that exploits your people, tramples their rights, and ruins your nature.” said Antonio Guterres, Secretary-General of the United Nations in his opening remarks. “We need a fundamental shift. So that you can move away from supplying raw materials and diversify your economies.”
“The last APRA Investment Forum in Kenya was one of the few times I felt that things will genuinely start taking a turn for Africa,” said IRENA Director-General Francesco La Camera, in his remarks highlighting that APRA is showcasing its effectiveness in a little over a year, but it needs to be scaled up for further action and investment.
For her part, H.E. Mette Frederiksen, Prime Minister of Denmark, a supporting APRA partner country, stated, “Africa is receiving less than 2% of global investments of renewables. We need to close this gap, and we need to close it quickly. We need to mobilise financing at a much larger scale.”
This underinvestment has left a significant portion of the population without adequate energy access and has stifled the continent’s potential to be a major player in global markets.
“Despite their significant needs and abundant resources, African countries have struggled to attract substantial financial investments as least-developed countries are often considered high-risk. To attract the necessary capital, Africa needs innovative financing mechanisms, including green bonds.” said Dr. Kwaku Afriyie, representing the President of Ghana. He added, “We need to reform financial systems. We must avoid the tracks that have constrained African economies,” emphasising the need for policy reform and financing mechanisms that move beyond traditional climate finance to unlock new forms of capital to power the continent’s green energy transformation.
Two key announcements were also made at the event with Sierra Leone’s Kandeh Yumkella proposing to host the second APRA Investment Forum in Sierra Leone.
H.E. Jennifer Lee Morgan, State Secretary and Special Envoy for International Climate Action at Germany’s Federal Foreign Office announced that Germany is dedicating more funding to APRA and through UNOPS, are establishing an implementation office in Nairobi.
“We see how to harvest APRA’s full potential we need to bring down the cost of capital. Together, we will not only master the transition, but we will turn it into an opportunity,” she stated.
