The Infrastructure Consortium for Africa (ICA) has committed to support the African continent’s target of 300 GW of power from renewable energy sources by 2030. At its 11th Annual Meeting, members said while access to finance for investment for renewable energy projects was a challenge, the availability of well-prepared, bankable renewable energy projects to develop is more of a challenge.
In addition to the need for a ‘pipeline’ of well-prepared renewable energy projects, the group also said: “Political will and commitment at the highest level was vital if Africa is to achieve a target of 300 GW of renewable energy by 2030, but this must also be supported by strong institutions and frameworks that inspire confidence.” The open Plenary Meeting focused on this and highlighted the role renewable energy could play in Africa’s development.
A statement from AfDB, who helped organize the meeting, said the meeting also agreed that “there is no ‘one-size-fits-all’ solution for Africa’s energy challenges,” adding that: “Renewable energy, using a variety of technologies, can play a vital role in widening access to power, particularly as some technologies can be introduced rapidly.”
The role and experience of the private sector, the ICA noted, “will be vital if the 300 GW of renewable energy by 2030 target is to be met.” It added that: “Capacity building, skills improvement, job creation and the sharing of best practice were also critical factors if Africa’s target of 300 GW of power from renewable energy sources by 2030 is to be achieved.”