By Adaobi Rhema Oguejiofor
The African Development Bank (AfDB) Group President, Dr. Akinwunmi Adesina, has called on African leaders and investors to move focus towards exploiting the continent’s renewable energy sources.
Adesina made this call while addressing participants at the Berlin Energy Transition Dialogue, hosted by the German Federal Government.
He said that urgent action is needed in order to reduce the world’s dependence on fossil fuels and harness Africa’s renewable energy sources.
The AfDB Boss, while reinforcing Africa’s success and enormous potential to become a global leader in sustainable development, highlighted the notable energy challenges that millions of Africans still face.
According to him, a report in 2022 revealed that at least 600 million people in Africa did not have access to electricity, and about 970 million people lacked access to clean energy for cooking.
He also said that to achieve the United Nations Sustainable Development Goal (SDG) and provide affordable, reliable, sustainable, and modern energy for all, Africa must annually connect 90 million people to electricity before 2030.
Adesina added that the African continent must also move 130 million people from dirty cooking fuels on an annual basis.
He further disclosed that Africa’s energy transition would require approximately $100 billion annually between 2020 and 2040.
The AfDB Chief stated that the Bank was overseeing efforts to unlock Africa’s vast renewable energy potential, with 86 percent of its power generation investments in renewables and a ban on coal energy projects.
He stood on the grounds that natural gas should be essential to Africa’s diversified energy mix, so as to ensure a secure energy supply for industries, as well as residences.