How can Africa be a global leader in green energy?

As the UN Decade of Sustainable Energy for All comes to a close this year, the push for urgent action to sustain the progress made at the 2023 UN Climate Change Conference is intensifying. Yemi Osinbajo, the Global Advisor at the Global Energy Alliance for People and Planet, emphasizes the importance of achieving climate-positive growth as a fundamental strategy for the development of African economies. Osinbajo highlights the positive strides made in Africa and developing countries towards renewable energy and access to clean energy. He mentions that about 18 African countries are actively engaged in the Africa Carbon Market Initiative supported by GIAP to maximize benefits. However, Osinbajo points out that the transition to clean energy is still slow, with nearly 500 million people in the least developed countries, mainly in Africa, lacking access to electricity. He emphasizes the importance of a just transition and equitable sharing of the benefits of clean energy. Osinbajo stresses that while challenges exist, Africa has the potential to become a global leader in green energy adoption. He underscores the economic case for clean energy, job creation, and improved living conditions as key drivers to rally African leaders towards a net-zero journey. Africa's abundant mineral reserves and solar energy potential position the continent as a leader in the transition to clean fuels. Osinbajo points out that Africa holds 30% of global mineral reserves and has 40% of the world's irradiation, making it a prime candidate for solar energy production. Despite this potential, Africa currently only accounts for 2% of global electricity generation capacity, indicating room for growth. Osinbajo highlights the significant wind energy potential in Africa, with vast gigawatts waiting to be harnessed. He recalls the consensus reached at the Africa Climate Summit in Nairobi, where the AU agreed on climate-positive growth as the development paradigm for African economies. This alignment with a climate-positive trajectory is crucial for Africa to lead the global transition and contribute to achieving net-zero emissions by 2050. The discussion shifts towards updates on partnerships and initiatives to scale Africa's carbon market objectives. Osinbajo mentions the establishment of the Africa Carbon Markets Initiative by GIAP, aimed at supporting African countries in establishing and benefiting from carbon markets. He notes the progress made by countries like Nigeria and Kenya in activating their carbon market plans and developing progressive legislation. Osinbajo underscores the need for robust financing strategies to accelerate the uptake of clean energy solutions in Africa. He calls for a reform of the global finance architecture to expand the balance sheets of multilateral development banks through Special Drawing Rights reallocation. The African Union's proposal for a $100 billion reallocation of SDRs to Africa aims to leverage these funds for regional and national development projects. Osinbajo advocates for a 10-year moratorium on sovereign debts in Africa to prioritize climate action investments and proposes innovative debt relief mechanisms like debt-for-nature swaps. He emphasizes the importance of catalyzing private capital to scale up clean energy initiatives in Africa. In conclusion, Osinbajo's insights underscore the opportunities and challenges facing Africa in its quest to become a global leader in green energy adoption. By leveraging its natural resources, aligning with climate-positive growth trajectories, and implementing innovative financing mechanisms, Africa can pave the way for a sustainable energy future and contribute significantly to global climate action.