African clean energy is the key to the continent’s future as it moves away from fossil fuels to embrace renewables.
African clean energy resources mean that the continent has huge potential to move away from fossil fuels as the continent boasts significant solar, wind, hydro and geothermal potential that could make it a renewable energies leader. While the transition to clean energy could create more than six million new jobs in Africa by 2050, it has received just 2% of global investment in renewables over the past decade.
This was the message from United Nations Deputy Secretary-General Ms. Amina J. Mohammed in her closing remarks at the inaugural Global Africa Business Initiative (GABI) conference from 18 to 19 September.
African clean energy: A need for partnerships
“Now is the time for innovation. For new public-private partnerships. For high-value jobs based on renewable technologies. There are opportunities in all sectors – from education and healthcare to finance and services,” said Ms. Mohammed.
“The world must see Africa for what it is: a land of enormous potential and resources. Guided by the 2030 Agenda for Sustainable Development and the African Union’s Agenda 2063, we can and must shift the paradigm. Working together, Governments and the private sector can create the conditions for success. Bold investments and new finance models can put the Sustainable Development Goals at the heart of business models,” she added.
A growing economy
“Every sector of the African economy is growing – from manufacturing to agriculture, from services to finance. The continent’s vibrant, young population represents a dynamic workforce and a massive consumer and business market.” Ms. Mohammed stressed that the Africa Continental Free Trade Area Agreement will further accelerate investment and trade opportunities.
Under the headline ‘Unstoppable Africa’, the two-day GABI launch event brought together business, non-profit, political, media and cultural leaders to create a new growth roadmap and realize the immense, untapped business and investment opportunities offered by the USD 2.5 trillion African market.
The first GABI conference focused on sustainable, equitable growth and accelerating business opportunities on the African continent.