ECA emphasizes criticality of private sector investment

Investment

The criticality of private sector energy generation investments in Africa to attain the Sustainable Development Goal (SDG) 7 was emphasized today at an online ministerial session on trends of energy prices in Africa.

ECA Executive Secretary, Vera Songwe noted on the occasion that investment in energy sector is critical for Africa.



She especially emphasized the need to encourage energy generation investments by the private sector and the proper management of energy pricing to stabilize price mount in many countries.

“At the ECA, we are pushing for more renewable energy investments in Africa,” Songwe pointed out, adding that COVID-19 has been a major constraint to undertake tasks.

Investment in electricity was also raised at the meeting as a critical instrument for African countries to achieve the 2030 SDG 7 target.

Reports indicate that Africa may not achieve the SDG 7 targets by 2030. The continent is expected to generate 250GW up to 2030 and invest 40 billion USD, it was learned.

The report presented by ECA, however, stated that 24 of the African countries have less than 50 percent electricity access. More than 600 and 900 million people in Africa have no access to electricity and clean cooking respectively, and biomass dominates energy, especially in rural areas.

Goal 7 of the SDGs aims to correct the enormous imbalance by ensuring everyone’s access to affordable, reliable, and modern energy services by enhancing energy efficiency and investments in renewable energy. (ENA)