A major philanthropic collaboration has taken a huge step forward in tackling energy scarcity in Africa.
According to Semafor, the Global Energy Alliance for People and Planet has unlocked $4.2 billion in funding to advance renewable energy projects on the continent.
This blended finance model is responsible for funding multiple projects, including the expansion of decentralized, renewable energy in the Democratic Republic of Congo, interconnected solar mini-grids in Nigeria, and unlocking clean-energy capital in South Africa.
The coalition began in 2021, funded by private and public lenders including Ikea, The Rockefeller Foundation, and the Bezos Earth Fund, while the United Kingdom and Denmark are among its partner nations, according to Reuters.
Since its inception, it has secured total investments of $7.8 billion for 137 projects across 30 countries in Africa, Asia, and South America.
According to a GEAPP report, around 600 million people in Africa lack electricity, with 40% of those living in the alliance’s focus countries, including Nigeria, the Democratic Republic of Congo, Ethiopia, and Malawi. Aging and unsuitable infrastructure, a lack of appropriate energy planning, and high financing costs have held back access.
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With GEAPP’s recent announcement of $4.2 billion in financing, existing clean-energy projects and those yet to be deployed will receive necessary support. The organization estimated that it will provide energy access to 31 million people and reduce carbon pollution by 88 million tons.
Across its global portfolio, GEAPP has provided power to 91 million people, created jobs for 3.1 million people, and reduced heat-trapping pollution by 296 million tons.
Cleaner energy is essential for developing nations, which are disproportionately affected by the consequences of a warming planet.
According to the World Economic Forum, while the lowest-income countries produce a tenth of global pollution, they are more vulnerable to food and water scarcity, worse health outcomes, and displacement due to rising global temperatures.
Addressing renewable energy access for millions of Africans will bolster economic engines throughout the continent.
This is especially important, as Africa holds over 30% of the world’s critical minerals essential to clean energy technologies, such as batteries, solar panels, and wind turbines, according to the United Nations.
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