Africa needs 12 Billion dollars needed annually to harness renewable energy

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The World Bank has challenged Africa to do more to harness its renewable energy potential and help connect more communities to electricity. Africa needs an estimated 10 to 12 Billion dollars worth of investment annually to achieve renewable energy targets over the next 15 years.

Over the last ten years Africa has generated 10,000 MW of renewable energy at a cost of 21.7 billion dollars. Solar,wind,hydro power and geothermal energy sources in countries like Morocco,South Africa,Ethiopia and Kenya are providing the much needed power to the nations.

Investment in the energy sector in Africa in 2014 accounted for 39 percent of the total 326 billion dollars that was invested in infrastructure and energy in that year. The investment on clean energy is 6 billion dollars.The world bank says Africa still needs to do more to utilise its potential.

Studies suggest a targeted increase of 100 GW of renewable energy in Africa over the next 15 years will require 10-12 billion dollars per annum. A clear indication that huge financial resources are required to implement national or continental plans.

Africa highly aspires to industrialize as soon as possible but power supply can stand on its way.That is why efforts of aggressively investing in energy ,especially renewable energy sector remains to be priority number one for.