Africa relies on traditional biomass and waste fuels for almost half of its primary energy supply. An estimated 600 million people still lack access to electricity, and household air pollution resulting from the combustion of wood, dung, and charcoal leads to the death of an estimated 600,000 Africans each year.
The continent therefore urgently needs a massive rollout of modern energy services to improve the quality of life and the productivity of its underserved and rapidly growing population. Such a development would also power industrialization and urbanization.
At the same time, the world needs Africa to leapfrog to a low-carbon energy regime to help avoid catastrophic global climate change. But who will fund it? This structural transformation in Africa’s energy sector will require innovative financing mechanisms to unlock the continent’s vast renewable energy, or RE, potential and meet burgeoning demand, thereby boosting inclusive and sustainable development.
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