The EPP recognizes that InnovAfrica and the European Green Deal are in agreement and welcomes the work done by the Initiative
The InnovAfrica initiative was presented today to mr. Frans Timmermans, Executive Vice President of the European Commission for the European Green Deal. At the end of the meeting, which was attended by CEOs and high-level representatives of 18 of the most important international companies and organizations active in the renewable energy sector, EVP Timmermans appreciates that the initiative is in line with the green ambitions of the European Commission and welcomes the work of renewal so far as a positive contribution to the EU’s comprehensive strategy with Africa.
The InnovAfrica initiative is structured to implement PPPs, thus creating a level playing field for European industry and investors. In this context, the initiative will contribute to adding value to existing European financial instruments, thus mobilizing the scale of public and private capital needed to create a pipeline of sustainable and bankable renewable energy projects in Africa. renewAfrica stems from the need for an EU-led program that will provide end-to-end support throughout the project cycle, assist with high-level policy dialogue, provide technical assistance to national governments, and provide financial risks and capacity building measures. . For the program to work fully effectively, it must avoid constraints on the supported technology, geographical area and size of the project, thus mobilizing private capital and unlocking bankable renewable energy projects across Africa. renewalAfrica’s task forces have worked out a proposal and identified possible pilot countries, set out a range of technical assistance services and set up a financial package to cover the biggest investment risks. The initiative has now reached the point where it can contribute to the EU green diplomacy objectives in Africa.
“We are very proud to present today the result of the efforts made since the launch of the Innovative Africa Initiative, which brings together the contribution of the players of the European renewable industry”, explains Antonio Cammisecra, President of the Renewal -Afrika initiative, “We believe that a program as innovative as renewalAfrica can play its part in the process of sustainable economic development in Africa, in line with the European vision of a more inclusive and equitable future”.
“There is enormous growth potential in Africa, and access to energy will be an important factor in determining the speed and fairness of this growth. Today, wind or solar technologies can generate electricity at historically low costs and can often do so locally. level, without the need for extensive long-distance grids.It’s great that the private sector embraces promising investment, innovation and development opportunities in Africa.With the Africa Europe Green Energy Initiative, as part of the EU new strategy with Africa, wants to help us deliver more sustainable energy and adapt to Africa’s growing energy needs, says Frans Timmermans, EPP of the European Commission.
Driven by rapid demographic and economic growth, Africa’s energy demand is growing rapidly; yet about 600 million people on the continent still do not have access to electricity. Renewable energy today is the fastest and cheapest way to meet energy needs; although the globally installed capacity for the generation of RES has more than doubled in the past decade, only 2% of the new generation has been installed in Africa. Universal access to electricity requires an increase of $ 120 billion in investments per year by 2040, and classic public funding channels are not sufficient to mobilize such capital. So far, various types of barriers have limited the attractiveness of the continent in the eyes of international private investors, which has slowed progress with the renewable energy transition. Furthermore, there is a very good range of European financial instruments in the market; However, many of them are characterized by splintering that provides the support, which reduces the effectiveness of the expected impact.
The ultimate goal of the renewAfrica Initiative is to support African countries in obtaining affordable, reliable, sustainable and modern energy. In addition, renewable energy will be fundamental in creating a new, sustainable and carbon-neutral economy that is springing up polluting technologies. But not only providing power and reducing emissions, the potential for renewable energy in Africa also offers the opportunity to create decent jobs, promote industrialization, start a broader and more inclusive socio-economic growth, and countries to support their commitments on sustainable development Objectives as well as the nationally determined contributions under the Paris Agreement.
“Given current trends, we are not on track to achieve universal and sustainable access to electricity by 2030, especially not in Africa. This should concern us all. Stakeholders are prepared to close the gap, and new technologies and demographic A common path to compliance with SDG7 is needed and renewal Africa represents a step forward, adds Francesco Starace, CEO of Enel and Chairman of SEforALL.
Launched in Rome in June 2019 by the RES4Africa Foundation, RenewAfrica is supported by 27 stakeholders * from across the European renewable energy value chain, and has a strong dialogue with African governments and institutions such as the United Nations ‘s Economic Commission for Africa and the African Union, endorsed by, among others, Vera Songwe, Vice-Secretary-General of the United Nations and Executive Secretary of UNECA, and Romano Prodi, former President of the European Union.
‘Initiatives such as renewAfrica and the ECG’s SDG7 initiative can leverage the support of trusted development partners, such as the EU, to provide instruments that run the risk of providing transformative private sector funding to drive clean energy investments for access and climate response in Africa drives, including support for innovative business models to bring private capital to support public investment in distribution and distribution. In return, African countries must make their contribution by ensuring that the necessary policies and regulatory frameworks exist to attract the necessary funding, “concludes Vera Songwe. United Nations Deputy Secretary-General and Executive Secretary of the Economic Commission for Africa.
* The signatories of the letter of intent are: AFRY, Cassa Depositi e Prestiti, COFIDES, DNV GL, EDFI, EDP Renewables, Enel Green Power, Enercon, European Investment Bank, FMO, GE Renewable Energy, GWEC, Intesa Sanpaolo, Nordex, Nordic Energy Research, Norfund, Prysmian, PwC, RES4Africa Foundation, Schneider Electric, SDA Bocconi, Siemens Gamesa, SMA, SolarPower Europe, Soltec, Vestas, Wind Europe.