Emma Okonji With an acceleration of the global net-zero emission journey, there is increasing focus on developing countries especially African countries and their lack of affordability to meet such…
With an acceleration of the global net-zero emission journey, there is increasing focus on developing countries especially African countries and their lack of affordability to meet such net- zero targets.
The report however said that among the majority of Africa’s 54 countries, about 35 have made commitments towards net-zero emission, but at an estimated cost of $2.8 trillion just to transit Africa’s current energy base by 2050, notwithstanding that the required investment levels are largely unaffordable to most countries.
Analysing the report, PwC Africa Oil and Gas Industry Leader, Pedro Omontuemhen said: “The energy sector in Africa is diverse and characterised by different demands and needs in each country. While the energy journey for each country may be different, an overall perspective is needed on common issues in the bid to reduce the energy deficit on the continent.
It added that the fiscal constraints being experienced across Africa, would create a challenge for the continent to move with pace on its net-zero journey. Private partnerships, public-private partnerships and blended finance are becoming increasingly important and will need to be deployed together with strong public sector governance and innovative financing instruments to overcome these challenges, the report further said.
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