Summit remarks · 24 September 2024
Excellencies, Distinguished guests, Ladies and gentlemen,
It is an honour to co-host this Global Renewables Summit with a group of like-minded partners. This is a timely and consequential event as we seek to translate a big vision into action. We made significant progress at COP28 under the leadership of the UAE, notably with the commitment to triple global renewable energy capacity and double energy efficiency by 2030.
Last year’s inaugural Africa Climate Summit was an important step towards COP28. African Heads of State adopted the Nairobi Declaration with ‘Climate Positive Growth’ as the new paradigm for industrialisation and development. A key pillar of this future is Africa's vast and underutilised renewable energy resources.
In this room, we know the reality of the global disparity in energy access: nearly 600 million Africans lack access to electricity, and almost one billion people are without clean cooking options. In Sub-Saharan Africa, annual energy access gains of around 30 million people barely keep pace with a population growth of 28 million people each year. This trend imperils progress across the entire Sustainable Development Agenda and the Paris Agreement goals.
This week we adopted the “Pact of the Future” to improve our world. It requires our commitment to implement and realise the ambitions of the Pact. We will continue to push for course correction of the global financial and investment gaps, and the unfair financial systems. Africa receives less than 2% of global investment in renewable energy, despite being home to 60% of the world’s best solar opportunities. Last year, the continent added less than 3 GW of renewables, while the world saw a record addition of nearly 500 GW.
Africa must pursue industrialisation and economic growth to tackle the crippling energy poverty. Although the continent is resource-rich, unreliable or expensive energy limits its ability to harness these resources for development. High capital costs and economies of scale mean that investors require secure offtake agreements. Establishing anchor industrial demand, driven by energy-intensive industries, is crucial for securing these investments.
We have a significant opportunity as the world seeks to expand and diversify value chains, particularly for the energy transition. However, not all industrial development is beneficial. Historically, exploitation of Africa’s resources has not yielded benefits for its people. We must avoid repeating these mistakes of the past.
This is why I am driving the Africa Green Industrialisation Initiative (AGII), which we announced at COP28 and now advancing with a group of global leaders this week. Expanding energy is critical for the AGII agenda. Next month, together with IRENA, we are hosting the first Accelerated Partnership for Renewables in Africa (APRA) Investment Forum in Nairobi– we look forward to hosting many of you there.
Ladies and Gentlemen,
As we continue our discussion on mobilising finance, it is important that we keep this approach in mind and focus on both supply of and demand for renewable energy at the forefront. By doing so, we can unlock ideas, partnerships and approaches, expanding our range of solutions.
With Africa’s unmatched climate competitiveness, we can offer global solutions that grow our economies, create jobs and dignified livelihoods. We can generate healthy financial returns – but we need systems and tools that truly work for Africa, and by extension, and for the world.
The world has the means and technologies needed to achieve the tripling goal by 2030. But there are numerous pathways to reach this target. Without a deliberate, disciplined and honest approach, we risk deepening inequalities and widening the development divide. The power of choice is in our hands — literally and figuratively. Let’s wield it wisely and make it count! I thank you.