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Opinion



WALKING THE TALK ON AFRICA’S ENERGY CHALLENGE

Copyright © 2024 Energy Intelligence Group All rights reserved. Unauthorized
access or electronic forwarding, even for internal use, is prohibited.
Published:
Mon, Nov 4, 2024
Author
Hassanein Hiridjee, Antananarivo
Editor
Tom Daly
wael alreweie/Shutterstock
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Africa faces a profound energy injustice. While the Global North — the group of
the world’s most developed countries — is having discussions about using
artificial intelligence, the Global South is still talking about access to
energy. Astonishingly, 600 million people in Africa remain without access to
electricity — a reality that, in 2024, is wholly unacceptable. Across the
continent, dedicated private-sector leaders are poised to address this
challenge.

We need bold and practical initiatives from governments, multilateral
organizations and investors in Africa and around the globe. With COP29 just
around the corner, my message to the international community is simple: To power
up Africa, listen to us. We have the solutions, so let’s stop talking and just
apply them. What’s required now is a concerted effort to unlock investments that
will empower the private sector to spearhead the necessary projects.

Critical Moment

At the UN General Assembly in September, I called on global leaders and
stakeholders to back the private sector with meaningful support and innovative
financing. The time to act ambitiously is now.

Africa is brimming with talent and private-sector players who are ready to
initiate change. There has never been a more critical moment to leverage
creative solutions and technologies to tackle our developmental challenges.
Businesses and citizens have the will, technology and commitment to become
agents of change, deploying home-grown solutions to the pressing issues of the
Global South.

The reality is that no amount of ambition is sufficient to deliver universal
energy access without deep and lasting financial support. This includes
concessional loans and grants. Despite housing about 20% of the global
population, Africa attracts a mere fraction — less than 2% — of worldwide clean
energy investment.

The private sector must be part of the solution, given the scale of the energy
challenge. That means the business and financing model for new projects has to
work for investors. Policymakers hold the key to enacting innovative policies
that minimize risks and address concerns like payment defaults and insurance.
Moreover, practical measures, such as financing projects in local currencies,
are crucial.

A decarbonized solution must be at the heart of expanding energy access. Not
only is it the better choice for the environment, but it also harnesses Africa’s
natural resources. Renewable energy is faster to deploy, cheaper to generate and
more adaptable to local communities. It is also less exposed to the kind of
energy price volatility seen in the wake of Russia’s invasion of Ukraine in
2022.

Green energy can solve supply issues in urban and remote areas often lacking
basic infrastructure and reliant on dirtier forms of energy, such as diesel
engines. Connecting to renewable sources of today also offsets future carbon
emissions from rapid industrialization.

Localize and Liberalize

Connectivity challenges, especially in rural and remote regions, significantly
contribute to energy inaccessibility. My company, Axian Group, has embraced a
decentralized approach by installing solar-powered mini-grids and introducing
smart meters and mobile payment technologies in communities across Madagascar
and Mali. This is a locally driven solution to specific challenges, and our goal
is to electrify 200 villages across sub-Saharan Africa by the end of this year.

In addition to decentralization, we need utility-scale interventions and a
paradigm shift to empower major businesses. We cannot connect millions of
Africans through localized projects alone.

Liberalizing electricity production and distribution can foster new
public-private partnerships and the scale of change needed for extending energy
access. Drawing a parallel with the telecoms industry, where liberalization
spurred significant investment and development by the private sector, we see a
clear path forward in energy.

With the International Energy Agency recently calling for a sixfold increase in
clean energy investment in the Global South by 2030, it’s time to stop tinkering
around the edges. We must leverage our collective ambition, talent and
technology to take bold actions. It is time to leave behind temporary fixes that
are unhealthy for our environment and our communities. The challenge of
connecting 600 million people to reliable energy is urgent and requires all of
us to think bigger—starting today, not tomorrow.

Hassanein Hiridjee is CEO of Axian Group, a pan-African conglomerate
implementing solutions and services to promote renewable
energy, financial and digital inclusion in Africa. The views expressed in this
article are those of the author.


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Renewable Electricity , Low-Carbon Policy
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