UK seeks to allocate $13 billion for energy transformation in Africa

(Ecofin Agency) – Almost all of the UK’s existing private sector investment pipeline in Africa is dedicated to clean energy projects. A pace at which the country intends to maintain due to new commitments.

The UK will support the development of green hydrogen and renewable energy in Africa through an investment of $13 billion.

Offshore wind farm projects on the continent will be the main beneficiaries of these funds. This source of energy is under-utilised on the continent, said Alistair Long, Britain’s trade commissioner for Africa at S&P Global Platts.

The International Renewable Energy Agency estimates that about 22% of the installed capacity of 232 GW in Africa in 2019 came from renewable energy. The country also intends to support certain oil and gas projects under certain conditions in order to be in line with climate commitments. It must be said that African countries are planning to rely on oil and gas resources to meet their energy shortfalls and ensure energy transition.

Britain began cutting its support for foreign investment in fossil fuels last year. This year he has completely stopped his help with the clean energy transition he started.

, We have been able to convert the scale and scale of oil and gas investment to renewable investment. which is partly due to the speed of change Alistair Long said. He added that the country’s current strategy is to optimize production of hydrocarbons to support the energy transition.

The United Kingdom plays an important role in the development of renewable energy in Africa with its specific companies based on the continent. The country is the largest investor in renewable energy in South Africa. Indeed, British company Globelake is part of a consortium that this year secured preferred bidder status to install 1.27 gigawatts of solar and wind capacity in South Africa.

Gwladys Johnson Akinocho

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