R enew-Africa initiative has been launched by the African and European renewable energy sector leaders to boost clean energy investments across the African continent – the UN Economic Commission for Africa (ECA) has revealed.
In an event hosted by Renewable Energy Solutions for Africa (RES4Africa), the launching of the initiative was done in a closed-door event attended by the African and European renewable energy sector representatives.
The newly launched Renew-Africa initiative aims to be a game-changer for Africa’s sustainable energy future. The meeting underscored that Africa has a tremendous opportunity to develop its vast RE resources and ensure its resilient, prosperous and sustainable development.
While significant progress has been made by multiple international and national RE investment support programs, more efforts are needed to scale up investments to where they need to be.
ECA pointed out that there is need for strong joint public-private efforts through harnessing sector-wide and multi-stakeholder leadership to lay the foundation for Africa’s sustainable energy transition.
Renewable energy leaders, as part of the initiative, are seeking to enhance cooperation in this sector and create enabling environments for RE investment in Africa. It is also expected to enhance European private investment in RE market development on the continent.
The gathering brought together high-level representatives of the Italian government, European Commission and key actors from the renewable energy industry, international financing institutions, academia, think-tanks and international partners to endorse the initiative and discuss ways to multiply and scale up Africa’s renewable energy investments.
According to RES4Africa, Sub-Saharan African countries are rapidly attracting attention as new renewable energy markets.
RES4Africa is a network of international leaders from across the clean energy value chain to support the creation of an enabling environment for renewable energy investments and strategic.