Reading Time: 3 minutes
The Global Wind Energy Council (GWEC), the global industry representative body, and SolarPower Europe (a member-led association) for the European solar PV industry have signed an agreement to jointly organize the Africa Renewables Investment Summit. This event aims to stimulate renewable energy investment in Africa.
Africa received only 2% of the US$2 Trillion that was globally invested in renewable energy between 2000 and 2020, despite its enormous renewable energy potential. According to the International Renewable Energy Agency, (IRENA), Africa will need to invest at least US$70 billion annually in renewable energy to reach its goal of universal electricity access by 2030.
ARIS is a major catalyst for African renewable energy investment by bringing together key stakeholders. The Summit in Cape Town will bring together institutional investors, developers finance institutions, technology suppliers, and African government stakeholders to discuss ways to harness Africa’s renewable energy potential. Some investment is also expected to be made right at the event.
ARIS will also explore the potential for bankability and commercialization of green hydrogen projects in Africa. Africa has huge potential for Renewable Hydrogen production and there are potential markets for its supply. The decarbonization of many energy-intensive industries is possible with renewable hydrogen. This includes transport, steel production, mining, cement production, and aviation. The potential for Africa to produce renewable hydrogen and its derivatives has enormous economic potential for many countries.
ARIS is also supported by GET.invest. This European program mobilizes investments in renewable energy in developing nations, which is supported by the European Union (EU), Germany, Sweden, The Netherlands, Austria. The event will be held in Cape Town, South Africa, on the 27th – 29th September 2022 at the Cape Town International Convention Centre 2(CTICC 2).
Wangari Muchiri (Director of GWEC’s Africa WindPower Initiative) commented on the partnership. “Winds and solar are the cornerstones Africa’s transition towards sustainable energy. Both industries must continue to collaborate to increase investment in the continent. Energy is a key enabler for Africa’s sustainable development. The complementarity between Africa’s solar and wind industries, as well as their potential for Continent-wide electricity generation, must be highlighted. They also have common challenges. ARIS provides a platform that can address these common causes and highlight the enormous investment opportunities for all Africans.”
Walburga Hemetsberger is the CEO of SolarPower Europe. She stated that Africa is a true “sun continent”. There is tremendous potential for solar investment in Africa as they grow. ARIS will support next-level solar and secure, clean energy for millions of Africans.
John van Zuylen (CEO of AFSIA) said, “Based upon the many requests we get at AFSIA we have noticed the great disconnection between solar project developers, and financiers, for projects in Africa. ARIS, which combines the industry knowledge of all its partners, will be the perfect platform to match stakeholders for all types of renewable energy projects.”
Munyaradzi Jani is the Executive Director of RenewAfrica. He said, “With ARIS we are giving developers & investors a unique chance to explore renewable energy possibilities within both public and private sector in Africa. We wanted to do more than host another talk shop. We wanted to make an actual difference. Africa has a lot of potential for renewable energy and investors should now be looking to increase their investment. We are excited to work with industry-leading organizations like GWEC, SolarPower Europe, and AFSIA to create ARIS. We hope to play a major role in Africa’s energy transition.”