A new initiative, the Africa Renewable Energy Manufacturing Initiative (AREMI), has been launched with the aim to scale up renewable energy manufacturing capabilities in Africa.
Launched by Sustainable Energy for All (SEforALL), the African Climate Foundation, Bloomberg Philanthropies, ClimateWorks Foundation, and the Chinese Renewable Energy Industries Association, the initiative aims to unlock up to US$850 million in investments to advance a renewable energy manufacturing ecosystem across the continent.
Building a renewable manufacturing capacity in Africa would have a twofold benefit for the continent as it would reduce the reliance on fossil fuel as an energy source and boost the region’s economies. It would create new jobs – with up to 14 million energy transition jobs in Africa by 2030 – economic growth (+6.4% GDP increase between 2021 and 2050 from the energy transition) and open export partnerships with other countries, the announcement said.
“Ending energy poverty, saving lives, and avoiding a greater energy crisis means investing in and scaling up sustainable and renewable development projects in Africa,” said Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All and Co-Chair of UN-Energy, adding: “That requires both public and private financing to drive renewable energy manufacturing capacity in African countries. With the Africa Renewable Energy Manufacturing Initiative, African countries will be able to shrink the energy gap, further economic growth, and enable a just and equitable energy transition.”
[Jonathan Tourino Jacobo]