Decarbonising its energy sector while fostering job-creating industries will be a major challenge for the debt-burdened continent
The upcoming UN climate summit comes at a time of unprecedented high-level support for reducing global use of fossil fuels, after Russia’s invasion of Ukraine snarled global flows of gas, coal and fuel and sent power prices soaring.
Africa’s 24 billion tonnes of accumulated CO2 compares to Asia’s 298 billion tonnes, North America’s 139 billion tonnes and Europe’s 100 billion tonnes during the same span. In addition, Africa is on course to be the only continent to see its population expand by the end of the century. Every other region is expected to see its numbers shrink by 2100, according to a study by The Lancet.
To sustain the accompanying buildout in businesses, factories and supply chains, the continent must rapidly expand power and electricity to where it is needed. The region is also among the most vulnerable to the effects of climate change, and this year encountered severe droughts and floods that killed thousands and impoverished millions more.With little surplus finance available to fund both its energy transition and manufacturing-sector expansion, Africa as a continent will require substantial international support on both fronts if it is to reach its potential as a thriving, low-carbon economy.
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