Africa's energy landscape is gradually changing towards sustainable sources and renewable energy and this calls for an innovative financing sector to meet the continent's long-term sustainability objectives.
With this in mind, African states would gather in Cape Town from 3 to 4 March 2020 to discuss and underscore various new avenues for innovative financing to steer Africa's ever-changing energy landscape towards sustainability.
In the same vein, the indaba will try to answer how the African continent can find the required finances to meet the rising demand, while achieving sustainable development goals and making energy more accessible for all.
"The World Bank estimates that a US$43 billion annual investment is required to fund the energy infrastructure in Africa," the press statement indicated.
The statement said the demand for renewable energy technologies has skyrocketed globally and Africa's abundant renewable energy resources, such as hydro, solar and wind, have been adapted to the growing demand with innovative off-grid solutions.
There has been considerable advancement in new energy storage solutions that integrate storage technologies with renewable sources of energy to power rural areas and industry.
These advancements dictate that the continent innovate ways to augment renewable energy with gas generation, the statement explained.
Additionally, the organisers explained as the new technologies take over Africa's energy landscape, innovative financing will play a monumental role in dictating the future of the energy sector to meet the continent's long-term sustainability objectives.
"With environmental consciousness on the rise, renewable energy has fast become an invaluable asset," the statement said.
The development of innovative renewable solutions would allow Africa to meet sustainable development goals and honour the 2015 Paris agreement on climate change.
While power generation increasingly becomes more expensive, environment damage worsens and its resources deplete, renewable energy represents the ideal alternative to fulfil the growing energy needs of the continent.
However, the achievement of these energy goals depends on the strategies African countries devise to attract investment; moreover, applying innovative financing to boost accessibility and bridge the energy gap appears to be a promising solution.
NamPower's managing director, Simson Haulofu, told The Namibian that their current energy generation portfolio for the next four years, in terms of embracing renewable energy, includes 40MW biomass, 40MW wind, 20MW PV that they are paying themselves, while (44+50) MW wind and 20MW PV by independent power producers will be, funded by the developers. He added that after the four-year projects are completed the energy utility plans to construct a 135MW concentrated solar power plant through a public-private partnership project.
Haulofu also acknowledged the use of the Green Climate Fund and said registering a green bond to fund renewable energy projects may be an option. He also confirmed that NamPower will be attending the upcoming conference. The Africa Energy Indaba is the continent's definitive energy event, providing an agenda that aims to influence energy policy for Africa. The event is attended by ministers and decision-makers, serving as the ideal platform for achieving Africa's energy vision for a sustainable energy future and keeping abreast of global energy competitors in this dynamic landscape.