The first signs of a green economy takeoff in Africa are raising hopes of a new era of prosperity for the continent. Driven by record-breaking solar projects and rising low-carbon investment, Africa may be on the brink of transforming its fortunes.
But as leaders gather this week in Addis Ababa for the Africa Climate Summit, a precursor to November’s UN COP30 conference, they stress that momentum will falter without urgent support from wealthier nations.
Renewables on the Rise
Across the continent, renewable energy projects are gaining ground:
- Africa recently broke records for installed solar capacity, from Morocco’s desert projects to rooftop solar in Kenya and Nigeria.
- Wind farms in East and North Africa are scaling up, while geothermal in Ethiopia and Kenya is proving vital for baseload power.
- Investments in clean transport and green hydrogen are slowly emerging, signalling broader shifts in the energy sector.
These advances fuel optimism that Africa could leapfrog fossil-fuel dependency, building a sustainable economy powered by renewables.
Financing Gap Threatens Progress
Despite the optimism, financing remains the biggest hurdle.
- Current levels of investment fall far short of the estimated $250 billion a year needed to meet climate and energy goals.
- Many African states face high borrowing costs, deterring private and public investors.
- Without significant international support, leaders warn, progress could remain fragile and uneven, benefiting only a handful of countries.
At the summit, African leaders are expected to call for:
- Increased climate finance from developed nations.
- Debt relief measures to free up resources for green projects.
- Fairer terms in global carbon markets to ensure Africa can monetise its conservation efforts.
Global Stakes Ahead of COP30
The Africa Climate Summit comes at a critical moment ahead of COP30, where countries will update their climate commitments. Africa’s position is clear: without major global backing, the continent risks being left behind in the transition.
Environment advocates argue that supporting Africa’s green transition is not just a moral imperative but also a global necessity. With its vast solar, wind, and hydro potential, Africa could become a cornerstone of the world’s clean energy future.
A Fragile but Powerful Opportunity
For now, optimism outweighs despair. The surge in renewables shows that Africa’s green economy is possible. Yet the message from Addis Ababa is firm: without urgent finance and fairer partnerships, the dream of a continental green boom could fade.
