Africa Needs $25B Annually for Energy Access by 2030 – IEA
IEA: Africa Requires $25 Billion Yearly for Energy by 2030
$25B Investment Needed for Africa’s Energy by 2030, Says IEA
BY MILCAH TANIMU
The International Energy Agency (IEA) has reported that Africa needs an annual investment of $25 billion to ensure universal energy access by 2030. This figure is crucial for addressing the continent’s energy poverty and meeting global development goals.B
According to the IEA, more than 600 million people across Africa still lack access to electricity. This challenge not only hinders economic growth but also impacts essential services like education, healthcare, and employment. To tackle this, investments in clean energy, including solar, wind, and hydroelectric power, must be significantly scaled up.
The IEA’s analysis emphasizes that to meet Africa’s broader climate and energy targets, annual clean energy investments should more than double, reaching over $90 billion by 2030. This financial commitment will help the continent reduce its reliance on fossil fuels and transition to renewable energy sources, aligning with global climate action efforts.
A related report from ActionAid International highlights that billions of dollars in public finance are being funneled into climate-destructive sectors. Redirecting these funds to clean energy could accelerate Africa’s energy transition and support essential social services. ActionAid’s findings also show that these misplaced investments are depriving critical areas like education, with estimates suggesting that the funds could provide schooling for all children in sub-Saharan Africa 3.5 times over.
The growing demand for clean energy in Africa underscores the importance of international support and effective policy frameworks. As global efforts to combat climate change intensify, ensuring energy access for all Africans by 2030 has become an urgent priority, and financial investments will play a key role in making that a reality.
