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China expresses a desire to finance Africa’s shift to renewable energy.

China expresses a desire to finance Africa’s shift to renewable energy.

China has started making efforts to take the lead in collaborating with the continent on the long road to realizing the ambitious energy transition, building on its support for the construction of transport network infrastructure in several African countries.

90% of the world’s renewable energy technology is produced in China, with solar alone expected to produce 361 GW by the end of 2021. Asia Europe Clean Energy (Solar) Advisory (AECEA) estimates that China’s yearly capacity for producing solar cells and modules will reach 600 GW by the end of 2022.

The African continent is searching for development partners in the global North or South to help it accelerate its energy transition toward the net Zero objectives as the world explores Energy for All as Goal Number Seven of the Sustainable Development Goals.

It is noteworthy that despite contributing the least to greenhouse gas emissions, Africa experiences a significant decline in energy use per person.

Africa has the biggest endowment of renewable energy in the world and holds the brightest future of renewable energy,” claims Zhenhua Xie, China’s Special Envoy for Climate Change. The cost of solar energy has decreased by around 90% during the last 20 years.

Some African nations have lately joined the development nexus and are already setting the standard for electric vehicles with hydrogen at a time when significant amounts of capital around the world are shifting to green energy. According to projections, the investment will total USD 1.4 trillion in 2022 alone.

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Africa, with its young population, should “take advantage of opportunities on renewable investments to expedite the deployment of renewable energy given combating climate change and leading the industrial transition,” advises Zhenhua.

Zhenhua said at a side event during COP27 in Egypt that China will exchange expertise with underdeveloped nations in developing renewable energy.

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