New European initiative for Africa’s energy future

New European initiative for Africa’s energy future

Major players in the African and European renewable energy sector are to meet at the renewAfrica presentation event, an initiative that aims to boost investment in renewables in Africa.

The event hosted by RES4Africa will have the presence of high-level representatives of the Italian government, European Commission, industry sector, international financial institutions, academies and think-tanks as well as other international partners to support the initiative and jointly launch a process to bring investment in renewables to a higher level. The event responds to the need for a strong joint effort between the public and private sectors to lay the foundations for energy transition on the African continent.

The renewAfrica initiative promotes the creation of a new instrument, unique and European, that provides adequate support at political and regulatory level, ensures tools for the preparation of all phases of the project and provides measures to mitigate economic risk and implement vocational training activities. Thanks to this initiative, the leaders of the various sectors involved are working together to create a favourable environment for investment in renewables in Africa and to give impetus to European private investment in order to optimise development of the market for renewables on the continent.

Africa has a tremendous opportunity to develop its vast renewable energy resources and to commence a resilient, prosperous and sustainable course of development. Despite the significant progress made through the many national and international investment support programmes, further efforts are needed to bring them to a level that will ensure a true transformation of the energy sector. This requires a new type of support in terms of overcoming the challenges posed by regulatory, regulatory and administrative frameworks, as well as those relating to local capacity and access to finance: this is precisely the purpose of the renewAfrica initiative: “European industry, academia, investors and think-tanks are the ideal players to offer their industry expertise on what is needed to achieve the transformation of the energy sector. In this way renewAfrica is looking to act as a turning point for the future of sustainable energy in Africa,” explains Antonio Cammisecra, President of RES4Africa and CEO of Enel Green Power.

The event, opened by Emanuela Del Re, Deputy Minister of Foreign Affairs and International Cooperation, and Antonio Cammisecra, President of RES4Africa, includes a video message by Romano Prodi, former President of the European Commission and UN Special Envoy to Africa. The event will be attended by high-level representatives such as Vera Songwe of UNECA, Antonella Baldino of Cassa Depositi e Prestiti, Anne-Charlotte Bournoville of the European Commission and Maria Shaw-Barragan of the European Investment Bank.

The conference closes with the non-binding declaration of intent signed by 20 organisations* committed on different fronts in the renewables sector, thus underlining their interest and participation in the initiative.

“The partnership between CDP, as the Italian Financial Institution for International Development Cooperation, and renewAfrica responds to this challenge.It is a global challenge that targets common goals of energy infrastructure deployment and socio-economic development in Sub-Saharan Africa. These objectives require a new holistic and multilateral approach of public-private partnerships. CDP will be able to contribute to the renewAfrica initiative by also providing support through targeted and innovative blended finance tools for African countries by working together with other partners, national and international, who share the ambition to successfully address the challenge of sustainable development for the world we want to see in 2030,” said Antonella Baldino,Director CDP International Development Cooperation.

*The Declaration of Intent has been signed by: ABB, Cassa Depositi e Prestiti, DNV GL, EDP Renewables, Enel Green Power, GE Renewable Energy, Intesa Sanpaolo, Nordex, Nordic Energy Research, Norfund, Pöyry, Prysmian, PwC, REC Group, Siemens Gamesa, SMA, Solar Power Europe, Soltec, Total Eren, Vestas.

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