By Obiabin Onukwugha
A new research has suggested that transitioning to renewable energy could save Africa about five trillion dollars over the next 25 years.
The research was carried out by Powershift Africa, a climate and green energy transition advisory organisation, in partnership with the University of Technology Sydney’s Institute for Sustainable Futures (UTS-ISF).
The research revealed that Africa’s full transition to a renewable energy system “could save the continent $3–5 trillion (an average of $150 billion annually).”
The report titled “African Energy Leadership: The Case for 100 percent Renewable Energy”, emphasized that such a transition would not only be more cost-effective than continuing with fossil fuels, but also create millions of jobs, improve energy access, and mitigate climate change.
According to the report, recently released by Powershift Africa, transitioning to renewable energy could also significantly improve energy access, address persistent power crises across the continent, accelerate development, and unlock millions of new jobs.
In a joint statement, Powershift Africa and UTS-ISF noted, “Building a fully renewable energy system would cost significantly less than continuing with fossil fuels, saving $3–5 trillion by 2050 and producing fuel cost savings of over $8tn—more than double the additional investment required to go 100 percent renewable—offering a rare alignment of climate, economic and development goals.”
The report further highlighted that solar energy alone has the potential to generate 480,000GW for Africa, using less than one percent of the continent’s landmass for both solar and wind infrastructure.
It also emphasised that a shift to green energy could liberate African nations from the vicious debt cycles caused by over-reliance on fossil fuels, while creating an estimated 2.2 million energy sector jobs.
