Awaking the Sleeping Giant: Investing in African Energy
Sub-Saharan Africa has numerous energy challenges despite an abundance of available renewable energy resources.
Africa accounts for 17% of the global population yet the majority remains energy-impoverished despite it being expected to account for one third of the world’s population by the year 2100 (Quartz Africa, 2020). As the energy demand increases year-on-year, the demand for renewable energy resources on the African continent continues to rapidly augment and is expected to double by 2030 (IRENA, 2020).
Africa has the potential to encompass many renewable resources due to the vast landscape, which is available and suitable for biofuel production. Hydropower and other renewable energy sources including solar are optimised by the natural African climate that includes strong wind power supplied throughout Africa.
For this reason, U Micro Grid has started developing a solution to the energy crisis from African shores. As we shift to a global economy where sustainable and affordable energy becomes easily accessible, international investors and philanthropists should consider large-scale investments in Africa. Africa is projected to reduce global carbon dioxide emissions by 27% within the next 20 years (IEA, 2015).
The African continent requires additional investment to advance from utilizing current fossil fuels and biomass such as oil, coal, chemicals, wood, and gases, which create social and environmental constraints (IEA, 2018).
The U Micro Grid strategy is committed to address the energy crisis with a solution for Africa and the world.