Delegations from more than 30 African countries are in conclave in the South African city of Cape Town (1,470 km from Pretoria), from February 22 to 24, to examine ways to develop the green economy on the continent.
Initiated under the theme “Drive the investment strategy in the green economy”, the Summit brings together the global community of investors, project developers and business leaders operating in green transport, renewable energy and clean technologies. .
The event, which is also attended by 300 delegates and representatives of governments, cities and African decision-makers, aims to pave the way for an inclusive green economy and a sustainable future in Africa. It is also regarding creating a pathway to increase the flow of green investment capital to the continent and strengthening strategic partnerships to mobilize new financial resources.
Finding solutions to Africa’s energy poverty
From the outset, the speakers underlined that the renewable energy sector offers a huge development opportunity across the African continent, providing unique opportunities for infrastructure development and enabling investments to solve the continent’s energy poverty.
They argue that the biggest opportunities focus on solar PV, hydropower and wind, as well as Africa’s huge potential to produce green hydrogen.
To meet their Nationally Determined Contributions (NDCs), African countries need to accelerate the pace of infrastructure investment, they insist.
Donors looking for infrastructure projects in Africa
Speakers also highlighted strategic commitments at municipal, provincial, national and continental levels to develop the green economy, thereby de-risking investments so that lenders and investors can support Africa’s carbon neutrality.
They highlighted the importance for the Summit to drive the green economy investment strategy to bridge the $277 billion annual funding gap needed to enable African countries to implement their NDCs.
Investors of investment projects have long complained regarding the lack of infrastructure projects in Africa to invest in, they note, noting that the summit will discuss existing and planned projects for the region and focus attention on sustainable and green investment opportunities.
The Africa Green Economy Summit program includes, in addition to a plenary session, presentations of green projects, solution-focused roundtables, closed-door conversations and matchmaking.
The event also scheduled several panels covering, among others, “The deployment of green financing across the continent”, “The attraction of sustainable investments to close the financing gap for a green and just transition”, “How to reduce Risks of Green Economy Investments?”, “Africa Infrastructure Opportunities Report”, “Accelerating Green Investments in Africa” and “Best Practices in Strategic Policy Planning on the Continent”.
