'Financing costs can be at least two to three times higher than in Europe and North America. As a result, projects remain on the drawing board, and energy costs rise for Africa's consumers,' an expert said.
"Financing costs can be at least two to three times higher than in Europe and North America. As a result, projects remain on the drawing board, and energy costs rise for Africa's consumers," an expert said.
According to Mr Ruto, who is also the Chair of the Committee of African Heads of State and Governments on Climate, by effectively mobilising private capital and securing USD 28 billion of concessional funding by 2030, the African Union can unlock the necessary USD 90 billion in private investment for clean energy that will revolutionise the continent's trajectory and support global climate ambitions.
"This is why the African Development Bank Group is spearheading efforts to unlock Africa's vast renewable energy potential. The Bank no longer funds coal energy projects.
Mr Fadipe, who spoke at the Afreximbank Trade Finance Seminar in Lagos last week, said training and stretch programs with reputable law firms can facilitate knowledge acquisition and enhance technical abilities required for complex transactions in the continent and beyond. "At Sahara Group, we continue to give our people platforms to grow capacity to support our upstream, midstream, downstream, power, and technology business operations across Africa, Asia, Europe and the Middle East. This has resulted in significant cost savings and overall value addition to our operations," he said.
"Costs also vary by capital provider and currency, depending on whether the provider is taking on currency risk, their familiarity with the local market and the base rate in their country of origin. And finally, they vary according to the company or project that is seeking to raise capital," the report said.
Multiple financing instruments need to be scaled up to Africa's energy future because there is a mismatch between the type of capital available and the needs of Africa's emerging clean energy sector, with a particular lack of early-stage and equity financing.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Central Energy Fund’s crucial role in securing energy for South AfricansAfrica's Best Read
Read more »
New merger laws in South Africa have a huge problem: expertsThe Competition Commission’s new draft guidelines have a glaring issue for historically disadvantaged people.
Read more »
Africa must keep ‘its lights on and plan own energy transition’Countries in Africa are determined to develop and use fossil fuels for power while planning their energy transition.
Read more »
Encouraging news for South Africa’s economyIMF sees rebound on the horizon for Africa’s economies – including South Africa.
Read more »
Africa: Nigeria Rises to 4th in Africa's Trade RankingsThe latest Africa Trade Barometer has revealed that Nigeria has moved up four positions from eighth to forth in the country rankings.
Read more »
Africa: Nigeria Takes 4th Position As South Africa Leads in Tradability Index - ReportSouth Africa has the highest Tradability Index in Africa while Angola has the lowest, according to the Africa Trade Barometer 2023 Issue three report.
Read more »