In 2018, Africa received less than 15 per cent of global energy investment. And much of those limited funds are still going toward yesterday’s technologies. Between 2014 and 2016, nearly 60 per cent of Africa’s public investment in energy went to fossil fuels, $11.7 billion, on average, each year.
This approach is not only environmentally irresponsible; it also makes little economic sense. Renewables are already outcompeting fossil fuels globally, and bold action on climate now promises to bring major economic benefits, to the tune of $26 trillion globally through 2030. Given this, the European Investment Bank, a longstanding source of energy investment in Africa, should approve an existing proposal to halt all lending for fossil fuel-reliant energy projects by the end of 2020.
Read full article: The Jordan Times