The renewAfrica Initiative once again confirms its commitment to scaling up renewable energy investments in Africa by revealing its presentation video.
renewAfrica is a European industry-backed initiative committed to supporting African countries in achieving sustainable access to renewable energy at a transformative scale by unlocking investments in utility-sized renewables projects. The aim of the initiative is to combine the wealth of currently existing EU investment support instruments into a comprehensive one-stop-shop programme that will provide adequate support at the policy and regulatory level, ensure preparation tools across project lifecycles, and offer financial de-risking and capacity building measures.
The renewAfrica initiative was launched in June 2019 in Rome, has its secretariat housed within the RES4Africa Foundation, and is backed by 26 major stakeholders* representing the European renewable energy value chain including the industry, finance, trade associations and services sector. A collaborative, multi-stakeholder approach characterises the initiative, within which the partnership with African countries is a distinguishing feature. Since its launch, renewAfrica has developed a robust dialogue with African governments and regional institutions such as UNECA and the African Union.
On the other hand, the Secretariat and its four Task Forces also enjoy a positive working relationship with European institutions. In January renewAfrica was presented to representatives of the European Commission, during which EC Director Generals confirmed the full alignment of renewAfrica’s strategy with the vision and objectives of the European Commission; this was also reconfirmed by the release of the “European Green Deal” and of “Towards a Comprehensive Strategy with Africa” documents. A second meeting with EC Director Generals will take place in June to present progress made and outline the way forward.
“The immense support received by renewAfrica, both in Africa and in Europe, indicates that the need for such an initiative is real and urgent. Moreover, this painful crisis is also opening opportunities for Europe’s aid and stimulus package to include and increase efforts and resources to expand renewable energy capabilities in the African continent. In this context, we continue to highlight that renewables are not a luxury of mature electricity markets: they are the way to power Africa at the lowest possible cost and at the shortest amount of time-to-market compared to any other technology. With the right investments, renewables can come at a hand’s reach of any African country” states Roberto Vigotti, Secretary General of the renewAfrica Initiative.