Remedies to the Challenges of Renewable Energy Deployment in Africa

Samuel Chukwujindu Nwokolo, Rubee Singh, Shahbaz Khan, Anil Kumar and Sunil Luthra
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Samuel Chukwujindu Nwokolo: University of Calabar
Rubee Singh: GLA University
Shahbaz Khan: GLA University
Anil Kumar: London Metropolitan University
Sunil Luthra: All India Council for Technical Education (AICTE)

Chapter Chapter 3 in Africa's Path to Net-Zero, 2023, pp 59-74 from Springer

Abstract: Abstract This chapter demonstrates how funding and financing issues significantly reduce the competitiveness of renewable energy sources in Africa and make it challenging for investors to view them as viable alternatives to conventional sources. This is due to a variety of issues, including limited access to capital and financing as well as regulatory barriers that make it difficult for renewable energy projects to get off the ground. In addition, there is frequently a dearth of infrastructure to promote the creation and use of sustainable energy technologies, which can impede local economic growth. Despite these obstacles, there are some encouraging signs that the tide is turning in favour of renewable energy in Africa. Governments and international organizations are increasingly recognizing the value of clean energy sources for long-term development and taking steps to encourage investment in African countries. Simultaneously, innovative financing mechanisms such as crowdfunding and impact investing are emerging as viable options for funding grassroots renewable energy projects. There is reason to believe that renewable energy will contribute more to Africa’s energy mix in the upcoming years if policymakers and investors continue to support it. By switching to clean energy, the continent’s economy will be stimulated, new jobs will be created, and greenhouse gas emissions will be decreased.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:csrchp:978-3-031-44514-9_3

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DOI: 10.1007/978-3-031-44514-9_3

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