Early this week, leaders from over half of Africa's nations convened in Dar es Salaam, Tanzania, to tackle an electricity access that has been a nuisance to the continent. The World Bank and African Development Bank stepped up to the plate, pledging at least $35 billion to light up the lives of over 640 million Africans currently living without reliable power.
These loans will come at below-market interest rates, a welcome relief considering the often-exorbitant rates imposed by global leaders citing higher risks in Africa. This drive aims to change the narrative for a continent where only slightly more than 40 percent of the population has access to electricity which is the lowest rate in the world.
Their plan is to come up with an investment strategy that dedicates half of this monumental funding to solar Mini grids which are designed to serve individual communities, particularly in rural areas.
Countries like Tanzania face regulatory hurdles and the complexities of managing government-run utilities, which complicate the efforts of private energy providers like Husk Power Systems. However, South African is among the leading countries leading the charge in solar energy and it stands proudly as the only African nation in the coveted "Gigawatt Club." Despite a slowdown in new capacity additions in 2024, South Africa continues to be the only African country with this energy.
Access to electricity is a convenience because it impacts education, healthcare, and economic growth. Solar energy provides clean and renewable source of energy that leads to reduction of reliance on fossil fuels. It also drastically cuts greenhouse gas emissions, contributing to combating climate charge. The pledge from The World Bank and others hallmarks a turning point for African seeing that the potential for renewable energy could transform lives and drive sustainable development.
@kushconcertseries
