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Developing green energy in Africa is estimated to require $700 billion, yet the continent receives only two percent of the $2.8 trillion invested globally in renewables. This puts African countries in a race to multiply their installed renewable energy capacity by 2050, as outlined by the Paris Agreement. The Advancing Green Technology and Innovation in Africa panel at African Energy Week: Invest in African Energy 2024 – scheduled for November 4-8 in Cape Town – will address how the continent can increase its share of global investment to support electrification and decarbonization of industrial and transport sectors.

The session aims to leverage technology for enhanced renewable power generation, forge innovative strategies for financing green projects, and strengthen the role of public-private partnerships in advancing sustainable energy infrastructure. Additionally, the panel discussion will explore latest e-mobility initiatives across the continent, focusing on advancements in battery technology, energy storage, hydrogen fuel cells and e-fuels. Moderating the session is Ashutosh Singh, Head of Energy Transition, S&P Global Commodity with panelists including Dennis Bauer, Senior Executive Energy Transition Advisor at Neuman & Esser; Said Nachet, Director of International Relations at IFP Energies Nouvelles; Nadège Hopman, Deputy Head of Regional Representation at the European Investment Bank; Jovita Nsoh, Lead Architect and Technologist at Google and Titus Mathe, CEO of SANEDI.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.aecweek.com for more information about this exciting event.

In 2023, sub-Saharan Africa’s green bond market saw significant growth, with issuances rising by 125% year-on-year to $1.4 billion. Notable issuances included Rwanda Development Bank’s first sustainability-linked bond, Gabon’s $500-million “blue bond” for debt-for-nature swaps and Zambia’s first green bond from Copperbelt Energy Corporation, raising $53.5 million. South Africa led with $900 million in green bonds, reflecting a 58% increase from the previous year. Despite this progress, green bonds in sub-Saharan Africa still represent less than 0.1% of the region’s GDP, compared to 0.3% in other emerging markets, reflecting significant room for growth.

This surge in green financing supports a range of cutting-edge, technology-driven projects across the continent. Namibia’s $10-billion Hyphen Hydrogen Energy Project has received support from German and European stakeholders and aims to establish the country’s first GW-scale green hydrogen facility, leveraging 7 GW of renewable energy capacity and positioning Namibia as a key player in the global green hydrogen market. Additionally, Belgian port operator Antwerp Bruges has partnered with the Namibian Ports Authority to develop a €250-million hydrogen and ammonia storage facility at Walvis Bay Port, facilitating the transport of hydrogen to regional and global markets.

South Africa is also making strides in the sector, with a $5.9-billion green ammonia project being developed by the UK’s Hive Energy and South Africa’s Genesis Eco-Energy in the Coega Special Economic Zone. The project aims to add 14,400 MW to the national grid and produce 900,000 tons of green ammonia for export. Furthermore, South Africa has established a $1-billion fund in partnership with The Netherlands to accelerate green hydrogen projects to meet growing European demand. Additionally, the nation’s renewable energy capacity has made a significant leap with the completion of the 100 MW Redstone Concentrated Solar Thermal Power Project, the first of its kind in sub-Saharan Africa.

Meanwhile, Senegal is set to implement a dedicated regulatory framework to promote and regulate the use of electric vehicles (EVs), announced by Senegalese Minister of Infrastructure, Land and Air Transport Malick Ndiaye in July 2023. In addition, a master plan for transport infrastructure will focus on achieving multimodality, particularly in Dakar, to modernize and reconfigure the nation’s transport systems. These initiatives mark a pivotal step toward advancing green mobility in Senegal.

Kenya is also accelerating its push toward e-mobility, with state utility Kenya Power recently unveiling a three-year, $1.9-million investment plan to drive the adoption of EVs across the country. The initiative includes the procurement of EVs and e-motorcycles, alongside the installation of fast EV charging stations at company premises and public locations. By year-end, Kenya Power plans to acquire nine EVs and 25 e-motorcycles, with an additional ten units to be added annually between 2025 and 2026. These developments and more will be unpacked during the Advancing Green Technology and Innovation in Africa session at AEW: Invest in African Energy 2024.