https://www.engineeringnews.co.za
Africa|Coal|electrification|Energy|Export|Flow|generation|Hydropower|Infrastructure|Power|Projects|Renewable Energy|Renewable-Energy|Solar|Flow|Infrastructure
Africa|Coal|electrification|Energy|Export|Flow|generation|Hydropower|Infrastructure|Power|Projects|Renewable Energy|Renewable-Energy|Solar|Flow|Infrastructure
africa|coal|electrification|energy|export|flow-company|generation|hydropower|infrastructure|power|projects|renewable-energy|renewable-energy-company|solar|flow-industry-term|infrastructure

China could drive Africa's renewable energy revolution, report says

2nd April 2024

By: Reuters

  

Font size: - +

China has a unique opportunity to drive forward an energy revolution in Africa, but it must first reverse nearly two decades of neglect of green power investments there, research from Boston University showed on Tuesday.

Beijing has emerged as the continent's biggest bilateral trading partner since the start of the century and has financed billions of dollars worth of large-scale infrastructure projects.

Three years ago, China's President Xi Jinping said the country would not build new coal-fired power projects abroad, pledging to deal with climate change by supporting the development of green and low-carbon energy.

Although Africa's green energy potential is one of the highest in the world, Chinese lending and investment has so far provided relatively little support for the continent's energy transition, according to a report from Boston University's Global Development Policy Center and the African Economic Research Consortium.

Lending for renewables, such as solar and wind, from China's two main development finance institutions constituted just 2% of their $52-billion of energy loans from 2000 to 2022, while more than 50% is allocated to fossil fuels.

"Given current economic challenges and future energy opportunities, China can play a role in contributing to Africa's energy access and transition through trade, finance and FDI (foreign direct investment)," the report said.

Chinese development finance institutions have been focused on investing in the extraction and export of commodities to China and in electrification projects.

Chinese lending has targeted many of the same sectors that produce the oil and minerals that flow back to China.

At least eight hydropower projects financed by the Export-Import Bank of China (CHEXIM), which represent 26% of all hydropower lending, are intended to support the extraction of various metals.

"Although this track has led to export revenues for African economies, African countries are not yet receiving the full benefits of renewable energy technologies," the report said.

In 2022, fossil fuels accounted for around 75% of total electricity generation in Africa and about 90% of energy consumption, the report said.

Edited by Reuters

Comments

Showroom

Willard
Willard

Rooted in the hearts of South Africans, combining technology and a quest for perfection to bring you a battery of peerless standing. Willard...

VISIT SHOWROOM 
VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (12/04/2024)
12th April 2024 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.181 0.239s - 185pq - 2rq
Subscribe Now