Unlocking Opportunities in Renewable Energy Technologies in Africa: The Role of Development Financial Institutions

Abstract

Climate change and global warming are undeniably undermining
global development with developing or emerging economies being
the worse hit in this unfortunate development. In recent times, it
has become necessary to adopt effective adaptation measures that
mitigate the impact of climate change on the social, political, and
economic environment. A global shift to low-carbon energy
technologies through the gradual integration of renewable energy
resources in the global energy mix has been generally proposed.
Whilst legal and regulatory initiatives are indeed crucial in driving
this global energy transition, it is equally imperative that the
necessary capital is unlocked to finance the construction,
development, and expansion of renewable energy projects in
Africa. This paper focused on examining the impact of renewable
energy technologies on climate change mitigation, and analysed the
role of Development Financial Institutions (DFIs) in unlocking the
vast opportunities associated with renewable energy technologies
or projects, with a view to driving the clean energy transition in
Africa.