A new report finds that greater coordination can make SDG7 a reality in Africa by 2030. The European Financial Flows on SDG7 to Africa report, commissioned by the Africa-EU Energy Partnership (AEEP), explores and contextualises the required funding and shows that the amounts needed, while substantial, can be leveraged. Merely avoiding the economic losses from electricity outages in Africa would free up the funds required to provide access to sustainable energy services to all of Africa´s citizens.
The Africa-EU Energy Partnership’s European Financial Flows on SDG7 to Africa report quantifies global commitments made towards the achievement of the UN’s Sustainable Development Goal 7 in Africa for the period 2014-2019. Estimating annual investment needs and assessing the present funding gap, the report shows clearly the progress made to date and highlights the quality of financing mobilised to support the SDGs and Agenda 2063, while also detailing the equitability of European financial flows through targeted support for poorer countries.
Africa and Europe are close neighbours and strategic partners who formed a strong partnership over twenty years ago. They were quick in recognising the vital role of energy. Together, Africa and Europe put energy development cooperation on the map. Thanks to their Joint Africa-EU Strategy, the continents created the Africa-EU Energy Partnership (AEEP), a political platform fully dedicated to energy cooperation. Energy rose to the top of the political agenda, culminating in energy’s prominent place in both the global Agenda 2030 and Africa’s Agenda 2063. Both visions see energy at the heart of sustainable development as captured in Sustainable Development Goal 7.