AEEP Report on European Financial Flows on SDG7 to Africa to be launched at SPIREC
If current trends continue, SDG7 can be achieved in Africa by 2034. What is now required is a clear focus on expanding and enhancing affordable large-scale, grid-connected solar and wind generation on the continent.
These are some of the main takeaways from the second annual report that examines European Financial Flows on SDG7 to Africa, commissioned by the Africa-EU Energy Partnership (AEEP).
On 21 February, 16:30-18:30 (CET), the AEEP Secretariat will host a networking event to launch the second annual report on ‘European Financial Flows on SDG7 to Africa’. The event takes place during the Spanish International Renewable Energy Conference (SPIREC) on 21-23 February in Madrid, Spain and it constitutes one of the biggest industrial gatherings for renewable energy in the world.
The report examines Europe’s financial flows to Africa for the years 2014-2020. The findings show that, in 2020, Team Europe allocated EUR 1.93 billion to SDG7-projects in Africa, remaining one of the main drivers for realising access to modern energy in Africa. The report indicates there is a realistic pathway towards closing the investment gap on UN’s Sustainable Development Goal 7, provided several conditions are met by key stakeholders.
Moreover, using the data and analysis from the last report as a foundation, the 2022 report assesses how quickly the pace of investment has accelerated as a result of sustained long-term assistance from the African countries, multilateral organisations, and the EU institutions and their member states.
Based on the trajectory and growth rate of investments currently in place, SDG7 is expected to be accomplished by 2034.
For the years to come, creating a fully interconnected transmission grid in Africa and well-functioning power pools will be of utmost importance. The achievement of SDG7, and the creation of an African Single Electricity Market (AfSEM), will advance together.
Networking event at SPIREC brings together African and European experts to unpack results
To discuss the report and road ahead the AEEP networking event at SPIREC, titled ‘Mobilisation of Finance to Achieve SDG7 in Africa’ will convene African and European experts to discuss how the enhanced ambitions of the EU’s Global Gateway Africa-Europe investment package can affect future European engagement with Africa and how the private sector should be incentivised to mobilise additional resources towards achieving SDG7.
Mr John Hamilton, Research lead, Cross-border Information (CbI)
Dr Kamugisha Kazaura, Director of Infrastructure and Energy, African Union Commission
Ms Natalia Caldes Gomez, Policy Officer, European Commission, DG INTPA F1
Dr Towela Nyirenda-Jere, AUDA-NEPAD
Joel Yongoua Nana, Project Manager, SEA
Mr Johan van den Berg, Head of Secretariat, Africa-EU Energy Partnership (AEEP) (Moderator)
Register for SPIREC here