European Financial Flows on SDG7 to Africa – 2022 Report
Bonn, Germany – 21 February 2023 – The Africa-EU Energy Partnership’s second annual European Financial Flows on SDG7 to Africa report continues an investigation into European and other financial flows to Africa. The first report covered the period of 2014-2019, while this edition covers 2014-2020 and assesses the progress made towards achieving the SDG7 objective of providing access to cost-effective, dependable, sustainable, and modern energy for all.
The 2021 report discovered that accomplishing SDG7 in Africa would require a substantial amount of resources. Results indicated that investments should be increased by at least 350% per year to reach SDG7 by 2030.
The second report continues examining Europe’s financial flows to Africa and measures how fast the rate of investment has grown due to the long-term support from African governments, multilaterals, and EU institutions and member states. Under the current trajectory and growth rate of investments, SDG7 will be achieved by 2034.
Closing the financing gap will require both additional public and private investment. Given the pressures on public funds due to the COVID-19 pandemic and related debt pressures, the role of the private sector will be critical in closing the funding gap.
Building a fully interconnected transmission grid in Africa and well-functioning power pools will be of utmost importance in the years to come. The report indicates that an upgraded transmission and distribution infrastructure offers the best route to ensuring low-cost supply and accessible energy for all Africans.
More information on the report and the interactive data tool can be found here: AEEP | European Financial Flows to SDG7 to Africa – Africa-EU||Energy Partnership (africa-eu-energy-partnership.org)