- Ruto explained the global disparity in energy access saying nearly 600 million Africans lack access to electricity.
- The President spoke on Tuesday when he addressed the Global Renewables Summit on the sidelines of UNGA 79.
Image: SCREEN GRAB
President William Ruto has urged African countries to pursue industrialisation and economic growth to tackle energy poverty.
The President said Africa has a significant opportunity as the world seeks to expand and diversify value chains, particularly for the energy transition.
He, however, said not all industrial development is beneficial, adding that exploitation of Africa’s resources has not yielded benefits for its people.
"High capital costs and economies of scale mean that investors require secure offtake agreements. Establishing anchor industrial demand, driven by energy-intensive industries, is crucial for securing these investments," he said.
The President spoke on Tuesday when he addressed the Global Renewables Summit on the sidelines of UNGA 79.
Ruto explained the global disparity in energy access, saying nearly 600 million Africans lack access to electricity and almost one billion people are without clean cooking options.
The President said in Sub-Saharan Africa, annual energy access gains of around 30 million people barely keep pace with a population growth of 28 million people each year.
The trend, he said, imperils progress across the entire Sustainable Development Agenda and the Paris Agreement goals.
"This is why I am driving the Africa Green Industrialisation Initiative (AGII), which we announced at COP28 and am now advancing with a group of global leaders this week. Expanding energy is critical for the AGII agenda," he added.
"Next month, together with IRENA(International Renewable Energy Agency), we are hosting the first Accelerated Partnership for Renewables in Africa (APRA) Investment Forum in Nairobi."
Ruto said that as the discussion on mobilising finance continues, Africa should focus on both the supply of and demand for renewable energy at the forefront.
By doing so, he said, the continent can unlock ideas, partnerships, and approaches, expanding the range of solutions.
"With Africa’s unmatched climate competitiveness, we can offer global solutions that grow our economies, and create jobs and dignified livelihoods. We can generate healthy financial returns, but we need systems and tools that truly work for Africa and, by extension, for the world," the President added.
Ruto said the world has the means and technologies needed to achieve the tripling goal by 2030 in numerous ways.
"Without a deliberate, disciplined, and honest approach, we risk deepening inequalities and widening the development divide. The power of choice is in our hands, literally and figuratively. Let’s wield it wisely and make it count!"
The President added that the recently adopted “Pact of the Future” requires a commitment to implement and realise the ambitions.
He added that the continent will continue to push for course correction of the global financial and investment gaps, and the unfair financial systems.
"Africa receives less than 2 per cent of global investment in renewable energy, despite being home to 60 per cent of the world’s best solar opportunities. Last year, the continent added less than 3 GW of renewables, while the world saw a record addition of nearly 500 GW," Ruto said.