NEWS
Africa Requires $190bn Annual Investments For Four Years To Achieve Energy Goals – Seyi Sobogun
Africa Requires $190bn Annual Investments For Four Years To Achieve Energy Goals – Seyi Sobogun
Africa will require about $190bn worth of investments annually between 2026 and 2030 to meet its energy and climate goals to boost socio-economic prosperity on the continent.
This was disclosed by Seyi Sobogun, head of Capital Projects at Egbin Power Plc while delivering a paper titled “Energy Mix – The Challenges with Funding and Deploying Commercially Viable Renewable Energy Solutions,” at the recently concluded West Africa Power Pool Conference in Dakar, Senegal.
Egbin Power Plc is a Sahara Power Group Company.
Citing the International Energy Agency’s Africa Energy Outlook for 2022, Sobogun said, “Achieving Africa’s energy and climate goals means more than doubling energy investment this decade. This would take it over $190bn each year from 2026 to 2030, with two-thirds going to clean energy.”
Noting that Africa’s energy generation would continue to be from natural gas, as renewables were expected to grow from 21 per cent in 2020 to 59 per cent of electricity generation by 2030, Sobogun said Africa would require about $2.64tn, roughly the size of her GDP, to rely 100 per cent on renewable energy sources for electricity generation by 2050.
He said the funds would be required to drive the installation of the renewable energy sources, as well as the infrastructure needed for the generation, network and storage system, and other enabling costs.
According to Sobogun, solar, wind and hydro power generation are the most viable renewable energy solutions in Africa. He pointed out that Nigeria’s photovoltaic power potential made solar energy very feasible for both investors and consumers.
“Sahara Power is currently harnessing this potential through the implementation of large-scale and mini-grid solar projects,” he stated, adding, “Sahara has begun the implementation of solar energy in Nigeria through large-scale renewables, such as the construction of a 5MW solar farm in North East Nigeria and the deployment of mini-grid solutions to locations that commenced with three pilot projects within Sahara Power’s Ikeja Electric franchise in Lagos.”
He said the solar solution in Lagos is expected to benefit over 20,000 households, with far reaching positive impact on economic activities.
Public and private investors have been the sources of funds to Africa’s renewable energy investments, including international donors, banks and development finance institutions.
Between 2000 and 2019, Africa received a total of $109bn in public commitments in the energy sector. Almost $60bn of that was committed to the renewable energy sector.
International News
Lebanon Must Not Become The Next Gaza – Australia’s Foreign Minister Repeats Ceasefire Call
Australian Foreign Minister, Penny Wong has called for an immediate ceasefire in the Middle East, warning that Lebanon risks suffering the same humanitarian catastrophe as Gaza if violence continues to escalate.
Speaking at the United Nations, Wong condemned the ongoing airstrikes in Beirut’s southern suburbs and urged global leaders to take urgent action.
“This attack cannot and should not be justified,” Wong said, emphasizing the toll the conflict has taken on civilians.
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She highlighted Australia’s firm stance against Hamas, with sanctions already in place on the group’s leaders and financial backers.
However, Wong expressed deep concern over the heavy civilian casualties resulting from Israel’s response to Hamas.
Wong stated, “More than 40,000 Palestinians have been killed, including over 11,000 children. Nearly two million Gazans have been displaced, many multiple times, and over two million are facing severe food insecurity. This must end. Palestinian civilians cannot be made to pay the price for defeating Hamas. All lives have equal value.”
Wong also pointed out that nearly 300 days have passed since Australia and 152 other countries voted for a ceasefire, yet the violence continues.
“Today, I repeat that call,” she said, urging both sides to halt hostilities.
The foreign minister also stressed the importance of averting further conflict in Lebanon, where tensions are rising amid ongoing air raids.
She called for the full implementation of UN Resolution 1701, which calls for peace between Lebanon and Israel.
“Lebanon cannot become the next Gaza,” Wong warned, calling for immediate international efforts to prevent further bloodshed.
A tragic helicopter crash involving a Pakistan oil company has left six people dead and eight others injured.
The incident occurred during takeoff on Saturday when the aircraft, operated by Mari Petroleum Company (MPC), suffered a technical fault.
The helicopter was carrying fourteen individuals, including three Russian pilots and crew members, when it went down in North Waziristan, a region in Khyber Pakhtunkhwa near the Afghan border.
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In a statement, MPC confirmed that the crash resulted from engine failure, ruling out any signs of sabotage.
“The accident has claimed the lives of six individuals, while eight others have been injured,” the company reported.
The injured have been promptly transported to a military hospital for medical treatment.
The team was reportedly on a visit to a nearby oil field at the time of the accident.
Mari Petroleum Company is recognized as one of Pakistan’s largest petroleum exploration and production firms, which continues to strive towards fully unlocking the country’s resource potential.
Further investigations are underway to understand the circumstances surrounding the crash.
In a tragic incident, South African police announced on Saturday that they are initiating a manhunt following a mass shooting that left 17 people dead in the town of Lusikisiki, located in the Eastern Cape province.
The violence erupted late Friday night, with reports indicating that 13 victims — 12 women and one man — were discovered dead in one residence, while four others were killed in a second location.
An additional victim remains in critical condition at a nearby hospital.
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National police chief Fannie Masemola addressed the media, stating, “We do not know the motive” behind the killings and emphasized the uncertainty regarding whether there are one or multiple suspects still at large.
This shooting marks the latest in a series of violent attacks in the region.
Earlier this month, seven family members, including three children, were shot dead in their home in KwaZulu-Natal, with no arrests made in that case.
Additionally, in April, ten family members—including seven women and a 13-year-old boy—were killed in a separate mass shooting in KwaZulu-Natal.
South Africa continues to struggle with a high homicide rate, estimated at approximately 45 per 100,000 people, a stark contrast to the 6.3 per 100,000 in the United States and around 1 per 100,000 in most European nations.
Over the past year, the country recorded more than 27,000 homicides, averaging over 70 killings daily in a population of 62 million.
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