Republished: Mahmoud Reda - A pioneer of folk dance    FACTBOX: Fifteen centuries, two faiths and a contested fate for Istanbul's Hagia Sophia    Injured Henderson to miss rest of season for Liverpool    BREAKING: Turkish court rules to let Hagia Sophia return as mosque    On 5th anniversary of his death, DNE celebrates the life and career of Omar Sharif    UEFA Champions League quarter-final and semi-final draw    Egypt's Sisi urges unceasing efforts to face economic challenges of COVID-19    Olympic trials to be China's only international sport event this year    Post-Trump era a possibility, Europeans see no quick fix to US ties    Japan nightclub 'hotspots' must follow coronavirus rules to stop spread: Government    Scenes from hell: 1995 Srebrenica genocide    No agreement so far on GERD technical, legal points: Egypt    GERD talks find no breakthrough for 7th straight day    Tehran denies US seizure of Iranian arms on way to Houthis in Yemen    Al-Mashat signs 6 grant agreement worth $90m with USAID    Ethiopia's Nile Dam: Myths and Facts    Egypt partners with IFIs on 13 agricultural projects valued at $545.42m: Al-Mashat    Egypt's annual urban inflation rises to 5.6% in June: CAPMAS    Turkish verdict paving way for Hagia Sophia mosque expected Friday : Officials    Iran's coronavirus cases exceed 250,000, says Health Ministry    COVID-19 pandemic in Africa is now reaching 'full speed'    Google shuts down cloud project, says no plan to offer cloud services in China    EU stocks cautiously higher as economic recovery hopes take hold    Misr Emirates Takaful Life Insurance's premiums rise 40% in FY2020    U.S. stock indexes held steady after Nasdaq clinches new record    Egypt won't accept any formulations that disregard its concerns over Ethiopia's Dam: Irrigation ministry    Facebook takes down accounts, pages of U.S. President Trump's Roger Stone    Egypt records 1,025 new coronavirus cases, 75 deaths on Wednesday    Egypt's Mohamed Salah double keeps Liverpool on track for points record    Egypt repeats call for UN-guided ceasefire in Libya: Shoukry    Women's rights activists say silence of sexual assault victims remains main challenge    Healthcare professionals conduct 80% of FGM in Egypt: UNFPA    Egypt keeps domestic fuel prices unchanged    Egypt Environment Ministry, JICA cooperate to remove single-use plastic bags    Russia offers technical assistance to 3 countries in Ethiopian Dam negotiations    Senate vote in August    1,057 new coronavirus cases in Egypt Tuesday – health ministry    Swvl reveals security breach, but bank details safe    Culture Ministry to document architectural heritage of Egypt    Like father, like son: Ahmed Khaled Saleh acting star in the making    Farwell to 74-year old Egyptian military production minister El-Assar    U.S. President Trump slams Washington Redskins as team re-evaluates name    Egypt reopens 5 museums, 8 archaeological sites and operates 171 international, domestic flights    Egypt's Zamalek to continue training Thursday, but domestic league participation unclear    Federation of Egyptian Banks denies funding GERD: eletreby    Egypt to host World Handball Championship on time despite COVID-19: EHF President    Egypt's parliament Oks amendments to House law amid differences over election    CAF draws timeline for resumed continental championships amid COVID-19    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Africa must take substantial efforts to attract private investments into renewables: IMF
Power shortages cost the continent about 2% to 4% of GDP a year
Published in Daily News Egypt on 03 - 03 - 2020

African countries must make substantial efforts to attract private investment to the renewable sector, the International Monetary Fund (IMF) said on Monday in its "Finance & Development" Magazine.
Renewable energy sources, especially solar, are ideal for meeting Africa's
electrical power needs, mentioned Mouhamadou Sy, economist in the IMF's Fiscal Affairs Department and Gregor Schwerhoff, economist in the World Bank's Macroeconomics, Trade, and Investment Department in the Magazine.
About half of sub-Saharan Africa's population does not have access to electricity, yet those who do pay on average nearly twice as much as consumers elsewhere in the world.
Power shortages cost the continent about 2% to 4% of GDP a year while the large electricity needs will only grow in the foreseeable future.
Given that the population in sub-Saharan Africa is expected to grow from 1 billion in 2018 to more than 2 billion in 2050, the demand for electricity is projected to expand 3% a year.
This takes into account a steady increase in access to electricity as well as greater energy efficiency. Meeting that demand with current energy sources would have severe consequences for health and the environment.
The current energy mix in Africa is based mostly on burning coal, oil, and traditional biomass which reflects the energy resources of the continent, but also the use of technologies of the past.
While this energy mix is comparatively cheap, it is insufficient to meet current needs, and negative effects on the environment are left unaddressed, the magazine mentioned.
The continent's sources of energy will need to change, especially if African governments aim to achieve a healthy environment for their citizens and meet the emission limits for greenhouse gases set out by the 2015 Paris Agreement.
Fortunately, thanks to notable technological advances, Africa does not have to rely on large amounts of fossil fuels, as advanced economies did when they were at Africa's current stage of development.
There is the option to design an energy mix, built largely on renewable sources, that supports both strong growth and low emissions.
Apart from ensuring an ecologically sustainable approach to development, investing in renewable energy will also generate new job opportunities.
The right energy mix will allow Africa to develop rapidly while respecting the emission levels required under the 2015 Paris Agreement, in which governments commit to limiting global warming to 2°C above preindustrial levels.
Prices for renewable energy have fallen substantially in the past few years, especially for solar power, whose cost decreased 77% between 2010 and 2018 according to the International Renewable Energy Agency.
Geothermal energy can be very efficient but is available only in certain
locations. Hydropower requires a careful balancing of environmental, social, and economic objectives.
It is impossible to exploit the entire technical potential of hydropower: it requires the inundation of large areas, which threatens local ecosystems and often involves relocation of the local population.
Hydropower is currently being hampered by continuous drought in southern Africa, and related energy generation has been severely curtailed in Zambia and Zimbabwe because dam levels are dangerously low.
Conditions for solar energy are excellent in Africa, where sunshine is not only abundant but also much more reliable than elsewhere. Investment into renewables is in fact picking up in Africa.


Clic here to read the story from its source.