Africa has all the makings of the world’s cleanest economic revolution. By leveraging renewable energy sources to brighten an extensive stretch of urbanization, the continent’s sunshine is not entirely going to waste.
Even though the installations so far are less than half of what’s in place in the UK, cleantech is playing a significant role is supporting the region’s double-swelling populace.
According to the International Energy Agency, renewables form part of what will make industrialization in Africa a reality, over the next two decades.
In a report released last November, the agency predicted a sun-enabled boom in countries across the continent. This forecast could provide hundreds of millions of African homes with clean electricity for the first time.
By now, it is understandable that Africa’s hunger for energy will only continue to grow. But the IEA says it will do so at double the rate of the global average in the next 20 years while it unseats China and India as the world’s most populated region.
For example, the main obstacle to deploying small-to-medium solar plants for businesses and organisations in Africa is access to affordable and appropriate finance.
Debt finance from banks is either not available or not an attractive option because the cost of the debt is high. Additionally, getting investments and payments into and out of emerging markets like Africa has historically been costly, time-consuming and high-risk.
At Sun Exchange, our technology solution and business model are built to solve these specific issues, enabling us to facilitate access to extremely affordable solar power for business and organisations, as well as fast and secure cross-border transactions,” he added.
Overcoming energy poverty through access to affordable and clean energy is Sustainable Development Goal 7 and is the key to solving a host of goals which countries across the world have pledged to advance, says Mansoor Hamayun.
“BBOXX has scaled rapidly into new markets and geographies by forging strategic partnerships with global companies, investors and governments from developed as well as developing countries.
The transition to clean energy is crucial if we are to tackle climate change (SDG 13), thanks to the offset of thousands of tons of carbon emissions. Electricity enables local businesses to take off and acts as a trigger for economic growth and poverty alleviation, SDG 1. It is equally the entry point to other basic needs, such as clean water and cooking, SDG 6.
Further, as the cost of storing and generating power at home comes down in comparison with the cost of transmitting and distributing electricity through traditional grid networks, we believe that developed countries will also want to diversify their distribution-mix. The on-grid sector will have a lot to learn from Africa’s off-grid market which is leapfrogging into this new reality,” he concludes.
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