Sustainable economic transition and renewable energy development in emerging economies

RES4Africa Foundation, the International Renewable Energy Agency (IRENA) and the United Nations Economic Commission for Africa (ECA) developed their first joint report Towards a prosperous and sustainable Africa: maximising the socio-economic gains of Africa’s energy transition, presented today in occasion of the European Union-Africa Business Forum.

Building on the knowledge and experience of the three organisations, the study is a comprehensive analysis of the job and socioeconomic impact of clean energy investments in the African continent, combining the views and experiences of leading international institutions active in supporting development, sustainable economic transition and renewable energy development in emerging economies. The report opens with a review of the socio-economic gains of sustainable energy access in Africa, followed by an assessment and quantification of the socio-economic potential of Africa’s energy transition in line with maintaining the global temperature increase under 1.5 °C.

The third chapter explores the role of private sector actors in supporting the sustainable transformation of Africa’s energy systems and its socio-economic progress. The report closes with a series of recommendations at the institutional, policy, financial, and business levels to accelerate investments in clean energy technologies and maximise local value creation.

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