By Caren Jeptoo
President William Ruto has addressed concern on the underfinance of Africa’s renewable energy potential during a conference in South Korea emphasizing the need for investing to harness the renewable energy potential.
He pointed out that despite the global renewable energy capacity increasing by 500 gigawatts in 2023, Africa contributed only 3 gigawatts, a mere 1.6% of the total increase.
The head of state emphasized that Africa holds the highest untapped potential for renewable energy globally, but this potential remains largely unexploited due to insufficient funding.
He urged investors from wealthier nations, particularly the Global North, to invest in Africa’s clean energy sector, presenting it as a lucrative opportunity that promises mutual benefits.
The President noted that African leaders have committed to ambitious targets, as outlined in the Nairobi Declaration, which aims to increase the continent’s green power generation capacity fivefold from 56 gigawatts in 2022 to at least 300 gigawatts by 2030.
Highlighting Kenya’s progress, Ruto mentioned that the country’s power grid is currently 93% green.
Kenya aims to further expand its renewable energy capacity to 100 gigawatts by 2040, leveraging its abundant renewable resources.
President Ruto urged Korea and Korean investors to continue supporting Kenya in clean energy adoption as the country pursues the ambitious plan to enhance the current grid from 3GW to 100GW by 2040.
Furthermore, Ruto pointed to the Africa Green Industrialisation Initiative launched at COP28, which aims to mobilize $1 trillion in public and private finance by 2030.
This initiative is designed to promote the growth of clean energy manufacturing across the continent, positioning Africa to seize economic opportunities within the global energy transition.
By advocating for increased investment and highlighting Kenya’s achievements, Ruto aims to draw global attention to the critical need for financial support to unlock Africa’s renewable energy potential, thereby contributing to global efforts to combat climate change.