Unlocking Opportunities in Renewable Energy Technologies in Africa: The Role of Development Financial Institutions

Abstract

Climate change and global warming are undeniably undermining global development with developing or emerging economies being the worse hit in this unfortunate development. In recent times, it has become necessary to adopt effective adaptation measures that mitigate the impact of climate change on the social, political, and economic environment. A global shift to low-carbon energy technologies through the gradual integration of renewable energy resources in the global energy mix has been generally proposed. Whilst legal and regulatory initiatives are indeed crucial in driving this global energy transition, it is equally imperative that the necessary capital is unlocked to finance the construction, development, and expansion of renewable energy projects in Africa. This paper focused on examining the impact of renewable energy technologies on climate change mitigation, and analysed the role of Development Financial Institutions (DFIs) in unlocking the vast opportunities associated with renewable energy technologies or projects, with a view to driving the clean energy transition in Africa.