Page 10 - AfrElec Week 25 2022
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AfrElec INVESTMENT AfrElec
Europe should fund
renewables in Africa, says
EIB official
AFRICA EUROPEAN Union member states should help promote renewable energy with the aim of help-
Africa weather the worsening storm of global ing the continent mitigate the effects of climate
energy prices by boosting investment in renew- change, which will hit Africa harder than the rest
able energy on the continent, a vice president of of the world.
the lending arm of the EU has said. Now, Fayolle is encouraging Europe to invest
Speaking in an interview with Reuters on the more money, with a focus on solar, wind and
margins of the African Energy Forum 2022 in hydrogen energy.
Brussels, which runs from June 21-24, European Russia’s invasion of Ukraine has sent the
Investment Bank (EIB) vice president Ambroise prices of commodities, food and energy soar-
Fayolle said that diversification of energy supply ing, increasing the strain on African nations still
should come alongside scaled-up investment in recovering from COVID-19.
green energy. Some countries in Africa, however, have seen
“There are big question marks over what some benefits from the war. Algeria, Congo and
should be the European strategy across all our Nigeria have reportedly signed deals with Euro-
institutions as a consequence of Russia’s invasion pean nations to supply gas as a replacement for
of Ukraine,” he is quoted as saying. the supply previously bought from Russia.
The EU announced a €210bn plan in May to Fayolle noted that Italian and German del-
end its reliance on Russian fossil fuels by 2027, egations have recently visited African states
focusing on greater efficiency, replacing Russian including Senegal, Congo and Angola in recent
gas - including from Nigeria and Egypt - and months in search of natural gas deals, something
kickstarting renewable investments. which the EU as a supranational body will not
As part of its biggest-ever annual investment do.
in Africa, the EIB in 2020 provided €3.4bn to
P10 www. NEWSBASE .com Week 25 23•June•2022
