$17.3 billion in international public financial flows for 3 African countries in 12 years

$17.3 billion in international public financial flows for 3 African countries in 12 years
$17.3 billion in international public financial flows for 3 African countries in 12 years

(Ecofin Agency) – With 5.3 GW for South Africa, 2 GW for Morocco and 1.3 GW for Egypt in 2021, these 3 countries concentrate 65% of installed solar capacities in Africa. Result of significant flows of financing that they managed to capture to develop this sector.

According to The Energy Progress Report, report from the International Energy Agency published in June and tracing global progress in access to energy, international public financial flows remain concentrated on a small group.

In 2021, 80% of public commitments went to 19 countries and territories, and if the distribution is wider in 2022 with 25 countries receiving 80% of commitments, this figure remains lower than the range of 38 countries over the 2010 period – 2022.

Of these 38 countries, there are 12 African ones, including South Africa, Egypt and Morocco, which alone benefited from $17.3 billion in international public financial flows over the period. South Africa is on 4th country to attract the most public flows globally, with 7.7 billion USD. It is followed by Egypt with 5.7 billion USD (9th) and Morocco with 5.6 billion USD (10th).

These data from the IEA report confirm the trend in financing renewable energy projects for a little over a decade in Africa.

According to international research group ZeroCarbon Analytics, over the period 2010-2021, South Africa received the highest amount of asset financing for renewable energy on the continent, amounting to USD 23 billion. Over this same period, it is followed by Morocco which attracted 9.36 billion USD and Egypt which received 7.14 billion USD.

This public and private financing means that this trio has the largest installed capacity on the African continent in terms of photovoltaic solar energy and wind energy, according to the report.Solar and wind fuel energy security in Africa’s green transition» published at the end of 2023.

Abdullah Diop

Also read:

04/12/2023 – Renewable Africa: the countries which receive the most funding logically have the greatest installed capacity

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