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					</table><p>The World Economic Forum (<a href="https://www.weforum.org/events/world-economic-forum-annual-meeting-2023" target="_blank" rel="noopener">WEF</a>) launched a fundraising vehicle to unlock $3 trillion of financing needed each year to reach net zero, reverse nature loss, and restore biodiversity by 2050. The vehicle would focus on attracting philanthropic resources toward the net-zero targets.</p>
<p>The fundraising entity ‘Giving to Amplify Earth Action (GAEA),’ formed with the support of 45 partners, would convene public, private, and philanthropic leaders to identify and target climate and natural solutions to play a catalytic role.</p>
<p>GAEA aims to build on existing examples of success. For instance, the Clean Cooling Collaborative, founded with the help of an initial $10 million of philanthropic funding in 2016, has mobilized more than $600 million in public and private finance to improve equitable access to low-carbon cooling and support 4.2 gigatons of avoided CO2 emissions by 2050.</p>
<p>Similarly, the Government of Seychelles had leveraged philanthropic funding, public loan guarantees, and private investment to raise $15 million through a blue bond and convert $22 million of government debt into conservation funding to protect 13 marine areas, covering a size larger than Germany.</p>
<p>The initiative is supported by partners from philanthropic backgrounds, academic institutions, companies, individuals, and public sector organizations.</p>
<p>Wendy Abrams, Chief Executive Officer of Eleven Eleven Foundation, a sustainability advocacy group, said, “We need more companies, family offices, individuals, and the new generation of philanthropists to get involved in the climate and natural conversation. If we do not solve this together, there will be nothing to pass on to the next generation.”</p>
<p>The international non-governmental organization identified that the current level of funding for achieving net zero is inadequate. It said a new approach is required to get capital flowing to meet global climate goals and steer the planet towards 1.5°C.</p>
<p>While philanthropic financing for climate mitigation has risen in recent years, it still represents less than 2% of the total, estimated at $810 billion in 2021.</p>
<p>“To reach the speed and scale required to heal the Earth’s systems, we need to unlock not only private capital and government funds, but also the philanthropy sector as a truly catalytic force to achieve the necessary acceleration,” said Klaus Schwab, Founder, and Executive Chairman, World Economic Forum.</p>
<p>The recently concluded COP27 decided to <a href="https://mercomindia.com/cop27-4-trillion-renewable-funding-annually-net-zero-2050/" target="_blank" rel="noopener">execute</a> the Sharm el-Sheikh Implementation Plan, highlighting the need for global investments of $4 trillion per year in renewable energy until 2030 to achieve net zero emissions by 2050.</p>
<p>During the event, India also <a href="https://mercomindia.com/india-long-term-low-carbon-development-strategy-cop27/" target="_blank" rel="noopener">unveiled</a> its Long-term Low-Carbon Development Strategy, which has laid out the vision of a sustainable future and reach net zero emissions by 2070.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Philanthropic Financing to Unlock $3 Trillion Per Year to Reach Net Zero


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					</table><p>The immense benefits of a high renewable energy share in the African energy mix are indisputable, but the objective can be met only by adopting a country and context-specific strategy instead of treating the continent as a monolith, research published in <a href="https://www.nature.com/nenergy/" target="_blank" rel="noopener">Nature Energy</a> said.</p>
<p>The <a href="https://www.nature.com/articles/s41560-022-01152-0" target="_blank" rel="noopener">research</a> was carried out by a team of 40 African researchers who belong to various institutions, including the Berlin-based climate research institute MCC (Mercator Research Institute on Global Commons and Climate Change), University College London, the UN Economic Commission, the Climate Compatible Growth Programme and the University of Oxford.</p>
<p><strong>Lopsided Narrative </strong></p>
<p>For a vast continent like Africa, the energy transition pathway would have to account for the diversity across 54 countries analyzed in the research. “For example, Ethiopia is headed for an accelerated green-growth pathway, but Mozambique is at a crossroads of natural gas expansion with implicit large-scale technological, economic, financial, and social risks and uncertainties,” the research said.</p>
<p>Further, African countries need local leadership to carry the energy transition mantle as these initiatives tend to be more entrenched, unlike efforts by external sources. Infrastructure projects driven entirely by non-local entities tend to be out of sync with the local development agenda and prone to drop if donors lose interest.</p>
<p>“Calls for one-size-fits-all solutions—fossil or renewable—undermine the critical local ownership of development objectives,” the research said.</p>
<p>Another shortcoming in the debate about Africa’s transition towards renewable energy sources is the lack of country-specific evidence and literature. Most studies analyze Africa as a whole and present a simplistic picture that can be categorized as: “Poverty will be entrenched if fossil fuels are either continued or stopped in African contexts.”</p>
<p><strong>Correcting the Framework</strong></p>
<p>The research seeks to address the shortcoming by combining country-specific extant energy scenarios to showcase the different starting points for their energy transition path.</p>
<p>Further, the study incorporated the African Union’s Agenda 2063 vision to extract transition objectives for various countries and the embedded risks and opportunities.</p>
<p>“We applied this framework to demonstrate large country-specific differences as to the types and uncertainties of African countries’ potential energy system pathways,” the study said.</p>
<p>The updated methodology provided interesting granular details about the continent. For instance, the research found that the levelized costs of electricity from solar photovoltaics are 2.5 times higher in Liberia, Sudan, and Sierra Leone than in Botswana, Namibia, South Africa, and Morocco.</p>
<p>Similarly, electrification rates in North African countries, South Africa, Ghana, and several island states are five times higher than in most Sahel countries, Burundi and Malawi.</p>
<p>&nbsp;</p>
<div id="attachment_43532" style="width: 762px" class="wp-caption aligncenter"><img aria-describedby="caption-attachment-43532" decoding="async" loading="lazy" class="wp-image-43532 size-full" src="https://mercomindia.com/wp-content/uploads/2022/10/Picture2.png" alt="Country-specific differences of current energy systems and relative generation technology favorability in Africa" width="752" height="666" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture2.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture2-300x266.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture2-650x576.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture2-624x553.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture2-600x531.png 600w" sizes="(max-width: 752px) 100vw, 752px" /><p id="caption-attachment-43532" class="wp-caption-text">Country-specific differences of current energy systems and relative generation technology favorability in Africa</p></div>
<p>&nbsp;</p>
<p>The research also illustrated the various uncertainties involved in African countries. For instance, South Africa has low-cost renewables, but entrenched fossil fuel interests also operate, which implies a contested energy transition. Botswana and North African countries are similarly placed.</p>
<p>Separately, Burkina Faso is seeking to increase energy access and generation capacity but is also dealing with uncertainties about the right energy mix. Sahel countries and Madagascar mirror Burkina Faso in the energy mix conundrum.</p>
<p><strong>Recommendations</strong></p>
<p>The study recommended:</p>
<ul>
<li>African leaders and international actors must acknowledge the impact of international energy systems on Africa. It should be established through a nuanced debate that assesses trade-offs between climate and development objectives.</li>
<li>Country and context-specific public policies are needed to navigate the interplay of different political actors’ interests.</li>
<li>Mobilizing greater financial resources that involve domestic financial institutions and private African capital is key to the energy transition.</li>
<li>It is imperative to create a scientifically sound, in-depth, and all-encompassing evidence base that features country-specific pathways for all African countries, with priority for those countries with the largest pathway uncertainty.</li>
</ul>
<p>A recent World Meteorological Organization report said despite Africa being home to 60% of the world’s best solar resources, the continent has only 1% of <a href="https://mercomindia.com/clean-energy-supply-double-2029-temperature-rise-1-5-degrees/" target="_blank" rel="noopener">installed</a> photovoltaic capacity.</p>
<p>The International Renewable Energy Agency <a href="https://mercomindia.com/transition-renewable-energy-answer-report/" target="_blank" rel="noopener">called</a> for a calibrated policy framework centered on renewable energy to help resolve many of Africa’s social, economic, health, and environmental challenges. It said the transition can help the region with a 6.4% higher gross domestic product, 3.5% higher economy-wide jobs, and 25.4% higher welfare index by 2050 than under the current system.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/sumit-jha/" class="vcard author" rel="author"><span class="fn">Sumit Jha</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt"><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture2.jpg" width="50" /><strong style="text-decoration: underline">Sumit Jha,</strong> Assistant Managing Editor at Mercom India</div>
<div class="designboxt"><a href="https://mercomindia.com/author/sumit-jha/" target="_blank" rel="noopener">More articles from Sumit Jha.</a></div>
<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture2.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/sumit-jha/" target="_blank" rel="noopener"><strong style="color: #00b451">Sumit Jha </strong></a>is the Assistant Managing Editor at Mercom India. Prior to Mercom, Sumit worked as a journalist for over a decade, covering the energy sector for Reuters, CNBC-TV18, Bloomberg TV India, and Financial Express, among others. Sumit holds a diploma in print journalism from the Indian Institute of Mass Communication, Delhi, and a Bachelor of Engineering (B.E) from Manipal Institute of Technology.<a href="https://mercomindia.com/author/sumit-jha/" rel="noopener noreferrer">More articles from Sumit Jha</a></div>
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African Clean Energy Transition Debate Must Acknowledge Country-wise Diversity

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