Africa: 'Greenfields' Investment in Africa is Up, but Much More Needed in Renewables

released on July 5 that the value of so-called “greenfield” projects in Africa in 2022 rose nearly four times over the figure for 2021, from U.S.$52 billion to a record $195 billion.

While the highest number of new projects were announced in the information and communications sector, the biggest increases in value were in energy and gas supply investments, to $120 billion, construction, to $24 billion, and extractive industries, to $21 billion.in recent years has occurred in economically developed nations. Globally, developing countries need to triple investments in renewable energy.

The agency's Secretary-General, Rebecca Grynspan, said a significant increase in investment in sustainable energy systems in developing countries was crucial if the world is to reach its climate goals by 2030., the UNCTAD report revealed widespread divergences by region and country in 2022 compared to 2021.

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