Africa needs annual investment of $40 billion on energy for electricity – AfDB

says Africa needs an annual investment of $32 billion to $40 billion along the energy value chain to achieve universal access for electricity by 2030.

The outlook revealed that a total annual climate financing gap for energy under the New Deal stood at $17 billion to $25 billion. The outlook said about $15.5 billion, which represented 26 per cent of the total climate finance inflows to Africa, were channeled to the energy sector between 2019 and 2020.

The outlook said developed countries should demonstrate political will to address climate adaptation and mitigation challenges in developing countries.

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