Rome, June 16th, 2023 – RES4Africa Foundation and the UNDP Rome Center for Climate Action and Energy Transition, joined forces to host the high-level event Renewable Energy Horizons for Africa, in Rome, Italy. The gathering was the occasion to officially launch RES4Africa’s 2023 Flagship Publication, Africa's Energy Future is Renewable, with the support of Enel Foundation, and was preceded by the 3rd RES4Africa's International Advisory Board Meeting. In the face of global challenges such as the Covid-19 pandemic, geopolitical tensions, and climate change, the energy sector is undergoing a vast transformation.

The global energy transition is gaining momentum, with global investments in clean energy reaching record highs. Yet renewable energy is still critically underfinanced in Africa, with only 0.6% of global renewable energy investment flowing to Africa in 2021, signaling urgent work ahead. Clean energy will be key to overcoming the continent’s key energy challenges. The report and event underlined the imperative for sustainable development and the role that clean energy can play in delivering energy access, economic growth, and climate resilience. As energy system decisions are urgent, the report states it is more necessary than ever to inform decision-making and make the business case on renewable energy within a rapidly changing energy world.  

The event brought together more than 30 prominent figures from the international renewable energy community, including representatives from international organizations, private sector entities, financial institutions, and development actors, to discuss Africa's clean energy transformation and the pivotal role of renewables in shaping the continent's future energy pathways.  

Arising from the publication's highlights, discussions underlined that, while global investments in renewables are gaining traction, financing is not flowing to where it is most needed. Redirecting investments and scaling up clean energy financing is vital for Africa to unlock its abundant renewable resources and achieve sustainable growth. 

RES4Africa’s 2023 Flagship Publication provides a comprehensive overview of the state of play, emphasizing the cost-effectiveness of renewables, their contribution to energy security, adaptability to remote areas, and socioeconomic development. Participants expressed high expectations for renewables in Africa, underlining how appropriate investments in Africa's renewable energy sector can lead to socio-economic development, job creation, and improved livelihoods. Such a path, however, cannot be pursued without overcoming investment barriers in Africa’s clean energy value chains, such as grid, storage, and distribution infrastructure. Strategic and innovative partnerships will be key to delivering progress on development pathways.  

This occasion also provided the backdrop for the third meeting of RES4Africa's International Advisory Board, gathering key experts to engage in a strategic and focused in-person discussion on Africa's clean energy transformation. Finally, RES4Africa Foundation and the UNDP Rome Center reaffirmed the importance of consolidating the synergies between sectorial public and private entities, in order to efficiently boost advancements In the African renewable energy market.