FUNDING Africa’s transition to net zero by 2050 is one of the most pressing issues that Africa and the world must address, PwC states in a new report that estimates the cost of such a transition to be about $2.8-trillion.
The ‘Africa Energy Review 2021’ calculates that $33-billion would be required yearly between 2020 and 2030 to place Africa on a path to a net-zero energy mix by 2050.
Yearly costs would then rise substantially to $111-billion between 2030 and 2040 and to $142-billion between 2040 and 2050.
Africa emitted only 1.62-million kilotons of carbon dioxide in 2020 against a global estimate of around 33-million kilotons and the continent accounts for only 3% of cumulative global emissions and less than 5% of the world’s yearly emissions.
“Such investment levels are increasingly unaffordable for many African economies and increased reliance on international finance will be needed if progress is to be made
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