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HomeBusinessRenewable energy, mini grids reliable solution to end Africa's energy crisis ~Osinbajo

Renewable energy, mini grids reliable solution to end Africa’s energy crisis ~Osinbajo

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Using renewable energy systems and mini grids can provide a reliable and affordable solution to Africa’s energy poverty problem, according to Yemi Osinbajo.

The immediate past Vice President, who is also a Global Advisor at the Global Energy Alliance for People and Planet, added that GEAPP and he are committed to reducing the cost of deploying such solutions while also providing clean, reliable, and affordable power on the continent.

Osinbajo spoke today during a side event organized by GEAPP, the World Bank, and the Africa Minigrid Developers Association (AMDA tagged “Powering Prosperity in Africa by Scaling DREs and Minigrids” at the Africa Climate Summit taking place in Nairobi, Kenya.

DREs are distributed renewables. Energy systems are stand-alone and off-grid systems, as well as mini-grids, that generate and distribute energy independently of a centralized electricity grid.

Osinbajo, who gave the opening remarks, noted that the “objective is clear: we are here to discuss how to accelerate the deployment of sustainable mini-grids in Africa to power our people’s lives and livelihoods, ultimately fostering prosperity on our continent.

“Globally, nearly 8 out of 10 people without electricity live in Africa. At the current rate of progress, 595 million Africans will remain unconnected in 2030. These numbers underscore the urgency of our mission.”

He went on to explain the advantages of adopting DREs and mini grids as a way of complementing traditional grids. His words: “Distributed renewable energy systems, DREs, and mini-grids offer a faster, more cost-effective solution.

“According to the World Bank, unleashing the potential of minigrids can improve the lives of approximately 500 million people, reduce carbon emissions by 1.2 gigatons, and create 2 million jobs globally. In Nigeria, where I’ve witnessed firsthand, minigrids have significantly improved livelihoods.”

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Osinbajo also made the point of highlighting some of the challenges of using DREs and minigrids, which include financing, sustainable business models, and compelling value propositions. He stated that “powering 380 million people in Africa through minigrids by 2030 requires significant investment—$91 billion. At the current pace, we’re far from reaching this goal.

“That’s the challenge we face as a sector, and we cannot afford to fail. We must accelerate our efforts and do things differently.”

He added further that “one significant barrier is the lack of sustainable business models and a compelling value proposition. This is where the Global Energy Alliance for People and Planet (GEAPP and our partners come in. We believe in the potential of DREs and mini grids to offer a viable solution, and we’re committed to reducing the cost of deploying them and providing clean, reliable, and affordable power.”

Speaking about GEAPP’s ambition in mitigating the challenges, the immediate past Vice President affirmed that the organization seeks to “demonstrate that mini grids can outcompete generators, avoid 1.2 gigatons of CO2 emissions, stimulate a $120 billion investment, and generate a $15 billion annual revenue stream. So far, we’ve invested over $100 million in the mini-grid sector since our launch at COP26.

“But we can’t do this alone. We need a coordinated effort involving governments, the private sector, and development partners. We must support governments in building enabling environments, aligning financing, and helping the private sector develop scalable projects.”

Also, on the back of the Africa Climate Summit, Osinbajo met with inaugural members of fellowships, including Eisenhower Fellowships, Archbishop Desmond Tutu Fellowships, Obama Foundation Leaders, Mandela Washington Fellowships, and the Aspen New Voices Fellowship, among others.

During the panel discussion on ‘Is the Climate Crisis a Leadership Crisis?’ he underscored the vital point that amidst the powerful voices of leadership, the climate crisis transcends mere leadership.

He noted that it’s about comprehending the intricate challenges we face, acknowledging that the diverse fellowship gathering underscores the urgency to amplify our voices and actions. Then the former VP stressed the need to not only address leadership but also the intricate layers of change necessary to confront and overcome this defining challenge.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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