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Osinbajo: Renewable Energy Systems And Minigrids Can Provide Reliable And Affordable Solution To Africa’s Energy Poverty Problem
Eko Hot Blog reports that the immediate past Vice President who is also Global Advisor at Global Energy Alliance for People and Planet, added that GEAPP and himself are committed to reducing the cost of deploying such solutions alongside providing clean, reliable and affordable power in the continent.
Osinbajo spoke during a side event organised by GEAPP, the World Bank and 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 centralised electricity grid.
Prof. Osinbajo who gave the opening remarks noted that the “objective is clear: we are here to discuss how to accelerate the deployment of sustainable minigrids 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 Minigrids, as a way of complementing traditional grids. His words: “Distributed Renewables Energy systems, DREs, and Minigrids offer a faster, more cost-effective solution.
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“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 first-hand, minigrids have significantly improved livelihoods.”
Prof. 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 proposition. 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 minigrids 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 Organisation seeks to “demonstrate that minigrids 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 minigrid sector since our launch at COP26.
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“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, align financing, and help the private sector develop scalable projects.”
Also, on the back of the Africa Climate Summit, Prof. Osinbajo met with inaugural members of fellowships including Eisenhower Fellowships, Archbishop Desmond Tutu Fellowships, Obama Foundation Leaders, Mandela Washington Fellowships, and Aspen New Voices Fellowship, among others.
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