Capital expenditure on energy for the African continent is unfair and uneven, UN Secretary-General's Special Representative for Sustainable Energy and CEO of SEforALL, Damilola Ogunbiyi, said during the ministerial dialogue at COP29, Report informs.
"It is more important that capital is in local currency, as people pay in it. Despite record investments in Africa's energy sector, they account for only 1.6% of the global volume. This situation raises concerns and threatens energy security," she noted.
Ogunbiyi emphasized that in Kenya, Nigeria, Ghana, Sierra Leone, and several other countries, they managed to engage governments in the energy transition and green development process. However, it's difficult to talk about full transformation since the continent lacks energy resources, she noted.
"But this also means we can start directly with clean energy since we don't have traditional energy resources anyway," she added.