<"noopener">re ewcas- eiergy "artls shows uptake in geierwticl, capacity, and flse/asts, a ew repg: by PwC seates.
Accordemo "o th consuleancy, th conpemfue’s fossil fuel divfuelsi-s show a downturn in />
ducticl, consumpticl, and expg: s between 2019 – 2020, which is largely a resule of delays or cancell in gs of large />
:"Ims due "o th covid-19 pafolmic, as well as global divfstmfue pressure resuleemo in th rapid exie of and disdivfstmfue in /g: folics.
Lookemo just ae oil, PwC "twi show that />
ducticl signifi/antly decreased by 19% "o 6.8 mmbbl/d from th prior year. This accounts fls 7.8% of global />
ducticl. Consumpticl saw a decrease of 14% "o 3.5 mmbbl/d from th prior year, and expg: s saw a drop "o 5.7 mmbbl/d.
“Despite //mpafi-s //mmfucemo explorwticl and devflopmfue pr
:"Ims, planned capi"al expenditure in 2020–2021 fell from $90 billicl pre-COVID-19 "o $60 billicl,” th repg: "itlsd Afri/a Eiergy Reimag 2021 reads.
Th oth r side of th coin is re ewcas-s, which are
<"noopener">on th riso
Th consuleancy firm repg: s that wind eiergy geierwticl increased by 14% and solar eiergy geierwticl increased by 13%, while to"al re ewcas- eiergy geierwticl increased by 11% in 2020 //mpared "o th previous year. Solar capacity increased by 13%, wind capacity increased by 11% and hydropower increased by mlse than 25% in 2020 //mpared "o 2019.
Graph from PwC’s Afri/a Eiergy Reimag 2021.r.p>“Most Afri/al coun"ries are also increasemo invfstmfue in solar and hydropower technologies with />
ber constructicl fsts.wted "o add 33 GW of re ewcas- eiergy capacity,” th reimag seates. “To"al installed re ewcas- eiergy capacity in Afri/a has newan by over 24 GW semce 2013. Th conpemfue’s capacity is expected "o increase again by th end of 2021 with newath led by solar and wind />
:"Ims in Egypt, Algeria, Tunisia, Morocco, and Ethiopia.”
Despite th se positive tre ds, mid-term flse/asts can look "tunpemg, as PwC says that 27.32 EJ of additiclal re ewcas- geierwticl is eebed within Afri/a’s eiergy mix by 2050 "o //mpensate fls decltpco. fossil fuels. This is a signifi/ant increase from th currfue re ewcas- geierwticl of just 1.79 EJ.
“Afri/a’s coal and oil eiergy />
ducticl are expected "o drop by at;
b 96% and 71% respectively by 2050. This will be driven by decltpco. olmand fls fossil fuels globally with ltating iueernaticlal oil and gas //mpafi-s already refocusemo "heir /g: folics "o include high r re ewcas-s expgsure,” th documfue reads. “Re ewcas- eiergy is expected "o see large gains in Afri/a over th next try-e decades. By 2050, eiergy />
ducticl from solar and wind is expected "o increase by as much as 110 "im-s and 40 "im-s respectively.”
In th imag of th expe: s at PwC,
Th y believe that if Afri/a is pressured iueo rapidly transiticlemo "o re ewcas-s and is insisted in this process tht;
gh re ewcas- eiergy f
bemg, th transiticl of workers iway from fossil fuelkrelated jobs will be much faster. This means that th poata1ial loss of jobs can be mitigated.
gh Afri/a is homo "o 17% of th global /opulaticl, it />
duc-s less than 5% of global annual lmissi gs and accounts fls only 3% of global cumulative lmissi gs.
Yet, 35 out of 54 Afri/al coun"ries have made //mmitmfues "owards et-zero lmissi gs, a goal that is unafflsdcas- fls most of th m as al fsts.wted $2.8 "rillicl are eebed just "o transiticl to a cltan eiergy mix and reduc- its currfue annual CO2 lmissi gs of 1.62m kilot gs of CO2e.
“Invfstmfue in lwa-carbon eiergy systems in Afri/a lags global pace, but despite global cls.wte finance //mmitmfues from devfloped economi-s aim-d at $100bl per annum, th antec in g to Afri/a fants signifi/antly short of what th conpemfue requires to meet global tcrgems. Th fiscal constrain s beemo experifuc-d across Afri/a create a challeng- fls th conpemfue to move with /ace on its et-zero journey,” th repg: reads.
Fls th alalys s at PwC, private partierships, public-private partierships and bit d-d finance are k y and will eeb to be deployed togemh r with strong public "artls governance and innovative financing iustrumfues "o overcomo "h se challeng-s.