A high view of heliostats at the Khi Solar One solar energy generation plant in the desert near … [+]
In Africa, we are already seeing the devastating effects of climate change, even though the continent produces less than 4% of the world’s carbon emissions. Temperatures on the continent have risen faster than the global average, resulting in tropical storms in Madagascar and Mozambique, flooding in South Africa, and one of the worst droughts ever seen in the Horn of Africa. According to the Mo Ibrahim Foundation, 40 million people in Africa could be pushed into extreme poverty by 2030 due to the ripple effects of climate change. We need to act now to prevent further damage and suffering.
According to EY, 92 percent of oil and gas firms plan on investing in AI or will do so in the next two years. This is a massive shift in the way that these companies operate, and it will have a significant impact on the climate. The African population’s access to affordable energy is the most pressing and immediate priority. The need for energy services throughout Africa will proliferate; making sure it remains affordable is urgent. Achieving universal access to affordable electricity by 2030, as shown in the Sustainable Africa Scenario, requires adding 90 million people to the power grid each year–triple the rate of recent years. In fact, According to the International Energy Agency, global renewable energy capacity broke a new record in 2021 with the addition of 295 gigawatts of power and is expected to reach 320 gigawatts in 2022.
As a result, we are seeing the beginnings of a green energy revolution taking place across Africa. During the FIN International Trade and Investment Forum, a sideline event at the United Nations General Assembly, UNGA, New York, organized by the Foreign Investment Network, which brought together leaders from business, government, and civil society to discuss how to accelerate economic growth and development through improved access to energy, Former President of Nigeria Olusegun Obasanjo stressed all efforts and energy channeled towards the development of Africa economically and socially will not materialize without creating a special environment for investment to come into the continent for power generation, power distribution and robust power transmission.
Former President of Nigeria Olusegun Obasanjo speaking at FIN International Trade and Investment … [+]
President Obasanjo stated, “I will challenge this forum to really work out what should be the factors that our leaders should consider, what should be the factors that Africans in the private sector will consider, and what will be the factors that foreign investors will need and consider to be able to power Africa in terms of our development economically and socially.” In other words, we need to develop a comprehensive plan that considers all stakeholders’ needs if we want to see real progress. Dr. Okonjo-Iweala echoed this sentiment. She said it was significant that the continent’s green statistics on energy access were mentioned because the International Energy Agency has predicted a $28 billion annual investment gap for energy in Africa up to 2030.”
Following President Obajsanjo, Director General of the World Trade Organization, Dr. Ngozi Okonjo-Iweala who also spoke at the event, said that Africa could not industrialize or have a solid continental manufacturing base without energy, “At the same time, the world is being buffeted by numerous manmade and natural exogenous shocks that are difficult for policymakers to manage. These shocks hit a continent struggling to manage simultaneous health, debt, and energy crises with limited fiscal space. But we must not lose sight of the opportunities of this crisis. Africa is abundantly endowed with energy resources from gas to renewables, all waiting for investment. High global energy prices make new gas investments more evident, especially as a transition mechanism of will. Even as we strive towards renewables, let us focus on mutually beneficial energy investments for Africa and the world by taking up the opportunities to harness the continent’s gas and renewable energy resources.”
The importance of sustainable and renewable energy for Africa’s future was echoed by the Chairman of the Board of Directors for NNPC Limited, Senator Margery Chuba Okadigbo. Okadigbo said that in response to a UN query, the number of people living on the African continent will be two billion by 2050. In addition, two out of five world children will be born there. According to Okadibgo, “Meeting their needs with sustainable sources of modern energy – for consumption and production – will be essential to social welfare and economic development.”
While there is still much work to be done in electrifying Africa, the forum provided several key insights and actionable items that can help move the needle forward.
With the world’s climate summit just around the corner, some major news and announcements have been made regarding renewable energy. The African Development Bank has announced that European and US donors will provide $20 million in concessional loans to support pay-as-you-go solar companies in sub-Saharan Africa. This is a huge commitment that will help accelerate the transition to renewable energy in 15 developing countries across the world, where there is abundant potential for solar, wind, and other renewable energy capacities. In addition, Bloomberg Philanthropies has announced that it is expanding its global clean energy transition program to 15 more developing countries. This is all to make a difference at the upcoming climate summit and help countries switch to renewable energy. These are all very positive steps in the right direction, and it will be interesting to see what else comes out of the climate summit.
Artificial Intelligence (AI) will play a significant role in the future of energy. Digital technologies assist in reducing global warming and attaining SDG goals. AI might help improve energy efficiency and encourage the adoption of low-emission technologies, such as decentralized renewable energy.
Following the world leaders, a CEO in New York, Chetan Dube, CEO, and Chairman of Amelia, a leading Enterprise Conversational AI software company with a long history of innovation in automation and Conversational A powering future of work. Headquartered in New York City with offices in 15 countries, Amelia’s roster of client success stories speaks for itself: Our technology impacts more than 200 of the world’s leading brands, including global leaders in banking, insurance, telecommunications, and other industries.
Chetan Dube, President and CEO, Amelia speaking at FIN International Trade and Investment Forum … [+]
He took the stage to discuss the role of Artificial Intelligence (AI) in empowering Africa. He emphasized that the African people will power Africa’s future. “The people of Africa have always been the source of the continent’s strength. The African people will continue to be the source of the continent’s strength,” he said. The human-centric approach to AI that Amelia is taking will help to ensure that technology is used to empower people, not replace them. Dube inspired the audience with stories of how Amelia is already making a difference in the lives of millions of people by augmenting tasks such as customer service, claims processing, healthcare innovation, and various other use cases.
Moving forward, Africa needs to focus on five key areas: climate change, energy access, digital talent, digital transformation, and AI.
This recent event in New York focused on the importance of a smart renewable energy. It also started a conversation about the role of digital transformation technologies in Africa’s energy transition. Artificial intelligence has the potential to transform the energy sector, but it is still in its early stages of development. By 2030, AI could have a $13 trillion impact on the global economy, with Africa expected to be one of the biggest beneficiaries. To realize the full potential of AI, however, Africa must make the necessary investments and put in place the right policies. The energy transition offers a unique opportunity for Africa to build a more sustainable future. Still, the continent must take ownership of the process and commit to a long-term vision.