ABSTRACT
There is a pressing need for Africa to gain access to affordable and renewable energy for its sustainable development. The authors argue that the next phase of development in Africa requires renewable energy technologies for infrastructure development and a comprehensive policy for responsible financing and investment in enabling technologies for low carbon intensity in power generation. Such a policy can help mitigate the emerging risks of climate change and harness opportunities to augment environmental sustainability by stimulating financing and investing in large-scale sustainable energy infrastructures with technology transfers. A holistic array of financing options illustrate that the evolving low carbon energy future hinges on such sustainable financing strategies. Through case studies, the roles of regional development financial institutions, multinational corporations, venture capital funds and micro finance institutions in scaling renewable energy capacities for sustainability in Africa are articulated. The participation of private funding is considered increasingly complementary in allocating substantial resources into technological innovation of renewable energy for a sustainable future in Africa.
