Call to prioritise renewable energy

Climate change has been a menace the world over, with 88 percent of Africans already affected in their everyday life in many aspects and calling for renewable energy to be prioritised, a recent survey shows.

The European Investment Bank’s (EIB) 2022 Climate Survey shows that 61 percent of the respondents believe that climate change and environmental damage have affected their income or source of livelihood due to severe drought, rising sea levels or coastal erosion, or extreme weather events such as floods or hurricanes.

The EIB is the lending arm of the European Union (EU) and the world’s largest multilateral lender for climate action projects.

Since 2018, the EIB has conducted similar large-scale climate surveys across Europe, China and the United States.

The results of the survey come at a critical moment for Africa, after COP 27, where the mobilisation of resources for the mitigation of global warming and the adaptation to its effects were at the heart of the debates with the decisive agreement reached on a new “loss and damage” fund for vulnerable countries hard hit by climatic disasters.

Renewable energy should be a priority ahead of fossil energy according to 76 percent of the respondents of the survey.

“A great majority of respondents in the countries polled in Africa are alerting us that climate change is already impacting their families and sources of income,” said EIB vice-president Ambroise Fayolle.

“The results of the EIB 2022 Climate Survey also show that developing renewable energy is seen as an important priority by most of the respondents.

“At the EIB we have been supporting clean energy investments in Africa, such as wind power, hydropower and off-grid solutions, for many years.

“We stand ready to use our full range of advisory and financial instruments to support our partners on the ground to mitigate climate change, adapt to its already palpable, negative effects and ensure a just transition,” said Fayolle.

Africa is the part of the world most affected by climate change, although it contributes least to the problem.

The continent faces an increased threat from extreme weather events and chronic climate change, which influence agricultural yields, food and water security, ecosystems, livelihoods, health, infrastructure and migration.

In 2019, Zimbabwe together with Mozambique and Malawi were affected by Cyclone Idai which claimed 1300 lives and an estimated US$773 million worth of infrastructure damage.

Housing, agriculture, transport and energy infrastructure were severely damaged in the Eastern Highlands of Zimbabwe resulting in supply chain disruptions.

World Bank estimated US$1,1 billion would be required to restore damaged infrastructure and livelihoods.

By damaging vital resources and increasing competition for natural resources, climate change is likely to increase poverty, inequality and unemployment.

But EIB says its investments contribute to the building of the infrastructure that helps mitigate climate change and allows Africans to adapt to its unavoidable impact on their lives.

EIB has a long-established presence on the region and provides support for numerous initiatives and projects, including in the areas of environmental protection and climate change, the digital economy and telecommunications, sustainable agriculture and food security, clean water and sanitation, clean and affordable energy, sustainable infrastructure, sustainable industrial development, urban development, education, and lending for sustainable projects carried out by small and medium-sized enterprises and large corporations.

“The EIB has been a strong partner of African countries for more than 55 years. Through our new development arm, EIB Global, we are strengthening our presence in Africa and are supporting climate and environmental action projects.

“EIB financing includes providing access to clean and modern energy for hundreds of millions of people in Africa.

“For example, we are supporting clean water in Senegal, Côte d’Ivoire and Niger, flood protection in Burkina Faso, solar energy in Zambia, wind power and geothermal projects in Kenya, hydropower in Liberia Ghana and Madagascar, and off-grid solutions in Benin that will improve access to energy for households and micro-entrepreneurs,” said EIB.-ebusinessweekly