Africa’s unstable regulatory framework is hindering investment in the continent’s renewable energy sector.
Speaking during the Accelerated Partnership for Renewables in Africa summit in Nairobi, Kenya, Joao Cunha said various factors hinder investment in this sector.
Cunha is the division manager for renewable and sustainable energy at the African Development Bank.
“In some jurisdictions the tariffs are heavily regulated, while in others, policy frameworks are unstable,” he said.
Cuhna said the lack of projects which are ready to commence is another factor slowing down investment.
“Most of the projects have gaps in terms of technical feasibility,” he said.
He said there is, however, still huge opportunity in Africa with massive infrastructure gaps and abundant natural resources.
During the summit’s opening ceremony on Monday, the director general of the International Renewable Energy Agency, Francesco la Camera, said Africa would need US$1,3 trillion to transition to renewable energy.
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