Kenyan President William Ruto during his attendance at the Korea-Africa summit has raised concerns about the insufficient funding for Africa’s renewable energy development. He noted that while 2023 witnessed the largest increase in global renewable energy capacity, with an addition of 500 gigawatts and $600 billion in new investments, Africa contributed only 3 gigawatts to this total.
Notably, Kenya’s renewable energy capacity is growing significantly. Recent data indicates that approximately 93% of Kenya’s power grid is sourced from renewable energy. This includes a mix of geothermal, hydroelectric, wind, and solar power.
Specifically, Kenya has established itself as a leader in geothermal energy in Africa, with a capacity exceeding 800 MW. Hydroelectric power, generated from several plants, also contributes substantially to the national grid. The Lake Turkana Wind Power project, one of the largest wind farms in Africa, has a capacity of 310 MW. Solar power is expanding as well, with several large-scale solar farms and numerous smaller installations across the country.
Kenya’s renewable energy strategy aims to significantly increase its capacity, targeting 100 GW by 2040. “It is encouraging that 2023 recorded the largest increase in renewable energy capacity, adding about 500 gigawatts globally and new investments worth $600 billion. Unfortunately, Africa could only manage 3 gigawatts of this increase. Yet our continent offers huge opportunities in clean energy for investors from the Global North for win-win outcomes,” stated President Ruto.
President Ruto emphasized that Africa has the highest untapped renewable energy potential globally but accounts for just 1.6% of the world’s total renewable energy capacity. He highlighted the significant opportunities for investors from the Global North in Africa’s clean energy sector, which would benefit both parties.
The Nairobi Declaration, endorsed by African leaders, aims to increase the continent’s green power generation from 56 GW in 2022 to at least 300 GW by 2030.
President Ruto made these remarks at the High-Level Business Segment on Climate Change Response and Transition to Carbon-Free Energy in Seoul, South Korea. He attributed recent floods in Kenya and globally to climate change and called for collaborative efforts to mitigate its effects.
He noted that Kenya’s power grid is 93% green and urged Korean investors to support Kenya’s goal of expanding its grid from 3 GW to 100 GW by 2040, given the country’s abundant renewable energy resources.
Additionally, he mentioned Africa’s launch of the Africa Green Industrialisation Initiative at COP28 to promote clean energy manufacturing and emphasized the potential to mobilize $1 trillion from public and private finance by 2030 to harness economic opportunities in the global energy transition.
