Why it’s so hard to invest in clean energy in Africa

Zero: The Climate Race

Bloomberg

Technology, Business, Science

4.7 • 219 Ratings

🗓️ 22 November 2022

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

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Summary

COP27 ended with a historic agreement on loss and damage, but other major challenges remain — including the gap that has long existed between energy needs in Africa and the funding that the continent receives. As the “Africa COP” comes to an end, Akshat speaks with two experts about the continent’s unique financing challenges: Rebekah Shirley, director of research, data and innovation at the World Resources Institute Africa, explains the “chicken and egg problem,” and IFC Managing Director Makthar Diop, who talks about the institution's strategy for reaching $60B in funding by 2025. We’re also joined by Bloomberg News editors Siobhan Wagner and Will Kennedy to discuss what happened on the sidelines of COP27.

Read a transcript of this episode, here.

Zero is a production of Bloomberg Green. Our producer is Oscar Boyd and our senior producer is Christine Driscoll. Special thanks to Kira Bindrim and Stacey Wong. Thoughts or suggestions? Email us at [email protected]. For more coverage of climate change and solutions, visit https://www.bloomberg.com/green

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Transcript

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0:00.0	Welcome to Zero. I'm Akshadrati from Sharmaul Sheikh Egypt.
0:13.3	We are at crunch time in the negotiation.
0:17.0	We fought hard.
0:18.1	We've had a series of very challenging conversations.
0:20.9	And we moved the world on funding for loss and damage.
0:25.3	We have finally responded to the call of hundreds of millions of people across the world.
0:34.0	However, a clear commitment to phase out all fossil fuels not in this text and the energy
0:39.9	text weakened in the final minutes.
0:43.0	The developed countries have implicitly stated that the lives of our peoples are negotiable.
0:50.3	They are not.
0:53.0	The last few days of COP have been They are not.
0:59.0	The last few days of COP have been chaos. Graffs were floated back and forth, adding to delays,
1:02.0	protesters camped outside negotiation halls demanding progress,
1:06.0	and the United Nations Secretary General Antonio Gutieres
1:10.0	made a last-minute intervention
1:12.6	to try and bring nations together on an agreement.
1:16.6	And there was an agreement, reached at 5 AM on Sunday, November 20th.
1:22.6	COP 27 was supposed to be the implementation COP, the African COP. And for our final episode of Zero from Egypt,
1:29.6	we'll be hearing from two people working to finance
1:32.2	the clean energy transition in Africa.
1:34.8	Rebecca Shirley, Director of Research, Data and Innovation
1:38.0	at the World Resources Institute,
	...

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