As part of the agreement, Africa50 has pledged up to USD 100 million to fund and co-finance renewables-based energy transition projects and infrastructure across Africa through IRENA’s Energy Transition Accelerator Financing (ETAF) platform, reinforcing efforts towards sustainable development and climate action across the continent.

The agreement was signed today on the margins of the OPEC Fund Development Forum in Vienna by Mr. Francesco La Camera, IRENA director-general, and Mr. Alain Ebobissé, Africa50 CEO.

“For the first time in a decade, the most recent data show that the number of people without access to electricity has increased significantly,” said Mr. La Camera. “With Sub-Saharan Africa representing the majority of those impacted, we must be diligent and committed to urgently addressing this growing issue. Renewables represent the most effective, climate-safe solution available, and this partnership with Africa50 will be pivotal in strengthening the ETAF Platform’s impact across Africa.”

Mr. Alain Ebobissé, CEO of Africa50 said,

“The continent must focus on the dual goals of reducing emissions and accelerating economic development. Investing in and developing transformational renewable infrastructure is a critical step to achieving net-zero. The IRENA ETAF platform will be an important launchpad to scaling and accelerating our investments into renewable projects that will ultimately reduce the negative impact of climate change on our people and help build a more sustainable future”.

The ETAF platform, established in 2021 with support from the United Arab Emirates, aims to scale up renewable energy projects that contribute to Nationally Determined Contributions (NDCs) in developing countries, while also bringing benefits to communities through enhanced energy access and security, and promoting economic growth and diversification.

With Africa50 now on board, the ETAF Platform has grown to include 14 partners, pledging a total of 4.15 billion USD, highlighting its role as one of the most inclusive financing platforms for a renewables-based energy transition.

The partnership leverages IRENA’s global membership to attract project proposals through the ETAF Platform and Africa50’s expertise in project development and equity financing.

Later this year, on September 1st, 2024, IRENA will co-host the Accelerated Partnership for Renewables in Africa (APRA) Investment Forum with the Kenyan government to connect projects developers with potential financiers through a curated matchmaking program, as well as projects coming from APRA partners and other international organizations in support of APRA development goals.

The company anticipates increased investment in renewable energy solutions, energy-efficient network technologies, and the adoption of sustainable practices to minimise the environmental impact of telecom operations.

According to a report by the International Renewable Energy Agency (IRENA), the telecom industry could save up to $1.3 trillion in energy costs by transitioning to renewable energy sources by 2030.

As the company prepares for 2024, it envisions a trend towards increased collaboration within the telecoms and infrastructure ecosystem.

It expects to see more strategic partnerships and alliances among telecom operators, technology providers, and governments to accelerate the development and deployment of advanced technologies.

These collaborations aim to create synergies that will drive innovation and address the evolving needs of end-users.

According to Matone Ditlhake, CEO Corridor Africa is committed to staying at the forefront of industry trends and driving innovation to meet the evolving needs of its clients.

“We predict an accelerated global expansion of 5G networks, with a particular focus on Africa. We foresee an increased investment in 5G infrastructure, enabling faster and more reliable connectivity across urban and rural areas.”

He says this expansion is expected to catalyse the development of smart cities and IoT applications, fostering a new era of connectivity and efficiency.

With the proliferation of connected devices and the growing demand for low-latency applications, Corridor Africa Technologies anticipates a significant rise in edge computing deployments.

Edge computing is poised to become a critical component of telecoms infrastructure, enabling faster data processing and enhancing the performance of applications such as augmented reality, virtual reality, and autonomous vehicles.

As the telecoms industry continues to grapple with issues related to security, Corridor Africa Technologies predicts a surge in the adoption of blockchain technology. Blockchain is expected to play a pivotal role in securing communication networks, preventing fraud, and ensuring the integrity of data transmission.

The company foresees blockchain solutions being integrated into various aspects of telecom operations, including billing, identity verification, and network security.

“Through ongoing research and development, the company remains poised to be a driving force in shaping the future of telecommunications and infrastructure in Africa and beyond,” he concludes.