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Clean energy projects are booming everywhere. Except in poor nations.

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on The New York Times or enjoy below

🗞️ Driving the news: For the first time, solar investments globally have surpassed oil, but only 2% targets Africa
• Consequently, nearly a billion remain without electricity as global lenders label African nations as high-risk, restricting critical renewable energy funding

🔭 The context: While solar power offers an avenue for sustainable growth and reduced carbon emissions, Africa's untapped potential remains a concern
• Most African nations argue that renewable energy projects could stabilize their economies and reduce risks that investors currently fear

🌎 Why it matters for the planet: If the current trajectory persists, by mid-century, the least-developed countries might account for over 75% of global carbon dioxide emissions due to their rapidly growing populations and economies

⏭️ What's next: The inaugural Africa Climate Summit in Nairobi seeks to persuade global financiers, including the IMF, about the potential of African renewables. While companies like Nuru set the standard, their high interest rates underscore the urgency for improved financing avenues

💬 One quote: “Investors are human beings too. Once you come here and see the hunger for energy, you can finally look past the risks and see what a transformative investment this will be” (Archip Lobo, founder of Nuru)

📈 One stat: Over 70 million of Congo’s 100 million populace can't afford or access electricity

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