• Sub-Saharan Africa got just 2.3% of global renewable energy investment in 2024

• Region needs $129B to meet 2035 targets; 61% depends on external support

• High costs, weak utilities, and limited infrastructure hinder energy transition progress

Sub-Saharan Africa (SSA) received only 2.3% of global renewable energy investment in 2024, underscoring the wide gap between available finance and the urgent needs of a region where 590 million people still lack access to electricity.

Renewable energy investment in SSA reached $18 billion in 2024, compared with an annual average of $14 billion between 2022 and 2023, according to the Global Landscape of Energy Transition Finance 2025 report released by the International Renewable Energy Agency (IRENA) in November.

Despite the region’s vast resource potential and growing demand for electricity, investment remains far below required levels. IRENA says progress is held back by high financing costs, limited transmission and distribution infrastructure, and the financial weakness of many state-owned utilities.

The report also notes a sharp contrast between slow investment and the region’s ambitious targets. Based on their Nationally Determined Contributions (NDCs), SSA countries aim to add at least 120 gigawatts (GW) of renewable capacity by 2035. Around 61% of this goal depends on external financing, technology transfer and skills development. The technology component alone is expected to require $129 billion, of which $77 billion is projected to come from international partners.

Globally, renewable energy investment reached $807 billion in 2024, a 22% increase over the 2022–2023 annual average. Even with this momentum, IRENA warns that current levels remain insufficient to meet the target of tripling global renewable capacity by 2030. Solar photovoltaic (PV) is the only technology whose investment volume is approaching what is needed under the 1.5°C climate scenario, supported by falling costs and strong policy backing worldwide.

With COP30 taking place in Brazil, IRENA says Sub-Saharan African countries will need to speak with a more unified voice to safeguard their interests and secure the long-term financing required to meet their energy goals.

Abdoullah Diop