Clean energy investment plummets as charity calls for interventions
Arusha. Investments in clean energy projects in Africa have significantly plummeted due to coronavirus pandemic.
A London-based international charity is now calling for innovative ways to rebound the flow of funds from the investors.
"It is more important than ever that we find, fund and replicate effective climate solutions to energy" said Ms Harrieth Lamb, the CEO of Ashen, an organization dealing with sustainable energy.
She said Covid-19, now ravaging the world, have caught many green energy enterprises and organizations in Africa on the wrong footing.
"They now face reduced demand or investment because of the pandemic. But innovators can't flourish alone.
"They need commitment from policy makers and investors", she said last week when announcing finalists for this year's Ashden Awards.
Winners of the awards - 22 enterprises are finalists for 2020 - receive a cash prize and are connected to investors in climate and energy sectors.
Ms Lamb said despite the ravaging coronavirus, climate change also remains another global crisis needing attention.
She argued for an equally strong action to mitigate climate change effects during this time of Covid-19 crisis.
"While fighting coronavirus is rightly the world's priority, the climate crisis continues", said the Ashden CEO.
She cited the global fossil fuel emissions blamed for global warming which, according to her, rose by 0.6 per cent last year.
To compound the situation, almost one billion people globally - including 600 million in Africa - have little or no access to electricity.
The Award winners will receive cash prize, development support and chance to connect with investors in climate sector
Four energy firms from Africa - two from East Africa - are among the 22 finalists for the 2020 Ashden Awards which targets innovators in the climate change drive.
Those from East Africa are New Energy Nexus Uganda and Rwanda Utilities Regulatory Authority (Rura). Others are from Egypt and Cameroon.
