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The report says that to achieve universal electricity access for the nearly 1.3 billion Africans, some 600 million of whom are off the grid, an annual investment of between $32 billion and $40 billion should be pumped into the energy value chain.听

The study, done under the auspices of the Bank鈥檚 New Deal on Energy for Africa, exposes a financing gap that stands between $17 billion and $25 billion, with the continent鈥檚 large economies like Egypt, Nigeria and South Africa accounting for some 33 per cent of this deficit.听

Africa鈥檚 most sophisticated economy, South Africa, is grappling with the worst energy crisis in years. Outages experienced by South Africa cost the continent 2 per cent to 4 per cent of its gross domestic product annually, according to the findings of the AfDB study.听

The study听听also reveals that between 2019 and 2020, some $15 billion, equivalent to 26 per cent of total climate finance, was channeled into Africa鈥檚 energy sector.听

The report shows that Africa鈥檚 energy investment needs are immense. The UN says that while a greater share of the global population gained access to electricity in the last decade, the number of people without electricity in Sub-Saharan Africa increased.听

According to the Sustainable Development Goal 7 tracking report, Africa is unlikely to meet the SDG7 targets. To achieve its energy and climate goals, Africa needs $190 billion of investment a year between 2026 and 2030, with two-thirds of this going to clean energy, the听听(IEA) said.听

The World Bank, IEA and other partners have called on developed economies to provide more support to develop the energy and renewables sector in developing economies, including Africa.

In July, to chart the continent鈥檚 comprehensive short-, medium- and long-term energy development strategy, the African Union (AU) Executive Council, meeting in Lusaka, Zambia, adopted the African Common Position on Energy Access and Just Transition.

鈥淭his is an important and major step towards ensuring and confirming Africa鈥檚 right for a differentiated path towards the goal of universal access to energy, ensuring energy security for our continent and strengthening its resilience, while at the same time acting responsibly towards our planet by improving the energy mix,鈥� AU Commissioner for Infrastructure and Energy Dr. Amani Abou-Zeid was quoted saying by Ghana News Agency (GNA).听

She made the remarks on the sidelines of the AU mid-year coordination meeting of the 41^st听Ordinary Session of the Executive Council:

鈥淚 urge stakeholders and potential public and private investors to accept and back Africa鈥檚 Common Position for Energy Access and Just Transition and support the African Union鈥檚 various energy security initiatives. They are needed to develop technical and financial instruments and packages to fast-track Africa鈥檚 right to universal access to affordable and reliable electricity,鈥� added Dr Abou-Zeid.听

The principle behind the strategy is to ensure the acceleration of universal access to energy and transition, without damaging development initiatives.听听听

Undeniably, reliable and stable energy is critical for Africa鈥檚 economic development and growth. 鈥淭o meet the demands of its growing and urbanizing population, Africa must have a cost-effective, reliable and stable supply of energy,鈥� said Vincent Obisie-Orlu, a natural resource governance researcher at the Africa Policy Research Institute.听听

鈥淭he continent's energy needs require the deployment of different sources听鈥斕齛 diverse mix of geothermal, nuclear, wind, hydro, solar and natural gas. Doing so ensures that the power grids of African countries are resilient to shocks.鈥�