African countries, notably, are racing for renewable energy solutions at different scales. Still, the investment opportunities in the continent are promising. Africa’s average annual investments in renewable energy grew tenfold over the past two decades to settle at $5 billion in 2010-2020 up from less than $ 500 million in the 2000-2009 period. Central and Southern African countries have prominent abundant mineral resources such as nickel and cobalt that are essential to produce electric batteries, wind turbines, and other low-carbon technologies. With African countries aspiring to develop their renewable energy assets, the continent is providing investment opportunities for the benefit of mostly foreign capital and consultancy.
Morocco, for instance, is expected to provide the world’s third-cheapest green hydrogen in 2050. Egypt, South Africa, and Kenya have also worked on developing their renewable energy assets, making them Africa’s forerunners for green hydrogen. The lately famous energy solution relies on renewable energy to produce carbon-free hydrogen from water through a process called electrolysis. The three countries along with Morocco, Namibia, and Mauritania founded last month the Africa Green Hydrogen Alliance to increase green installed capacity and reduce the cost of electrolyzes. This goal is not limited to Africa since it has been taken more and more seriously after the current energy crisis and Europe’s plans to cut energy reliance on Russia.