The world is not on track to meet the 2030 global energy targets, set as part of the Sustainable Development Goals, but real progress is being made in certain areas – particularly expansion of access to electricity in developing countries, especially Nigeria and ensuring renewable energy penetration.
Based on current policies, the renewable share is expected to reach just 21 per cent by 2030, with modern renewables growing to 15 per cent, falling short of the substantial increase demanded by the SDG7 target. Consequently, 50 per cent of the electrical energy consumed in the country is produced off-grid by diesel and gasoline generators of all shapes and sizes and there is unmet demand amongst the rural populace. These energy gaps can be reduced with renewable energy resources potential such as solar, wind, biomass and hydropower energy.
The fund, Electrification Financing Initiative, would be granted to Renewable Energy firms that meet some set criteria, including the viability of ideas, with the ultimate aim of growing strategic moves to close Nigeria’s energy gap.
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