The European Union has unveiled a $638-million (545-million euro) package to scale up renewables investment in Africa.
The funds will support electrification, modernize power grids and improve access to renewables, the European Commission said in a statement.
Investments include $420 million for a high-voltage power line in Côte d’Ivoire to boost regional energy distribution, $69 million for rural electrification in Cameroon and $53 million to increase access to affordable renewable energy in Somalia.
Although the continent’s renewable energy potential is tremendous, nearly 600 million people still live without access to electricity, according to the statement. Renewables investment is expected to create up to 38 million green jobs by 2030, the commission said.
Lua writes for Bloomberg.
