The New Deal on Energy for Africa
What does the New Deal aim to achieve?
To reach the goal of providing energy access to over 645 million people and sufficiently power business, Africa must achieve four targets:
• Increase on-grid generation to add 160 GW of new capacity by 2025
• Increase on-grid transmission and grid connections that will create 130 million new connections by 2025, 160 per cent more than today
• Increase off-grid generation to add 75 million connections by 2025, 20 times what we have today
• Increase access to clean cooking energy for around 130 million households.
The New Deal is built on five inter-related and mutually reinforcing principles.
1. Raising aspirations to solve Africa’s energy challenges;
2. Establishing a Transformative Partnership on Energy for Africa;
3. Mobilizing domestic and international capital for innovative financing in Africa’s Energy sector;
4. Supporting African countries in strengthening energy policy, regulation and sector governance; and
5. Increasing the African Development Bank’s investments in energy and climate financing.