The business case for renewable energy is undeniable. Solar and wind power have not only proven to be more cost-effective than traditional fossil fuels, but they are also emerging as the most reliable energy sources worldwide. Countries like South Africa, Brazil, Egypt, and the Philippines have recognised the potential of renewables, making significant strides in embracing these clean energy solutions.
Advances in energy storage and hybrid solutions have allowed renewables to serve as stable, baseload power, a milestone that positions them as a central player in the future of global energy. Dispatchable renewable energy is now capable of providing consistent, reliable electricity, marking a revolutionary step forward for the green energy transition.
The Renewable Energy surge
In 2023, the world took a giant leap toward a more sustainable future by adding 510 GW of solar and wind capacity—a remarkable 50% increase from the previous year. By 2024, global investments in renewable energy are set to double those in fossil fuels. However, while this growth is impressive, it remains concentrated in regions like China, the European Union, and the United States. Only 15% of global renewable investments are directed toward emerging and developing economies—areas where the need for clean, affordable energy is most urgent.
Tapping into Africa’s solar potential
Africa represents a region of immense opportunity. The continent holds 40% of the world’s solar energy potential but attracts just 2% of global renewable investments. This is even though 600 million people in Africa still lack access to electricity, and energy demand is surging due to its rapidly growing population.
Bridging this gap requires a concerted effort to drive renewable energy adoption, foster innovation, build strong partnerships, and support the development of infrastructure. Only by overcoming financial, infrastructural, and political barriers can we fully harness the power of renewables.
Pioneering projects: The Kenhardt solar project
One standout example of what’s possible when renewables are prioritised is the Kenhardt project in South Africa. This massive solar and battery facility is the largest of its kind across Africa, Europe, and South America. The site, spanning the size of 1,600 football fields and requiring 9,000 km of cabling, was the only fully renewable energy bid in a technology-agnostic public tender. Amid South Africa’s ongoing electricity crisis, Kenhardt outperformed fossil fuel alternatives and is already providing stable electricity to South Africans today.
Kenhardt represents a shift toward a more competitive and reliable renewable energy landscape, demonstrating that large-scale renewable projects are not just possible but also practical and profitable.
Unlocking untapped potential
Investing in renewable energy is about more than just saving the planet. It’s about providing millions of people with access to clean, affordable energy, creating jobs, fostering economic growth, and ensuring no country is left behind in the race to a green future. It’s an investment and not a cost. Governments, businesses, and financial institutions must collaborate to break down barriers and bring renewable energy to the forefront.
