Mauritius Aims to Power Africa's Clean Energy Growth

October 24, 2024 • Estimated Reading Time: 2 minutes

Key Figures & Findings: Mauritius is making strides in supporting Africa's clean energy transition by positioning itself as a reliable International Financial Centre (IFC) to attract private capital for energy projects. With Africa needing $200 billion per year by 2030 to close the energy gap, the African Development Bank (AfDB) and the International Energy Agency (IEA) stress that two-thirds of this funding must focus on clean energy projects. Oumila Sibartie of Lineage Investment Services emphasized that Mauritius’s robust legal framework provides a platform for investors to finance sustainable energy solutions across the continent.

Statistics & Insights: Africa holds 80% of the world’s platinum reserves, 50% of cobalt reserves, and other key resources for clean energy technologies. The cost of financing projects in Africa is two to three times higher than in Europe or North America, creating barriers to growth.

Future Implications: Mauritius aims to attract more investment through its financial ecosystem, facilitating the capital needed to support Africa’s clean energy goals by 2030. This could help unlock Africa's potential as a leader in clean energy industrial value chains.