West Africa has abundant renewable energy resources – including solar, wind and hydropower – that could be leveraged for economic development. Improving cross-border energy trade and interconnections could help increase access to reliable and affordable power for people and businesses in the region. The development of renewable energy projects in West Africa could also attract foreign investment, create jobs and support the growth of local industries.
To this end, the IRENA Coalition for Action’s Business and Investors Group have identified seven key recommendations and subsequent action points on how best to further scale up renewable energy investments in West Africa. These comprehensive recommendations and action points underscore the importance of synchronising power generation with infrastructure development, and integrating decentralised renewable energy and clean cooking solutions into national strategies.
The brief also details the need for a clear and rigorously enforced regulatory framework, the establishment of financial guarantee schemes to reduce the cost of capital, and the bolstering of public institutions, policymaker expertise, and technical capabilities to enhance the local workforce and create an equitable and just energy transition.