Which country boasts the world’s fastest growing clean energy investment? Germany? No. United States? Think again.
Jumping from a few hundred million dollars to $5.7 billion, South Africa recorded last year the world’s highest growth in renewable energy investment, according to the U.N. Environment Program (UNEP).
The spectacular surge, led largely by investments in solar power projects, comes as South Africa moves to reduce its dependency on coal, which accounts for around 86% of its energy. To achieve that, the country has set the ambitious target of generating 18 gigawatts (GW) of clean energy by 2030.
As a result, a series of investments have trickled into the country, including Google’s first foray into Africa’s solar power market. The internet giant, which has spent more than $1 billion in renewable energy projects in the United States and Europe in recent years, announced in late May its decision to back the Jasper Power Project
“We only pursue investments that we believe make financial sense,” said Rick Needham, Google’s director of energy and sustainability. “South Africa’s strong resources and supportive policies for renewable energy make it an attractive place to invest.”
Abundance of sun
Once completed, Jasper is expected to be one of the biggest solar installations in the continent, capable of generating enough power for some 30,000 homes.
It’s no secret that Africa has plentiful sunshine, with many parts of the continent enjoying daily solar radiation of between 4 kWh and 6 kWh per square meter. But it’s no secret, either, that Africa has the world’s lowest electricity access rates, with more than half of its countries experiencing daily — and costly — power outages.hotovoltaic (PV) plant in Northern Cape, with a $12 million investment
