5 Role of Law in the Energy Transitions in Africa …
165
5.4 Contemporary Approaches
to Actualizing Rapid Renewable Energy
Development from Legal
and Governance Perspectives
RE development is critical to achieving rapid electrification and sustainable electricity supply as well as the transition to a low-carbon economy.
Nigeria, being a signatory to the Paris Agreement, is expected to strategically contribute to actualizing a global net-zero carbon economy.
111
However, despite Nigeria’s RE policies, plans and targets, little progress
has been witnessed in RE projects development when compared with
some other large African economies. According to a recent Bloomberg
report, Nigeria did not perform well among Sub-Saharan African countries such as Kenya and South Africa in terms of attracting a substantial
volume of RE investments in 2019.
112 This situation clearly indicates the
need for more incentives to attract and escalate private sector financing
of RE projects.
As more investments are required to drive the development of RE
projects at national and sub-national levels, a viable and strategic regulatory framework is needed to ensure a secure environment for RE
investments.
113 REs are characterized by high-cost technologies, which
makes fossil fuel technologies easily preferable for energy investors in
most instances. Therefore, any government that is serious about actualizing its RE objectives will do more than set RE targets but proceed
to create a viable and strategic RE regulatory framework in order to
stimulate RE investments.
111 Signatories to the Paris Agreement are expected to contribute to achieving global net-zero
carbon emissions targets through their respective Nationally Determined Contributions (NDCs).
See the Paris Agreement 2015, art 4 (2), https://unfccc.int/resource/docs/2015/cop21/eng/l09
r01.pdf.
112 Bloomberg NEF, ClimateScope: Sub-Saharan Market Outlook (2020) 4–5, http://global-climat
escope.org/assets/data/docs/updates/2020-02-06-sub-saharan-africa-market-outlook-2020.pdf.
113 Kola O Odeku, ‘An Analysis of Renewable Energy Policy and Law Promoting Socioeconomic and Sustainable Development in Rural South Africa’ (2012) 40 (1) Journal of Human
40-1-12-Abst-PDF/JHE-40-1-053-12-2304-Odeku-K-O/JHE-40-1-053-62-12-2304-Odeku-KO-Tx[6].pdf.
165
5.4 Contemporary Approaches
to Actualizing Rapid Renewable Energy
Development from Legal
and Governance Perspectives
RE development is critical to achieving rapid electrification and sustainable electricity supply as well as the transition to a low-carbon economy.
Nigeria, being a signatory to the Paris Agreement, is expected to strategically contribute to actualizing a global net-zero carbon economy.
111
However, despite Nigeria’s RE policies, plans and targets, little progress
has been witnessed in RE projects development when compared with
some other large African economies. According to a recent Bloomberg
report, Nigeria did not perform well among Sub-Saharan African countries such as Kenya and South Africa in terms of attracting a substantial
volume of RE investments in 2019.
112 This situation clearly indicates the
need for more incentives to attract and escalate private sector financing
of RE projects.
As more investments are required to drive the development of RE
projects at national and sub-national levels, a viable and strategic regulatory framework is needed to ensure a secure environment for RE
investments.
113 REs are characterized by high-cost technologies, which
makes fossil fuel technologies easily preferable for energy investors in
most instances. Therefore, any government that is serious about actualizing its RE objectives will do more than set RE targets but proceed
to create a viable and strategic RE regulatory framework in order to
stimulate RE investments.
111 Signatories to the Paris Agreement are expected to contribute to achieving global net-zero
carbon emissions targets through their respective Nationally Determined Contributions (NDCs).
See the Paris Agreement 2015, art 4 (2), https://unfccc.int/resource/docs/2015/cop21/eng/l09
r01.pdf.
112 Bloomberg NEF, ClimateScope: Sub-Saharan Market Outlook (2020) 4–5, http://global-climat
escope.org/assets/data/docs/updates/2020-02-06-sub-saharan-africa-market-outlook-2020.pdf.
113 Kola O Odeku, ‘An Analysis of Renewable Energy Policy and Law Promoting Socioeconomic and Sustainable Development in Rural South Africa’ (2012) 40 (1) Journal of Human
40-1-12-Abst-PDF/JHE-40-1-053-12-2304-Odeku-K-O/JHE-40-1-053-62-12-2304-Odeku-KO-Tx[6].pdf.