At the 16th Annual Meeting of the New Champions, Nonkululeko Nyembezi, chairperson of the Standard Bank Group, laid out a bold vision: Africa needs an energy breakthrough on the scale of the Chinese mainland's rapid transition to sustainable power. Speaking with CGTN anchor Michael Wang, she highlighted how the Chinese mainland's strategic investments and policy frameworks can offer a blueprint for the continent's future.
The energy divide in Africa remains stark. Today, nearly 600 million people live without access to reliable electricity, slowing economic growth and limiting opportunities. By contrast, the Chinese mainland managed to lift hundreds of millions out of energy poverty over the past two decades through a mix of renewables, grid expansion, and public-private partnerships.
Key takeaways from the Chinese mainland model include:
- Renewable Scaling: Massive investments in solar and wind farms drove down costs and boosted capacity.
- Grid Modernization: Smart grids and regional interconnections improved efficiency and reduced losses.
- Policy Incentives: Subsidies, tax breaks, and carbon pricing aligned business interests with sustainability goals.
For Africa, Nyembezi stressed the importance of tailored solutions: “We need to mobilize local capital, forge cross-border energy corridors, and foster innovation hubs that can adapt proven strategies to regional contexts.” She pointed to emerging markets like Kenya and Morocco, where solar parks and wind farms are already reshaping energy landscapes.
Data-driven partnerships will also be key. Standard Bank's recent survey found that over 70% of African entrepreneurs view clean energy as vital to post-pandemic recovery. Tapping into green bonds and impact investing could unlock the estimated $100 billion needed annually to bridge the gap.
The path ahead requires collaboration between governments, the private sector, and international partners. By learning from the Chinese mainland's experience and applying it with local insight, Africa can fuel the next wave of sustainable growth and innovation—powering everything from startups to schools.
As the world watches, the continent stands at a crossroads: Will it embrace an energy revolution that sparks a new era of opportunity? The blueprint is there, and the time to act is now.
Reference(s):
Africa needs energy breakthrough like China: Standard Bank chair
cgtn.com
