Clean Energy: Economic Commission Pushes For Innovative Financing For Africa’s Industries

The Economic Commission for Africa (ECA) has reiterated that innovative financing structure is the way out for the continent to achieve energy efficiency.

The ECA said that the wide gap in energy connectivity had left millions in Africa without electricity.
The Commission noted that Africa is rich in solar energy but starved of investment.

Speaking at the High-level political Forum (HLPF) in New York on Tuesday, the executive secretary of the ECA, Claver Gatete, was quoted as saying that Africa needs a new deal on energy finance, one that supports innovation, strengthens grids, and builds clean energy industries that work for both people and planet.

The continent holds 60 per cent of the world’s solar potential, yet attracts less than three per cent of global energy financing, a statement from the UN Economic Commission for Africa said on Wednesday.
Over 600 million people across Africa still lack access to electricity, even as demand for power surges with rapid population growth, urban expansion, and industrial ambition. While the world talks of energy transitions, much of Africa remains stuck in energy deprivation.

Children in many rural communities across Africa still study by candlelight or kerosene lamps, exposing themselves to toxic fumes and limiting learning hours. Health clinics operate without reliable power, and livelihoods are constrained by patchy or non-existent electricity.

Energy poverty remains a major brake on development across the continent.

The ECA chief described Africa as a “paradox of potential and neglect,” home to abundant resources such as solar, wind, hydro, and geothermal energy, but still largely bypassed by international investment.
“Africa isn’t just asking for help, it’s offering answers,” Gatete said. “Energy isn’t just a public good. It’s a driver of jobs, industry, and transformation.”

He urged global partners to support the development of regional power pools, localized manufacturing of clean energy technologies, and regulatory reforms that unlock private investment.