June 18, 2024
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Mozambique Unleashes $80 Billion Green Wave

In a bid to attract investments totaling around $80 billion and bolster renewable energy capacity, Mozambique has officially approved an ambitious energy transition plan set to span until 2050, revealed a senior energy official on Monday. The announcement anticipates President Filipe Nyusi’s formal presentation of the energy strategy to international partners and potential donors on December 2 at the COP28 climate summit in Dubai.

Key priorities outlined in the plan from 2023 to 2030 involve the addition of 2,000 megawatts of new hydropower capacity, achieved through the upgrading of existing plants and the completion of the Mphanda Nkuwa Hydropower Project. Additionally, the plan aims to expand the national electricity grid and facilitate the transition to electric vehicles, thereby curbing emissions from the transport sector, according to Aljazeera.

Pedro Simao, the special adviser to the energy minister, stated, “We are still fine-tuning the document and hope to publicly release it later this week.” The energy transition plan received approval from Mozambique’s Council of Ministers on November 21.

Having exported its inaugural liquefied natural gas in November 2022, Mozambique is banking on significant gas discoveries and its renewable energy potential to drive economic growth and alleviate poverty for millions. The document’s unveiling at COP28 aligns with a broader effort by African nations to seek enhanced climate financing for renewable energy projects. Despite contributing only 4 percent of global carbon emissions at 1.45 billion tonnes, Africa, comprising about 17 percent of the world’s population, faces pressing climate challenges, including severe droughts and floods, as exemplified by Cyclone Freddy’s devastating impact earlier this year in Mozambique and Malawi.

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