All eyes will be on the U.S.-Africa Leaders Summit in Washington next week with one question in mind -- will those gathered take steps to move investment beyond the grid?
Just this week, Politico reported that former New York City Mayor Michael Bloomberg and former President Clinton are set to attend. With a long list of U.S. Government dignitaries also expected, the event will send an important signal for the future of President Obama’s Power Africa Initiative. Now’s the time for that signal to be loud and clear - Power Africa is doubling down on investment in solar markets beyond the grid.
Earlier this summer, Energy Secretary Ernest Moniz announced at an event in Addis Ababa Ethiopia, a groundbreaking new $1 billion initiative as a part of Power Africa dubbed “Beyond the Grid.” The initiative builds on more than 25 small-scale energy projects already in the Power Africa pipeline to catalyze a distributed clean energy deployment. To build the initiative and drum up investment, the Administration pulled together 27 founding partners – including impact investors, venture philanthropists, clean-energy enterprises, and practitioners – who have committed to invest over $1 billion over the next five years to seed and scale distributed energy solutions for millions of African homes, businesses, schools, and other public facilities.
That announcement was a big deal. By shifting policy focus and investment towards the cheapest, fastest, most effective energy access solutions - distributed off-grid solar - the Obama administration is poised to unlock between a $12 billion and $50 billion clean energy opportunity.