Abstract
Renewable energy has been a "hot topic" subsequently the increased awareness and understanding of the severe and serious effects of climate change. Like many developing countries across the globe and Africa in particular, Namibia is prone to such climate changes and, thus, should be more familiarized with the impacts of fossil fuel generation on the environment. Successful significant financial and technological investments in renewable energy (RE) in Namibia needs a comprehensive understanding of the correlation among diverse categories of investors and their enthusiasm to finance renewable energy. Contrariwise, using the Sustainable Development Goal 7: Ensure Access to Affordable, Reliable, Sustainable and Modern Energy for All, as a measure for a wide-ranging and sustainable growth we recognize the interaction values that comes with renewable energy. We studied the asset portfolios of diverse renewable energy technologies supported or subsidized by various financial actors in Namibia. We also related the performance of public and private types of investments and then discrete further with various financial actors (e.g. public banks, private banks, international climate finance) and the categories of RE technologies that are financed in (e.g. different types of energy production from wind, biomass or solar radiation). We then use these preliminary results to draw conclusion and suggestions on how investment impact the directionality of novelty, and the impacts on RE policy in Namibia. This study establishes that notwithstanding the apparent regulatory and economic challenges, Namibia can incorporate and use a blend of (restructured) energy price security structures, cross subsidizations and environmental taxes in-order to encourage initiatives intended at supplementary the country's progress of renewable energy sources and hence ultimately support the UN Sustainable Energy for All Initiative.Keywords: renewable energy finance, financial actors, climate finance, energy access, renewable energy policy.JEL Classifications: Q2, Q54DOI: https://doi.org/10.32479/ijeep.7704
Highlights
The Sustainable Energy for All Initiative is a universal initiative driven by the United Nations Secretary-General in 2012 with an objective of providing worldwide and all-inclusive access to modern energy services by 2030
An estimated of 1.3 billion people (Suberu et al, 2013), which is nearly a fifth of the world’s population, have a shortage and minimum access to electricity at home, with majority of these people living in rural areas of South Asia and Sub-Saharan Africa (SSA) (Yadoo, and Cruickshank, 2012; Wicke et al, 2011; Glemarec, 2012)
We examined the asset portfolios of distinctive renewable energy (RE) technologies sponsored by diverse financial actors in Namibia and broaden further along with various financial actors (e.g. public banks, Figure 1: Namibia’s installed capacity as of January 2016 (~500MW)
Summary
The Sustainable Energy for All Initiative is a universal initiative driven by the United Nations Secretary-General in 2012 with an objective of providing worldwide and all-inclusive access to modern energy services by 2030. Despite providing affordable modern energy and energy services which are favourably considered as inspiration for economic development, enhancing peoples’ livelihoods, and encouraging sustainable development, it has been noticed that many developing countries are having minimal access to modern energy and energy services To this effect, an estimated of 1.3 billion people (Suberu et al, 2013), which is nearly a fifth of the world’s population, have a shortage and minimum access to electricity at home, with majority of these people living in rural areas of South Asia and Sub-Saharan Africa (SSA) (Yadoo, and Cruickshank, 2012; Wicke et al, 2011; Glemarec, 2012). The realization of these programmes, initiatives and reforms has not always been promising Significant issues such as inadequate capital investment, policy transformations (IPCC, 2011 and Uddin and Taplin, 2009), shortage of technological knowledge, limited power generation development and low rates of electrification (UNECA, 2007 and Suberu et al, 2013; Poize and Rudinger, 2014) are still a challenge for development in energy sectors. Private banks, etc.) and the nature of RE technologies that are financed
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