New research suggests that Africa stands to save trillions of dollars by shifting to renewable energy. This transition could also significantly improve energy access, address persistent power crises across the continent, accelerate development, and unlock millions of new jobs.

According to Powershift Africa, a climate and green energy transition advisory organisation, a study conducted in partnership with the University of Technology Sydney’s Institute for Sustainable Futures (UTS-ISF) indicates that Africa’s full transition to a renewable energy system “could save the continent $3–5 trillion (an average of $150 billion annually).”

In a joint statement, Powershift Africa and UTS-ISF noted, “Building a fully renewable energy system would cost significantly less than continuing with fossil fuels, saving $3–5 trillion by 2050 and producing fuel cost savings of over $8tn—more than double the additional investment required to go 100% renewable—offering a rare alignment of climate, economic and development goals.”

The report further highlights that solar energy alone has the potential to generate 480,000GW for Africa, using less than 1% of the continent’s landmass for both solar and wind infrastructure.

It also underscores that a shift to green energy could liberate African nations from the vicious debt cycles caused by over-reliance on fossil fuels, while creating an estimated 2.2 million energy sector jobs.