Renewable energy projects gaining momentum, investor says

Participants drawn from various African Countries follow a panel discussion at Renewable Energy Forum Africa at Nairobi Sarit Centre on December 4, 2023. [Samson Wire, Standard] Kenyan businessman and financial expert Nazir Jinnah has emphasized the growing momentum in the continent's embrace of sustainable practices, particularly in renewable energy projects. Jinnah said that with solar and wind initiatives gaining traction, points to a financially sound opportunity for investors seeking long-term growth. While highlighting the continent's untapped potential, the businessman said the renewable energy sector remains a key area that is ripe for investment. "Investing in renewable energy isn't just about financial returns; it's about powering a sustainable future for Africa. The continent's shift to clean energy is not just a choice; it's a necessity for long-term growth," Jinnah said. In Kenya, where over 80 percent of electricity comes from renewable sources, Jinnah said the country's ambitious goal of transitioning to 100 percent clean energy by 2030, presents an enticing prospect for those keen on sustainable investments. President William Ruto, who is pushing Kenya to become a green powerhouse, has since said the country will stop using fossil fuels by 2030. "We have slowed down any investments in fossil fuels in Kenya. We do not have any fossil fuel resources at the moment. All we have is fuel imported from everywhere else," Ruto said during an interview with CNN's Becky Anderson on December 5. Kenyan businessman and financial expert Nazir Jinnah. [Courtesy] Ruto said a majority of investors are now starting a huge e-mobility program in a push to have a transport system that uses renewable energy. "It is my commitment that by 2030 Kenya will be one hundred percent green," Ruto said. The Digital Wave In a question and answer session with reporters, Jinnah said that fueled by a youthful population, Kenya and Africa at large are experiencing a digital revolution, making the tech sector a goldmine for investors. He said from mobile technology to e-commerce, startups addressing local challenges are on the rise. The businessman said the tech sector offers a diverse array of investment opportunities, uniting innovation with practical solutions. "Africa's tech scene is more than just a trend, it is a seismic shift driven by a dynamic youth population. Investing in technology here isn't just about making money; it's about being part of a transformative journey that shapes the continent's future," Jinnah said. Harvesting Potential With a booming population, Jinnah further underscored agriculture as a fundamental investment area. He said agribusiness ventures integrating technological advancements not only promise financial returns but also contribute significantly to food security. The agriculture sector, according to him stands as a fertile ground for exploration and potential growth. Recent global events highlight the vital role of robust healthcare systems. The businessman observed a surge in investments in healthcare infrastructure, pharmaceuticals, and telemedicine services. He said companies prioritizing accessibility and affordability in healthcare are poised for substantial growth. Education Technology Jinnah said the persistent demand for quality education creates opportunities in educational technology, vocational training, and initiatives promoting access to education. As a result, he encouraged investors to explore the education sector, emphasizing that aligning financial success with positive societal change is not only wise but impactful. As the country evolves, Jinnah said strategic and informed investments hold the key to shaping the continent's economic trajectory in 2024 and beyond.

Renewable energy projects gaining momentum, investor says

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