Cape Verde needs to invest 520 ME by 2030 to make the energy transition

The Cape Verdean Prime Minister, Ulisses Correia e Silva, estimated the need to invest 520 million euros to achieve the goals of energy transition by 2030, of which 65% through the state or public-private partnerships.
“We are a country with a strong dependence on fossil fuels for energy production, at around 80%. This reality places Cape Verde as extremely vulnerable to external shocks caused by international fuel price increases. The inflationary crisis caused by the war in Ukraine is a good example,” said the head of government in parliament.
Ulisses Correia e Silva participates Wednesday in the monthly debate with the Prime Minister at the National Assembly in Praia, with the theme “Strategy to Accelerate Energy Transition”, scheduled by the parliamentary group of the Movement for Democracy (MpD, majority), having stressed the bet on the use of “abundant resources for the production of renewable energy” that the country has, such as sun, wind and sea.
“The energy transition requires large investments in production, energy storage, and energy efficiency. We estimate 520 million Euros by 2030, 65% of which is private investment and public-private partnership”, he explained. According to the Prime Minister, the penetration rate of renewable energy in electricity production “has oscillated between 18 and 20%”, and the Government’s goal is “to reach 30% of electricity production from renewable sources by 2025”.
“Exceed 50% by 2030 and reach almost 100% by 2040”, he stressed. “The bet on accelerating the energy transition is thus an imperative, a national plan to reduce dependence on imported fossil fuels, use of endogenous resources and contribution to reducing carbon emissions”, said Ulisses Correia e Silva.

About Geraldine Boechat 2548 Articles
Senior Editor for Medafrica Times and former journalist for Swiss National Television. former NGO team leader in Burundi and Somalia