Innovative and mission-oriented financing of renewable energy in Sub-Saharan Africa: A review and conceptual framework,Wiley Interdisciplinary Reviews: Energy and Environment

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Innovative and mission-oriented financing of renewable energy in Sub-Saharan Africa: A review and conceptual framework
Wiley Interdisciplinary Reviews: Energy and Environment ( IF 5.4 ) Pub Date : 2021-06-26 , DOI: 10.1002/wene.416
Ogundiran Soumonni ₁ , Kalu Ojah ₁

Affiliation

Notwithstanding the high levels of renewable energy resources across Sub-Saharan Africa (SSA), modern energy use based on these abundant natural resources remains negligible. Furthermore, the current electrification rates and reliability of available power supply in the region have consistently remained significantly lower than the global average over the last three decades. And of the reasons advanced for this state of affairs, the lack of appropriate financing is said to be a crucial one. Therefore, focusing on a comparative overview of the dominant approaches to financing electrification, we characterize the persistence of this regional gap as a reflection of relative “policy stasis.” We then problematize this condition of stasis by employing the theoretical perspectives of mission-oriented finance in conjunction with those of innovative finance and renewable energy innovation. In addition, we review relevant peer-reviewed articles over the same period, and find evidence that indicates an underappreciation of financing models that stimulate endogenous technological innovation in renewable energy in SSA. Our analysis suggests that the types of innovation, associated configurations of financial actors, levels of capital intensity, and perceived risks in relation to beneficiaries, diverge from those accounted for in the dominant financing models. Consequently, we propose a novel, historically path-dependent conceptual framework that emerges from the intersection among the concepts of mission-oriented finance, endogenous innovation, and innovative financing, which we term “endogenous innovative financing.” This framework ultimately guides our recommendations for more promising financing mechanisms for resolving the interwoven challenges of sustainable universal electrification and renewable energy innovation in SSA.

中文翻译：

撒哈拉以南非洲可再生能源的创新和以使命为导向的融资：审查和概念框架

尽管撒哈拉以南非洲 (SSA) 的可再生能源资源水平很高，但基于这些丰富自然资源的现代能源使用仍然微不足道。此外，该地区当前的电气化率和可用电力供应的可靠性一直显着低于过去 30 年的全球平均水平。在造成这种状况的原因中，缺乏适当的资金据说是一个关键原因。因此，着眼于对电气化融资的主要方法的比较概述，我们将这种区域差距的持续存在描述为相对“政策停滞”的反映。” 然后，我们将任务导向型金融的理论观点与创新金融和可再生能源创新的理论观点相结合，解决了这种停滞状态。此外，我们回顾了同期相关的同行评议文章，发现证据表明，对刺激 SSA 可再生能源内生技术创新的融资模式低估了。我们的分析表明，创新类型、金融参与者的相关配置、资本密集度水平以及与受益人相关的感知风险，与占主导地位的融资模式不同。因此，我们提出了一个新颖的、历史路径依赖的概念框架，该框架源自任务导向金融概念的交叉点，内生创新和创新融资，我们称之为“内生创新融资”。该框架最终指导我们提出更有希望的融资机制的建议，以解决 SSA 中可持续通用电气化和可再生能源创新的交织挑战。

更新日期：2021-06-26

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