Access to Tech Finance for the Peaceful Application of Nuclear Technology in Africa

Image: Getty, Sean Gallup
Image: Getty, Sean Gallup

Nuclear energy can support the development objectives enshrined in the UN’s Sustainable Development Goals and the AU’s Agenda 2063, and can bolster African countries’ energy mix.

Summary:

  • This policy insight reviews the availability of funding from multinational sources to support the nuclear ambitions of African countries. It also reviews the policies of development finance institutions from the Global North and South, including the World Bank Group, the African Development Bank and the New Development Bank (formerly the BRICS Bank).
  • The climate crisis has caused a global reconsideration of energy sources, putting renewables front and centre.
  • The efficiency and cost-effectiveness of renewables such as solar and wind have increased, but both are intermittent in nature.
  • Especially in Africa, this has caused many countries to consider nuclear power, which is often very expensive and requires external funding.
  • Financing options are many, but it is important that funding agreements are transparent from the start to avoid both corruption and a public perception of corruption.
  • Nuclear science and technology can be beneficial to Africa not only for civil electricity production but also for developmental aspects in the medical, research and agricultural fields.

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3 Aug 2022