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Africa Renewable Energy Push ‘Not Working’ Due to Risks

Africa is lagging the rest of the world in obtaining funds for renewable energy projects because development banks aren’t assuming enough of the political risk of working there, United Nations officials said.

Investors need more guarantees that their projects won’t suffer losses from political or legal changes in Africa’s poorest nations, said Mohamed El-Ashry, a senior fellow at the United Nations Foundation. International institutions should shoulder more of those risks, said Achim Steiner, executive director of the UN Environment Program.