Mozambique Approves $80 Billion Energy Transition Strategy
- Government to unveil investment plan at Dubai’s COP28 summit
- Plan involves more hydropower, expanding electricity grid
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Mozambique’s government approved a strategy to reduce the nation’s dependence on fossil fuels that it estimates will cost $80 billion to implement by 2050, a step aimed at winning finance to develop the economy.
The first steps envisioned in the Energy Transition Strategy, approved by the Council of Ministers on Nov. 21, include the addition of 2,000 megawatts of hydropower capacity by 2030 and expanding the transmission grid to allow for the addition of more renewable energy, the government said. The full program will be announced by President Filipe Nyusi at a Dec. 2 event at the COP28 international climate summit in Dubai, it said in a statement sent to Bloomberg.