LEVERAGING TAX EXEMPTIONS TO ACCELERATE RENEWABLE ENERGY DEPLOYMENT IN AFRICA: LEGAL AND POLICY FRAMEWORK CONSIDERATIONS
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INTRODUCTION Amid the pressing global imperative to combat climate change, renewable energy stands out as a crucial tool in transitioning to a low-carbon future. Particularly in Africa, where energy demand is escalating rapidly and climate change impacts are increasingly severe, the deployment of renewable energy takes on heightened importance. According to recent data from the International Energy Agency (IEA), Africa's energy demand is expected to double by 2040, underscoring the urgency of sustainable energy solutions. Despite this, renewable energy penetration in Africa remains relatively low, with only 48% of the population having access to electricity, as per the World Bank. Key barriers to adoption include high upfront costs and regulatory complexities, contributing to the continent's reliance on fossil fuels for energy generation. In this context, leveraging tax exemptions presents a promising strategy to incentivize investment in renewable energy projects and accelerate their deployment.
LEVERAGING TAX EXEMPTIONS TO ACCELERATE RENEWABLE ENERGY DEPLOYMENT IN AFRICA: LEGAL AND POLICY FRAMEWORK CONSIDERATIONS
LEVERAGING TAX EXEMPTIONS TO ACCELERATE…
LEVERAGING TAX EXEMPTIONS TO ACCELERATE RENEWABLE ENERGY DEPLOYMENT IN AFRICA: LEGAL AND POLICY FRAMEWORK CONSIDERATIONS
INTRODUCTION Amid the pressing global imperative to combat climate change, renewable energy stands out as a crucial tool in transitioning to a low-carbon future. Particularly in Africa, where energy demand is escalating rapidly and climate change impacts are increasingly severe, the deployment of renewable energy takes on heightened importance. According to recent data from the International Energy Agency (IEA), Africa's energy demand is expected to double by 2040, underscoring the urgency of sustainable energy solutions. Despite this, renewable energy penetration in Africa remains relatively low, with only 48% of the population having access to electricity, as per the World Bank. Key barriers to adoption include high upfront costs and regulatory complexities, contributing to the continent's reliance on fossil fuels for energy generation. In this context, leveraging tax exemptions presents a promising strategy to incentivize investment in renewable energy projects and accelerate their deployment.