COP28: Mozambique to Present $80B Energy Transition Plan

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Facts

  • According to a top energy official on Monday, Mozambique has authorized an ambitious new energy transition plan that would last until 2050 in the hopes of attracting investments of about $80B to expand the availability of electricity and boost renewable energy capabilities.1
  • The Mozambican energy strategy is anticipated to be unveiled on Dec. 2 to prospective donors and international partners during the COP28 climate meeting in Dubai.2
  • The first phase of the plan is expanding the transmission grid to handle additional renewable energy and adding 2K megawatts of hydropower capacity by 2030.3
  • The plan also calls for finishing the recently announced Mphanda Nkuwa Hydropower Project and transitioning to electric cars to cut emissions from the transportation sector.4
  • Pedro Simao, special adviser to the minister of energy, said that the revised version of Mozambique's national energy policy is expected to be made public later this week. The new policy was authorized by Mozambique's Council of Ministers on Nov. 21.2
  • In November 2022, the southern African nation exported liquefied natural gas for the first time. Mozambique hopes that its abundant gas discoveries and its potential for renewable energy will drive economic growth and ameliorate poverty.4

Sources: 1Reuters, 2Business Live, 3Daba Finance and 4Al Jazeera.

Narratives

  • Pro-establishment narrative, as provided by Fatshimetrie. Mozambique is joining a growing number of developing countries that are looking to the international community for assistance in making the switch from fossil fuels like coal to cleaner energy sources. Mozambique will present an investment strategy at the COP summit in Dubai. The ambitious plan is a revolutionary development for African nations, and Mozambique is leading the way to create a sustainable future for Africa and the world.
  • Narrative B, as provided by Business Tech Africa. Mozambique's government is trying to participate in the global initiative of reducing reliance on fossil fuels, and its new energy transition plan is certainly an ambitious endeavor. However, Mozambique is one of the world's poorest nations and has a long way to go to bring stable energy to its people. It will take a great deal of effort from this East African nation and the global community to make this renewable energy moonshot a success.

Predictions