ENERGY Minister Edgar Moyo says the country is pursuing renewable energy ventures to diversify its energy mix to arrest current power outages.
Moyo said this while addressing potential investors at the partnering Africa summit in Washington DC.
Moyo cited the National Energy Policy (2012), National Renewable Energy Policy (2019) and soon to be launched Energy Efficiency Policy.
“This strategic blueprint is poised to guide pivotal energy investments, ensuring they align with our overarching vision of a long term, low cost, sustainable and resilient energy ecosystem,” he said.
“Comprehensive studies, including load forecasting, system development planning, network master planning, rural energy master planning and national electrification analyses are integral to our ongoing National Integrated Energy Resource Plan.”
Moyo emphasised the need of transitioning towards net-zero emissions, while ensuring energy security.
“Our journey is marked by a diligent balance between strengthening and or modernizing our energy infrastructure and embracing cleaner technologies, thereby reducing our carbon footprint and fostering a sustainable energy future,” Moyo said, but quickly noted the need for affordable financing.
“Access to affordable financing is indispensable in realising a just transition to green economies, where energy security and modern energy access are not mere ideals, but tangible realities.”
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He said lower interest rates can make more projects financially feasible, while encouraging expansion of the electricity supply.
He said ongoing energy sector reforms create an enabling environment that allows the increased participation of the private sector in developing electricity infrastructure in the country.
“Reforms include tariff, regulatory accounting frameworks, tariff review methodology, energy planning, electricity sector structure, government and carrying out feasibility studies for renewables,” he added.
