The report, Africa 2030 – a comprehensive roadmap for Africa’s energy transition, states that the use of modern renewables would quadruple the share of renewable energy in the region from 5% in 2013.
It was generated based on a country-by-country assessment of supply, demand, renewable energy potential, and technology prospects.
The increase in renewable energy capacity with solar and wind projects will increase the share of modern renewables in the power sector to 50%. It represents a cut of over 310 megatons of carbon dioxide emissions.
IRENA director-general Adnan Z. Amin said: "Africa holds some of the best renewable energy resources in the world in the form of biomass, geothermal, hydropower, solar and wind.
"This, combined with the precipitous drop of renewable energy technology costs, creates a massive opportunity for African countries to both transform and expand their energy systems while providing a pathway for low-carbon economic growth."
The continent is rich in solar resources, and has potential for biomass and hydropower in central and southern regions. The north, east, and southern regions of Africa have abundant wind resources and the Great Rift Valley has strong geothermal energy.
Figures released by the report show that the use of modern renewable energy in cooking could save around $30bn every year by 2030 in addition to reducing health complications arising out of poor indoor air quality.
The report recommends adoption of policies, a regulatory framework to catalyze investment, measures to attract investors, and promotion of off-grid renewable solutions to increase energy access and reduce poverty to boost the continent’s renewable energy uptake.
