Zambia calls for $11.6bn energy investment by 2030

Energy demand is expected to grow in Zambia by 121% by 2030, the inaugural Commercial and Industrial (C&I) Energy + Storage Summit heard

Zambia’s Director of Energy, Mafayo Ziba, has urged investors to back the country’s ambitious plans to expand power generation and accelerate clean energy adoption, as demand is projected to surge sharply by 2030.

Delivering the keynote speech at the inaugural Commercial and Industrial (C&I) Energy + Storage Summit in Lusaka on Wednesday (27 August) on behalf of the Minister of Energy, Ziba said the event provided a “strategic platform” to shape a sustainable, resilient, and inclusive energy future for Zambia and the region.

The event, organised by South Africa based VUKA Group in partnership with Zambia’s Ministry of Energy, addresses the unique power challenges facing the country’s commercial, industrial, agricultural and mining sectors. 

Zambia energy, investment requirements

In the keynote address, Ziba noted that the government’s diversification agenda, driven by growth in agriculture, mining, manufacturing and tourism, would push energy demand up by 121% by 2030.

“As a result, energy demand is expected to grow by 121% by 2030. Therefore, this growth in energy demand will require a 165% increase in generation capacity from 3.7GW in 2023 to 10GW by 2030 out of which renewable energy sources (solar and wind) are expected to grow from 3% in 2023 to 33% by 2030,” Ziba said.

He stressed that Zambia requires total investment of $11.6 billion in the power sector by 2030, of which $9.5bn is expected to come from private sources, in line with the Mission 300 initiative.

“To make this happen, the government is creating an enabling environment in order to attract private sector participation,” Ziba said, citing reforms such as the open access framework, multi-year tariff framework, net metering and a single energy licensing system.

C&I sector to anchor Zambia energy expansion

The Director of Energy highlighted the central role of the C&I sector, pointing to three national priorities:

• modernising the grid and promoting embedded solutions such as storage and hybrid systems
• enhancing private sector engagement with transparent frameworks
• harnessing regional power trading and exports

Ziba said the summit offered a timely opportunity to mobilise investors, technology partners and financiers to accelerate Zambia’s energy transition.

“In conclusion, I wish to state that the time to invest in Zambia’s energy future is now. As government we will remain open and transparent, reform-driven, and committed to partnerships that unlock value for industry, improve competitiveness, and ensure a sustainable energy future for our country and the region,” he said.

He thanked speakers, panellists, moderators and sponsors for their contributions, urging participants to collaborate to unlock the potential of Zambia’s C&I energy sector.

The summit is set to conclude today (28 August).

Cover photo:  Officials check out the Mailo Solar PV Power Plant in Zambia. Source: znbctoday/X