African countries face new hurdles in their quest to turn on the lights for about 621 million people as global financiers become increasingly reluctant to fund non-renewable energy projects. It is becoming increasingly difficult for African countries to obtain financing from both the public and private sectors, particularly for coal and fossil fuel projects — with international financial institutions compelling companies to protect the environment or lose financing. European and North American advocates are pushing multilateral development banks to stop supporting fossil fuel energy investments. For instance, recent research by the Africa Progress Panel, chaired by Kofi Annan, shows that the World Bank Group has adopted guidelines that only allow coal investment in “rare circumstances” while the US Overseas Private Investment Corporation, which supports companies investing in the developing countries, is effectively prohibited from investing in energy projects involving fossil fuels. Aid agencies such as Britain’s Department for International […]