Cape Town, South Africa: 21 August 2024 – Africa’s energy sector is at a critical juncture, with tremendous opportunities for growth and development. As the continent strives to meet its energy needs while embracing sustainable solutions, the upcoming Africa Energy Indaba will serve as the central forum for discussing these vital issues. Industry leaders, policymakers, and investors will convene to explore the latest developments and future prospects in Africa’s energy landscape.
A Snapshot of Africa’s Energy Landscape
Despite significant progress, approximately 570 million people in sub-Saharan Africa still lack access to electricity, representing about 75% of the global population without electricity. This stark reality underscores the urgent need for investment and innovation in Africa’s energy sector.
Renewable Energy Potential and Growth
Africa is endowed with vast renewable energy resources, including an estimated 10 terawatts (TW) of solar power, 350 GW of hydroelectric power, 110 GW of wind power, and 15 GW of geothermal power. These resources position the continent as a future powerhouse in renewable energy.
As of 2023, Africa’s installed renewable energy capacity stands at over 60 GW, with hydropower leading the way at around 38 GW. Solar and wind energy are rapidly gaining momentum, with solar capacity alone exceeding 15 GW. Countries like South Africa, Egypt, and Morocco are spearheading this growth, with landmark projects such as the Kathu Solar Park and the Noor Ouarzazate Solar Complex.
Investment and Off-Grid Solutions
Energy investments in Africa reached approximately $20 billion in 2022, signalling growing interest in the continent’s energy potential. However, this investment is still below the estimated $120 billion needed annually to achieve universal energy access and sustainable energy goals by 2030.
Off-grid solar solutions are emerging as a key strategy to improve energy access in remote and rural areas. Over 25 million people in sub-Saharan Africa currently benefit from these systems, with this market expected to expand significantly in the coming years.
Natural Gas and Energy Efficiency
Natural gas is increasingly being utilized as a transition fuel, with Africa holding about 7.5% of the world’s proven reserves. Countries such as Mozambique, Nigeria, and Tanzania are at the forefront of developing significant natural gas projects.
In addition, energy efficiency is becoming a priority, with countries like South Africa making strides in reducing energy intensity. Other nations are beginning to implement similar initiatives aimed at optimising energy use in both industrial and household sectors.
Power Pools and Regional Collaboration
Africa is also making progress in regional energy integration through the development of power pools, such as the Southern African Power Pool (SAPP), the West African Power Pool (WAPP), and the Eastern Africa Power Pool (EAPP). These initiatives aim to enhance energy security, efficiency, and cross-border electricity trade.
Join the Conversation at the Africa Energy Indaba
The Africa Energy Indaba will be the definitive event for addressing the challenges and opportunities within Africa’s energy sector. Participants will engage in critical discussions on the continent’s energy future, exploring topics such as renewable energy development, investment needs, and regional collaboration. This is a unique opportunity for stakeholders to shape the direction of Africa’s energy landscape and drive the continent’s energy transition.