Growth in continental economy puts significant pressure on demand for affordable energy
Africa’s demand for energy is steadily increasing and solutions to meet this growth have become a major concern for the industry continent-wide, owed largely to the immediate need for increased infrastructure, investment and political stability.
It is in this vein that African energy ministers and large energy company chief executives will be discussing and unpacking what the future game changers for the African energy sector will be and how to meet the escalating demand for cheaper energy at the Africa Energy Indaba taking place on 19 and 20 February in Johannesburg, South Africa. This year, the event will be held under the theme: ‘Africa’s Energy Future.’
According to a statement by the Africa Energy Indaba, the past few decades have seen significant improvements and growth in the African economy. With 1.1 billion people and rising, the continent is expected to boast the world’s largest working-age population by 2034.
“A progressive economy requires substantial energy for increased scale of manufacturing, provision of services and transport. Energy remains an essential input to stimulate and ensure uninhibited economic development, driving economic productivity and industrial growth. In fact, energy remains fundamental to the functioning of any modern economy,” the Energy Indaba organisers stated.
According to projections published by the United Nations Population Division, Africa’s population has grown by 30 million people in the past year and by 2050, annual increases are expected to exceed 42 million people per year meaning that the total population will have doubled to 2.4 billion. This translates to 3.5 million additional people per month or 80 more people per minute. The vast increase in the number of people in Africa along with increased standards of living put significant pressure on the demand for affordable energy.
The Africa Energy Indaba is the continent’s premier energy conference and exhibition bringing together leading African and global energy players to unlock energy and business opportunities across the continent. The event is the World Energy Council (WEC) regional event for Africa and has strategic partnerships with the South African National Energy Association and the NEPAD Planning & Coordinating Agency.