Africa’s energy outlook

In the vast expanse of the African continent, a paradox unfolds. Blessed with an abundance of natural resources, with 60% of the world’s best solar resources, 7.5% of global proven gas reserves and 7.2% of global proven oil reserves, one would expect prosperity to radiate across its nations. However, as we delve into the intricate layers of Africa's energy landscape, a stark reality emerges - energy poverty grips the continent, casting shadows over its economic development and impacting the very fabric of society.

Across the continent, 800 million people have no access to electricity, and roughly 1 billion lack access to clean cooking, undermining health, education, and economic growth. This energy poverty is not just an obstacle - it is a formidable barrier, hindering the realization of Africa's true potential. Moreover, African economies, heavily reliant on exports of raw materials and commodities, have faced historical challenges, with the proceeds from exports not having been systematically reinvested to diversify the economy or promote downstream beneficiation.

Behind the veil of energy poverty lies a transformative opportunity. Africa's diverse energy landscape, encompassing renewable and non-renewable resources, is the key to accessible, reliable, and sustainable energy. This promising vision can liberate the continent from energy poverty and drive economic prosperity. The challenge is to strike the right balance: leverage natural resources for internal industrialization while emerging as a global energy player, financing infrastructure and fostering a diversified, resilient economy. Solar, wind, oil, and gas play pivotal roles in Africa's energy revolution, emphasizing a strategic blend to meet each nation's unique needs.

Explore a changing world where the energy transition is accelerating and shaping our future. Discover how effective climate policies and the rapid deployment of clean technologies in 2023 are transforming carbon-based fuel consumption by 2030. Africa is becoming a fertile ground for investment in renewable energies.

Dive into the realm of supportive policies, funding mobilization, and technological innovations that will shape our energy future through a focus on the projects and ambitions of six African economies. Learn about the significance of clear and stable policies in mobilizing investments and facilitating access to energy for all.

This report invites you to explore the opportunity of unlocking the potential of renewable energies in Africa while fostering innovation and economic growth. Don't miss the chance to embark on this exciting journey towards a greener and more sustainable future.