By Abdul Rahman Suagibu –
NEW AFRICA BUSINESS NEWS, Freetown, Sierra Leone- AFRICA desire incorporating all current and previous data up to the present Investment of 2.6 trillion between 2019 and 2040 to intersect rising energy demand and provide more accessible facilities to citizens as the continent’s population expands, according to reports.
In its Africa Energy outlook 2019 report, the international Energy Agency (IEA) said Africa was experiencing the fastest progression of urbanization the world over, and that its overall population was projected to expand by 600 Million before 2040, accounting for half of the global increase. These paradigm shift it said, would shoot up the continent’s economic growth, infrastructure development and consequently, energy demand; which was predicted to rise by 60%
“While this energy gap remains a major barrier to Africa’s sustained economic development, it inversely presents opportunities for many African nations such as current advancement in the liquefied natural gas (LNG) market, potential for realizing onshore value, while simultaneously driving innovation in the raising of extensive financing for African projects, to name a few “ the report stated.
With suitably funded, developed and executed policies, Africa not only had the potential to close the energy gap by providing millions of its people with access to electricity by 2030, but could become the first continent to boost its economy largely through the use of modern, low carbon energy sources.
Africa’s bountiful supply of natural gas qualified the continent to increase industrial operations along with flexible electricity supply that renewable.
The report stated that, “Africa has an opportunity to pursue a considerably lower carbon strategy in comparison to its global counterparts, subsequently leapfrogging the fossil fuel sector and affording its people with clean, reliable and accessible energy, further reducing the energy gap and ultimately raising the standard of living of its resident.
With substantial reserves of minerals, such as platinum and cobalt, required in rapidly unfolding extremely clean energy technologies, the continent represented a nucleus in the current and future global energy realm.
Apparently, present government budgets and development funding maybe insufficient to finance investments required addressing the region’s rising power demands; assembling private capital was a realistic vicissitude.
For New Africa Business News Abdul Rahman Suagibu Reports, Africa Correspondent