With over 600 million currently living without access to electricity in Africa, significant investments are needed across the entire energy value chain in order to make energy poverty history by 2030
The continent’s premier energy event, African Energy Week (AEW) – taking place from 18-21 October in Cape Town – has prioritised investment, with the conference representing the official meeting place for global and African energy financiers. This year, AEW will showcase the best of what African energy has to offer through innovative exhibitions, unique networking sessions where investors can be introduced to African opportunities, and key meeting forums where deals that can transform the African energy sector will be signed.
In its African Energy Outlook 2022, the International Energy Agency emphasised that in order to meet electrification goals, Africa needs US$25bn in annual investment directed towards a myriad of resources including oil, gas and renewables. Despite the energy transition reducing capital expenditure for fossil fuels, capital is still available and growing, largely due to global supply disruptions owing to the Russia-Ukraine conflict. As such, Africa is gaining significant attention from global financiers, and having ensured enabling environments for investment, many resource-rich countries are set to witness a new era of investment and development.
AEW 2022 represents the perfect platform to expand portfolios and invest in Africa’s energy future. Nigeria, for example, implemented its Petroleum Industry Act in 2021, ensuring increased transparency and accountability within the sector while making a strong case for investment in onshore, shallow and deepwater basins. Other instances include Senegal’s petroleum code in 2019, and the Republic of the Congo’s gas mega plan.
“AEW 2022 represents the official meeting place, not only for Africa’s oil and gas sector, but for the continent’s finance sector with investors from across the regional and international industry coming to Cape Town to sign deals, drive dialogue and network with high-level delegates. For current and potential investors interested in either upstream, midstream or downstream opportunities, AEW 2022 represents the perfect platform to expand portfolios and invest in Africa’s energy future,” said Leoncio Amada Nze, president of the African Energy Chamber (AEC) CEMAC.
At a time when African and global demand for oil and gas is growing, climate change is calling for the adoption of low-carbon technologies, and the energy transition re-routes financing from fossil fuels to renewables, AEW 2022 unites global and African investors to discuss capital-raising challenges and opportunities while introducing strategies for financing Africa’s energy future. Delegations from leading African organisations including the African Export-Import Bank, African Development Bank, African Finance Corporation, Standard Bank and the African Energy Investment Corporation, as well as global organisations including the World Bank will be driving discussions.
