Africa’s Energy Demand To Double By 2050
Angola Oil & Gas (AOG) 2024 Ministerial Panel says Energy demand is projected to increase two-fold by 2050.
Speaking at the Angola Oil & Gas conference, the panel noted that this is largely due to a rise in population growth as well as increased economic activity across developing countries.
Delivering a keynote ahead of the Ministerial Panel, Mohamed Hamel, Secretary General of the Gas Exporting Countries Forum, highlighted the potential natural gas offers for addressing this demand.
Countries such as Angola – which has been producing gas for several years are well positioned to leverage partnerships with regional neighbors to enhance petroleum trade, while collaborating with partners on new projects.
“The GECF projects that natural gas demand will increase 36% by 2050. It is the fastest growing type of energy after renewables. Energy demand is projected to more than double by 2050 while primary energy consumption is projected to increase 20% by 2050. We call on African institutions to lead in African gas development,” stated Hamel.
As demand continues to rise, Africa will face a significant challenge – accessing the requisite capital to bring new production online. The African Petroleum Producers Organization (APPO) – in collaboration with the African Export-Import Bank – has devised a solution to enhance capital availability for African energy projects: the African Energy Bank.
