The transition of Africa’s energy sector must be carefully coordinated through collaboration among key stakeholders in the continent to ensure equitable benefits for all African nations.
This message is part of the theme during a high-level panel discussion at AOW50 before the commencement of the Africa Oil Week (AOW 23), scheduled from October 10-13 in Cape Town.
The discussion included energy ministers from major African economies, leaders from financial institutions, and representatives of significant private-sector energy organizations, according to Africa Energy News.
The AOW50 pre-launch event featured an onstage panel discussion and a series of smaller roundtables involving a select group of leaders and opinion-makers in the energy sector.
The speakers emphasized that each African economy possesses unique resources, resulting in distinct approaches to their energy transitions. However, through collaborative policy development, African nations can collectively work towards a common goal: alleviating energy poverty for the people of Africa.
Another significant theme was the role of natural gas as a transitional energy source. One speaker emphasized that projects involving both gas and renewables tend to attract more financing compared to traditional gas and oil models.
Many country representatives expressed challenges related to harnessing the value of their energy resources due to anti-hydrocarbon activism, low credit ratings, and difficulties in raising capital for infrastructure development.