• Monday, March 04, 2024
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BusinessDay

Africa energy leaders worry over high prices

U.S.-energy

African energy leaders see global climate framework uncertainty, high energy prices, and commodity prices as the critical issues driving Africa’s energy agenda this year, according to the 2014 World Energy Issues Monitor, released by World Energy Council (WEC).

The African views are in contrast with the global view, where high energy price volatility has for the first time replaced climate framework as the top critical uncertainty.
Bonang Mohale, WEC Vice-Chair Africa, commented at the report launch at the Africa Energy Indaba: “Our African survey finds that, in contrast with the global findings, climate framework has become an even more critical issue. Africa is dramatically vulnerable to climate change and Africans are becoming more aware that climate change is an urgent and real issue rather than something that only countries with large emissions should worry about”.

In Africa, electricity supply remains a critical concern, with growing demand, lack of required investment, and increasing power shortages across the continent. Renewable energy remains a high-priority issue. Energy leaders are also increasingly concerned about the sector’s ability to access capital markets for funds toward energy infrastructure, when set against a continued recessionary backdrop.

By: MIKE OCHONMA