With up to $25 billion needed per year for Africa to make energy poverty history, African Energy Week will unite African and global financiers to discuss financing the continent’s energy future.
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. As such, the continent’s premier energy event, African Energy Week (AEW) – taking place from October 18-21, 2022, in Cape Town – has prioritized investment, with the conference representing the official meeting place for global and African energy financiers. During the 2022 edition of the event, AEW will showcase the best of what African energy has to offer through innovative exhibitions; host unique networking sessions where investors can be introduced to African opportunities; and provide key meeting forums where deals will be signed that will transform the African energy sector.
In order to make energy poverty history in Africa by 2030, it all comes down to investment. In its African Energy Outlook 2022, the International Energy Agency emphasizes that in order to meet electrification goals, Africa needs $25 billion 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.
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. Similarly, in 2019, Senegal implemented the Petroleum Code, centered around productive changes to exploration and production as well as local company participation while the Republic of the Congo has also introduced its Gas Mega Plan, promoting attractive fiscal policies that will drive resources maximization and monetization. Accordingly, the continent is officially open for business, and AEW 2022 will be the place to secure investment and drive development.
“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,” states Leoncio Amada Nze, President of the African Energy Chamber (AEC) CEMAC, adding that, “We have already established strong ties and ongoing collaborations with hedge funds, private equity funds and investors, and in Cape Town, these ties will only be strengthened.”
Representing the voice of the African energy sector, the African Energy Chamber (AEC) has and continues to maintain its position on African energy, calling for increased investment in every segment of the energy industry. 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.
With many countries across the continent targeting universal access to electricity by 2030, significant levels of investment are needed to ensure electrification objectives are met, socioeconomic growth prioritized, while climate change mitigation is pursued. Accordingly, through a dedicated finance summit and investor-driven forums, the conference places specific emphasis on capital, serving as the perfect platform for investors to sign deals, form partnerships and collaborate with a suite of public and private sector project developers. During this year’s edition, delegations from leading African organizations including the African Export-Import Bank, the African Development Bank, the African Finance Corporation, Standard Bank and the African Energy Investment Corporation, as well as global organizations including the World Bank will be driving discussions.
AEW 2022 is the AEC’s annual conference, exhibition and networking event. AEW 2022 unites African energy stakeholders with investors and international partners to drive industry growth and development and promote Africa as the destination for energy investments. Key organizations such as the African Petroleum Producers Organization, as well as African heavyweights including Equatorial Guinea and Nigeria, have partnered with AEW, strengthening the role the event will play in Africa’s energy future.