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Africa requires roughly $2.8 trillion by 2030 to fund the energy transition, yet currently receives about $30 billion in annual climate finance flows. As COP29 approaches, African nations are intensifying efforts to ensure their energy development priorities are at the forefront of global discussions, with a view to mobilizing private investment for a diversified and balanced energy mix. 

Building on the outcomes of COP28 – and just ahead of COP29 – this year’s edition of African Energy Week (AEW): Invest in African Energy 2024 hosts its flagship session on the future of Africa’s energy sector. Under the theme – A Just Energy Transition: COP 29 and African Priorities – the discussion will be held by NJ Ayuk, Executive Chairman of the African Energy Chamber; Gwede Mantashe, South Africa’s Minister of Mineral Resources and Energy; Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources (Oil); Godfrey Moagi, Interim-CEO of South Africa’s SANPC; and Jude Kearney, Managing Partner at ASAFO & Co. Speakers will discuss the critical role of COP29 in advancing the global energy transition, while addressing the unique challenges faced by African nations in ensuring energy security, poverty reduction and industrialization.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.aecweek.com for more information about this exciting event.

 Given Africa’s substantial energy demand and need to industrailize, the continent is prioritizing a diversified energy mix, with sustainable gas development at its core. Designed to deliver gas to 13 African countries and Europe, the Nigeria-Morocco Gas Pipeline project has advanced and aims to reach FID by year-end. Engineering consulting company Worley – the project’s FEED contractor – is exploring the integration of renewable energy sources to power the pipeline and reduce its carbon footprint. This pipeline project is set to play a key role in addressing regional energy security and establishing a diversified energy mix.

In Angola, Chevron signed an MOU with the government last October to explore low-carbon opportunities, including hydrogen and carbon capture and storage. The partnership aligns with Angola’s goal of reducing emissions by 14% by 2025 and its broader strategy to adopt a low-carbon development model. Additionally, energy company Azule Energy and FPSO provider Yinson Production announced plans to pioneer an offshore carbon capture and storage plant on the Agogo FPSO vessel in Block 15/06. The innovative project – the world’s first post-combustion carbon capture unit on an FPSO – will integrate technologies such as electrification, automation and a combined-cycle power system to significantly reduce emissions. Similarly, the Greater Tortue Ahmeyim LNG project in Mauritania and Senegal employs cutting-edge technologies to minimize carbon emissions during extraction and processing, targeting the production of low-carbon LNG.

In North Africa, Egypt continues to integrate renewable energy within its natural gas sector. The Zohr gas field remains central to Egypt’s energy development strategy, complemented by an expanding portfolio of renewable projects, including Infinity Power and Masdar’s 200 MW onshore wind farm and AMEA Power’s 500 MW Abydos solar power plant. The country also launched a National Low-Carbon Hydrogen Strategy to diversify its energy sources and transition to a low-carbon economy.

Accelerating investment in Africa’s energy expansion is crucial for meeting global sustainability standards and addressing energy poverty. In 2023, the OPEC Fund for International Development allocated $1.7 billion to support energy transition projects, with 42% directed towards Africa. At COP28, the African Development Bank (AfDB) and its partners mobilized over $175 million to advance green infrastructure projects in Africa, with a view to unlocking up to $10 billion in private capital. The AfDB also launched its “Climate Action Window” to raise at least $4 billion by 2025, targeting climate-resilient agricultural technologies, land rehabilitation, water and sanitation services and renewable energy access. Additionally, the Bank committed to allocating up to 20% of its annual energy lending for clean cooking solutions, aiming to invest $2 billion over the next decade to address the health and environmental impacts of traditional cooking methods.

During AEW: Invest in African Energy, this flagship energy transition discussion is expected to set the tone for Africa’s stance at COP29, emphasizing the need for a just energy transition that reflects the continent’s unique challenges and opportunities. The session will explore how African nations can responsibly leverage their oil and gas resources toward industrialized growth, while advancing clean energy initiatives and contributing to global carbon emission reductions.