Top 10 issues facing African oil and gas producing countries
02: Preparing for tomorrow’s energy demand
Over the next two decades, rapid population growth and industrialisation are expected to drive strong energy demand growth across the continent – including for fossil fuels. McKinsey modeling estimates that African energy demand in 2040 could be around 30% higher than it is today, compared with a 10% increase in global energy demand.
At COP26, several new commitments were made, giving further momentum to the transition. In total, more than 150 countries have put forward new or updated emissions targets, with several African countries, including Botswana, the Democratic Republic of the Congo, Egypt, Ghana, Kenya, Morocco, Nigeria, and South Africa, making various commitments to restrict methane emissions, halt and reverse forest loss, phase out coal, and end international financing for fossil fuels.