A Paris round table meeting organized by Energy Capital & Power, aims to come up with up with the Invest in Africa’s Energy (IAE) 2024 concept. The delegates will focus on investing in South African nations, like Mozambique, Namibia, Zambia and South Africa.
These countries boast great renewable energy potential, and are rich in oil, gas and hydrogen resources.
Zambia boasts great hydroelectric power through its rivers. According to the meeting, investors can venture for profits while the poor can get affordable access to electricity.
Meanwhile, South Africa is largely investing in renewable energy as a primary source of power. For instance, the Renewable Independent Power Producer Programme (REIPPP) is barely a year old, and wants to expand its renewable energy capacity in 2024. The country is also rich in rare minerals like Gold and promises to revolutionize the mining sector by welcoming private investments.
Mozambique has liquefied natural gas (LNG),which it exports to Europe and neighboring countries. IAE projects an inevitable growth of the gas market, thus welcoming investors, including local groups to facilitate this growth. Companies like Total Energies have kick started and are already making strides in the initiative.
Another country in focus is Namibia, boasting great potential of untapped offshore reserves. For instance, Graff-1X, Enigma-X, Venus-1X, and La Rona-1X are amongst the deepwater discoveries. The Orange Basin holds a great amount of the resources, including the recently discovered Enigma-1X. According to Namibia’s minister of finance, the discoveries are a step towards accelerating oil production by 2029.
Therefore, the IAE plan is just a start of Africa’s energy potential and success. Importantly, the youth and local companies can invest and get a share in the evolving energy production sector.
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