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Africa Needs Faster Development of Gas and Renewables, PwC Says - BLOOMBERG
BY , Bloomberg News
, Source: PwC
(Bloomberg) -- African nations, many of which are emerging as fossil fuel producers, need to develop those resources along with clean energy to enable the quickest energy transition, according to consultancy PwC.
The continent offers a wide range of energy sources, from traditional oil and gas to optimal conditions for solar and wind and nascent green hydrogen projects. It can both act as a supplier and consumer of fossil fuels while increasing clean energy and electricity supply for its population, but needs to move faster to do so, PwC said in its 2023 Africa Energy Review report on Monday.
“Africa’s decarbonization is important, however, the eradication of energy poverty and improving energy security needs to be considered,” Pedro Omontuemhen, PwC’s Africa oil and gas leader, said in a summary of the report. “The solution for the power sector is not an either/or, renewables or natural gas, proposition. It requires a multi-pronged approach to decarbonization with renewables and natural gas power at its core.”
African nations have pointed to the need for solutions to end energy poverty, with 600 million people on the continent lacking access to electricity. Europe is also increasingly seeking gas from the continent to replace Russian supply.
An unprecedented quarter of Africa’s energy was generated with clean technology in 2022, while it needs to quadruple the amount of solar and wind to meet energy transition targets, PwC analysts wrote in the report.
“There is the opportunity for a more coordinated approach between government and business in order to execute national strategies that will improve energy security, and this will in turn aid economic development while realizing responsible new power programs and decarbonization goals,” they wrote.
