By 2040, nearly one billion people in Sub-Saharan Africa could have access to electricity, compared to 290 million today.
Increasing access to energy will “turbo-charge” growth on the continent, the International Energy Agency (IEA) says in its latest, long-range report, Africa Energy Outlook. It anticipates that by 2040, African electricity generation capacity will have quadrupled and that around two-thirds of Africans will have access to electricity, compared with less than one-third today.
The IEA predicts strong growth among smaller oil producers, a further reorientation of exports from Europe towards Asia and a vast boom in natural gas production. Analysts said they expect the current global oil price trough to be temporary and that the report’s analysis will hold. The implications of hydraulic fracturing (fracking) in China, however, will be a concern for some countries.