The annual Africa Energy Indaba (meeting) kicked off at the Sandton Convention Centre today, with a launch by the World Energy Council (WEC) of an Issues Monitor on energy. It is a flagship publication which answers the question that has been repeatedly asked at development meetings - “What keeps energy leaders awake at night?”
The study reveals that high energy price volatility has for the first time replaced global climate framework as the number-one critical uncertainty driving the world energy agenda.
The meeting heard that price volatility goes beyond merely oil and gas prices. Energy leaders are increasingly concerned about the sectors ability to access capita markets to fund energy infrastructure, against the current recessionary backdrop.
WEC’s Chairperson Marie-Jose Nadeau said analysis in the Issues Monitor shows that as the gap between energy access, security and sustainability widens, the financial investments and technical efforts required to deliver affordable energy will increase significantly.
NEPAD represented at the meeting by CEO Dr Mayaki and Head of the Energy programme professor Mosad Elmissiry, highlighted the important interventions the Agency is making on a regional and national level to ensure that.
Dr Mayaki said that the classical thinking of solving Africa’s energy problems is no longer working. He cited the high social inequality and a booming youth population which makes up the largest percentage of Africa’s population as an explosive combination.
“NEPAD is working to foster an energy revolution in Africa by placing priority on regional projects because most of our problems do not have an optima national solution. That solution lies at regional level, “said Dr Mayaki.
Among other issues the three day summit will address are three imperatives - Energy Security, Social Equity and Environmental Sustainability, collectively referred to as the Trilemma issues.