WORLD ENERGY OUTLOOK 2014 – AFRICA SPECIAL REPORT Turkey Presentation
Sabancı University International Center for Energy and Climate (IICEC) in cooperation with APCO Worldwide organized “World Energy Outlook 2014 - Africa Special Report” Turkey Presentation at Sabancı Center. International Energy Agency (IEA) Chief Economist Dr. Fatih BİROL presented the Special Report.
Business representatives, who currently make investments or plan to invest in Africa, academics and experts interested in the area attended the launch meeting, which discussed in detail the energy sector in Africa and important opportunities regarding energy potential of Africa.
In this first comprehensive analysis of sub-Saharan Africa by IEA, it is reported that the region’s energy resources are more than sufficient to meet the needs of its population but are largely under-developed. According to the Report, increasing access to modern forms of energy is crucial to unlocking faster economic and social development in sub-Saharan Africa. The region accounted for almost 30 percent of global oil and gas discoveries made over the last five years, and it is already home to several major energy producers, including Nigeria, South Africa, and Angola. It is also endowed with huge renewable energy resources, including widespread solar and hydro potential, as well as wind and geothermal. However, more than 620 million people in the region (which counts up to two-thirds of the population) live without electricity, and nearly 730 million people rely on dangerous, inefficient forms of cooking. The use of solid biomass (mainly fuelwood and charcoal) outweighs that of all other fuels combined, and average electricity consumption per capita is not enough to power a single 50-watt light bulb continuously.
IEA Chief Economist Dr. Fatih BİROL indicated that economic and social development in sub-Saharan Africa hinges critically on fixing the energy sector, and further stated, “The payoff can be huge; with each additional dollar invested in the power sector the overall economy is boosted by $15”. After the presentation, Dr. BİROL received audience questions. The meeting continued with a luncheon for the special guests of IICEC and APCO Worldwide at Sabancı Center.