Africa's exploding population, estimated to grow by an additional 800-million from 2010 to 2040, will double energy demand within the same period. The continent's population will reach 1,79-billion by 2040, second only to Asia Pacific's 4,59-billion, says ExxonMobil.
Africa's GDP is expected to grow by an average of about 4% annually through 2040. An exploding population and rising GDP will make huge demands on energy resources.
Africa's energy demand is set to more than double from 29-quadrillion British thermal units (Btu) in 2010, to include 61-quadrillion Btu by 2040. Oil and wood-based biomass will account for 60% of the energy source in the future.
Natural gas and coal together will account for 36%. Interestingly, ExxonMobil expects Africa's renewable energy sources to be negligible. Africa's electricity demand is estimated to rise 335% over the next 30 years, as incomes rise and legions of Africans move into the middle-income bracket.