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Africa’s population is among the fastest growing and youngest in the world. One-in-two people added to the world population between today and 2040 are set to be African, and the continent becomes the world’s most populous region by 2023, overtaking China and India.
More than half a billion people are added to Africa’s urban population by 2040, much higher than the growth seen in China’s urban population in the two decades of China’s economic and energy boom. How Africa meets its growing energy needs is crucial for the continent’s economic and energy future, as well as for global trends.
Growing urban populations mean rapid growth in energy demand for industrial production, cooling and mobility. With the growing appetite for modern and efficient energy sources, Africa also emerges as a major force in global oil and gas markets. The projected growth in oil demand is higher than that of China and second only to that of India as the size of the car fleet more than doubles (the bulk of which have low fuel efficiency) and liquefied petroleum gas (LPG) is increasingly used for clean cooking. Africa’s growing weight is also felt in natural gas markets as the continent becomes the third-largest source of global gas demand growth over the same period.
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