With the African Oil and Gas market projected to register a compounded annual growth rate of more than 5.5 per cent between 2022- 2027, the African Center for Energy Policy (ACEP) is calling for holistic research into the energy sector to secure the future of the continent.
The Think Tank explains that with the global trends of technology and calls for transition to greener energy, research has become critical to inch the economy of the African continent closer to growth.
The Executive Director of ACEP, Benjamin Boakye made these comments at Africa Energy Meet Forum organized by Third World Network- Africa and Southern Africa Resource Watch in Accra.
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“If we get oil still being demanded in the next 10 or 20 years then we are lucky but if the transition happens faster than we think; we should be in that space for the new forms of energy and that requires that we think about research and appreciate the trends and begin to see where we can position ourselves as a continent otherwise we risk continue to be in the market,” he said.
“There is a search for the most optimum technology that can actually address the challenges that we have with fossil fuels. There’s a lot of research happening on battery technologies, solar panels, wind turbines and other renewable forms of energy,” he added.
“So eventually when the transition actually happens what’s going really happen is that countries that are not researching and generating technology will become markets where these technologies will be sold, he noted.