However, the agency highlighted major positive shifts – particularly in the fast-accelerating solar energy market. Solar PV already accounts for 62% of total renewable funding in Africa, according to the IEA, and is the cheapest source of power across much of the continent, projected to outcompete all other technologies by 2030.

“Energy demand is expected to rise across the continent as access to modern energy improves,” Rita Madeira, Africa Program Manager, (IEA), stated during the MSGBC Oil, Gas & Power 2025 conference and exhibition in Dakar on Wednesday, adding, “Due to limited access to electricity and clean cooking, as well as affordability constraints, modern energy consumption per household in Africa is very low compared to other regions. However, electricity generation is projected to accelerate with recent positive trends in investment, with solar PV in the lead.”