Some aspects of the West African energy market development

Saenko A. N.

The article discusses the peculiarities of the development of the energy market in West Africa. African countries with significant energy resources, many of which are renewable, could move forward in the development of sustainable energy ahead of many other regions of the world. The impact of socio-economic problems on the development of energy in Africa has been revealed, since it is the current structure of energy resources, based largely on non-renewable fossil fuels, that has failed to provide the population of the whole of Africa with full-fledged, reliable and ultimately sustainable energy. The article also highlights that population growth, continued dependence on commodities, exposure to price volatility, limited production capacity and increased vulnerability to climate change further increase the importance of determining how renewable energy sources can contribute to sustainable development and prosperity in Africa. The article outlines options for financing renewable energy sources in Africa, as well as discusses the necessary policy measures to facilitate an effective transition to "green energy". The article describes that the disclosure of the potential of renewable energy sources as a lever of socio-economic development will require structural changes in the national energy policy, honed political instruments and international cooperation.

Keywords:electroenegetics, green energy, West Africa, renewable energy sources, investment regulation.