“Sub-Saharan states need to move to renewable energy sources as $15bn in aid is outstripped by $18bn in oil imports, says IEA…” (Source: The Guardian)
But not only Africa is affected by high oil prices. Europe will suffer competitiveness loss as a result of oil dependence. "…for every $1 that countries do not spend on cleaner fuel, they will have to spend $4.3 within the next two decades to make up, for their reliance on fossil fuels". EU oil bill is more than 550bn per year, the "equivalent of a Greek crisis – very year".
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