Africa has a diverse wealth of energy resources, from oil and gas reserves, to great potential for solar and large hydropower projects.

Yet the continent's energy wealth is mostly underdeveloped. Most Africans lack access to electricity, making Africa the least electrified continent on the planet. Yet progress is being made.

Participants at the World Energy Congress are well aware of the potential Africa has to offer the energy sector.

Seven out of 10 of the world's fastest growing economies are found in Africa. Energy projects, worth 100 billion U.S. dollars, are part of the increasing demand.

Yet much of Africa remains at the bottom of a World Energy Council index, which ranks countries on their energy security, equity and sustainability.

"The countries in Sub Saharan Africa, by and large, have the lowest access to modern energy services for their populations," said Joan Macnaughton, Executive Chair, World Energy Trilemma Report.

"And they also have the lowest energy use, basically because people do not have access to electricity or clean cooking facilities, not having access to clean cooking facilities kills more people per day than AIDS, malaria and tuberculosis combined. So it's a moral imperative."

However, Ethiopia has been bucking that trend with an aggressive push toward green energy.

According to the World Bank, electricity now reaches well over two million people in Ethiopia, more than double from just a decade ago.

Rapid economic growth has increased demand by 15% annually, pushing the government to quadruple power generation capacity.

"More than 90% of our of electricity is renewable. Including hydro, wind, geothermal, - the majority of the electricity sector is from hydropower. It's our backbone," said Gosaye Mengistie, CEO, Ethiopian Electric Utility.

Mengistie says Ethiopia now exports its electricity to neighboring Djibouti, Kenya and Sudan helping to drive prosperity in the region.

Yet, according to reports, more than 90% of the hydro resources available in Africa is not being used, due to the lack of local capacity and infrastructure, leaving much of Africa's energy sector development to international governments, such as China and private sector organizations.

The Islamic Development Bank, which supports development projects all across the African continent, says challenges remain, despite leaders showing an increased appreciation toward the importance of energy security.

"The risk is there, the commercial risk and the difficulty in attracting financing. That's one level. The other level of course is in terms of implementation or execution capacity for these projects," said Mansur Muhtar, ISDB Vice President. 

Panelists say this is putting off potential investors and hindering progress in addition to regulatory hurdles.

While challenges remain, Ethiopia's work to capitalize on its diverse energy resources is not only providing optimism, but energy security for the country amid uncertainty in the oil market.

"That is a strategy because we cannot develop using the old way. We have to make a paradigm shift," Gosaye Mengistie said.