Staff Reporter
Johannesburg, November 2 – As African and Caribbean nations embark on their journey to harness newfound oil and gas reserves, the African Energy Chamber is advocating for a balanced energy transition approach. This stance comes in response to the growing trend of wealthy nations promoting a “green agenda” without due consideration of Africa’s unique economic and energy needs.
Both Africa and Guyana have recently uncovered substantial oil and gas resources, with the potential for significant discoveries on the horizon. Guyana, for instance, has experienced over 30 discoveries since 2015, including a block that may hold as much as 11 billion barrels of oil, led by ExxonMobil. Similarly, several African nations, including Namibia, Mozambique, Angola, Nigeria, and Equatorial Guinea, have seen major discoveries in recent years. However, the prevailing green agenda fails to acknowledge the immense potential that abundant resources like natural gas, prevalent in both Africa and the Caribbean, offer.
Africa’s negligible carbon dioxide emissions, accounting for a mere 3% of global emissions, starkly contrasts with the disproportionate attention it receives as a perceived environmental threat. This focus primarily stems from the fear of climate change, coupled with concerns about the potential environmental impact of a fossil fuel boom in African and Caribbean nations. Countries like Mozambique, Nigeria, and Angola, with vast proven natural gas reserves, cannot afford to leave these valuable resources untapped. Gas, offering significantly fewer emissions compared to coal, can invigorate African economies, facilitating job creation, business opportunities, capacity building, and monetization.
Despite its potential, the green agenda prescribes an immediate transition, overlooking the sustainable, practical, and logical role that gas can play in Africa and the Caribbean. Both regions propose an alternative approach where gas development aligns with current needs and future demands, positioning countries to fund the transition to renewables effectively.
NJ Ayuk, Executive Chairman of the African Energy Chamber, stresses the importance of ceasing the demonization of the oil and gas industry. While Western leaders continue to promote increased oil production and coal use, calls to leave African fossil fuels in the ground persist. The situation, marked by legal actions against energy projects, is neither equitable nor constructive.
Africa aims to eradicate energy poverty by 2030, a goal that hinges on oil and gas development. Over 600 million people currently lack access to electricity, with more than 900 million lacking clean cooking solutions. The green agenda overlooks Africa’s crucial need for natural gas to provide electricity to its growing population. Africa seeks an integrated approach that combines fossil fuels and renewables, acknowledging that both are essential components of its energy mix.
Countries call for a new discussion at COP28 in Dubai, emphasizing the importance of an Africa-centric and just energy transition that incorporates oil and gas. Global leaders, financial institutions, and project developers are encouraged to support this agenda, aligning with the continent’s requirements rather than imposing a one-size-fits-all solution. The chamber also urges financial institutions to resume financing for African oil and gas projects, putting the continent’s energy and economic interests first.
