August 31, 2020 Read More →

African oil and gas may still be valuable enough to fund renewable boom

Africa Oil & Gas Report:

“The call to leave fossil fuels in the ground is a Western narrative and fails to factor in the needs of low-income Africans who would gain from a strategic approach to oil and gas operations, job creation and local enterprise opportunities.” Quoted by NJ Ayuk, Chair, African Energy Chamber in Upstream.

NJ Ayuk’s remarks are directed to the IMF, IEA, and OECD, who are urging African countries to abandon their oil and gas assets and instead become pro-active and join the Energy Transition.

Solar, wind and hydropower are the symbols of this transition.

Clark Butler, author of the IEEFA’s (Institute for Energy Economics and Financial Analysis) study “Oil Supermajors’ Trajectory Towards Renewables Needs to Scale Up and Speed Up” says that TOTAL must drastically increase its renewables and decrease its carbon intensity if it is to meet its climate goals. This can only mean reducing its carbon footprint and yes, in  Africa, and in this case Angola, will be thrown under the bus.

Is Angola the exception? Not likely. Other African producers  have varying energy and environmental  policies. Africa is a house divided. Many countries, many policies.

[Gerard Kreeft]

More: In Pursuit of Africa’s Green Deal

Posted in: IEEFA In the News

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