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Report: Restricting fossil fuel investments could deepen Africa's energy problems |  Africa

Report: Restricting fossil fuel investments could deepen Africa’s energy problems | Africa

Decades after oil and gas, rich nations are steadily moving toward restricting or restricting investment in fossil energy resources to reduce emissions and switch to alternative energy sources, but these policies do not take into account the vital role that some fuels play in supporting the growth of developing economies. Especially in sub-Saharan Africa.

In a newspaper article,Foreign AffairsNigerian Vice President Yemi Ozinbajo said development finance companies have been trying to strike a balance between climate concerns and development needs throughout the past, but the United States, the United Kingdom and the European Union have decided to take drastic measures to reduce fossil fuels. Investments, and wants the World Bank to support this trend, which has caused the African Development Bank to lose the ability to support major natural gas projects on the African continent.

Osinbajo believes that it is important for all nations of the world to participate effectively in efforts to eliminate fossil fuels and to rely on non-polluting energy, but this change takes into account the economic differences between countries and sets the ultimate goal of achieving “zero emissions”.

Restricting natural gas investments in Africa will not help reduce global carbon emissions, but will greatly affect the economic capabilities of the countries it sees.

Transition to poor countries with rich natural resources and low energy, such as Nigeria, should not be at the expense of cheap energy resources, but rather as a comprehensive and equitable transition, that is, the guarantee of entitlement to sustainable growth and the fight against poverty as enshrined in international treaties such as the 2015 Paris Climate Agreement.

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Financial transfers threaten energy supply in Africa

Restricting natural gas investments in Ozinpozo Africa will not only help reduce global carbon emissions, but will severely affect the economic capabilities of the continent’s countries. Currently, with the exception of South Africa, African countries suffer from energy shortages.

Power generation in the sub-Saharan countries, which have a population of about one billion, is 81 gigawatts, compared to 108 gigawatts in the United Kingdom alone. But the contribution of one billion people does not exceed 1% of global carbon emissions.

For example, a Nigerian citizen emits only about 0.6 metric tons of carbon per year, which is 4.6 tonnes per capita worldwide, which is much lower than the average in Europe (6.5 tonnes) and the United States (15.5 tonnes). .

This means that, according to the author, energy consumption and emissions in sub-Saharan Africa are very low, doubling electricity consumption by three times using natural gas would add only 0.6% to global carbon emissions.

The Nigerian vice president says natural gas is not of equal importance in all African markets, but it is an important tool for lifting people out of poverty in many countries because it is used in the energy, industrial, fertilizer and cooking sectors.

Currently, gas is used in cooking instead of dangerous coal and kerosene, which has saved millions of people from the risk of indoor air pollution.

Osinbajo stressed that Africa’s economic progress would be reversed as rich nations seek to restrict investment in all fossil fuels. In all sub-Saharan countries, natural gas projects are stalled, even though organizations such as the International Development Fund of the United States and the World Bank’s International Monetary Fund are set up to help promote major projects, especially in poorer countries.

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In most energy-poor countries gas supply pipelines and power plants need to attract capital to finance development and implement large projects.

In Nigeria, an alliance of international financial institutions helped build the Asura Edo power plant, which increased the country’s capacity by 10%.

More similar stations are needed to supply the electricity and power industries and cities. A complete ban on funding for all fossil fuels would jeopardize those plans.

The author argues that it is paradoxical that some large European and private American companies are developing natural gas sectors in African countries, including Ghana, Mozambique, Nigeria and Senegal, with the aim of exporting gas to Asia and Europe. Rich countries are seeking to reduce funding for domestic gas projects in Africa.

It is paradoxical that some large European and private American companies are developing natural gas sectors in African countries, including Ghana, Mozambique, Nigeria and Senegal, with the aim of exporting gas to Asia and Europe, while governments of rich countries are reducing funding for domestic gas projects in Africa.

A reasonable change to alternative energies

The author explains that the transition to renewable energy is central to the plans of the Nigerian government. For example, the “Solar Nigeria” project aims to provide electricity to 5 million homes by 2023 using solar energy grids, but says renewable energy sources are only part of the solution.

For Nigeria and most of the sub-Saharan countries, the weakness of the regular phases will prevent the spread of solar and wind energy for a long time. By increasing power generation through gas, the use of renewable sources can be expanded by balancing a wide variety of energies.

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The author says that with the expected operational life of Nigeria ‘s natural gas plants ranging from 25 to 30 years, the country will have enough time to switch to clean energy by the middle of the century.

The Nigerian vice president said a just global transition to renewable energy must take into account the needs and economic capabilities of the African continent, and not by restricting fossil fuel projects, and without losing its right to a prosperous future. Rather by facilitating the flow of investment to the most powerful countries.

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