Page 4 - AfrOil Week 29 2021

AfrOil COMMENTARY AfrOil

If you boycott Africa’s oil and gas

sector, Africa will boycott you

In a move to promote development and end energy poverty by 2030, the African Energy Chamber

is encouraging African countries to boycott companies that boycott African oil and gas projects

WITH the international community pushing many Africans have turned a blind eye to elites
for a rapid decrease in carbon emissions due in Africa and their Western counterparts who
WHAT: to climate change, there has been a significant have pandered to a radical anti-energy agenda
Industry associations, decline in foreign investment directed towards that has not been in the best interest of the Afri-
labour unions, govern- the African energy sector. can energy sector or of African people. With the
ment agencies and host The global climate crisis remains a critical promise of foreign aid and aid workers, such
communities have all point of discussion and should remain at the institutions have insisted on ending oil and gas
complained about the top of the agenda with regards to energy devel- investments and development, promoting an
provisions of the PIB. opment. However, as the international commu- immediate energy transition which will and
nity moves to boycott investments in the African continues to prove disastrous for the African
WHY: energy sector, African people and African devel- continent and its people.
The long-awaited legis- opment stand to suffer. With the end of investment in African oil
lation will not solve all of
the petroleum industry’s The role of oil in Africa’s energy and eco- and gas declared by the European Bank for
problems. nomic future is apparent, and consequently, Reconstruction and Development (EBRD),
should be defended as Western elites move to BlackRock, the Royal Bank of Scotland and the
WHAT NEXT: disrupt African progress. International Energy Agency (IEA), Africa will
Compensation for host Despite oil’s potential to lift millions out of not be able to alleviate energy poverty. What’s
communities is still a poverty and ensure underdeveloped African more, organisations such as Greenpeace and
thorny issue and may nations have a chance at economic growth and Friends of the Earth continue to cause major
continue to drive up success, there has been an increasing trend by project disruptions in Africa, directly impact-
production costs. the international investment community to ing any opportunity for sectoral and economic
boycott African energy projects. For many years, growth.

P4 www. NEWSBASE .com Week 29 21•July•2021