Page 5 - AfrOil Week 29 2021

AfrOil COMMENTARY AfrOil

Moving goalposts any possible development in Africa, alleviating
What’s even more unsettling is that for years, the opportunity for a transition and leaving mil-
there has been an accelerated push by the inter- lions in energy poverty. As NJ Ayuk, the execu-
national community for Africa to create ena- tive chairman of the African Energy Chamber
bling environments for investment – and now (AEC), has said: “If the goal is to move Africa
that this has been established, the West is ending towards increased renewable energy usage,
investment. a healthy oil and gas industry is a good and
Through the promotion and drive for cost-effective way to get there.”
amended policies, restructured regulatory
frameworks and investor attractive initiatives, AEC’s responses
Africa has made significant progress in increas- In response to declining interest in African oil
ing ease of doing business across the African and gas projects, particularly as Western nations
oil and gas sector. Notably, with its recently continue to interdict African fossil fuel develop-
passed Petroleum Industry Bill (PIB), Nigeria ments, the AEC has declared that it will urge
has spurred investment in its highly prospective African countries to boycott or refrain from
energy sector, and countries such as the Repub- working with international companies that dis-
lic of Congo, Angola and Senegal have, through continue investments and reject the African oil
transformative regulatory changes, focused on industry. Together, African
attracting foreign investment. There is no reason to invest African pension
So how is it that upon the establishment of funds or conduct business with financial insti- nations emitted
enabling environments the international com- tutions that refuse to invest with African energy seven times less
munity demanded, the same organisations have companies because of climate change. Financial
decided to end investment in African oil and gas institutions that discriminate against Africa’s oil carbon dioxide
projects? and gas industry in the name of climate change
No more. Africans are not going to sit back are wrong and desperately need to change both than China last
and allow African elites and financial institu- their mindsets and actions.
tions to destroy our energy industry and the Look at the facts: Africa is not to blame for year and four
opportunities for job creation, enabling the alle- any climate issues and should not be made to times less than
viation of energy poverty. We must utilise free pay the price for it. As the AEC has stated in the
markets and the continent’s enabling environ- past, demonising energy companies is not a con- the US
ments to allow capital to come into the conti- structive way forward. Ignoring the role that car-
nent and combat climate change in a responsible bon-based fuels have played in driving human
manner. progress distorts the public debate. We cannot
expect African nations – which together emitted
Costs and principles seven times less carbon dioxide than China last
There is no denying that the energy transition is year, and four times less than the US, accord-
vital. However, someone has to pay for it. ing to the Global Carbon Atlas – to undermine
The developed countries did pledge to pro- promising opportunities for economic develop-
vide all developing countries with $100bn for ment by simply aligning with the Western view
the energy transition in 2009, but this is essen- of how to address carbon emissions. Make no
tially a non-starter, especially considering that mistake, the energy industry has led the world
Western nations will be spending approximately in emissions reductions.
$6 trillion each year for the same purpose. Making energy poverty history by 2030
The African energy transition is just that: a should be our most urgent priority. The AEC has
transition, a process or period of changing from taken a principal position in refusing to attend
one state to another. Abruptly ending all invest- Africa Oil Week in Dubai because we disagree
ment into the African energy industry will not with the London-based narrative that African
enable African countries to generate the critical oil and gas investments must end. By hosting
funds needed to transition to renewable energy AEW 2021 in Cape Town on the November
solutions in the future. 9-12, 2021, the AEC is committed to the African
Rather, by boycotting fossil fuels, the inter- narrative, African voices, and African energy
national community is essentially boycotting sector growth. (African Energy Chamber) ™

Week 29 21•July•2021 www. NEWSBASE .com P5