Browsing: fossil fuels in Africa

African Energy Bank to fund fossil fuels in Africa. [Photo/African facts]
  • The western countries have halted overseas fossil fuel financing, a decision that has raised the alarm among Africa’s largest exporters of hydrocarbons
  • A BP Statistical Review of World Energy 2021 reveals that oil and gas produced about 48 per cent of Africa’s total electric power generation in 2020
  • At the COP26 climate summit held in Glasgow, the United Kingdom, in November, several countries agreed to stop the direct public financing for overseas fossil fuel development and extraction by the end of this year

The western countries have halted overseas fossil fuel financing, a decision that has raised the alarm among Africa’s largest exporters of hydrocarbons, who sees the creation of an African Energy Bank as a way out to fund fossil fuels in Africa.

To prevent catastrophic climate change, environmental and financial organisations and governments across Europe and America have insisted that developing nations in Africa must immediately transition from …