Browsing: Oil and Gas sector in Africa

Oil and Gas- The Exchange

As African oil and gas countries struggle with Covid-19’s devastating impact on demand, two international groups seem to be celebrating it.

Earlier this month, the Organisation for Economic Co-operation and Development (OECD) and the International Energy Agency (IEA) described the low oil prices caused by the pandemic as a “golden opportunity” for governments to phase-out fossil fuel support and usher in an era of renewable energy sources.

“Subsidising fossil fuels is an inefficient use of public money and serves to worsen greenhouse emissions and air pollution,” OECD Secretary-General Angel Gurría said in a joint OECD-IEA statement. “While our foremost concern today must be to support economies and societies through the Covid-19 crisis, we should seize this opportunity to reform subsidies and use public funds in a way that best benefits people and the planet.”

I would argue that the OECD and IEA don’t necessarily know what’s best for the people …