Africa’s Widening Gap to Global Net Zero Ambitions
In partnership with PwC
Africa has been a relatively late player in global energy markets, and still has significant opportunities for fossil fuel exploration and production. African economies, however, are very dependent on international finance for such large capital-intensive projects, but international finance is typically subject to emissions disclosure and limits set by highly developed and first-world economies.
Much-needed African economic growth will benefit from both fossil fuel as well as renewable energy development, but fossil fuel projects are increasingly regarded as non-bankable and not in line with global ‘Net Zero’ standards. Fossil fuels specifically have the benefit of generating much-needed export revenues, whereas renewables will only satisfy domestic energy needs.
There are many examples across Africa - for example Uganda Oil, and Tanzania Natural Gas - where African countries have made negligible contributions to cumulative global greenhouse gases, but are at risk of being unable to develop these resources due to the lack of finance for fossil fuel projects.
During this PwC and Invest Africa Energy series, we have previously looked at the challenges of the Africa Energy Transition and limited affordability. Additionally, following discussions with global donors, it is clear that there is very limited to no funding appetite or mandates for such fossil fuel developments.
This panel discussion will explore how this rapidly expanding Net Zero target can be resolved.
Discussion points:
What are the opportunities for foreign investment and/or donors to support Africa with the transition from fossil fuels to renewable energy?
How can African nations develop a strategy around developing their fossil fuels in the short term while at the same time transitioning to renewables?
What financing options are available to African nations to develop such a strategy?
Confirmed Moderator:
Confirmed Speakers:
