By Stanley Onyeka, Lagos
African civil society, human rights groups, environmental groups, governments and the private sector have expressed their commitment to align Africa’s efforts in combating energy poverty and fostering industrialization, while advocating for a just energy transition and ensuring climate justice.
This steadfast commitment was underscored by the conclusion of the Invest in African Energy Forum, held in Paris, France, where the Paris Climate Agreement was signed in 2016, according to a statement.
Key stakeholders from across the continent and beyond convened to address the pressing energy challenges facing Africa.
Discussions at the event, which held on May 15, centered on strategies to attract investment, promote sustainable energy development and drive economic growth.
This is in addition to prioritizing environmental responsibility, African civil society, human rights groups, environmental groups, governments and the private sector recognize the critical importance of addressing energy poverty, which continues to impede socio-economic progress in many African nations.
“By fostering an environment conducive to investment and innovation, we Africans aim to unlock the continent’s vast energy potential and empower communities with access to reliable, affordable energy sources,” they said.
The Paris Declaration calls for fruitful discussions and collaborations, highlighting the shared commitment of African nations, global investors and industry leaders to drive sustainable energy development across the continent.
They also committed to championing Africa’s energy agenda, advocating for policies that balance economic growth with environmental stewardship, and empowering African nations to realize their energy potential while advancing climate goals.
The stakeholders further emphasized Africa’s sovereignty and right to develop its energy resources from the north to the south, and from west to the east of the continent, while listing many oil and gas projects underway.
These institutions have not been equitable when it comes to facilitating adequate energy and climate finance for African countries, where local populations are disproportionately affected by both climate risks and restrictions on fossil fuel development.
Access to funds
Despite Africa’s unmet energy requirements, they decried that global energy lending has only tightened, as major European and other Western banks exit the fossil fuels industry in Africa, while financing fossil fuels in Western countries.
“These institutions have not been equitable when it comes to facilitating adequate energy and climate finance for African countries, where local populations are disproportionately affected by both climate risks and restrictions on fossil fuel development.
“Europe has made repeated calls for natural gas and green finance, yet there is a considerable blockage on energy finance for African countries. This chokehold continues to inhibit Africa’s industrial growth and the establishment of critical gas-driven industries like power, petrochemicals, fertilizers and mining, keeping the continent at a developmental lag.
“We Africans deplore the continuous polarization of the energy dialogue in Western countries and call on the demonization of African oil and gas to stop.
We urge free market solutions to Africa, and not a continuous push for aid so that Africans pledge to leave their resources in the ground. More aid is not the answer. Investment is key,” they insisted.
Against this backdrop, they charged African countries to “put in place attractive regulatory and fiscal terms, thereby creating an enabling environment and removing all barriers to investment, such as incohesive regulation, excessive red tape or nationalistic policies.
“With competitive terms and incentives in place – followed by the integration of ESG principles and capacity building requirements – African energy projects will be able to compete effectively for global capital and work toward making energy poverty history across the continent,” they concluded.