Organisations ranging from the World Bank to the European Investment Bank have dropped support for African fossil fuel production in hopes of encouraging a transition from oil, gas and coal to sustainable energy sources like wind and solar power. NJ Ayuk is Executive Chairman of the African Energy Chamber, argues that here are legitimate concerns that investor support for oil and gas production will dwindle as well. “Phasing out fossil fuels in Africa also would be harmful to the many international and indigenous oil and gas companies that contribute to the continent’s revenues and make a positive social impact here.” In Equatorial Guinea, for example, initiatives aimed at monetising the country’s massive natural gas reserves have led to the creation of new infrastructure. It is helping the government build a natural gas mega hub that could make Equatorial Guinea a major player in the global liquified natural gas market and bring in $2bn in revenues. There’s no reason that other African countries can’t do the same.
SOURCE: AFRICAN BUSINESS MAGAZINE