Only Africa decides its energy future.
Africa is divided. On the continent, there is talk of a clean energy transition, however, former Nigerian president Olusegun Obasanjo said that African countries cannot be forced to follow the unrealistic ideals of the Global North, for an economy powered exclusively by renewable energies.
Obasanjo's position
In the midst of a global oil and gas crisis, Africa must take control of its own energy destiny and use its rich resources for the benefit of its own people.
This is the wake-up call of former Nigerian President Olusegun Obasanjo. His comments come as the world struggles to find new sources of oil and gas to meet its energy needs after Russia's invasion of Ukraine.
In this context, Obasanjo says that African countries cannot be forced to follow the unrealistic ideals of the Global North for an economy powered exclusively by renewable energies. He claims that this position is unrealistic, when the “developed” world itself is accepting the need to use hydrocarbons.
“Like the rest of the world, Africa must pursue energy policies that promote socio-economic development and the sustainable use of hydrocarbons.”
"Africa is the smallest producer of greenhouse gas emissions and needs to lift nearly half a billion citizens out of poverty."
“Responsibly managing our hydrocarbons and investing in our economies are necessary to ensure a just energy transition and sustainable growth for our people.”
Said Olusegun Obasanjo.
The European Union has said it aims to cut Russian-supplied oil by 90% by the end of 2022, and the announcement has already sent global energy costs soaring.
Africa is one of the potential new energy sources to replace this supply, with an estimated 61 billion BOE (barrel oil equivalent) being discovered in the region in the last 10 years.
Obasanjo's call for Africa to assert its energy sovereignty comes ahead of the conference, Africa Oil Week (state pension), to be held in South Africa, where energy companies, investors and governments will come together to negotiate agreements that will shape the continent's future.
The Organization of African Petroleum Producers (APPO) also called on member countries and other global institutions to use oil as a catalyst for energy security, sustainable development and economic diversification in Africa through collaborations and partnerships.
Both Obasanjo and APPO called for an accelerated dialogue on the sustainable development of hydrocarbons and Africa's role as a supplier of the world's energy needs.
“There has been a lot of talk in forums like the World Economic Forum in Davos about a just energy transition”.
“However, we must not allow Africa to have no say.”
“The discussions at AOW will be instrumental in charting a new energy course for Africa. We will decide what is best for us.”
Said Obasanjo.
The energy transition
Paul Sinclair, VP Energy and Director of Government Relations at AOW, said Africa is committed to a just and equitable transition to renewable energy.
“Critics make the mistake of thinking that Africa has abandoned renewable energy strategies. That is not the case”.
"The energy transition is just that, a transition that is part of Africa's goal of achieving net zero."
"However, oil and gas are needed for the foreseeable future."
Sinclair says Obasanjo's comments should be seen against the socio-economic challenges facing many African economies.
Obasanjo was one of Africa's leading post-colonial leaders, overseeing Nigeria's transition to representative democracy. Since his departure from the governmental sphere, he has been a senior statesman, active in shaping geopolitical issues – including energy.
Obasanjo also helped shape the modern Nigerian oil industry, ushering in political reforms that saw the country become an energy superpower on the African continent.
“Creating an African oil industry that benefits African people needs strong policies and regulations.”
“There are lessons learned that we can apply throughout the region. I look forward to discussing these opportunities for Africa.”
The African continent remains one of the most unexplored places on the planet for oil and gas deposits. However, the continued discovery of new energy resources suggests that the continent has a lot of energy beneath the surface.
According to the United Nations, half a billion Africans are estimated to live below the poverty line, while at the same time, Africa is responsible for just 3,8% of global CO2 emissions.
Many African countries argue that they should be allowed to exploit their natural resources through low carbon management strategies, while developing renewable energy sources. This will require countries to develop an energy matrix suited to growth and progress.
Africa Oil Week and the Green Energy Africa Summit
Africa Oil Week offers four days of pioneering insights, from ministerial panels to strategic perspectives aimed at driving upstream African investment for the benefit of the continent.
At the heart of the event are some of the most compelling insights into the upstream strategies of governments across the continent. These broad and varied networking opportunities have resulted in an unprecedented return of delegates year after year.
AOW is world renowned for bringing together the most senior delegates each year. In 2021, AOW welcomed over 30 ministers and government leaders, over 2.000 C-level delegates, representatives and hundreds of SVPs and VPs from Africa, Exploration and New Ventures – making the event, the most influential energy conference in Africa .
As long as Africa Oil Week maintains its own identity as a pure hydrocarbon event to champion upstream development, the Green Energy Africa Summit will play its role in driving enabling environments to ensure that foreign direct investment is deployed. in revolutionary projects that will reduce the energy deficit in Africa.
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Picture: © 2020 NicoElNino / Alamy Stock Photo