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20.05.2024 19:10:38 - dpa-AFX: EQS-News: Africa-Paris Declaration on Energy Transition, Climate Justice and Energy Poverty (english)
Africa-Paris Declaration on Energy Transition, Climate Justice and Energy
Poverty
EQS-News: African Energy Chamber / Key word(s): Miscellaneous
Africa-Paris Declaration on Energy Transition, Climate Justice and Energy
Poverty
20.05.2024 / 19:10 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
The declaration aligns Africa's position on the global energy transition and
climate justice debate, following the conclusion of the Invest in African
Energy forum in Paris
African civil society, human rights groups, environmental groups,
governments and the private sector stand firm in their commitment to align
Africa's efforts in combating energy poverty and fostering
industrialization, all 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 on May 15.
Throughout the forum, key stakeholders from across the continent and beyond
convened to address the pressing energy challenges facing Africa. Taking
place in Paris - the city where the Paris Climate Agreement was signed in
2016 - discussions centered on strategies to attract investment, promote
sustainable energy development and drive economic growth while 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.
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.
Moving forward, we remain dedicated 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.
We recognize Africa's sovereign right to develop its energy resources -
which include north of 125 billion barrels of oil and 620 trillion cubic
feet of natural gas - in a balanced and sustainable manner. Ramping up
energy investment, deploying continuous finance and advancing energy
projects represent Africa's core priorities, as 600 million Africans lack
access to reliable power and 900 million Africans lack access to clean
cooking fuels. Projects like the TotalEnergies-led Mozambique LNG
development and the East African Crude Oil Pipeline seek to maximize
Africa's resources for the benefit of local communities. In West Africa,
developments such as Perenco's Cap Lopez LNG Terminal and associated LPG
facility, the Nigeria-Morocco Gas Pipeline and the Eni-led Congo LNG project
will catalyze long-term economic growth and energy resilience, with natural
gas, LNG and LPG set to play a critical role in the continent's energy
poverty reduction strategy. The Southern African region is only just
starting to realize the full potential of its oil and gas resources, with
recent discoveries made in Zimbabwe's Cabora Bassa Basin by Invictus Energy
and Namibia's prolific Orange Basin by Shell, TotalEnergies and Galp.
Namibia is also home to the development of sub-Saharan Africa's largest
green hydrogen project led by Hyphen Hydrogen Energy, while Mauritania is
pioneering green hydrogen through Chariot's Project Nour and CWP Global's
AMAN Project, coupled with expanded gas development from the bp-operated
Greater Tortue Ahmeyim LNG project.
Despite Africa's unmet energy requirements, 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. From Cape to Cairo, from Nairobi to
Dakar, we stand united toward meeting our shared obligations to fight
climate change, noting that wealthy nations need to decarbonize and Africa
needs to industrialize.
It is the position of African civil society, human rights groups,
environmental groups, governments and the private sector that African
countries must diversify available pools of capital and create financial
instruments outside of traditional institutions - tapping into private
equity and non-conventional bonds - to fund new exploration and energy
initiatives. Moreover, African countries must 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.
Distributed by APO Group on behalf of African Energy Chamber.
Download image: https://apo-opa.co/4bI9Yyk
---------------------------------------------------------------------------
20.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
1907009 20.05.2024 CET/CEST
Poverty
EQS-News: African Energy Chamber / Key word(s): Miscellaneous
Africa-Paris Declaration on Energy Transition, Climate Justice and Energy
Poverty
20.05.2024 / 19:10 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
The declaration aligns Africa's position on the global energy transition and
climate justice debate, following the conclusion of the Invest in African
Energy forum in Paris
African civil society, human rights groups, environmental groups,
governments and the private sector stand firm in their commitment to align
Africa's efforts in combating energy poverty and fostering
industrialization, all 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 on May 15.
Throughout the forum, key stakeholders from across the continent and beyond
convened to address the pressing energy challenges facing Africa. Taking
place in Paris - the city where the Paris Climate Agreement was signed in
2016 - discussions centered on strategies to attract investment, promote
sustainable energy development and drive economic growth while 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.
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.
Moving forward, we remain dedicated 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.
We recognize Africa's sovereign right to develop its energy resources -
which include north of 125 billion barrels of oil and 620 trillion cubic
feet of natural gas - in a balanced and sustainable manner. Ramping up
energy investment, deploying continuous finance and advancing energy
projects represent Africa's core priorities, as 600 million Africans lack
access to reliable power and 900 million Africans lack access to clean
cooking fuels. Projects like the TotalEnergies-led Mozambique LNG
development and the East African Crude Oil Pipeline seek to maximize
Africa's resources for the benefit of local communities. In West Africa,
developments such as Perenco's Cap Lopez LNG Terminal and associated LPG
facility, the Nigeria-Morocco Gas Pipeline and the Eni-led Congo LNG project
will catalyze long-term economic growth and energy resilience, with natural
gas, LNG and LPG set to play a critical role in the continent's energy
poverty reduction strategy. The Southern African region is only just
starting to realize the full potential of its oil and gas resources, with
recent discoveries made in Zimbabwe's Cabora Bassa Basin by Invictus Energy
and Namibia's prolific Orange Basin by Shell, TotalEnergies and Galp.
Namibia is also home to the development of sub-Saharan Africa's largest
green hydrogen project led by Hyphen Hydrogen Energy, while Mauritania is
pioneering green hydrogen through Chariot's Project Nour and CWP Global's
AMAN Project, coupled with expanded gas development from the bp-operated
Greater Tortue Ahmeyim LNG project.
Despite Africa's unmet energy requirements, 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. From Cape to Cairo, from Nairobi to
Dakar, we stand united toward meeting our shared obligations to fight
climate change, noting that wealthy nations need to decarbonize and Africa
needs to industrialize.
It is the position of African civil society, human rights groups,
environmental groups, governments and the private sector that African
countries must diversify available pools of capital and create financial
instruments outside of traditional institutions - tapping into private
equity and non-conventional bonds - to fund new exploration and energy
initiatives. Moreover, African countries must 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.
Distributed by APO Group on behalf of African Energy Chamber.
Download image: https://apo-opa.co/4bI9Yyk
---------------------------------------------------------------------------
20.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
1907009 20.05.2024 CET/CEST
