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The European Union’s (EU) landmark proposal to label natural gas as a ‘green’ energy source has answered Africa’s call for a just and inclusive energy transition
To develop sustainably, Africa must first industrialise itself, have the same opportunities as Europe and other western countries. The point that natural gas serves as a transitional energy source is one that has been promoted by African nations for a long time and therefore, the African Energy Chamber hails the EU’s proposal as a landmark development that justifies a positive outlook for an inclusive energy transition.
It has taken a crisis in energy availability to bring about policies that could increase Africa’s energy supply. The proposal to label natural gas as ‘green’ energy is what Africa’s own energy transition looks like that is need to be financed. To capitalise on this, the African Green Energy Summit, to be held at African Energy Week this year, will outline initiatives and positions ahead of this year’s COP27.
Europe and Africa can collaborate and cooperate and stride in allegiance towards a brighter future. This new proposal will pave the way for new European investments in natural gas in Africa and will therefore allow Europe to unlock billions of euros in finance and sustainable energy funds to support gas as a transitional energy source.
Some countries, like Senegal, Mozambique, South Africa, Tanzania, Nigeria, Angola, Ghana, Mauritania, Libya, Cameroon, Algeria, and Equatorial Guinea, have taken steps to monetise their natural resources to develop and industrialise independently.
While the African Energy Chamber hails the proposal as a win for Africa, it is not a time to regress to the continent’s old ways. Now is the time for African oil and gas producers to do everything in their power to encourage as much exploration and production activity as possible, through International Oil Companies, National Oil Companies and African Independents.