About 2000 delegates including Ministers of Energy on the African continent are meeting in Cape Town for a week-long Africa Oil Week conference. Themed “Sustainable Growth in a Low-Carbon Market”, the conference aims to find insights within Africa on hydrocarbons and renewable energy.
Thirty government ministers of energy from about 80 countries are meeting.
Billed as Africa’s largest gathering of ministers, CEOs of petroleum and energy companies, global dealmakers, and stakeholders. The conference happens at a time when the world is searching for solutions towards sustainable energy security.
It’s a time fraught with confusion as to how to transition to renewable and just energy.
South Africa’s Energy Minister, Gwede Mantashe, welcomed the international guests, calling for innovation in what he says is the least developed continent despite its endowment with most minerals.
“If you talk about the green economy, you will achieve that through things that are planted or mined and all those minerals are in this continent. We must just innovate. We must innovate in dealing with those minerals and avoid exporting all our raw minerals. All minerals developed here must be beneficiated here. The investors must feel free to come to Africa and invest.”
Commissioner for Infrastructure and Energy in the African Union Commission, Doctor Amani Abou-Zeid says Africa should keep improving on its energy mix.
She says while the continent is the lowest environmental polluter at just about 4%, it must continue to comply with cleaner energy conditions.
“Whether its equity, whether its accessor, social development, we are all here to ensure that our resources work for us, and work for us from our perspective, and we are the ones who put the agenda for Africa and not necessarily blindly following someone else’s agenda and that said, African has never been a climate denialist.”
Ambassador for Africa Oil Week and Nigeria’s former Minister for State Petroleum Resources, Dr Emmanuel Ibe Kachikwu has called for Afrocentric energy transition, calling on delegates to challenge themselves to protect Africa’s own interests.
“Let’s take a few pointers, the finance, what has happened over time is shocking in that the global financial market is walking away, and they are saying we are not going to sponsor, we’re not going to finance fossil-driven type investments. So, unless local entities in Africa have the resources to power on, they will be left with very high, very exorbitant fossil financing and those few still investing in this sector are already seeing it.”
Delegates have been encouraged to also consider gas as part of the transitional just energy mix, saying the continent has it in abundance as well.
AFRICA OIL WEEK
We will tomorrow officially open the #AfricaOilWeek. Africa deserves the opportunity to capitalise on its natural resources including oil & gas, as these resources have been proven to be game changers in other developing & developed economies. pic.twitter.com/OmG116oqQ3
— Gwede Mantashe (@GwedeMantashe1) October 3, 2022
