The African Energy Chamber (AEC) has insisted that Africans should not apologise for wanting to develop their fossil fuels despite rising global concerns about climate change
AEC has stated this during the Oil & Gas 4.0 Strategic Roundtables at ADIPEC in Abu Dhabi.
During the “Energy trends, policy formation and geopolitical factors affecting the global oil and gas industry” roundtable, the chamber provided a critical African perspective to the global debate on energy transition.
The chamber representatives reminded everyone that Africa remains one of the world’s lowest emitter of carbon emissions, has more than 650mn people who live without access to electricity, and cannot develop as a continent without oil and gas.
As a result, the imperative of reducing poverty and creating opportunities through energy in the developing world was one of the important take away from the debate.
The chamber notably voiced Africa’s determination to build an inclusive industry it can be proud of and which does not rely on aid but on sound business practices, deals and investments. It joined stakeholders in voicing concerns about the lack of inclusion of younger generations in the industry and the need to make oil and gas more attractive for young talent.
Concluding the debate, executives and experts agreed that real tensions are arising from climate change problems. They are forcing the industry to innovate and find more efficient and low-emitting solutions to develop hydrocarbons and invest in new technologies like hydrogen and energy storage.
All parties agreed on the challenge of adequately addressing two issues at once. First, the need for near-term opportunities like cost-reduction and industry partnership to deliver opportunities for all, and second the long-term need to address energy transition and help solve climate change problems.
