African Gas Financing Requested by Gas Exporting Nations

Mohamed Hamel, the secretary-general of the Gas Exporting Countries Forum (GECF), has lobbied for greater funding to make it easier for Africa to tap its abundant natural gas resources.
The UN climate conference’s COP-27 is where he made the statement, further elaborating that the fuel is “the energy for sustainable development.”
According to Hamel, a major portion of the population of the African continent lacks access to electricity and “clean” cooking, which may be improved by using natural gas in addition to renewable energy sources for power generation.
Africa is home to 600 million individuals who lack access to energy. Hamel said that since natural gas is used to make fertilizer, access to these resources might secure the continents’ food security.
At COP-27, African nations have frequently appealed for more funding, in the form of grants or low-interest loans, to support their energy transition. Some, like Nigeria, have suggested that some of this funding should support the development of gas resources.
Some African nations have also argued that they should be permitted to responsibly exploit their oil and gas resources to grow their economies, even though industrialized nations are pushing for stricter global carbon pledges.
Several EU member states are gathering for a summit to discuss the energy transition’s progress and the importance of a regulated phase-out of oil and gas production. However, nations and observers at COP-27 continue to draw attention to the contradiction between the EU’s recommendations for accelerating the energy transition and the bloc’s rush for coal and gas as a result of Russia’s conflict in Ukraine.
According to Frans Timmermans, executive vice-president of the European Commission, gas can help Africa transition. He clarified Wednesday that he was not urging African nations to forego investments in fossil fuels, but rather that there was a chance that produced fossil fuel resources might not be consumed, leaving stranded fossil fuel assets.

Source: Oriental News Nigeria

EntekHub.com

All Author Posts