African Energy Chamber: The World Bank Must Lift the Ban on Upstream Financing
The African Energy Chamber (AEC) is calling on the World Bank to end its ban on financing upstream oil and gas projects. This move is crucial to addressing Africa’s energy poverty crisis, where approximately 600 million people lack access to electricity. Unlocking the continent’s hydrocarbon resources is essential for delivering reliable and affordable electricity, generating revenue, and supporting Africa’s long-term energy transition.
The situation is dire, with energy poverty undermining Africa’s industrialization, economic growth, and social development. Africa needs a pragmatic approach to energy development, combining fossil fuels and renewables to meet immediate power needs. Natural gas offers a scalable, affordable, and lower-carbon solution that can help meet Africa’s energy demands.
Examples of successful gas-to-power projects in countries like Mozambique, Senegal, Nigeria, and Egypt demonstrate how these resources are driving regional electrification and economic growth. Future upstream projects hold transformative potential, with significant revenue generation possibilities that can fund infrastructure, education, healthcare, and clean energy investments.
The AEC urges the World Bank to take decisive action and lift the ban on upstream financing. This move is not only an economic necessity but also a moral imperative to end energy poverty and enable a sustainable future for Africa. By supporting upstream oil and gas development, the World Bank can help unlock Africa’s energy potential and promote shared prosperity. #African Energy Chamber: The World Bank Must Lift the Ban on Upstream Financing#
