Although about 35 African countries have made a commitment towards net-zero emission in the backdrop of the 2021 United Nations conference in Glasgow, the global plan may cost the continent $6.7 trillion in fossil fuel resources.
Experts at PWC noted that applying this to Africa would leave a potential $6.7tn of fossil fuels stranded on the continent. According to him, while the energy journey for each country may be different, an overall perspective is needed on common issues to reduce the energy deficit on the continent. The report equally noted that planned capital expenditure for exploration in 2020–2021 fell from $90bn pre-COVID-19 to $60bn.
“Investment in low-carbon energy systems in Africa lags global pace, but despite global climate finance commitments from developed economies aimed at $100bn yearly, the allocation to Africa falls significantly short of what the continent requires to meet global targets. The fiscal constraints being experienced across Africa create a challenge for the continent to move with pace on its net-zero journey.
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