Africa: Europe's Dash for Gas Presents Pitfalls for Africa

A flurry of deals has ensued with several African States being enticed by the prospect of lucrative energy contracts.

The idea that fossil gas will bring prosperity and opportunities to Africans is a tired and overused fallacy, promulgated by those that stand to benefit the most: multinational fossil fuel firms and the elite politicians that aid and abet them With renewable energy sources increasingly competitive, the projects are unlikely to benefit from the current favourable prices, so there is a risk they will not be able to operate for their entire intended lifespan, saddling African States with debts, forgone revenues and huge clean-up costs.

It gives the example of Nigeria, saying that, despite decades of fossil-fuel production, only 55% of the population had access to electricity there in 2019. The report also argues that allowing high rates of foreign ownership of Africa's energy system would pull wealth out of the continent at the expense of African citizens.

Source: Energy Industry News (energyindustrynews.net)

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Africa: Cybastion Leads the Way to Africa with Major Deals SigningsAnnouncement - Cybastion, an emerging leader in the field of cybersecurity, took centre stage at side events of the U.S. - Africa Leaders Summit. The cybersecurity firm was also the platinum sponsor for the US - Africa Business Forum event. (USABF)
Source: allafrica - 🏆 1. / 99 Read more »

Africa: A Shift in the U.S. Perspective On AfricaChina was the elephant in the room as the Biden administration sought to regain trust among African leaders gathered in Washington this week. Analysts saw the US make some progress.
Source: allafrica - 🏆 1. / 99 Read more »

Africa prepares for age of robotsAfrica prepares for age of robots - The first humanoid robot has been launched as have multiple AI research labs on the continent I think I’ve seen this one girl like this👀😳… Maybe they are already Amongst us
Source: mailandguardian - 🏆 2. / 92 Read more »

South Africa criticised as Mnangagwa junior sanctioned by USThe country's call for an end to sanctions on Zimbabwe is motivated by self-interest, say experts, opposition Zimbabwe is an independent country. They should handle their own problems, we have just as many. We should fix our own problems first. Trading has been a lot more easier since I started investing & learning from AmelieLemaireX With my last R5000 I invested, I earned R40k in just a short period of time Should we call this the internet money? Please invest with AmelieLemaireX He's genuine
Source: TimesLIVE - 🏆 28. / 59 Read more »

These are the most dangerous provinces and roads in South Africa over DecemberThese are the most dangerous provinces and roads to travel over the December holidays in South Africa.
Source: BusinessTechSA - 🏆 24. / 61 Read more »

Red flags for diesel supply in South Africa: reportEnergy experts warn South Africa’s diesel supply chain is under pressure thanks to Eskom, being a net importer of fuel, and the lack of operational refineries. 🙆🏾
Source: BusinessTechSA - 🏆 24. / 61 Read more »