AMIR BEN YAHMED: European U-turn on gas presents historic opportunity for Africa

Pipes at the landfall facilities of the 'Nord Stream 1' gas pipeline are pictured in Lubmin, Germany, in this March 8 2022 file photo. Picture: REUTERS/HANNIBAL HANSCHKE

Three weeks later, Russia invaded Ukraine, destabilising energy markets. With Russia providing 40% of the EU’s gas needs, the energy source found itself at the centre of diplomatic wrangling, fuelled by Moscow’s threats to shut off supply. The European U-turn on gas holds great promise for Africa, but also serves as a reminder of the potential the continent holds in the process of energy transition and the fight against climate change. Its main advantage resides in mining resources like cobalt, copper, graphite, nickel, aluminium and lithium, which form the basic elements of a notably metal-hungry energy transition.

However, these new venues are not the “new paths to African prosperity” that organisations such as the Africa CEO Forum are calling for. While this promised windfall is good news at the end of a period that strongly affected the continent’s public finances, Africa must not repeat the mistakes of the past in betting its future on unprocessed resources. The global market for electric vehicles, particularly hungry for cobalt, could reach more than $1.

Finally, Africa must defend its interests and make its voice heard to fight against the establishment in Europe and the US of new tariff barriers in the name of the environment. These protectionist strategies, which are seen by some in Brussels and Washington as easy ways to clear the Western conscience, only serve to hamper the investment capacity of African companies and make the transition even more difficult.

Source: Energy Industry News (energyindustrynews.net)

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