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Who is Financing Fossil Fuel Expansion in Africa?
December 15 , 2022
518 days
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- The report titled “Who is Financing Fossil Fuel Expansion in Africa?” was released at the COP27, Egypt.
- Some 200 companies are currently exploring or developing new fossil fuel reserves or infrastructure in 48 of the 55 African countries.
- These include LNG terminals, pipelines, or gas and coal-fired power plants.
- 18 African countries are frontier countries having little to no existing oil or gas production.
- 13 of the top 20 oil and gas developers in Africa are foreign.
- The extraction and combustion of these new resources would result in the release of 8 gigatonnes of carbon dioxide equivalent.
- In terms of country-wise bank funding for fossil fuel expansion in Africa, the top contributors are Europe (40 per cent), the United States (20 per cent) and India (3 per cent).
- Though these new projects are increasing the continent’s fossil fuel capacity, only a small share of the electricity produced from these projects is used for domestic consumption.
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