A group of African countries plans to create the Africa Energy Bank (AEB) to finance oil and gas projects, countering reduced fossil fuel investments from Western institutions. Led by the African Petroleum Producers Organization (APPO) and Afreximbank, the initiative seeks to bolster Africa’s industrial growth by expanding energy access. However, environmentalists argue that fossil fuels risk stranded assets, which could leave nations saddled with debt as the world shifts to renewables. Nevertheless, African officials insist their context is unique, citing minimal historical carbon emissions and a pressing need for industrial development. Critics, however, say the AEB should prioritize the continent’s vast renewable energy potential instead of deepening its reliance on oil and gas.
Source: Aljazeera
