- Mar 28, 2022 2:34 am GMT
Source of the Problem?
Friends of the Earth (FoE) — which will appeal the judgement — that wants to stop the UK government providing $1.15 billion of finance to TotalEnergies’ $20 billion Mozambique LNG project.
The Issue - African Countries Concern
The classic injustice that developed countries have had the advantage of developing their fossil fuels, but seek to prevent their under-developed neighbours from securing the same advantage, condemning developing countries to continuing poverty
If Western countries are increasingly unable to fund fossil fuel projects, how can industrializing countries — in Africa, for example — develop indigenous oil and gas resources, particularly for domestic use?
- The main alternative would appear to be Asian lenders, with the result that the West’s influence could lessen on the fast-growing continent — a major source of the metals and rare earths needed for the transition.
- African nations are working on a plan to self-fund fossil fuel schemes, with suggestions that state-owned Nigerian National Petroleum Corporation and Cairo-based Afreximbank are eyeing the creation of an African energy bank
The Ukraine war has shown, the more self-reliant a country is for energy supplies, the better it copes with external shocks.
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