The Executive Director of Institute for Energy Policies Research (INSTEPR), an energy think tank in the Republic of Ghana, Kwadwo Opoku has cautioned oil rich African nations against taking risky ventures in the name of energy transition.
Describing the ongoing energy transition agenda as a fiction, Mr Kwadwo Opoku urged oil rich African nations to rather take advantage of energy transition to build a vibrant petrochemical industry since fossil fuels will still be relevant in the next 45 years.
His comment was contained in a press statement following the recent oil discovery in Ivory Coast by Italian oil and gas firm Eni.
“I have come to the realization that when people do not have innovative ideas and plan to
change the lives of people, they look for every excuse with slogans and buzz phrases.
“For me the phrase ‘Energy Transition’ is like ‘Vision 2020’. In the 1990s, every political speech started
with Vision 2020 and how Ghana will be a Middle-Income country by 2020.
“We are in 2021, we can all judge for ourselves if this Vision was achieved. Data shows that there is no such thing as the collapse of the Crude Oil Industry. The world crude Oil reserve is 1,700 billion barrels as of 2020 and if no new discoveries are made, this will last for about 45 years. With all that you have read, do you think it is possible that the human population will survive without Crude Oil after 2046?” he quizzed.