The Secretary-General of the African Petroleum Producers’ Organisation (APPO), Dr Omar Farouk Ibrahim, has called for a unified African front in the global energy landscape and warned against the detrimental effects of the European Union’s planned carbon border adjustment mechanism (CBAM).
Speaking at the ongoing Africa Oil Week-Investing in African Energy in Cape Town, South Africa, Dr Omar Ibrahim provided an update on the organisation’s efforts to establish the African Energy Bank, a crucial initiative to counter the withdrawal of traditional financiers from African oil and gas projects due to climate change concerns.
He announced significant progress, with the establishment agreement signed and ratification underway in several member countries.
Nigeria has been selected to host the bank’s headquarters, further solidifying the commitment of APPO members to taking control of their energy destinies.
Addressing the proliferation of energy conferences on the continent, Dr Ibrahim reiterated APPO’s commitment to creating a single, impactful annual event that showcases Africa’s achievements in the energy sector.
He hinted at progress made in consolidating these events, thanking stakeholders like the Africa Energy Chamber and the organisers of AOW for their cooperation, and welcomed the conference’s move to its new home in Accra, Ghana, from 2025.
However, the crux of Dr Ibrahim’s message was a stark warning about the potential impact of the EU’s CBAM on African nations.
He urged African representatives attending the upcoming energy conference in Baku to take a strong stance against the planned tax on carbon-intensive imports.
“This is the time to sound the alarm,” Ibrahim declared, arguing that the CBAM would stifle Africa’s industrial and economic development.
He emphasised that developed nations, historically responsible for the bulk of global emissions, should focus on addressing their legacy emissions rather than imposing trade barriers on developing countries.
Dr Ibrahim called for a moratorium on the CBAM, urging a more equitable approach to the energy transition that recognises Africa’s right to utilise its resources for economic growth.
He concluded with a powerful message: “Africa cannot develop without fossil fuels. Africa deserves better.”
Source: https://energynewsafrica.com