- Climate activists are up in arms following a statement made by African Development Bank President Akinwumi Adesima at COP 27, indicating that Africa “must have gas to complement renewable energy”.
- Activists expressed their dismay with the position, noting that fossil gas has no place in Africa’s energy transition, as the continent has an abundance of renewable potential.
They have taken a clear position against fossil gas, citing the potential of gas expansion to delay the just transition to renewable energy. Civil society organizations have held several actions at the COP 27 venue, throughout the conference, embodying resistance against the expansion of fossil gas in Africa, under the theme “Don’t gas Africa”. The call by the activists is for AfDB and other Development Finance Institutions to prioritize the shift away from fossil fuels through the establishment and implementation of a fossil fuel finance exclusion policy and channel finances to renewable energy solutions.
The Fair Finance Coalition of Southern Africa (FFCSA) recently launched the findings of a policy assessment on 6 public finance institutions titled “Financing Fairly 2022: Are Public Finance Institutions in Southern Africa financing the Climate Crisis?”. The institutions assessed by the FFCSA include the Development Bank of Southern Africa, Industrial Development Corporation, New Development Bank, African Development Bank, Export Credit Insurance Corporation, and Public Investment Corporation. The FFCSA undertook the assessment to urge PFIs to adopt more responsible and sustainable investment policies and practices towards becoming more transparent and accountable.
The full policy assessment can be read here
Author: Bryan Groenendaal
