African Finance Corporation remains committed to fossil fuel investments

While governments and U.N. leaders at Africa's first-ever climate summit in Nairobi this week sought to promote the continent as a source of renewable energy solutions, the development of fossil fuel projects remains firmly on the agenda for many countries.

"We cannot and will not run away from doing fossil fuel-based investing because the development needs of the continent are so huge," Sanjeev Gupta, executive director of financial services at the AFC, said at the Reuters IMPACT climate conference in London. "The world still needs energy security, the world still needs energy source diversity. No energy mix in the world in the next 50 years says no oil and gas, so why would we not develop our resources and fund our own fiscal budgets?"

The Lagos-based AFC is a pan-African multilateral development institution, with nine members, mostly from western African states. It is 42.5%-owned by Nigeria’s central bank, 47.6% by other African financial institutions and 9.8% by industrial and corporate shareholders, according to its website. A report released this week by development charity ActionAid said that banks worldwide gave $3.2 trillion to the fossil fuel industry in Global South countries in the seven years since the 2015 Paris climate agreement, which agreed to limit global warming to "well below" 2 degrees Celsius by slashing emissions.By Jane Wardell;Editing by Elaine Hardcastle

Switzerland Neuesten Nachrichten, Switzerland Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

Africa demands global finance reforms to unleash its green growthAfrica is acutely vulnerable to the growing impacts of climate change, but leaders at the three-day meeting in Nairobi were eager to cast the continent not as a victim but a long-ignored ally in the fight against global warming.
Herkunft: ewnupdates - 🏆 30. / 53 Weiterlesen »

UN chief says global finance system fragmenting; Myanmar crisis worsensThe world risks a 'great fracture' of its economic and financial systems, U.N. Secretary-General António Guterres said on Thursday at a summit with Southeast Asia's ASEAN bloc, China, the United States and others in Indonesia.
Herkunft: SABCNews - 🏆 37. / 51 Weiterlesen »

Russia could soon hand Zimbabwe – a key South African export market – R320 million worth of grainThe five African countries due to benefit from Vladimir Putin's largess, if the Black Sea grain deal is reestablished, includes the neighbour that soaks up a quarter of South Africa's exports.
Herkunft: News24 - 🏆 4. / 80 Weiterlesen »