Cop 27: Egypt leads Africa energy transition initiative

  • : Crude oil, Emissions, Natural gas, Oil products
  • 22/11/15

Egypt, which holds the Cop 27 UN climate conference presidency, has today launched an initiative aimed at helping African countries access clean energy, with a focus on technical and policy support, clean cooking fuels and increasing the share of renewable energy.

"The Africa Just and Affordable Energy Transition Initiative (AJAETI) initiative aims to provide all Africans with access to clean energy, whilst meeting the energy requirements for Africa's economic development," Cop 27 president Sameh Shoukry said. The initiative will help identify "locally appropriate strategies and potential energy mixes to set up just and affordable pathways away from fossil fuels for African countries". It will engage with the IEA and the International Renewable Agency (Irena) for possible scenarios for African countries.

The initiative seeks to consolidate and facilitate technological and policy support to make the energy transition financially viable for Africa, with goals to secure access to affordable energy by 2027 for at least 300mn Africans. It also has a target to transition 300mn Africans towards clean cooking fuels and increase the share of renewable electricity generation in the continent by 25pc by 2027.

While the focus of the initiative will be on policy support, African countries at Cop 27 have repeatedly called for more financing, in the form of grants or concessional loans, to fund their energy transition, with many questioning the adequacy of an unfulfilled $100bn/yr promise by developing countries to finance mitigation and adaption projects. Mitigation refers to efforts to reduce emissions, while adaptation refers to adjustments in ecological, social or economic systems, or policy processes, in response to the impact of global warming.

Only 0.6pc of investment in renewables is going to Africa at the moment, according to the UN, and some African countries are still hoping to rely on their natural resources, including oil and gas, to develop their economies.

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more