African nations tell COP27 fossil fuels will tackle poverty
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Sunday
January 29, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
SUNDAY, JANUARY 29, 2023
African nations tell COP27 fossil fuels will tackle poverty

Africa

Reuters
11 November, 2022, 10:10 am
Last modified: 11 November, 2022, 10:15 am

Related News

  • Development partners commit $30 billion to food production in Africa
  • Development partners commit $30 billion to food production in Africa
  • South Africa defends planned military drills with Russia and China
  • Yellen, at former slave port, sees path of renewal for Africa and US
  • Poverty rate declined but not the poor

African nations tell COP27 fossil fuels will tackle poverty

Reuters
11 November, 2022, 10:10 am
Last modified: 11 November, 2022, 10:15 am
Attendees stand during the COP27 climate summit in Sharm el-Sheikh, Egypt November 9, 2022. REUTERS/Mohamed Abd El Ghany
Attendees stand during the COP27 climate summit in Sharm el-Sheikh, Egypt November 9, 2022. REUTERS/Mohamed Abd El Ghany

African nations must be allowed to develop fossil fuel resources to help lift their people out of poverty, governments said at the COP27 climate talks in Egypt, which welcomed leaders of oil and gas companies sidelined at previous talks.

Pressure to leave hydrocarbons in the ground has been weakened this year by the disruption following Russia's invasion of Ukraine that led to a surge in energy prices and pushed inflation to multi-decade highs.

Even countries with binding commitments to switch to low carbon energy have found their priorities have shifted, at least in the short term and African nations see the potential for new export markets, as well as a chance to end domestic fuel poverty.

"There is a lot of oil and gas companies present at COP because Africa wants to send a message that we are going to develop all of our energy resources for the benefit of our people because our issue is energy poverty," said Namibia's petroleum commissioner, Maggy Shino, who works within the country's Ministry of Mines and Energy.

Echoing comment from other African nations, Shino said wealthy countries had failed to deliver promised funding that would help them to expand clean energy instead of exploiting their fossil fuel resources.

"If you are going to tell us to leave our resources in the ground, then you must be prepared to offer sufficient compensation, but I don't think anyone has yet come out to make such an offer," she said.

BIG OIL AND GAS DISCOVERIES

Early this year, Shell and TotalEnergies had major oil discoveries off the coast of Namibia.

Both companies, as well as BP and Equinor were represented by top executives at the Sharm El-Sheikh event.

Apart from Namibia, countries including Mauritania, Tanzania, and Senegal are working with Western energy companies to develop oil and gas fields for export and to generate electricity for local communities.

Ahmed Vall, communications adviser at Mauritania's ministry of petroleum, mines and energy, said the country held a signing ceremony with BP on the sidelines of COP27 earlier in the week for a hydrogen project.

"BP's CEO Bernard Looney discussed with the president and the minister of energy more exploration for gas in Mauritania," Vall said, adding the discussion was mostly about hydrogen.

A spokesperson at BP confirmed the CEO's attendance at the event and said BP was assessing the suitability of the wind and solar resources for large-scale renewable power generation and production of hydrogen from renewable energy.

Chancellor Olaf Scholz of Germany, the European country most exposed to the disruption of Russian gas supplies, in May said it wanted to pursue gas projects with Senegal.

Germany's climate envoy Jennifer Morgan said, however, the race to replace missing gas from Russia would lead the overall use of gas to peak earlier than previously foreseen and that gas supply contracts would be short term to avoid locking in years of carbon emissions.

Saying Germany was prioritising clean energy, she also cited a German deal to help fund Kenya's efforts to have a fully-renewable energy system by 2030.

WARMER TIES WITH OIL AND GAS

Government officials and executives said the interest of Egypt, host to the UN climate summit, in developing its resources had led to a thawing in attitudes towards oil and gas companies.

The United Arab Emirates, a member of the Organization of the Petroleum Exporting Countries, will host next year's UN summit and has said it will supply oil and gas for as long as the world needs it.

At last year's UN climate summit in Glasgow, the oil and gas industry's leaders were conspicuous by their absence after companies did not meet criteria set by the British organisers that required science-based plans for emissions reductions.

Scientists and other energy experts have said investment in fossil fuel must cease if there is any chance of limiting global warming to 1.5 degrees Celsius, the point beyond which climate impacts are expected to worsen significantly.

Gas projects already planned by countries could take up 10% of the world's remaining carbon budget, or the amount of carbon dioxide that can be emitted before global temperatures exceed 1.5C above pre-industrial temperatures, the research collaboration Climate Action Tracker said in a new analysis.

Those already-planned projects include new gas drilling in Canada and liquefied natural gas (LNG) import capacity in Germany and Vietnam, CAT said.

Some 636 fossil fuel lobbyists were registered to attend COP27, another report from a group of organisations that analysed the UN's provisional list of attendees found. The organisations include Corporate Accountability, Corporate Europe Observatory, and Global Witness.

That's 100 lobbyists more than attended the Glasgow COP26 summit last year, the group said. The analysis also counted delegation members acting on behalf of their country's fossil fuel industry.

World+Biz

COP27 / Africa / poverty

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Photo: Mumit M/TBS
    Biz leaders want crisis management, energy security for survival
  • A proper price formula can help investors to plan big
    A proper price formula can help investors to plan big
  • SK Bashir Uddin: TBS sketch
    Investments risky without consistent policy, reliable data

MOST VIEWED

  • Freshly harvested eggplant bags are loaded on a cart at a field of farmer Mor Kabe, on the outskirts of Notto Gouye Diama village, Thies region, Senegal January 24, 2023. REUTERS/Zohra Bensemra
    Development partners commit $30 billion to food production in Africa
  • Photo: Collected
    Development partners commit $30 billion to food production in Africa
  • Photo: Collected
    Toll from bombing in central Nigeria rises to 40: govt
  • Somalia soldiers and policemen look on as Hassan Hanafi, a former media officer for the Somali Islamist group al Shabaab, stands tied to a pole before his execution by shooting at close range on a field in General Kahiye Police Academy in Somalia's capital Mogadishu, on April 11, 2016. REUTERS/Ismail Taxta
    US military operation kills Islamic State leader in Somalia
  • A statue is displayed after the announcement of the discovery of 4,300-year-old sealed tombs, which have made a number of important archaeological discoveries dating to the fifth and sixth dynasties of the Old Kingdom, also stated that the expedition had found a group of Old Kingdom tombs, indicating that the site comprised a large cemetery, where the most important tomb belonged to Khnumdjedef, an inspector of the officials, a supervisor of the nobles, and a priest in the pyramid complex of Unas, the last kind of the fifth dynasty, in Egypt's Saqqara necropolis, in Giza, Egypt, January 26, 2023. REUTERS/Mohamed Abd El Ghany
    Archaeologist hails possibly 'oldest' mummy yet found in Egypt
  • Picture: Collected
    Blast kills at least 50 in north central Nigeria

Related News

  • Development partners commit $30 billion to food production in Africa
  • Development partners commit $30 billion to food production in Africa
  • South Africa defends planned military drills with Russia and China
  • Yellen, at former slave port, sees path of renewal for Africa and US
  • Poverty rate declined but not the poor

Features

Snipe in flight. Photo: Enam Ul Haque

Baikka Beel: 'A world where snipe work late'

11h | Panorama
Photo: Noor-A-Alam

Pet cafes: Where love for food and animals cohabit

13h | Food
Illustration: TBS

How MFS is turbocharging national economy

15h | Thoughts
Now is the time to focus on FDI composition

Now is the time to focus on FDI composition

17h | Panorama

More Videos from TBS

What does Shahrukh has in his 770 million dollar property?

What does Shahrukh has in his 770 million dollar property?

6h | TBS Entertainment
15 Reasons Your Entrepreneurial Career Can Fail

15 Reasons Your Entrepreneurial Career Can Fail

5h | TBS Career
Women are going to make history in match management in cricket

Women are going to make history in match management in cricket

4h | TBS SPORTS
Gold covered mummy discovered in Egypt

Gold covered mummy discovered in Egypt

10h | TBS World

Most Read

1
Picture: Collected
Bangladesh

US Embassy condemns recent incidents of visa fraud

2
Four top bankers arrested in DSA case filed by S Alam group 
Bangladesh

Four top bankers arrested in DSA case filed by S Alam group 

3
Illustration: TBS
Banking

16 banks at risk of capital shortfall if top 3 borrowers default

4
Photo: Collected
Splash

Hansal Mehta responds as Twitter user calls him 'shameless' for making Faraaz

5
A frozen Beyond Burger plant-based patty. Photographer: AKIRA for Bloomberg Businessweek
Bloomberg Special

Fake meat was supposed to save the world. It became just another fad

6
Representational Image
Banking

Cash-strapped Islami, Al-Arafah and National turn to Sonali Bank for costly fund

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net