About 35 African countries have made a commitment towards net-zero emission in the backdrop of the 2021 United Nations conference in Glasgow, the global plan may cost the continent $6.7 trillion in fossil fuel resources.
Raising about $2.8 trillion energy transition fund needed to transit Africa to cleaner fuels to attain the goal may also remain a mirage, a new report by PriceWaterhouseCoopers has said.
To achieve the 1.5°C global warming target under the Paris Agreement, studies suggest that a third of current oil reserves, half the current natural gas reserves and nearly 90 per cent of current coal reserves must remain in the ground.
Experts at PWC noted that applying this to Africa would leave a potential $6.7tn of fossil fuels stranded on the continent.
With growing poverty, near total dependence on hydrocarbons for economic development and industrial activities as well as funding challenges, experts at PwC in an Africa Energy Review 2021 forecast double challenge for Africa.
PwC’s Africa Oil and Gas Industry Leader, Pedro Omontuemhen stated that the energy sector in Africa is diverse and characterised by different demands and needs in each country.
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