Prime
Samia urges major powers to invest in African energy
Speaking as a panelist at a session on ‘Repowering the world’ during the ongoing World Economic Forum (WEF) in Davos-Klosters, Switzerland, President Hassan said it was high time the powerhouses turned their focus to Africa because there were still undeveloped resources. PHOTO | STATE HOUSE
What you need to know:
- President Hassan said the powerhouses should turn their focus to Africa as there are undeveloped resources that need investment to satisfy the world's energy demand
Dar es Salaam. President Samia Suluhu Hassan has called upon global powerhouses to redirect energy investment to Africa in the quest to diversify sources and mitigate future crises.
This comes as Europe’s dependency on Russian fossil fuels - built up over decades – has seen global prices rise after the West slapped Russia with sanctions in response to the war in Ukraine.
Speaking as a panelist at a session on ‘Repowering the world’ during the ongoing World Economic Forum (WEF) in Davos-Klosters, Switzerland, President Hassan said it was high time the powerhouses turned their focus to Africa because there were still undeveloped resources that needed investment to satisfy the world’s energy demand.
“It’s high time to come to Africa, extract from Africa, manufacture from Africa and leave some energy in Africa while also supplying your countries,” she said during the session that explored how world leaders and private decision-makers could balance short-term needs with longer-term supply, sustainability, and affordability requirements in a fraught geopolitical environment.
She said: “As a global problem, the energy crisis should be solved by global efforts.”
The President also said that Africa needs funding to have a proper transition to green energy.
Speaking during the panel discussion, Netherlands Prime Minister Mr Mark Rutte said in order for the global south and other parts of the world to participate in the energy transition, it was crucial for the developed countries to honour their $100 billion pledge on the subject.
At the Conference of Parties, 2021 (COP21) developed countries committed to a collective goal of mobilising $100 billion per year by 2025 for climate action in developing countries.
“If we do the energy transition right, it will provide opportunities for new, innovative industries,” he said.
Mr Rutte said the success of mitigating the risks of another crisis and a smooth transition to green energy would require countries to work together, have a competitive market, and bring down the nation’s debts.
