Here’s an interesting report (worth a share) – released in partnership with Oilwatch Africa, Africa Coal Network, 350Africa.org, Health of Mother Earth Foundation, WoMin African Alliance, and Center for International Environmental Law – making The Case for a Just Energy Transition from Fossil Fuel Production in Africa.
“In May 2021, the International Energy Agency (IEA) released its first global scenario compatible with limiting global warming to 1.5 degrees Celsius (°C) and found that new oil and gas fields and coal mines are incompatible with this urgent climate goal. The IEA’s report bolstered existing research from Oil Change International and many others showing a managed phase-out of global fossil fuel production is urgently needed to avoid the worst impacts of climate change.
The climate impacts, human costs, and economic risks of new oil, gas, and coal projects mean that no new fossil fuel extraction projects should be approved – in Africa or anywhere. This report makes the case for a gradual, equitable, and managed phase- out of fossil fuel production in Africa alongside a just transition to renewable energy and green economies. Phasing out fossil fuel production does not mean halting the use and production of fossil fuels in Africa overnight. Rather, it means starting widespread planning now to ensure there is time and resources for clean-up and for a just transition for the workers and communities that depend upon production.”
The Sky’s Limit Africa unpacks why fossil fuel extraction does not equal development, jobs, or energy access
- Leaving people behind while rewarding international corporations.
- Failing to deliver on promised development dividends of jobs and energy access.
- Endangering the health, jobs, and environments of frontline communities.
- Compounding Africa’s heightened climate vulnerability.
- Locking in risky raw material exports while locking out renewable energy and other green sectors.
The report also looks at how fossil fuel industry plans are volatile and carry systemic economic and climate risks for Africa
- If the fossil fuel industry extracts the oil, gas, and coal projected for production in Africa in the next three decades, this will emit 62 billion tons of CO2.
- Instead of growing 32% by 2050 as expected prior to 2020, oil and gas production in Africa is now expected to decline by 24%.
- 31% of production is in 7 “new entrant” countries with little or no existing oil and gas extraction.
- 36% of Africa’s future fossil fuel emissions are not yet locked in.
- Industry is risking USD $230 billion in the next decade on new oil and gas projects that could become stranded assets, and USD $1.4 trillion by 2050.
- The industry is being propped up by public finance from rich, polluting governments that is poised to fade.
Get all the details on the Price of Oil website and download the report here
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