A thought has occupied my mind for a little while now. It’s beneficial to embrace new technologies in closing gaps in energy access but what do we do with our oil in Africa? How does this continue to serve as a revenue generation as we grapple with the issue of climate change because participating in responsible climate actions is not an obligation we should ignore. Though not exhaustive, I did a little research and will like to share a few things we can do: 1. Maximize value capture: African governments should seek to capture the full value of resource rents from oil and gas extraction. This can be achieved by implementing clear, consistent, and stable fiscal policies that attract investment and are robust to changing conditions. Currently, the value of resource rents in Africa is estimated to be 2.6 times the level of government revenues captured, indicating significant untapped potential for economic growth. By capturing these rents, we can generate additional revenue to invest in clean energy infrastructure and initiatives. 2. Promote regional integration: The implementation of a continental free trade area in Africa can unlock the potential for mineral value addition and beneficiation. By promoting regional integration, we can increase sectoral productivity and the overall value of exports. This can be achieved by developing regional value chains that encompass the manufacturing of intermediate inputs, the extraction of minerals, and the processing phase. Regional integration can also facilitate the sharing of resources and expertise, leading to more efficient and sustainable use of oil resources. 3. Improve energy access: We face a significant challenge in meeting our universal, high-quality energy access goals. By tapping into our energy resources, including oil, we can accelerate progress towards energy access. This can be achieved by developing diverse energy sources, including renewable energy, and leveraging investments in regional infrastructure. The scale-up of green energy investments can not only improve energy access but also alleviate rural poverty and promote productivity gains. 4. Utilize natural gas as a transition fuel: We can prioritize inward investments in newly discovered and underdeveloped natural gas reserves. Exploiting natural gas reserves can mobilize export revenues and spur domestic energy production and access. We should support both exports and domestic consumption. Natural gas can be deployed alongside renewable energy technologies as a transition fuel, contributing to climate change goals. By implementing these strategies, we can optimize our oil resources for economic prosperity while simultaneously working towards our climate change goals and clean energy adoption. These approaches can help us balance our economic development with sustainable and environmentally friendly practices. #climatechange #cleanenergytransition #energyaccess #livableplanet #economicprosperity #africa
Oluwakemi Makanju’s Post
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Thank you for highlighting the critical importance of biodiversity and the urgent need for transformative action. The Kunming-Montreal Global Biodiversity Framework indeed marks a pivotal moment in our collective efforts to address biodiversity loss. As you rightly pointed out, achieving the ambitious goals set forth by 2030 requires a comprehensive approach that involves every sector of the economy. The private sector and private capital play an indispensable role in this transition. By adopting nature-restorative business models and sustainable production practices, businesses can not only contribute to halting and reversing biodiversity loss but also unlock significant economic opportunities. Sustainable practices can lead to innovation, create new markets, and drive long-term profitability while ensuring the health of our planet. Collaboration between public and private sectors is essential to accelerate the shift towards a more sustainable and resilient global economy. We can, and we should create a future where economic growth and sustainability go hand in hand ensuring a healthy "livable" planet for generations to come. It is our responsibility and we owe that much!
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Project Finance/ Financial Advisory
11moThese are well thought out and forward thinking. I’d love to know if there are specific fiscal policies or models you believe African governments should adopt to maximize value capture.