AEC calls on World Bank to lift O&G financing ban

THE African Energy Chamber (AEC) is urging the World Bank to end its ban on financing upstream oil and gas projects, as it is essential for Africa's long-term energy transition. Around 600 million Africans still lack access to electricity, which is growing due to the pandemic. The AEC believes that Africa must be empowered to grow its energy mix pragmatically, using both fossil fuels and renewables.

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Natural gas offers a scalable, affordable, and lower-carbon solution that can help meet the continent's immediate power needs while enabling a just, inclusive energy transition.

Upstream oil and gas development is already demonstrating its capacity to advance energy access, with projects like the 450 MW Temane gas-to-power project in Mozambique, Senegal's gas-to-power efforts, Nigeria's Gas Master Plan, and Egypt's expanded gas-fired generation driving regional electrification and economic growth.