Fossil fuels revenue loss could cost Africa: Paper

IN a recent commentary, Dr Oramah, President and Chair of Afreximbank presented a nuanced view on the urgent need for climate action in Africa while acknowledging the continent's reliance on fossil fuels.

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In a paper, titled 'Transiting to Green Growth in Fossil Export-Dependent Economies: A Pathway for Africa, he has highlighted the severe impact of climate change on the continent, including devastating droughts and catastrophic storms.

Dr Oramah recognises that developing nations, particularly in Africa, face disproportionate risks from climate change, emphasising the need for immediate action to mitigate these threats.

However, he also points out that foreign investments in fossil fuels have historically driven the economies of many African countries.