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Africa To Pay For Europe's Energy Crisis
Down To Earth
|August 01, 2022
AT THE latest meeting of the Group of 7 (G7) countries, host Germany and Italy watered down a pledge to end financing for overseas gas projects. The pledge was made at the 26th Conference of the Parties to the UN Framework Convention on Climate Change last year, and at the meet in June, new loopholes were introduced for temporary financing so countries can tide over the energy crisis due to the Russia-Ukraine war.
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The move is in line with how Germany and Italy are increasing fossil fuel investment in Africa in recent months. Italy, which has lowered its Russian energy imports from 40 per cent at the start of the year to 25 per cent, has secured deals with Algeria, Angola, Egypt, and the Republic of the Congo.
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