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Senegal sees growing support for African gas amid Ukraine war

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Senegal’s President Macky Sall attends the ECOWAS summit to debate transitional roadmap for Mali, Burkina Faso and Guinea, in Accra, Ghana, July 3, 2022. REUTERS/Francis Kokoroko/File Photograph

DAKAR, July 7 (Reuters) – Senegalese President Macky Sall mentioned on Thursday there’s rising worldwide help for growing gasoline assets in Africa as a part of the continent’s power transition.

African leaders have bristled at pledges by Western international locations to get rid of or cut back growth financing in Africa for gasoline initiatives within the title of combating local weather change, at the same time as those self same international locations tout gasoline as a “transition gasoline” at house.

On Wednesday, the European Parliament backed EU guidelines labelling investments in gasoline and nuclear energy vegetation as climate-friendly. Gasoline is a fossil gasoline that produces planet-warming emissions, however far lower than coal. Learn full story

“We have to salute the optimistic evolution of companion international locations and establishments on the financing of gasoline initiatives,” Sall mentioned in a speech at a World Financial institution-sponsored convention within the capital Dakar.

“We’re beginning to come to our senses on this query,” he mentioned, with out citing particular examples.

Western growth finance establishments have lately introduced measures to limit financing to gasoline initiatives. The European Funding Financial institution has ended financing to gasoline initiatives fully.

However the battle in Ukraine and efforts by developed economies to cut back their reliance on Russia have led to renewed curiosity in African gasoline. The German authorities, for instance, mentioned in Might that it’d assist discover a gasoline discipline in Senegal.

The extent to which that curiosity in African gasoline for export may translate into help for home gas-fired energy manufacturing shouldn’t be but clear, and donor international locations haven’t reversed previously-announced insurance policies on growth financing.

Nonetheless, World Financial institution Managing Director for Operations, Axel van Trotsenburg, advised Reuters in an interview on the convention that there was mounting recognition of gasoline’ position as a transition gasoline in Africa.

“On condition that loads of the OECD international locations are growing gasoline use, there’s extra sympathy for this argument,” he mentioned.

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