The opinions expressed in this article are solely those of the author, and do not necessarily reflect the opinions or views of the Mo Ibrahim Foundation.
In this letter, published in the Financial Times, Uzodinma Iweala, Chief Executive of The Africa Center reflects on COP26 and the recent announcement made by 20 countries, including the US and UK, to end funding for all fossil fuel projects abroad. He also outlines what this would mean for Africa.
African leaders should therefore continue to make clear that international development finance institutions need to provide flexible financing for gas projects where they replace dirtier or costlier fossil fuel options.
Below is an excerpt; read the full piece here.
COP26 in Glasgow has come and gone with a lot of fanfare and reinvigorated rhetoric about our last chance to tackle the climate crisis.
Perhaps most prominent is an announcement by 20 countries, including the US and UK, that they would end funding for all fossil fuel projects abroad.
While this may at first seem like a step in the right direction, it’s particularly galling that the rich nations pushing policies that would block financing for fossil fuel-powered energy generation in poorer countries are actively building and funding similar projects on home soil.
Not only does this condemn a significant portion of the world’s population to continued energy poverty, it also flies in the face of the gospel of climate justice that many leaders of rich countries preach.