Powering Africa: Financing Gas-Powered Solutions to Fuel Sustainable Growth

On Tuesday, October 22, 2024, Corporate Council on Africa co-hosted with the AfriCaribbean Diaspora Alliance the “Powering Africa: Financing Gas-Powered Solutions to Fuel Sustainable Growth,” which featured a discussion with His Excellency Mohamed Ould Khaled, the Minister of Energy and Oil for Mauritania; His Eminence Ebere Chukwu Oji, the Chair/CEO of Eastwise Ventures Limited and Eze; and Mr. Wale Shonibare, the Director of Energy Financial Solutions, Policy and Regulations, African Development Bank. Florie Liser, the President and CEO of the Corporate Council on Africa, and Leila Ndiaye, the Chair of the AfriCaribbean Diaspora Alliance and President and CEO of LND Global Network, gave the opening remarks. Kalidou Gadio, the Co-Chair of the U.S.-Africa Practice for DLA Piper, moderated the discussion, which focused on LNG Pipelines in the context of Africa’s industrialization goals and the UN SDGs. This discussion focused primarily on the role that LNG must play in the energy transition as African governments push for sustainable industrialization across the continent and the private sector continues to develop.

Minister Khaled gave insights into Mauritania’s journey of energy infrastructure development as well as his perspective on how African governments can achieve sustainable development while simultaneously advancing their energy transition and industrialization goals. He also spoke about the government's future plans to leverage the Greater Tortue Ahmeyim project to spur development and unlock potential in other sectors in Mauritania. Mr. Shonibare explained the African Development Bank's position on financing LNG projects and the different concerns the bank weighs when considering these kinds of projects. He emphasized the importance of an energy transition that is just and considers the importance of energy access on the continent. His Eminence Oji spoke about the importance of governments and large institutions “democratizing industrialization” by creating space for many players in the industry to create a more robust economy that allows for more sustainable development.

During the Q&A session, the panelists answered questions about innovative financing tools the AfDB has considered for financing the energy transition, whether governments should consider local content requirements and their impact on the African private sector, and how to ensure that the continent is able to achieve its industrialization and sustainability goals. This panel built upon the foundation laid during the Powering Africa: Tackling The Energy Trilemma and Climate Change Impacts Through Carbon Market Credits Financing panel that the Corporate Council on Africa co-hosted with the AfriCaribbean Diaspora Alliance earlier this year on the sidelines of the UN General Assembly meetings.

‍