Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Ending gas financing for Africa will be a fatal blow, says Senegal

11/29/2021 | 09:21am EST
76th Session of the United Nations General Assembly

DAKAR (Reuters) -Plans by some nations to end the financing of gas exploration will prove a "fatal cost" for several emerging African economies, Senegal President Macky Sall said at the start of theChina-Africa Summit in Dakar on Monday.

Senegal, like several other African countries, is sitting on billions of cubic metres of gas reserves and is expected to become a major gas producer in the region which will not only boost power supply but potentially spur double-digit economic growth from 2023.

"A few days after the end of COP26, I must also draw the attention to the decision taken by certain countries to stop foreign financing of fossil fuels, including the gas sector, even as the use of other more polluting energy sources continues," Sall told the summit, referring to this month's climate conference in Glasgow.

"At a time when several African countries are preparing to exploit their significant gas resources, the end of funding for the gas sector, under the pretext that gas is a fossil energy, would bear a fatal cost to our emerging economies," Sall said.

He urged African countries to work together to maintain financing for gas as a transitional energy, adding that blocking funding will add to the climate injustice Africa is already suffering.

(Reporting by Bate Felix and Edward McAllister; Editing by Toby Chopra and Nick Macfie)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX -0.83% 526.85 Delayed Quote.-1.01%
GOLD -0.71% 1784.07 Delayed Quote.-0.40%
S&P AFRICA 40 INDEX -1.00% 171.52 Delayed Quote.0.13%
Latest news "Economy & Forex"
10:39aFed's Kashkari says rate hike 'pause' conceivable in spring
10:37aFactbox-What did the judge find in Hewlett-Packard versus Lynch?
10:35aSix Germans go on trial over $126 million Green Vault jewel heist
10:32aOmicron infections have peaked nationally in Canada - official
10:29aCredit Suisse hikes cash bonuses as talent war rages
10:29aUS Consumer Sentiment Wanes in Late January to Decade-Low on Inflation Concerns
10:27aMichael Avenatti cross-examines ex-client Stormy Daniels in his fraud trial
10:26aU.S. consumer spending declines; inflation pressures rising
10:25aBank of America says it sees seven Fed rate hikes this year
10:25aU.S. consumer spending declines; inflation pressures rising
Latest news "Economy & Forex"