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Seplat Energy is a Titanium Sponsor of the event, and the event organised by Hyve Events, will be focusing on ‘Maximising Africa’s Natural Resources in the Global Energy Transition’.
The 2023 AOW, which will bring together stakeholders in the global energy industry, aims to chart the path for sustainable development In the quest to combat climate change and build a sustainable future for the planet, the global energy landscape is undergoing a profound transformation. The shift from fossil fuels to renewable energy sources in response to the challenges of climate change and resource depletion is however uneven in its adoption. There are profound and fundamental differences between the capacity of the global north and that of the global south to effect a just energy transition that protects the economic stability and food security of its people.
The African continent which holds massive reserves of fossil fuels such as coal, oil and gas, also has abundant renewable energy resources including solar, wind, hydro and geothermal energy. The continent needs to leverage these resources to contribute to the decarbonisation of the planet at the same time as increasing energy security for itself.
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Increased access to traditional forms of energy derived from fossil fuels will necessarily generate more greenhouse gas (GHG) emissions and this is naturally a concern for African countries who want to contribute to decarbonisation. But solutions to the imperative to scale up access to safer and more sustainable energy need to be politically expedient and transparent, economically viable, to include social goals including ending energy poverty and social marginalisation and to be sustainable.
As we prepare for a lower carbon world, we must balance those imperatives with climate resilient systems on a continent that is susceptible to adverse weather conditions such as floods and droughts that threaten food security.
Benefits of the transition
The benefits for
Renewable energy sources including wind and sun are not as susceptible to fluctuating weather patterns as other supplies and are relatively constant. Transitioning to these alternative energy sources ultimately makes the continent more resilient to climate change.
Renewables can also feed into independent power grids. This means that communities in remote and rural areas can more easily have access to a reliable energy source which takes the pressure off existing national infrastructure.
The development of alternative energy sources is also a driver of job creation and additional economic activity. Improved socio-economic conditions and stability can also contribute to energy security by reducing social disparities.
Energy transition not without its challenges
There are many considerations for African countries when making the transition to renewable energy. One of these includes communities’ reliance on mining extraction and exploration operations for their livelihoods. Seplat is already assisting those communities in which it is present to prepare for a time when the company is no longer there. With new technologies comes the need for new expertise and so skills training and transfer can assist when the end of fossil fuel extraction leads to job losses.
The costs of establishing infrastructure to support power generation of renewables is high. It is essential that African governments seeking to make the transition find innovative funding models and work in public private partnerships to drive appropriate investment.
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Balancing priorities
Striking a balance between energy security, poverty reduction and economic growth when effecting the energy transition is a complex process. Each country has its own development goals and a ‘one size fits all’ solution does not apply.
Energy transition holds immense potential for
Multi stakeholder collaboration between governments and the private sector will be pivotal in the supporting African nations in their move to greater self-reliance and a greener and more sustainable future. At Seplat Energy, the role of leaving a positive legacy for future generations is taken very seriously. The company is committed to its environmental, social and governance (ESG) goals, with an emphasis on social considerations. When scaling sustainability solutions, affordability and accessibility remain reference points.
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About Africa Oil Week:
Africa Oil Week (AOW) is the premium and most established forum for stimulating deals and transactions in the African upstream. For 29 years, it has united serious decision-makers across the entire oil and gas value chain to facilitate new business and joint-venture opportunities.
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