A new initiative called the Africa Energy Bank is set to help fund oil and gas projects in Africa, aiming to improve energy access on the continent rich in resources. This move comes as Western financial institutions pull away from fossil fuel investments, raising concerns from climate activists. While providing immediate energy needs is crucial, experts warn that many oil and gas projects may become stranded assets and create debt issues as the world shifts to low-carbon alternatives. A careful balance between energy supply and climate responsibility is essential.
The Africa Energy Bank aims to support oil and gas projects despite Western institutions withdrawing due to climate concerns, focusing on boosting Africa's energy access.
Experts emphasize the need for a careful balance between providing energy for millions who lack it and the long-term impacts of investing in fossil fuels.
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