According to Bloomberg, Mozambique’s expanding methane gas export market illustrates the effects of industrialized countries’ reluctance to support the spread of renewable energy in developing countries.
Only one-third of the population of Mozambique has access to power, which is generated mostly by hydroelectric plants at a rate of 70%. While discouraging Africa from using fossil fuels, European countries like Germany and Italy are currently buying all the gas they can.
The majority of the firms controlling Africa’s oil and gas sector are based elsewhere, and the vast majority of the continent’s fossil fuel reserves will be taken out for the profit of others. Some, like the president of Mozambique, Filipe Nuys, insist that it is a chance to sell fossil fuels and use the proceeds to develop renewable energy.
Kofi Mbuk, a senior cleantech analyst at Carbon Tracker, expressed concern about this strategy and noted that these oil and gas assets will soon be left stranded when the global gas shortage eases, especially as the cost of installing new wind and solar energy falls below the cost of operating existing coal and gas plants.
According to Mbuk, all of these assets in nations that have staked their long-term strategies on their ties with Europe will become stuck over time. If they wager on gas, African nations will be left in a condition of economic chaos.
Heffa Schuecking, the director of Urgewald, and other European climate campaigners concur. It’s a well-known African myth that the global North, particularly Europe, exploits the continent’s resources for its own gain and to satisfy its addiction to fossil fuels, according to the speaker. It’s not related to advancing Africa’s energy interests.
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African nations’ shortsighted preference for natural gas over renewable energy sources threatens to leave assets stranded and cause “economic turmoil,” analysts warn.