DGAP-News: African Energy Chamber / Keyword(s): Miscellaneous
African Energy Chamber: German Chancellor Scholz’s African tour represents crucial step towards achieving energy security, says ACS
24.05.2022 / 20:45
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German Chancellor Scholz’s African tour represents crucial step towards achieving energy security, says ACS
As the voice of the African energy sector, the African Energy Chamber strongly advocates for German-African partnerships, recognizing the role that Germany will play in promoting energy security on the continent.

With over 620 trillion cubic of natural gas reserves, 125.3 billion barrels of oil reserves, 16.4 billion short tons of coal, and one of the best renewable energy potentials in the world, the energy landscape of Africa is diverse and has the potential to transform the socio-economic landscape of the continent. Yet over 600 million people lack access to electricity and 900 million lack access to clean cooking solutions, creating an ironic situation. Largely attributed to a lack of adequate investment as well as energy transition trends calling for an end to fossil fuels, urgent action is needed if progress is to be made in eradicating energy poverty from 2030. This is the very reason why the African Energy Chamber (AEC) (www.EnergyChamber.org), as the voice of the African energy sector, strongly advocates for an integrated approach to energy security in Africa, in which every resource is used.

Stepping into this image, newly elected German Chancellor Olaf Scholz is on a three-day tour of Africa. With a mandate to explore new energy deals as the European country considers cutting ties with Russia, Chancellor Scholz is focused on securing new gas and hydrogen deals with emerging markets across the continent. . The first destination of his three-country tour was Senegal, where the Chancellor met HE President Macky Sall to discuss future gas deals and the possibility of an MSGBC-Europe gas pipeline. Recognized as a “matter worth pursuing intensively” by Chancellor Scholz, the likely gas deal is driven by large-scale MSGBC developments including the 15 trillion cubic foot (tcf) Greater Tortue Ahmeyim project. ) and the development of 20 tcf Yakaar-Teranga. MSGBC gas could well be the solution to meet the energy needs of Europe and Africa, a key element of the visit.

During the second leg of the trip, Chancellor Scholz visited Niger to discuss renewals of military and financial cooperation. However, the trip also opened the dialogue around energy partnerships. Germany is already present in the country with the German company Emerging Energy Corporation which has signed an agreement with the government for the exploration and development of commercial green hydrogen. Now, new partnerships and agreements are likely, with Germany playing a vital role in driving energy security and hydrogen development in Niger.

“Germany represents the ideal partner for countries like South Africa and Niger that are actively seeking the expansion and development of their hydrogen industries. Significant progress has already been made to boost hydrogen development through German partnerships, but more can and should be done. Africa needs innovative and integrated solutions if it is to eradicate energy poverty by 2030. By harnessing each of the natural resources available to the continent, Africa will have the chance to develop fully. It is important to have a balanced energy mix and that is what the Chamber has and will continue to stand for,” says NJ Ayuk, Executive Chairman of the AEC.

Chancellor Scholz is currently in South Africa – where energy security is a central point of concern – and is meeting HE President Cyril Ramaphosa. Currently, the Southern African nation is struggling with crippling power shortages due to aging power stations, lack of maintenance and sabotaged infrastructure. Despite significant natural gas and hydrogen potential, load shedding has become a daily occurrence and is only expected to worsen unless proactive steps are taken to increase generation capacity. With an energy deficit of 4,000 MW, South Africa represents the perfect example of why African countries must use all the energy resources available to them.

“You can’t just say ‘more coal’. In the same way that Europe turned to coal with the onset of gas supply disruptions, Africa should use its large coal deposits to ensure energy security. South Africa needs coal, natural gas, nuclear power and hydrogen to drive industrialization and socio-economic growth. The country is crippled by energy deficiencies and if coal can help alleviate these challenges and lift millions of people out of energy poverty, then coal should be used. Chancellor Scholz’s trip to Africa marks an important step towards improving Africa’s energy dialogue, spurring investment and development in key sectors such as hydrogen and natural gas while forging new Africa-Europe energy partnerships . South Africa, Niger and Senegal must capitalize on this opportunity and advocate for European investments in 2022,” says NJ Ayuk, Executive Chairman of the ACS.

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Distributed by APO Group for the African Energy Chamber.

24.05.2022 Broadcast of a Corporate News, transmitted by the DGAP – a service of EQS Group AG.
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