Disinvestments in Fossil Fuels is a Great Threat to Africa, Ramaphosa Says

1 month ago 365
South African President Cyril Ramaphosa. Image sourced from Forbes.

President Cyril Ramaphosa said that cutting investments in fossil fuels is a great threat to Africa.

Ramaphosa was speaking at the G7 Summit in Germany.

This summit hosted leaders of G7 countries and President Ramaphosa was participating in working sessions where Climate, Energy, Health as well Global Food Security, and Gender Equality were discussed.

Ramaphosa cautioned against adverse ramifications of the proposed revision of the European Union Renewable Energy Directive, which is intended to accelerate green hydrogen investments.

He highlighted that the proposed regulations have the potential to limit the ability of enterprises to supply key export industries with sustainable energy solutions and impact their global competitiveness.

“As we pursue a just transition, developing economies need development space to address high levels of inequality, unemployment, under-development and the economic impact of the COVID-19 pandemic,” Ramaphosa said.

“Abrupt disinvestment from fossil fuels by international financiers poses a great risk to Africa because of the impact on jobs, stranded assets, national economies, energy, and food security,” he added.

He expressed that South Africa is pleased with the progress that has been made in advancing the long-term collaboration under the Just Energy Transition Partnership.

President Ramaphosa discussed issues of food security, fuel supply, and increasing local production on items that are currently in low supply due to the conflict in Ukraine.

He expressed the need to enhance the resilience of food and agricultural production systems through adaptation, reducing agricultural greenhouse gas emissions, and safeguarding national food security.

He then further made a special proposal that developing countries on the African continent, working together with the G7 countries, should be self-reliant in the production of fertilizers to ensure food security.

President Ramaphosa reiterated South Africa’s commitment to working with the international community, including the G7 countries, in the collective quest to end global hunger.

Ramaphosa also met the Prime Minister of the United Kingdom, H.E Boris Johnson.

The leaders discussed their commitment to the speedy resolution of the Russia-Ukraine conflict and further enhancement of bilateral trade relations. They also discussed opportunities in Green Hydrogen and Fuel Cells.


Edited by Zintle Nkohla 

Follow Zintle Nkohla on Twitter

Follow IT News Africa on Twitter

Source Article