By Karen Aryeetey
African countries have been urged to pursue balanced, home-grown energy policies aligned with their resources, development priorities and energy security needs in order to achieve true energy sovereignty, rather than adopting foreign energy transition models wholesale.
At a public lecture on energy sovereignty organised by the Chamber of Oil Marketing Companies, energy experts warned that although the global push towards low-carbon energy is reshaping government policies and corporate investments, African countries risk deepening energy poverty and missing economic opportunities unless they take ownership of their resources, promote local value addition, expand access and affordability, and adopt a balanced energy mix suited to local realities.
The Chief Executive of the Chamber of Oil Marketing Companies (COMAC), Dr Riverson Oppong, noted that cross-border power trade and regional collaboration are vital to Africa’s energy future. However, he lamented that high taxes and prohibitive transportation costs continue to hinder business across the continent.
“We believe that cross-border power trade, even in the energy market, is very important. We have countries with the capacity to generate power, others that can produce, and some that can transmit. That is where collaboration comes in. But today, it is quite difficult to do business across Africa because of taxes and transportation costs,” he said.
Dr Oppong also said the emerging electric vehicle (EV) market presents opportunities that must be harnessed for the benefit of African economies.
“The role of EVs today is very important because Africa has the chance to manufacture mineral-based components used in battery production. One thing that would really pain me as an African is to see these raw materials mined and exported in their raw state to other countries. We are not producing or providing what is needed to prepare them for use here in Africa,” he said.
During the panel discussion, experts said Africa faces a growing challenge in asserting energy sovereignty as the global energy transition accelerates. The Executive Director of the Africa Centre for Energy Policy, Benjamin Boakye, said countries must take a holistic approach to planning.
“Rather than focusing only on oil and gas investment or who is bringing in funding, we need to examine our own timelines as a continent or as individual countries, beyond what the IEA or other projections are saying, so we can properly situate our plans,” he said.
The Chief Executive of Cubica Energy, Leslie Arthur, encouraged African countries to view the global energy transition as an economic opportunity rather than a threat to existing fuel sources.
“The only transition I believe in is an opportunity for Africa, an economic opportunity. It is time for our leaders to identify these opportunities, seize them and make the best of them. We should see the energy transition as something set for us, not against us,” she said.
Director of Research at the Africa Sustainable Energy Centre, Dr Elvis Twumasi, highlighted the need to develop technologies that make Africa’s oil and gas industry more sustainable.
“As we look at renewable energy, we should also develop technologies that make oil and gas more sustainable. We need to reduce emissions through innovation. These are technologies Africa can develop, given our experience in oil and gas. Renewable energy is important, and it is here to stay,” he said.
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