Namibia makes utilize of COP29 climate summit to push for oil and gasoline investments
Whereas Namibia says it’ll be triumphant where others like failed in the utilize of oil and gasoline to support its of us, experts and campaigners are sceptical
On the COP28 climate summit in Dubai, virtually the entire world’s countries agreed to transition away from fossil fuels in energy systems. However, one year later at COP29, Namibia has been procuring for oil and gasoline investments at its country pavilion in Azerbaijan’s capital Baku.
The roar-bustle Namibia Investment Promotion and Trend Board (NIPDB) organised aspect occasions with a spotlight on “producing doubtlessly the most sustainable barrel of crude oil” and yet any other on “tips about how to green Namibia by capacity of industrialisation and oil and gasoline price chain”.
The pavilion displayed its 2024-2025 funding opportunity catalogue which advocates for developing the country’s nascent oil and gasoline sector.
Namibia’s pavilion at COP29 (Photograph: Vivian Chime)
In the foreword, the country’s minister of industrialisation and alternate, Lucia Lipumbu, described the catalogue as being “reflective” of the southern African country’s “vision for the future”, adding that its financial likely has by no plan been more promising, in light of most vital trends – “particularly in the oil and gasoline and renewable energy spaces”
Will GDP double?
In the oil and gasoline share of the catalogue, the country claims that latest exploration for petroleum in four frontier basins – Namibe, Walvis, Lüderitz and Orange – will outcome in a doubling of the country’s irascible home product (GDP) by 2040, if stumbled on to be commercially viable.
It also states that the country is partnering with Norwegian firm BW Vitality to originate the Kudu Gasoline fields, adding that the gasoline reserves “like the likely to remodel Namibia staunch into a earn electricity exporter via gasoline-to-vitality manufacturing”.
Furthermore, the authorities says that offshore oil exploration along its 1,600km-lengthy shoreline has considered a “vital uptick in ardour”, with oil majors a lot like TotalEnergies, Shell, Galp and QatarEnergy actively pursuing pursuits along the shoreline.
A wall interpret at Namibia’s pavilion at COP29 (Photograph: Vivian Chime)
Vance Culbert, senior policy book in the energy program at the International Institute of Sustainable Trend (IISD), acknowledged he doubted that Namibia’s GDP would double. The nature of funding deals requires “the payback of investments to the agencies” – and thus will manufacture it no longer easy for the country to accrue any non permanent benefits, especially in the face of the transition, he acknowledged.
Mohamed Adow of Vitality Shift Africa holds identical views, telling Climate Dwelling that whereas ‘increased GDP’ also might well per chance be a tempting tagline, the truth unhurried that GDP quantity is that fossil fuels orient the economy in the direction of extractive industries which privilege profit and foreign markets over turning in accurate prosperity and construction for typical Namibians.
Useful resource curse
Furthermore, the Namibian authorities states in its funding catalogue that it’s “cognisant of the likely pitfalls that are linked to discoveries of beneficial natural resources”, adding that it has drawn lessons from the experiences of oil-producing countries and can like to restful effectively organize the fresh sector to make obvious financial benefits for all Namibians.
Fadhel Kaboub, a senior book with Vitality Shift Africa, is doubtful that Namibia can be triumphant where others like failed. He acknowledged that if oil and gasoline were a source of construction and prosperity, Nigeria and Angola “would be financial powerhouses turning in support and construction to their neighbours”.
Nigeria, a rustic of over 200 million of us, continues to be energy unfortunate no matter getting the 2nd largest oil and gasoline reserve in Africa. The country has struggled to make utilize of its noteworthy natural resources to benefit its of us and power financial construction, and is as a change beset by poverty and corruption.
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The Niger Delta plan of the country where many of the oil drilling takes popularity has suffered years of environmental degradation, and pollution to its waters and farmlands, leaving its of us unfortunate and facing health considerations.
Kaboub acknowledged Namibia dangers “falling into the same entice” – and this might well well like devastating impacts on the atmosphere and of us, bringing no financial construction.
Ina-Maria Shikongo, a Namibian climate activist, acknowledged these impacts are already been felt. She acknowledged the drilling is affecting water our bodies and perilous glean entry to to water for communities. She added that the seismic disturbance brought about by the agencies has also affected farming fields and cracking properties.
Shikongo, who acknowledged she fears the final outcome of these actions, warned “this might well per chance prove impacting over a million of us sooner or later of four borders who depend on the Okavango water including Botswana, Zimbabwe and Zambia”.
Stranded resources
With the world demand a transition away from fossil fuels, experts warn that Namibia dangers having ineffective stranded resources when oil markets shrink. “The leisure of the area is decarbonising with out word,” Kaboub instructed Climate Dwelling, adding that question for fossil fuels will decline in the next couple of decades.
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Nations love Nigeria are initiating build to witness multinational oil companies love Shell decommission their onshore operations and promoting off their alternate.
Shikongo worries that completely different countries are making strides at COP29 to advance their clear transition, however her country “brings more fossil gasoline lobbyists to the convention to power their oil and gasoline agenda”.
Karabo Mokgonyana, renewable energy campaigner at Vitality Shift Africa, acknowledged there is a prefer to promote the commercial benefits of renewables to African leaders, adding that justifying the transition thanks to climate change isn’t very any longer going to work. She acknowledged “more convincing financial gadgets” are necessary to glean the aquire-in of countries.
“No manna from heaven”
Kaboub and Adow urged Namibia will like to restful utilize its severe minerals as a change for leapfrog into the energy gadget of the future.
However Harsen Nyambe, the African Union Rate’s director of sustainable atmosphere and blue economy, puzzled this chance. He acknowledged countries isn’t very any longer going to anticipate “manna to drop from heaven” however will continue to make utilize of their on hand resources till an alternative is equipped.
One most vital limitation is that investors witness clear energy on the continent as dangerous – however if this perception adjustments, Africa can manufacture the change to clear energy, he added.
(Reporting by Vivian Chime, editing by Joe Lo)
