Minister of State for Petroleum Resources, Chief Timipre Sylva, has said that Nigeria needs to spend $410 billion above usual to deliver its energy transition plan by 2060, more than N10 billion yearly.
At least 600 million people in Africa are without access electricity and with inadequate funding for power generation, Russia’s Rosatom state nuclear energy corporation now proposes to provide, over the next several years, mini nuclear plants for generating reliable and affordable power in a number of African countries.
As COP27 was progressing in Sharm El-Sheikh, Egypt, Vijay Vaitheeswaran, the global energy and climate innovation editor of The Economist, made a compelling observation. He said, “We will see a much stronger focus on how the energy industry itself can play a role as a decarboniser. It’s about, in my view, a grown-up way of understanding that the oil and gas is here to stay. A number of countries, especially emerging markets, are going to rely on it.”
Dr Matthew Opoku Prempeh, the Minister for Energy says the desire for countries to transition into other alternative sources of energy usage was particularly good for Africa and its women and children.
In August, a study of TipRanks data showed that the Oil and Gas sector was preferred over the Green Energy sector according to several measures, including Corporate Insider Sentiment, Analyst Views, Earnings Beat, and Price Target Upgrades.
Climate negotiations at the United Nations Climate Change Conference, better known as COP, are over for another year. What can we take away from its 27th iteration?
In the aftermath of the 2022 United Nations Climate Change Conference, or COP27, which closed over the weekend following two weeks of intense negotiations, many argue that very little progress was made on the phasing out of fossil fuels.
Shortly after the dawn call to prayer sounded across Sharm el-Sheikh, Egypt, on Sunday, negotiators adopted a climate deal to polite applause.
The global energy industry is at a turning point. Unprecedented shocks to the global economy stemming from the Covid-19 pandemic and compounded exponentially by Russia’s illegal war in Ukraine have caused massive disruption to the global economy and forced nations around the world to rethink their energy policies and energy security strategies, opening a window for a genuine clean energy transition without the usual inertia faced by such a revolution.
As the hype around green hydrogen intensifies, several energy firms and governments are exploring the potential for transforming existing natural gas infrastructure to be used to transport hydrogen as the world transitions away from fossil fuels. Now, the U.K. has announced a new development, trialing a hydrogen-gas project to see if this vision can become a reality.