APPO, Afreximbank to establish African Energy Transition Bank

The African Petroleum Producers’ Organisation (APPO) and African Export-Import Bank (Afreximbank) have agreed to establish an African Energy Transition Bank dedicated to supporting an Africa-led Energy Transition strategy that is consistent with the goal of preserving the environment and livelihoods.

This evolved as the two institutions expressed commitment to taking necessary actions to promote a sustainable and balanced solution to the challenge of financing the oil and gas industry in Africa during the energy transition.

This is contained in a joint communique between Afreximbank and APPO issued after their meeting in Luanda, Angola, having taken cognisance of the long, mutually beneficial relationship and cooperation between the two bodies.

The communique said the decision is borne out of the concern about the threat posed to the African oil and gas industry and Africa’s economic development, by coordinated withdrawal of international trade and project financing from Africa’s oil and gas industry.

In resolving to set up the bank, both organisations acknowledged the “impact of climate change on Africa and aware that poverty fosters accelerated environmental degradation, recognised the need for an orderly and just transition that protects the environment and enhances living standards.”

The communique added that the two African institutions are “committed to environmental sustainability within the framework of the UN Sustainable Development Goals (UN SGGs) and African Union (AU) Agenda 2063, the Africa We Want.”

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