Investment in African energy needed to aid quitting Russian supply - EIB

Magma Silver

21/06/2022 15:54

By Noah Browning
    BRUSSELS, June 21 (Reuters) - Europe must step up its
investment in renewable energy in Africa to soften the global
energy crunch since Russia's invasion of Ukraine, European
Investment Bank vice president Ambroise Fayolle said on Tuesday.
    The European Union's lending arm is encouraging investment
in solar, wind and hydrogen energy and will not fund fossil fuel
projects to safeguard climate goals, Fayolle said
    "There are big question marks over what should be the
European strategy across all our institutions as a consequence
of Russia's invasion of Ukraine," Fayolle told Reuters in an
interview at the African Energy Forum in Brussels.
    "Diversification of supply can only be part of the answer
... Now is the time to scale up and accelerate our investment in
green energy," he added.
    Multiple rounds of EU sanctions on Russia, including a
gradual phase-out of oil, have pinched supply to the bloc -
Russia's top customer, in turn driving up inflation and
requiring urgent action to find alternatives.
    The EU announced a 210-billion-euro ($221.5 billion) plan in
May to end its reliance on Russian fossil fuels by 2027,
focusing on greater efficiency, replacing Russian gas -
including from Nigeria and Egypt - and kickstarting renewable
investments.  L8N2Y72I1 
    As part of its biggest-ever annual investment in Africa, the
EIB provided 3.4 billion euros across the continent in 2020 to
promote renewable projects and mitigate the effects of climate
change, which is due to hit Africa the worst despite it
accounting for the lowest emissions per capita.  L8N2Y43XZ 
    Italian and German delegations have visited African states
including Senegal, Congo and Angola in recent months in search
of natural gas deals, something which the EU as a supranational
body will not do, Fayolle said.
    "We are stepping out of fossil fuels, (but) we don't give
lessons to anyone."
    
 ($1 = 0.9483 euros)

 (Reporting by Noah Browning, Editing by Louise Heavens)
 ((noah.browning@thomsonreuters.com;))