MSGBC Oil, Gas & Power 2023’s closing panel, The Road to COP28, will reflect on the outcomes of COP27 and Africa’s role in sustainable development and climate financing
As the world gears up for the 28th Conference of the Parties (COP28), a panel discussion under the theme ‘The Road to COP 28’ will close the MSGBC Oil, Gas & Power 2023 conference and exhibition (November 21-22) (https://apo-opa.co/46kqSzK) , providing a crucial glimpse into Africa’s role in the global energy transition. Serving as a form of prelude to COP28, the discussion will explore approaches for meeting net-zero targets, increasing investments in climate change initiatives, and advancing Africa’s energy transition.
While the world is advancing the transition to a cleaner energy future, African nations are making great strides towards universal access to electricity on the back of oil and gas. As such, one pivotal aspect of the panel will be strategies for Africa’s energy transition. This involves not only meeting net-zero targets but also ensuring that the transition is fair, inclusive, and benefits all sectors of society. The panelists will share insights into the specific challenges and opportunities that African countries face in their pursuit of a sustainable energy future. The MSGBC region faces challenges like insufficient infrastructure, inadequate policies, and limited finance for energy efficiency. However, the region has opportunities, particularly in natural gas and renewable energy sources like solar, wind, hydro, and green hydrogen. Regional collaboration through energy projects such as Grande Tortue Ahmeyim (https://apo-opa.co/40HKEUM) or the West African Power Pool can prioritize energy efficiency in national plans and boost further investments.
A major highlight of the conversation will also be the financing of climate change initiatives within the context of the oil and gas sector. Recognizing the critical role this sector plays in Africa’s economies, the discussion will address how financing can be mobilized to support environmentally friendly practices, technology adoption, and the overall transition toward a low-carbon future. The panelists will explore innovative financing models such as blended finance, potential sources of investment, and the importance of collaboration between public and private sectors.
Additionally, the panel will reflect on the agreements made during COP 27 and assess progress towards those goals. Notably, the five key takeaways from COP27 include the breakthrough decision to establish a dedicated fund for loss and damage for vulnerable countries hard hit by climate disasters; a critical focus on maintaining intentions to limit warming to 1.5°C; a new era of accountability for businesses and institutions; efforts to mobilize more climate finance for developing nations; and a pivotal shift toward implementation rather than mere pledges to address climate change challenges. A year on, the MSGBC Oil, Gas & Power 2023 discussion will examine how effective these commitments have been and what more needs to be done to support economies that bear the brunt of climate change, especially those in Africa.
As the MSGBC Oil, Gas & Power 2023 conference unfolds, this panel promises to be a cornerstone event, providing valuable insights into the trajectory of Africa’s energy transition. With COP28 on the horizon, the outcomes of this discussion will likely shape the MSGBC countries’ role in the broader context of international climate action.
Under the patronage of the President of the Islamic Republic of Mauritania Mohamed Ould Cheikh El Ghazouani and in partnership with Mauritania’s Ministry of Petroleum, Energy, and Mines; the Mauritanian Oil and Mining Company; Petrosen; COS-Petrogaz; and the African Energy Chamber, the third edition of the conference, is organized by Energy Capital & Power, and will take place from November 21 to 22 in Nouakchott.
Distributed by APO Group on behalf of Energy Capital & Power.