Representatives of African governments have signed onto a declaration committing to the energy transition by identifying development priorities and investment opportunities for the extractive sector in line with national and international Climate change commitments.
The declaration is meant to prepare countries for a global shift in demand and financing for fossil fuels, in line with the Paris agreement by seeking out ways to develop clean and renewable energies to increase energy access and security in a sustainable manner.
The declaration was made in Dubai during the Africa Oil week where Uganda is represented by a delegation of government officials and the private sector led by the Minister of Energy and Mineral Developments , Hon. Ruth Nankabirwa.
The African governments have accepted to align national policies on climate change, energy, extractives and the environment to ensure common and coherent goals, strengthen coordination and avoid duplication, recognising that a βwhole of governmentβ approach can yield benefits, by situating extractive sector policy considerations in a broader development context.
βUsing international standards and benchmarks, such as the Extractive Industries Transparency Initiative (EITI), to ensure that transparency, open and inclusive dialogue will underpin our planning and preparedness for the energy transition.
βEngaging citizens in policy dialogue to build trust in the way the government is planning for, and mitigating against, the potential impacts of the climate crisis,β the declaration states.
They also called on industrialised nations to take urgent actions in reducing their own emissions, meeting their climate finance commitments and in supporting SIDS/vulnerable/developing/African countries to transition in a sustainable manner.
The declaration further calls for transparency and accountability in the implementation of governmentsβ global commitments to transition to net zero emissions.
βInvestors and asset owners should consider investing in sustainable projects that can help alleviate poverty and energy companies and resource developers should uphold the highest environmental safeguards, adhere to national and international laws for taxation and contributions to local economic development, and support countries where they operate in in meeting net zero targets. β
Acknowledge that the climate crisis is real, it is happening now, and it affects the most vulnerable communities in Africa and around the world. Acknowledge our shared belief that natural resource wealth should be managed responsibly to contribute to economic growth, help reduce poverty and ultimately contribute to achieving the UN Sustainable Development Goals.
