- Timipre Sylva proposes an African energy bank
- Seeks to diversify investment sources as the world transitions to cleaner energy
The Minister of State for Petroleum Resources, Timipre Sylva, has called on African energy sector stakeholders to seek alternative funding sources to develop fossil fuels. This proposal comes as the global push for defunding the development of fossil fuel intensifies.
In a recent state visit to Nigeria, Equatorial Guinea’s Minister of Hydrocarbons, H.E. Gabriel Lima, Sonagas Director-General Juan Antonio Ndong Ondo, and Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, have reiterated the need for African stakeholders to seek alternative financing options for fossil development on the continent.
“If we insist on the exploration of our oil and gas reserves when the world is cutting down on investments in the sector, we must set a financial institution, an African energy bank, to develop the oil and gas sector,” Timipre Sylva said.
Responding to his suggestion, H.E. Gabriel Obiang Lima expressed support for the proposed African energy bank. Both energy ministers are seeking alternative solutions for investments in fossil fuels development.