Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

US climate envoy Kerry cautions against long-term gas projects in Africa

Published 09/16/2022, 06:11 AM
Updated 09/16/2022, 12:06 PM
© Reuters. FILE PHOTO: U.S. climate envoy John Kerry speaks during a news conference after signing a joint declaration of a German-American climate and energy partnership between the government of the United States of America and the government of Germany during the

By Bate Felix

DAKAR (Reuters) - U.S. climate envoy John Kerry cautioned against investing in long-term gas projects in Africa as countries in the region, some hoping to tap recent oil and gas discoveries, wrestle with how to power their development with clean energy.

"We are not saying no gas," Kerry told Reuters on the sidelines of an African environment ministers' conference in Dakar, Senegal, on Thursday.

"What we are saying is, over the next few years, gas replaces coal or replaces oil," the former secretary of state and Democratic presidential candidate said, adding that gas can be used as a transition to cleaner energy sources.

But after 2030, it will be important to capture the emissions from gas too, Kerry added.

Continued financing of oil and gas projects in Africa has become a key issue for the countries, which they plan to push during a United Nations climate summit in Egypt in November.

Senegal and other countries in the region aim to start producing oil and gas, which they hope will help boost their electricity production, power industries and curb energy poverty.

Over 600 million people, or 43% of Africa's population, lack access to electricity, most of them in sub-Saharan Africa, according to the International Energy Agency.

African countries argue that they need investments to develop their energy resources, including oil and gas, and a pledge by developed nations including the United States last year to curb investments in fossil fuels, was unjust.

Kerry said the question now is how to help the nations, which account for only a small amount of carbon emissions, develop without making mistakes that others made, enabling them to be as green as possible without creating more problems.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

He said the viability of long-term gas projects could become a problem beyond 2030, the target date many developed nations have set to move to mostly renewable and curb the need for gas.

Kerry said such long-term projects likely would not recoup their investments within 10 years, adding that some countries are talking of projects with lifespan as long as 40 years, which was not necessary.

"We do not have to rush to go backward, we need to be very careful about exactly how much we are going to deploy, how it is going to be paid for, over what period of time and how do you capture the emissions." Kerry said.

He said developed nations need to step up efforts and meet the urgency to help other countries adapt and get over the initial hurdles of developing renewable energy systems.

Kerry said the United States has committed $12 billion for "adaptation and resilience," and was working on a new structure to bring more the big investors with trillions of dollars.

Latest comments

43% dont even have electricity and Kerry wants them to make things even worst as he flies around on a private jet…
Meanwhile China and India out there pumping out record levels of pollution, meanwhile the US has wasted trillions on "green energy" just for the East to now collapse our energy market because "green" energy is nothing but a scam. They are burning coal to charge your electric cars.
CO2 emissions have actually decreased in the US, China has significantly increased CO2 outputs. Laundering more US taxpayer money into the pockets of climate change grifters pockets will accomplish nothing. Also worth noting that the there is currently an industrial shortage of CO2 in the US, and plants use CO2 as food source and converts it into O2. Declining CO2 levels is harmful to plants.
Can anyone answer this off of the top of their head- no Google? What is Climate Change? What cause it? Prove it.
I think he should fly around Africa in his private luxury jet spewing tons of carbon onto the continent in order to ell them not to develop their oil and gas. What a must fund baby Gas Bag!
Thank God for educated and responsible adults in charge.
When the John Kerry generation finally ends in politics it will be a good day. These people won’t go home.
This govt grifter is still stealing from the taxpayer. Hope a good case of monkeypox gets up his *******
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.