18 African Nations Seek $5 Billion for Fossil Fuel 'Energy Bank' Amid Western Lenders' Withdrawal

Oct 15, 2024, 09:35 AM

A coalition of 18 African nations is seeking $5 billion to establish an 'energy bank' dedicated to funding new fossil fuel projects. This initiative comes as Western financial institutions increasingly distance themselves from oil and gas investments. The coalition aims to leverage Africa's significant yet untapped oil and gas reserves to address the continent's energy needs. Despite Africa having the smallest carbon footprint globally, the region faces significant challenges, with 600 million people lacking access to reliable electricity. The proposed energy bank is seen as a crucial step towards building a more robust and greener power system while addressing the immediate energy requirements of the population.