By Boris Esono Nwenfor
BUEA, June 2, 2023 – As preparations continue for the third edition of the African Energy Week to take place in Cape Town, South Africa, from October 16-20, the African Energy Chamber, AEC, successfully held its Invest in African Energy Forum in Paris, catalyzing amplifying European investments in African energy projects.
The event that took place June 1, 2023, at the Westin Paris Vendome forged new bilateral connections to fortify a thriving partnership between these two regions. The Paris forum comes on the heels of three European receptions that took place in London, Oslo and Frankfurt, as well as a UAE event held in Dubai.
During the Paris forum, discussions were centered on financing African energy projects; developing Liquefied Natural Gas (LNG) for both African and European markets; and the role renewable energy and green hydrogen will continue to play in industrializing and electrifying Africa.
The opening ceremony saw addresses by Hon. Tom Alweendo, Minister of Mines and Energy of the Republic of Namibia; H.E. Bruno Jean-Richard Itoua, Minister of Hydrocarbons of the Republic of Congo; Ministerial remarks: H.E. Didier Budimbu Ntubuanga, Minister of Hydrocarbons of the Democratic Republic of Congo; NJ Ayuk, Executive Chairman of the AEC; Per Magnus Nysveen, Senior Partner & Chief Analyst, Rystad Energy; Benoît de la Fouchardière, CEO, Perenco and Eric Melet, CEO Rail & Logistics Solutions, Africa Global Logistics.
“It is not just a transition, it is a journey, and that journey starts in Paris. Paris has been so important in this journey. This is the city where the climate agreements were signed, and it cannot be a real agreement without us talking about a just energy transition,” opened Ayuk, adding, “It is really important that we move to drive deals, approve projects, create opportunities and drive investment. We have got to move big on the fiscals and get deals done. Sign baby sign.”
With similar events held this year in London, Oslo, Frankfurt, and Dubai, the AEC continues to consolidate its position as the African voice on the energy scene. Several E&P, service, and financial companies, including Technip Energies, and Schlumberger have reaffirmed their dedication to enhancing local content by implementing several capacity-building programs.
France has become a prominent financial ally to Africa at a national level, offering funding for numerous energy projects in partnership with other European investors. Over the years, the country has contributed to the continent significantly, including a €6-million grant to the African Development Bank for the Africa Renewable Energy Initiative in 2016, €300 million in concessional financing to South Africa through loan agreements in 2022, and an investment fund of $92.63 million established in the same year to support solar power generation throughout Africa, among other financial packages. The country is eager to advance investment in Africa in pursuit of global energy security, and the Invest in African Energy Paris edition provides the perfect platform to do just that.
“Africa needs investment to not only meet its own goals of making energy poverty history and industrializing but to help meet global goals of energy security. The Invest in African Energy Paris edition aims to build on existing Africa-Europe relations to usher in a new era of energy-related growth and prosperity. By showcasing projects, investment prospects and collaboration opportunities, the event will position Africa as the destination of choice for both French and European investment. We look forward to welcoming a strong slate of government representatives from Africa as well as major financiers and project developers from across Europe in Paris,” stated NJ Ayuk, Executive Chairman of the AEC said before the event
Under the theme, ‘The African Energy Renaissance: Prioritizing energy poverty, people, the planet, industrialization and free market,’ the African Energy Week hosted by the African Energy Chamber, AEC, will take place in Cape Town, South Africa, from October 16-20.
