Protesters demand climate funding at Africa Energy Week

Environmental activists gathered in Cape Town on Tuesday during the Africa Energy Week (AEW) to call for greater financial support from major oil companies to help African nations address the impacts of climate change. The demonstration took place as global leaders, industry experts, and investors convened in the city to discuss the continent’s energy future.

Activists target major oil firms

Upon the arrival of delegates at the conference, protesters chanted slogans and displayed a large banner demanding higher taxes on international oil companies such as Shell, Total, BP, ExxonMobil, and Woodside. They argue that these taxes should fund recovery efforts and adaptation measures for communities affected by climate-related disasters.

Greenpeace highlights Africa's financial challenges

Sherelee Odayar, a campaigner on oil and gas at Greenpeace Africa, emphasized that African nations lack the financial resources to adapt to extreme weather and climate change, unlike wealthier countries in the North. She urged governments to impose taxes and penalties on major oil firms to support affected communities.

Africa Energy Week focuses on energy transition

The conference in Cape Town brings together political leaders, industry professionals, and investors to discuss energy security, investment opportunities, and the development of Africa’s natural resources. Discussions include both the exploitation of hydrocarbons and the challenges of transitioning to cleaner energy sources.

Rising transport costs affect oil exports

Elliot Radley, vice president of commercial development for the oil sector at Argus Media, noted that rising maritime transport costs are increasing the expense of exporting African crude to Asian refineries. However, he suggested that this situation may benefit local African refineries, which could source oil at more competitive prices for the regional market.