The African Energy Chamber urges the World Bank to end its ban on upstream oil and gas financing, emphasizing that unlocking Africa’s hydrocarbon resources is essential to lifting hundreds of millions of Africans out of energy poverty and driving sustainable development across the continent
CAPE TOWN, South Africa, June 16, 2025/APO Group/ --
The African Energy Chamber (AEC) (www.EnergyChamber.org) is calling on the World Bank to end its ban on financing upstream oil and gas projects, urging the institution to align with Africa’s urgent need to eradicate energy poverty and achieve sustainable development. Lifting this ban is essential to unlocking the continent’s hydrocarbon resources, delivering reliable and affordable electricity to millions, and generating the revenues required to support Africa’s long-term energy transition.
While the AEC welcomes the World Bank’s decision to review its 2017 ban on financing upstream oil and gas development, the time for reassessment is over. Decisive action is needed. Today, around 600 million Africans still lack access to electricity – a number that is not only staggering but growing. The International Energy Agency notes that gains made in expanding electricity access were reversed during the pandemic, with up to 30 million people who previously had access no longer able to afford it. This deepening energy poverty undermines Africa’s industrialization, economic growth and social development.
The AEC maintains that Africa must be empowered to grow its energy mix pragmatically, using both fossil fuels and renewables – not forced into an “all or nothing” approach that risks leaving hundreds of millions in the dark. Natural gas offers a scalable, affordable and lower-carbon solution that can help meet the continent’s immediate power needs while enabling a just, inclusive energy transition. Yet climate panic and fearmongering – often directed disproportionately at Africa, a continent responsible for just 3% of global CO₂ emissions – threaten to block this path.
“The green agenda and the World Bank’s ban on upstream financing ignore the fact that natural gas can bring life-changing prosperity to Africa through jobs, business growth and monetization,” said NJ Ayuk, Executive Chairman of the AEC. “We are proposing a logical, sustainable path: using our natural gas to meet current needs, generate revenue and fund our transition to renewables. Given that universal access to affordable, reliable electricity is one of the UN’s Sustainable Development Goals, the growing number of Africans without power is morally wrong and must not be ignored.”
Upstream oil and gas development is already demonstrating its capacity to advance energy access. In Mozambique, domestic gas fuels the 450 MW Temane gas-to-power project, delivering electricity to communities and industries. Senegal’s gas-to-power efforts, Nigeria’s Gas Master Plan and Egypt’s expanded gas-fired generation highlight how these resources are driving regional electrification and economic growth. Future upstream projects hold transformative potential: Mozambique’s gas reserves could generate over $100 billion in revenue; Namibia’s oil discoveries could deliver $3.5 billion annually at peak production, which can fund infrastructure, education, healthcare and clean energy investments.
Meanwhile, global financial trends are shifting. Major banks, particularly in the U.S., are easing ESG-related restrictions and resuming oil and gas financing, recognizing that natural gas remains a vital bridge fuel. The World Bank must do the same – not as a concession, but as a commitment to its mandate to promote shared prosperity and reduce poverty.
The AEC urges the World Bank to turn its policy review into meaningful action. Supporting upstream oil and gas development is not only an economic necessity – it is a moral imperative if we are serious about ending energy poverty and enabling a sustainable, equitable future for Africa.
Distributed by APO Group on behalf of African Energy Chamber.
Well! This report clearly demonstrates the depth of the grudge that Nick Kay harbors against Somaliland. It is therefore high time that we Somalilanders, wherever we are, should put this queer in his rightful place – and take him down a peg or two – as we have done before to David Steven.
First of all there is nothing wrong with being queer and attacking someone based on their sexual preference only shows your ignorance and shows badly on Somalilanders.
I dont agree with M Goth notice its not Nick Kay (whoever that is) that wrote the article, dont know why you're attacking someone who hasnt even been mentioned as writing the article. I think that last comment showed more about your lack of reading comprehension and lack of character than anyone you were looking to attack.
I expect more from Somalilanders this is typical Faq ash behavior, lets stay classy!
I don't like the inverted commas on Somaliland. This only appeared after Nicholas Kay became the de facto president of Somalia and went in bed with Puntland. More disturbing is what UCID and WADANI are trying to convey to the international community. They are in the record in back-stabbing the government during Somaliland and Somalia dialogue and now as indicated by this report are putting trying to derail Somaliland independence. We must not forget that Cirro didn't condemn Nicholas Kay, when the latter falsely claimed Cirro was imprisoned and banned to travel abroad.
Question to all Somalilanders of this forum. My question is, who administers this website in nowadays? This website has completely failed to mention anything about the historic and important tour of Somaliland President and his entourage which took from coast to coast of the country that all other Somaliland media outlets have been widely covereing for the last few days. This website used to be a pro Somaliland blog, but now it seems that it was taken over by anti Somaliland elements. If that's that case then it's useless for patriotic Somalilanders to be on this blog.
The reason they did not mention about the president tour is because the president slept for four years and on his last year he is running around the country like headless chicken ''put stone here and there'' what Somaliland need is a leader with vision a leader who can unite the nation and Siilanyo is surely not that man and i can see any of the opposition parties leaders looking any different at the moment .