The Council of Ministers of the African Petroleum Producers Organization (APPO), meeting at its 46th ordinary session in Yaoundé on November 1, 2024, ended up with a commitment to start operations of the African Energy Bank in the first quarter of 2025. While the project is promising, the organization’s players know that one of the major challenges to be met is that of technology.
Yes, for a fair and equitable transition, insist the hydrocarbon ministers of the member countries of APPO, the African Petroleum Producers Organization, meeting in Yaoundé on the sidelines of the 46th ordinary session of the institution’s Council of Ministers. While international policies, particularly those of rich, developed countries, advocate the non-use of fossil fuels to promote green energies, the African continent defends the need to use fossil fuels to provide not only income, but also energy for its population. Africa holds fossil fuel reserves estimated at over 600,000 billion cubic meters of gas and 155 billion barrels of crude oil.
We cannot do without fossil fuels today. Our forecasts show that by 2040, the world’s energy mix will need around 40% of fossil fuels. Within this 40%, gas will play an increasingly important role, as it has been declared a clean energy by the European Commission. We need to create the conditions for Africa to become our first market. That way, we can sell to each other, and if the others don’t want any more, we’ll just keep on consuming.
Bruno Jean-Richard Itoua, Minister of Hydrocarbons – Congo
With a view to the smooth start-up and operation of the African Energy Bank (AEB), the institution’s flagship project whose founding treaty effectively came into force thanks to the signatures of Ghana and Nogeria, an appeal has been made to the institution’s 18 member countries to make up their contributions, the minimum and individual envelope of which is 83.33 million dollars. But the technological challenge remains the real key to meeting the challenge of oil exploitation as ambitioned by the APPO.
Nowadays, technology makes it possible to produce fossil fuels without emitting carbon. That’s why we talk about the technological challenge. So the challenge for us today is not to stop producing one form of energy or another, but to ensure that all forms of energy do not continue to contribute to the increase in greenhouse gases.
Bruno Jean-Richard Itoua, Minister of Hydrocarbons – Congo
Among the other resolutions of this 46th ordinary session of the Council of Ministers of the African Petroleum Producers Organization (APPO), Congolese Minister Bruno Jean-Richard Itoua takes over the organization’s presidency for 2025. Congo will host the organization’s work in the fourth quarter of 2025.