Aliko Dangote, CEO of Dangote Refinery, shared his perspective on the shift from fossil fuels to renewable energy, noting that a complete transition away from oil will take considerable amount of time.
Dangote made this remark during a conversation on the sidelines of the recently concluded 79th United Nations General Assembly (UNGA 79) in the U.S.
He stated that while the transition to renewable energy is inevitable, the current challenges require Africa to meet its electricity and energy needs through resources like natural gas and coal.
Dangote emphasized that Africa is facing pressing challenges like fuel scarcity and lack of electricity, and stressed the importance of addressing these issues with urgency.
“Transitioning doesn’t happen in one day. It will happen over a period of time. If we are going to move from where we are straight into renewable, we will die.
“Right now, we have 600 million Africans without electricity. We have natural gas, coal and other things. What we do is that we have to do both at the same time. Finding replacement for oil will take a long time. Do you know what you can produce from oil? You produce over 6,800 items from oil.
“We need to address those issues. Right now, we are having several issues. We don’t have fuel. If we don’t have fuel, what do you do? We are transitioning from the fossil fuel to compressed natural gas,” Dangote said.
“We will invest in Renewable Energy”
Additionally, the business mogul stated that his company is committed to investing in renewable energy and intends to lead in such opportunities.
He noted that after establishing a refinery, a fertilizer plant, and other industries, it is only logical to expand into the renewable energy sector.
He further emphasized that Africa’s development must be driven by Africans, urging the continent to take proactive steps in securing its future.
“We will definitely invest in the renewable energy.
“Now, we have achieved setting up a refinery, fertilizers and other industries. We will lead. One thing that we have to get clear is that nobody will develop Africa, but Africans. No matter what, we must lead before other people are going to get convinced to follow us,” he added.
Despite contributing a meagre 4% to global greenhouse emissions, Africa is poised to be the most hit by climate change effects in the world.
The African Development Bank reports the continent is the most vulnerable to the negative impacts of climate change which manifests in food insecurity, deteriorating natural ecosystems, conflicts etc.
The World Meteorological Organisation (WMO) reports that around 110 million people on the continent were affected by weather, water and general climate-related problems in 2022. This results in about $8.5 billion loss in a continent desirous of economic growth.
The World Meteorological Organisation (WMO) reports that around 110 million people on the continent were affected by weather, water and general climate-related problems in 2022. This results in about $8.5 billion loss in a continent desirous of economic growth.
UNEP-commissioned research reveals that the cost of adapting to climate change in Africa could reach $50 billion per year by 2050.
The AfDB estimates that Africa will need around $3 trillion in investments by 2030 for the continent to mitigate and adapt to meet the Nationally Determined Contribution (NDC).