The upcoming annual meeting of the African Development Bank (AfDB), scheduled to take place from May 27-31 in Nairobi, will center around the theme of Africa’s Transformation and the Reform of the Global Financial Architecture.
As development finance experts and decision-makers convene, Recourse and its esteemed partners will be in attendance, advocating for a significant shift in the bank’s investment strategy.
Operating under the banner “Green Growth for Africa: Stop Funding Gas, Invest in Renewable Energy,” Recourse and its esteemed allies, including the Strategic Youth Network for Development (SYND) and Action Solidaire International, will be urging the AfDB to discontinue funding gas projects and instead prioritize investments in sustainable renewable energy initiatives.
This call to action is particularly pertinent in light of the recent devastating flooding that ravaged East and Central Africa in early May, highlighting the continent’s susceptibility to the impacts of climate change. It is evident that women and the most vulnerable communities have borne the brunt of these climate-related disasters.
Recourse, a reputable non-profit organization based in the Netherlands, is dedicated to advocating for a world where people and the planet are at the forefront of development efforts.
SYND is actively engaged in enhancing youth participation in development policy, climate advocacy, and campaigns in Ghana, while Action Solidaire International focuses on promoting economic empowerment and social transformation for sustainable development in Senegal.
With a staggering 43% of Africa’s population still lacking access to electricity and numerous countries burdened by unsustainable debt levels, the imperative for a swift and equitable energy transition is undeniable.
Renewable energy presents a cleaner and more sustainable alternative to meet Africa’s energy demands, fostering economic growth and job creation, while investments in gas perpetuate a hazardous dependence on fossil fuels.
Recourse and its partners urge the AfDB to stop all support for new gas projects, including exploration, extraction, liquefaction, transportation, and power generation. They are calling for phasing out existing investments in gas infrastructure, focusing on a swift transition to renewable energy and energy efficiency.
Resources should be redirected towards community-led renewable energy initiatives that prioritize energy sovereignty, social equity, and ecological sustainability.
Additionally, they demand full transparency and accountability in energy financing, with meaningful consultation with affected communities and adherence to human rights standards, and embrace a just transition framework that addresses the needs and aspirations of workers, communities, and ecosystems affected by the shift away from fossil fuels.
This year’s AfDB meeting presents a critical opportunity for leaders to make bold decisions that will shape Africa’s energy landscape. By ending support for gas projects and investing in renewable energy, the AfDB can play a pivotal role in driving a sustainable and equitable energy transition across the continent.
