CLEO ROSE-INNES: Rejection of fossil fuel will be a disaster for African oil exporters
Now SA is G20 president, it should challenge conventional thinking on ‘climate finance’
It cannot be simultaneously true that there will be no fossil fuel emissions by 2050 (the net zero goal) and continued demand for crude oil. Many countries export oil, but few are as export intensive as the 10 African countries in the accompanying table.
Oil exports account for 50%-plus of all the exports of these countries, and for five of them, including the three largest — Algeria, Angola and Nigeria — oil accounts for 80%-plus of total exports. These countries are home to a quarter of Africa’s population and a third of its GDP. They are also relatively well governed islands of calm in increasingly unstable subregions. ..
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