AFC’s Zubairu: Africa needs to prioritise affordable energy access

The President and CEO of Africa Finance Corporation, Samaila Zubairu, stressed the importance of prioritizing affordable energy access in Africa during an interview with CNBC Africa's Kenneth Igbomor at the Africa CEO Forum. Zubairu emphasized that the continent needs to focus on energy accessibility before considering a transition to cleaner sources. He highlighted the significant challenges faced by Africans in accessing affordable energy and the consequences of neglecting this crucial issue. Zubairu also drew attention to the exclusion of African forests from the carbon market, noting the implications for global climate efforts. He pointed out that African forests play a critical role in absorbing carbon emissions, yet they are not recognized in carbon trading mechanisms. This exclusion has further repercussions as the population in Africa continues to rise, leading to increased deforestation as people revert to unsustainable practices like charcoal production due to the soaring prices of cleaner cooking fuels like LPG. The disparity in carbon pricing between African markets and those in Europe and other regions poses a significant challenge that African leaders and stakeholders must address. Zubairu underscored the need for African carbon to be valued equitably in the global market to reflect the vital role African forests play in sequestering carbon emissions. He called for a concerted effort to rectify this imbalance and ensure that African forests are included in carbon trading discussions in forthcoming deliberations on Article 6A. The CEO's remarks shed light on the urgent need to address energy accessibility and carbon market exclusion in Africa, emphasizing the imperative for immediate action to drive sustainable development on the continent. Affordable energy access emerges as a critical priority in Africa: Zubairu's emphasis on prioritizing affordable energy access in Africa underscores the fundamental importance of ensuring that all citizens have access to reliable and affordable energy sources. Without adequate energy access, communities face significant challenges in powering essential services, hindering socioeconomic development and perpetuating energy poverty. By calling attention to this issue, Zubairu highlights the necessity of addressing energy disparities to catalyze progress across various sectors. Exclusion of African forests from carbon markets poses a threat to climate efforts: The exclusion of African forests from carbon markets represents a glaring gap in global climate governance and carbon trading systems. African forests are vital carbon sinks that play a crucial role in sequestering emissions and mitigating climate change. However, the lack of recognition and valuation in carbon markets undermines conservation efforts and perpetuates environmental degradation. Addressing this exclusion is crucial for promoting sustainable forest management and enhancing climate resilience in Africa. Need for equitable valuation of African carbon in global markets: Zubairu's call for the equitable valuation of African carbon in global markets highlights the importance of recognizing the contributions of African forests to carbon sequestration. By addressing the disparities in carbon pricing between African markets and other regions, stakeholders can foster greater climate equity and incentivize conservation efforts in the continent. Ensuring that African forests are integrated into carbon trading discussions is essential for promoting environmental sustainability and harnessing the potential of Africa's natural resources. In conclusion, Zubairu's comments underscore the pressing need to prioritize energy access and address the exclusion of African forests from carbon markets in Africa. By advocating for equitable treatment in global climate discussions, African leaders and stakeholders can pave the way for a more sustainable and inclusive approach to environmental governance and development.