Africa oil companies in race towards decarbonization as net zero goals linger

Africa's oil and gas companies are facing a race against time to achieve ambitious decarbonization goals before 2030, as they navigate infrastructure challenges. CNBC Africa had the opportunity to speak with Bjorn Otto Sverdrup, the Chair of the Executive Committee at Oil & Gas Climate Initiative (OGCI), to gain insights into the strategies being employed by companies in this sector. Sverdrup highlighted the collaborative efforts of over 54 global companies under the charter, each at different stages of decarbonization and operating in diverse national contexts. The focus has been on understanding the specific needs of each company to provide tailored support, with particular attention given to African companies facing energy access and emission measurement challenges. One key initiative is the reduction of methane emissions, which not only aligns with decarbonization goals but also enhances operational efficiency for African oil companies. Sverdrup emphasized the importance of technology transfer and industry best practices to support the transition towards sustainable operations. The OGCI's methane emissions targets have set industry standards and influenced policy frameworks globally. By leveraging technological advancements and advocating for sound regulations, African nations can incentivize sustainable practices within the oil and gas industry. Looking ahead to the upcoming COP29 in Baku, the OGCI is poised to engage African leaders and industry stakeholders to ensure that the continent's unique position as a major energy producer and climate-vulnerable region is well represented in global decarbonization strategies. The dialogue between industry players and policymakers is crucial in driving meaningful change, and African companies are expected to play a significant role in shaping the future of energy transition on the continent. Africa's oil and gas companies are facing a race against time to achieve ambitious decarbonization goals before 2030, as they navigate infrastructure challenges. CNBC Africa had the opportunity to speak with Bjorn Otto Sverdrup, the Chair of the Executive Committee at Oil & Gas Climate Initiative (OGCI), to gain insights into the strategies being employed by companies in this sector. Sverdrup highlighted the collaborative efforts of over 54 global companies under the charter, each at different stages of decarbonization and operating in diverse national contexts. The focus has been on understanding the specific needs of each company to provide tailored support, with particular attention given to African companies facing energy access and emission measurement challenges. One key initiative is the reduction of methane emissions, which not only aligns with decarbonization goals but also enhances operational efficiency for African oil companies. Sverdrup emphasized the importance of technology transfer and industry best practices to support the transition towards sustainable operations. The OGCI's methane emissions targets have set industry standards and influenced policy frameworks globally. By leveraging technological advancements and advocating for sound regulations, African nations can incentivize sustainable practices within the oil and gas industry. Looking ahead to the upcoming COP29 in Baku, the OGCI is poised to engage African leaders and industry stakeholders to ensure that the continent's unique position as a major energy producer and climate-vulnerable region is well represented in global decarbonization strategies. The dialogue between industry players and policymakers is crucial in driving meaningful change, and African companies are expected to play a significant role in shaping the future of energy transition on the continent.