As global leaders gathered in Vienna for the 9th OPEC International Seminar, the African Energy Chamber (AEC) made a strong and urgent appeal: it’s time to reverse the bans on fossil fuel financing that are severely stifling Africa’s development ambitions. Representing the continent’s oil and gas interests, the AEC urged OPEC member states and allies to act decisively in restoring access to upstream financing and to support Africa’s sovereign right to harness its oil and gas reserves.
The Chamber’s message was clear—while the Global North continues to channel public and private funds into natural gas for its own energy security, African nations remain locked out of similar investments. Over the past few years, major global financial institutions such as the World Bank and the European Investment Bank have implemented sweeping bans on funding for fossil fuel projects. While these decisions are often framed as progress toward net-zero emissions, their application has disproportionately impacted African economies—many of which are still grappling with basic energy access.
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Today, more than 600 million Africans live without electricity and nearly a billion lack access to clean cooking fuels. Yet the continent holds an abundance of energy reserves—over 620 trillion cubic feet of natural gas and more than 125 billion barrels of proven oil. In this context, denying Africa the capital to develop these resources not only delays economic growth but deepens existing inequalities.
NJ Ayuk, the Executive Chairman of the AEC, pointed out the stark double standards at play. While institutions in Europe have reclassified natural gas investments as “transitional” and worthy of financing under their own sustainability frameworks, they continue to impose restrictions on similar developments in Africa. “What Africa needs right now is to drill, baby, drill,” Ayuk declared. “Denying fossil fuel investment is denying economic justice, food security, and a pathway out of poverty for millions.”
Ayuk’s comments cut to the heart of what many African leaders see as a climate injustice. They argue that Africa is being forced to skip a critical phase of development under pressure to leapfrog directly into renewables—despite lacking the foundational infrastructure or energy base load that fossil fuels provide.
The AEC’s intervention in Vienna included a three-pronged financial appeal. First, it called on OPEC members to pressure institutions like the World Bank to lift restrictions on fossil fuel financing. Given the World Bank’s historic role in post-war development and its mandate to drive global economic progress, the Chamber argued that it has a responsibility to support Africa’s development through a more inclusive energy strategy.
Second, the AEC proposed the creation of an OPEC-led investment fund specifically aimed at financing fossil fuel development in underfunded markets. With access to sovereign wealth funds and surplus oil revenues, OPEC countries are well-positioned to establish such a facility. This dedicated fund could help unlock capital for upstream oil and gas projects across Africa, providing the financial stability needed to attract private sector partners and drive long-term growth.
Finally, the Chamber called for a pragmatic approach to the energy transition—one that acknowledges the differing contexts between the Global North and South. While countries in the North may now have the resources to invest heavily in renewables and phase out fossil fuels, African economies still require a mix of energy sources to build industries, expand infrastructure, and reduce poverty. In particular, natural gas is seen as a crucial “bridge fuel” for the continent—cleaner than coal, but reliable enough to power manufacturing, petrochemicals, and electricity grids.
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Underlying these demands is a broader appeal for climate and energy justice. As the global debate intensifies over how to tackle the climate crisis, African voices are increasingly emphasizing that any truly just transition must also account for their development needs. Energy poverty, they argue, is itself a form of environmental injustice. Until the continent can meet its population’s basic energy demands, it cannot meaningfully participate in—or benefit from—the global green transition.
The issue will remain in sharp focus later this year when African Energy Week (AEW) returns to Cape Town from September 29 to October 3. A special OPEC-led roundtable on September 30 will gather key ministers and stakeholders from across the continent to explore investment-ready opportunities in African oil and gas. The session is expected to deliver a data-driven perspective on the energy transition, with a strong emphasis on what energy justice looks like for the Global South.
In the end, the AEC’s message is not a rejection of climate action—it is a plea for equity. Africa does not need charity, the Chamber asserts; it needs capital. For the continent to build resilient economies, expand access to clean and affordable energy, and lift millions out of poverty, the international community must stop imposing one-size-fits-all solutions and instead support Africa on its own terms.
As the world strives toward a decarbonized future, Africa is demanding a future that is not only green—but fair. For more on African Energy Week, visit aecweek.com/agenda-25.
