African financial institutions will continue to fund fossil fuel projects on the continent

While Africa is part of the global transition to low carbon energy, the consumption of oil and gas on the continent will increase, at least in the short term. So observed Standard Bank executive energy & infrastructure coverage: East Africa Maina Kigundu at the African Refiners and Distributors Association conference, at the Century City Convention Centre in Cape Town, on Tuesday. The decarbonization plans of international corporations were affecting investment in Africa. There was decreasing investment in the oil sector, but increasing investment was likely in the liquified natural gas (LNG) sector, he reported.