New research published Milieudefensie, BankTrack, Oil Change International and 19 African partners reveals the billions of dollars in finance, the majority from European, Asian and North American financial institutions, that are putting the continent in danger of becoming locked into fossil fuels, despite its massive potential for renewable energy. As a result, Africa runs the risk of not being able to make the necessary leap to sustainable energy in time.
The report, titled "Locked out of a Just Transition: fossil fuel financing in Africa", shows the scale of financial support provided by commercial banks, development finance institutions and Export Credit Agencies (ECAs) that flowed to the fossil fuel industry in West, Central, East and Southern Africa in the period between 2016 and June 2021, and the financial institutions most responsible for these flows. It also elaborates on the impacts and risks of these fossil fuel projects and highlights ten specific African fossil fuel projects and their impacts. The report ends with a chapter which sketches a Just Transition perspective and a chapter with recommendations.
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