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The Divestment Delusion

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The Divestment Delusion

Why Banning Fossil Fuel Investments Would Crush Africa

Foreign Affairs,

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Advanced economies imperil the developing world by divesting from fossil fuels.

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The advanced economies have prospered on the foundation of fossil fuels, but they are now eschewing oil and gas and embracing green alternatives. This transition, however, poses extraordinary risks to emerging economies. So says Nigeria’s vice president, Yemi Osinbajo, in this incisive overview of the harm African countries face in being left on their own to navigate the nexus of oil and gas divestment, climate change impacts and economic growth challenges. Executives and investors will find valuable insights in this important reality check.

Summary

The advanced economies’ approach to eliminating fossil fuels has dangerous implications for Africa’s emerging nations.

In 2021, several leading European countries took abrupt and sweeping action to meet a goal of net-zero carbon emissions by terminating the funding of overseas fossil fuel projects, including natural gas. But the advanced nations have not taken the plight of low-income African countries into account in those decisions.

Emerging markets that depend on conventional fuel for cheap and reliable energy for their living standards and economic growth are left to pay the price of the advanced nations’ policies. Sub-Saharan Africa is at risk...

About the Author

Yemi Osinbajo is the vice president of Nigeria.

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