Lists Gains Of COP28 In Continent’s Oil, Gas Downstream
The African Refiners and Distributors Association (ARDA) has solidified its commitment to a just and sustainable energy transition across the African continent amidst $30 billion climate finance pledges at the just concluded United Nations Climate Change Conference (COP28).
ARDA, which was led by the Executive Secretary, Anibor Kragha, to the conference, sees gains for Africa as the association prepares to host its inaugural Investment Forum in South Africa as part of moves aimed at raising funding for the development of refineries, distribution infrastructure and other segments of the petroleum downstream in Africa.
This forum, according to him, aims at presenting a register of investable pan-African energy infrastructure projects, offering viable climate finance and funding options for various stakeholders in the clean energy sector.
Kragha, in a statement, gave insight into ARDA’s active involvement and its alignment with COP 28 outcomes. He stressed on ARDA’s dedication to tailoring the energy transition process to address the specific needs of African countries, taking into account their energy poverty and unique developmental challenges.
The association’s application for formal “Observer” status at COP 29, according to ARDA, signals its intent to sustain the momentum into the future. Kragha underlined the urgency, considering the projected increases in Africa’s population and energy demand over the next two decades.
He noted that ARDA’s strategy involves advocating for a multifaceted energy transition roadmap, starting with the adoption of cleaner transport and cooking fuels in the short term and gradually integrating mature, cost-effective renewable solutions.
To accomplish these ambitious goals, Kragha said ARDA wants to establish robust regulatory frameworks and actively seek climate finance, capacity development and technology transfer initiatives.
The association plans to leverage its seven Work Groups, focusing on Regulation, Refining and Specifications, Storage and Distribution, LPG, HSE and Quality, Human Capital and Sustainable Financing to facilitate the sharing of best practices among its members and partners.
According to him, a notable highlight in ARDA’s future plans is the inaugural Investment Forum scheduled during the 2024 ARDA Week in Cape Town, South Africa.
Reflecting on COP 28, Kragha recounted ARDA’s active participation in five panels, collaborating with international entities such as Ipieca, IETA, NMDPRA, US Chambers of Commerce and the Oil Sustainability Programme of the Kingdom of Saudi Arabia.
These panel sessions delved into crucial topics like just transition priorities, sustainable energy choices, decarbonisation technologies, clean cooking and catalysing investments, providing a comprehensive perspective on Africa’s role in global climate action.
Key takeaways from COP 28, Kragha said, included the announcement of a $30 billion Fund to bridge climate finance and the emphasis on balancing energy security with the imperative of transition.
He expressed satisfaction with the UAE Fund (Alterra), which seeks to steer private markets towards climate investments and transform emerging markets and developing economies.
Kragha noted that as ARDA eagerly awaits COP 29, the association anticipates further progress in advancing Africa’s energy transition agenda on the global stage, contributing meaningfully to the ongoing dialogue on climate action and sustainable development.
