Skip to content

Rejecting Carbon Colonialism

|
Paul Driessen and David Wojick, The Heartland Institute

African Development Bank breaks with anti-fossil fuel banks to fund coal power.

We recently explained how Multilateral Development Banks (MDBs) use manmade climate change alarmism to justify lending policies that reject funding for fossil fuel electricity generation, promote expensive and unreliable renewable sources, and thereby help keep impoverished nations poor.

Now, in a daring show of humanity and common sense, the African Development Bank (AfDB) has broken ranks with the World Bank and its like-minded carbon colonialist brethren. The AfDB has announced that it will once again finance coal and natural gas power generation projects. As AfDB President Akinwumi Adesina puts it, “Africa must develop its energy sector with what it has.”

In a formal statement, Adesina noted: “The key challenge for Africa is the generation of power. The continent has the lowest electrification rate in the world. Power consumption per capita in Africa is estimated at 613 kWh per annum, compared to 6,500 kWh in Europe and 13,000 kWh in the United States. Power is the overriding African priority.

“The investment is expensive, yes, but the long-term returns will be much greater. To fast track universal access to electricity, the Bank is investing US$12 billion in the power sector and seeks to mobilize $45-$50 billion from other partners.”

Put in understandable everyday terms, those numbers mean the electricity that makes modern lives, jobs, productivity, living standards, health, communication, computers, entertainment and life spans possible is available to Africans a paltry 4.7% per capita of what Americans rely on. Just imagine having electricity available only 1 hour a day … 8 hours a week … 411 hours per year – at totally unpredictable times, for a few minutes, hours or days at a stretch when you have power. And at three times what Americans pay.

Full Post