Africa BriefingAfrica Briefing

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Africa’s smartphone market declines amid rising inflation, lowest level since 2020

    June 2, 2023

    Eswatini accuses US embassy of interfering with judiciary, slams statement on sentencing

    June 2, 2023

    Ghanaian labour unions seek time to evaluate proposal on pension fund restructuring

    June 2, 2023
    Facebook Twitter Instagram
    • Home
    • About Us
      • Profile
      • The Team
      • Advertise
      • Media Kit
    • Contact Us
    • Regions
      • Ghana
      • Nigeria
      • Kenya
      • South Africa
      • Europe
      • United Kingdom
      • USA (North America)
    Trending
    • Africa’s smartphone market declines amid rising inflation, lowest level since 2020
    • Eswatini accuses US embassy of interfering with judiciary, slams statement on sentencing
    • Ghanaian labour unions seek time to evaluate proposal on pension fund restructuring
    • Violent clashes and vandalism erupt in Senegal as opposition leader receives prison sentence
    • Gambia considers legal action over contaminated medicines linked to child deaths
    • AI revolution in Africa: GITEX Africa 2023 explores transformative impact on business, society, and culture
    • Institut Pasteur de Dakar and Mastercard Foundation  announce unprecedented partnership to expand workforce for vaccine manufacturing in Africa
    • Ecobank launches ‘Ecobank Single Market Trade Hub’ to facilitate intra-African trade
    0 Shopping Cart
    Facebook Twitter YouTube LinkedIn
    Africa BriefingAfrica Briefing
    Resources
    Support Us
    • News
    • Politics
    • Business
    • Energy
    • Technology
    • CryptoTech
      • Crypto News
      • Startups & Companies
      • Crypto Currencies
      • DeFi
      • Metaverse
      • NFTs
    • More
      • Videos
      • Opinion
    • Magazine
    Africa BriefingAfrica Briefing
    Home » Moody’s calls for investment in carbon capture and storage
    Energy

    Moody’s calls for investment in carbon capture and storage

    Editorial StaffBy Editorial StaffFebruary 9, 2018No Comments0 Views
    Facebook Twitter WhatsApp Telegram
    Share
    Facebook Twitter Telegram WhatsApp

    MOODY’S Investor Service has called for more investment in carbon capture and storage (CCS) to aid the coal industry, which countries in Africa are showing increasing interest in developing. In a new report, Moody’s urged investors in the US to back the technology or else the country’s coal production would continue a ‘sharp decline’.

    For African countries, clean coal technologies are particularly essential in a region which has over 50 billion tons of coal reserves that these countries want to exploit to provide electricity to over 600 million people who currently lack access to it.

    According to Anna Zubets-Anderson, Moody’s VP-Senior Analyst, due to the lack of opportunities to use captured carbon dioxide (CO2) in the oil fields, CCS development has not gained momentum in the US.

    CCS is a technology that can capture up to 90 per cent of the CO2 emissions produced from burning fossil fuels to generate electricity or industrial heat. ‘However, while many technological barriers to increased deployment of CCS have been lifted, policy support and investment have been lacking,’ Zubets-Anderson said.

    Under President Barack Obama, his administration opposed funding power projects in Africa and other countries if they involved the use of coal. But when President Donald Trump came to power last year, he urged multilateral development banks to help developing countries to access coal efficiently and cleanly.

    This was welcomed by African countries such as Nigeria and South Africa, which have huge coal reserves. Nigeria in particular has huge challenges in producing electricity for its huge population – even though it is a major oil producing country. The Nigerian government now wants to use the country’s coal to address the situation.

    The Trump administration took things further when it announced during the 23rd Conference of the Parties (COP23) to the UN Framework Convention on Climate Change in Bonn last November that the US would be spearheading a Clean Coal Alliance supported by Japan and a number of African countries. African delegates at COP23 were keen to strike deals with the American coal industry for improved energy in their countries in order to achieve economic growth and lift their citizens out of poverty.

    Pressure group Electricity for Nigerians is keen to see the Nigerian government take advantage of the Clean Coal Alliance. It said in a tweet last week: ‘Nigeria has the worst electricity supply of any African country, despite enough coal in the ground to provide power for 200+yrs. USA wants to help Nigeria with the Clean Coal Alliance – we must join!’

    The CEO of General Electric, Lazarus Angbazo, said recently: ‘A diversified energy mix is really the best energy security policy that any country can have, Nigeria included. It just happens that Nigeria is really blessed with all of the energy resources.’

    Coal plays an important role in grid reliability and fuel diversity, and these factors could move to the forefront of policy considerations if its environmental footprint becomes of less concern, according to Moody’s, particularly if there was also a material change in price dynamics between coal and natural gas.

    Additionally, a number of energy stakeholders such as the International Energy Agency (IEA) consider CCS essential to achieving the goals of the Paris Agreement on climate change and curbing global warming, because some coal-fired electricity generation will remain in the global fuel mix, Moody’s noted.

    Last year, Quartz published an in-depth series looking at carbon-capture technology. After talking to more than 100 experts, its conclusions were the same as Moody’s: with more investment and policy support, CCS could significantly curb emissions from coal use.

    In its recent newsletter, Quartz noted: ‘…what perhaps makes CCS more compelling – and it’s not something Moody’s addresses because it’s beyond the scope of their report – is the effect it could have on the environmental impact of industries such as cement, steel, and ethanol. Regardless of where these industries source their energy, they will continue to emit carbon dioxide because of the inherent chemistry of their production. The only way to reduce emissions from these industries is to deploy CCS.’

    Climate experts argue that in the case of a Clean Coal Alliance the US should make deploying CCS technology its top priority. This could help countries such as Nigeria and Ghana that have asked the developed world for assistance in gaining access to high-efficiency technologies.

     

    Share. Facebook Twitter Telegram WhatsApp

    Related Posts

    Eni invests in farming ventures to secure biofuel feedstock supply

    June 1, 2023

    Tanzania concludes negotiations for $42 billion LNG project, approval pending

    May 31, 2023

    Ghana’s independent power producers reject government proposal, threatening potential shutdown

    May 27, 2023
    Add A Comment

    Comments are closed.

    Top Posts

    Sex tourism: The Gambia is fed up with UK grandmothers hunting for toy boys

    September 19, 20223,719

    Op-Ed: Qatar World Cup 2022 – prejudice, coordinated attacks and Western grandstanding

    November 4, 20222,445

    Ghanaian architect of UK’s Black History Month honoured by prestigious British university

    December 12, 20221,474

    Nigerian appointed director of UN disarmament

    October 25, 20221,144
    Don't Miss
    Technology

    Africa’s smartphone market declines amid rising inflation, lowest level since 2020

    By Editorial StaffJune 2, 202310

    THE smartphone market in Africa experienced a decline of 3.4 percent quarter on quarter (QoQ)…

    Eswatini accuses US embassy of interfering with judiciary, slams statement on sentencing

    June 2, 2023

    Ghanaian labour unions seek time to evaluate proposal on pension fund restructuring

    June 2, 2023

    Violent clashes and vandalism erupt in Senegal as opposition leader receives prison sentence

    June 2, 2023
    Stay In Touch
    • Facebook
    • Twitter
    • YouTube
    • LinkedIn
    About Us
    About Us

    AfricaBriefing is a monthly magazine designed to provide news and information on Africa to Africans at home and abroad, and the wider global audience that has a committed interest in the continent’s political, economic and social developments.

    Facebook Twitter YouTube LinkedIn
    Our Picks

    Africa’s smartphone market declines amid rising inflation, lowest level since 2020

    June 2, 2023

    Eswatini accuses US embassy of interfering with judiciary, slams statement on sentencing

    June 2, 2023

    Ghanaian labour unions seek time to evaluate proposal on pension fund restructuring

    June 2, 2023
    Most Popular

    Sex tourism: The Gambia is fed up with UK grandmothers hunting for toy boys

    September 19, 20223,719

    Op-Ed: Qatar World Cup 2022 – prejudice, coordinated attacks and Western grandstanding

    November 4, 20222,445

    Ghanaian architect of UK’s Black History Month honoured by prestigious British university

    December 12, 20221,474
    © 2023 AfricaBriefing. Designed by KMG.

    Type above and press Enter to search. Press Esc to cancel.

    Privacy Policy & Cookie Management
    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies. Read more: Read More
    Do not sell my personal information.
    Cookie SettingsAccept
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
    CookieDurationDescription
    cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
    cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
    cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
    cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
    cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
    viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
    Functional
    Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
    Performance
    Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
    Analytics
    Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
    Advertisement
    Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
    Others
    Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
    SAVE & ACCEPT