Africa can’t afford to go green, says African banker

It isn’t possible for Africa to join the West in de-carbonising to the same extent as it doesn’t have the necessary infrastructure in place. These were the words of a […]

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By Tom Gibson

It isn’t possible for Africa to join the West in de-carbonising to the same extent as it doesn’t have the necessary infrastructure in place. These were the words of a Nigerian Banker, speaking at the Power Summit this week.

Roosevelt Ogbonna, a Divisional Director at Axis Bank, said: “If you go back ten to fifteen years, the West invested in clean energies because they believe in it. Africa cannot afford to do that today.Is it the right thing to do? Yes. Is it economical today? No.

“The reality is that we have to use the resources that we have now in the short term.”

As many Western countries contract themselves to climate change targets, those in the undeveloped world face even steeper climbs, with less developed economies relying on cheaper, ‘dirtier’ energy sources.

Mr Ogbonna said that Africa still needed to bear in mind the state of the planet: “It’s not about fairness. We all have to take the world into consideration as we make decisions- that’s the reality. However, asking us to do it today at the expense of the economic reality that we face is where the challenge is.”