Impact of the COP28 Agreement on African Oil Producers

The 28th Conference of Parties (COP28) which was held in the United Arab Emirates and concluded on 12 December 2023, delivered the UAE Consensus that culminated in the first Global Stocktake. With an unprecedented mandate to transition away from fossil fuels in energy systems, the UAE Consensus sets out ambitious actions needed to limit global warming to 1.5°C and further encourages Parties to accelerate emission reduction targets in their nationally determined contributions.

While it is globally imperative to reduce greenhouse gas emissions, the resolution to transition away from fossil fuels may significantly impact African nations that rely heavily on fossil fuels.

We have highlighted in this newsletter, the impact of the resolutions reached at the COP28 on African oil and gas producers and mitigation strategies to navigate the energy transition.

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