Despite their stated ambitions to reduce their CO2 emissions, the majors have not launched as many solar, wind or hydrogen projects in Africa as on other continents. ENI and TotalEnergies are, however, getting into working order.
Energy transition requires, the black gold giants are investing in renewables in Europe, North America and Asia, increasing acquisitions, joint ventures and partnerships in solar, wind and hydrogen.
Last January, TotalEnergies notably acquired a 20% stake in the Indian Adani Green Energy, one of the world’s leading developers of solar projects with a portfolio of 15 GW, a $ 2.5 billion operation.
In Africa, the current investments of the majors do not exceed 200 MW in total per country
For its part, Lightsource Renewable Energy, the renewables arm of BP, has become the largest solar developer in Europe with plants in Spain, Portugal, the United Kingdom, Italy, Poland and projects in Greece and Australia. It is targeting 25 GW of solar energy by 2025 and also has great ambitions in North America.
Limited investments
And Africa in all this? Not much at the moment. Despite an undisputed solar potential in the Maghreb and southern Africa and despite the possibilities offered by wind power in North Africa and East Africa, the investments of the majors remain limited.
On the continent, the Western giants prefer to focus on increasing the gas share of their production. “In Africa, the current investments of the majors, almost all in solar, do not exceed 200 megawatts in total per country. Each of the projects is generally around 10-20 MW, and they are located where the groups are already active, ”said Roderick Bruce, associate director of research and analysis at the oil and gas Africa division of IHS Markit.
