Fossil fuels have enriched a wealthy few, undermined economic development and left African economies exposed to external shocks, a new report published May 8 in Nairobi, Kenya, argues. Examining 13 oil- and gas-producing African nations, the report concludes that decades of extraction have yielded little benefit for ordinary Africans. “Oil and gas have not and will not deliver development for Africa,” Thuli Makama, Africa director at Oil Change International, said in a press release. “This model concentrates wealth in the hands of multinational corporations and political elites, while communities are harmed by pollution … lost livelihoods, and rising living costs.” The study, “Pipe Dreams: How Oil and Gas Fail to Deliver Economic Development in Africa,” is a joint publication of Oil Change International and Power Shift Africa. It comes ahead of next week’s Africa-France Summit, expected to bring together more than 30 African heads of state as well as CEOs and other business leaders from Africa and France. The report argues that oil and gas create few local jobs, undermine farming and fishing with toxic spills and expose economies to boom-and-bust cycles tied to global price swings like the ongoing war in Iran. It warns that new producers such as Uganda, Mozambique, Namibia, Tanzania, the Democratic Republic of the Congo and Côte d’Ivoire may face stranded assets and mounting debt if they invest heavily in new fossil fuel development and global demand then declines. “Once again, Africa is being sold a fossil fuel fairytale that promises prosperity but delivers dependence,”…This article was originally published on Mongabay

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