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African Energy Week (AEW) 2021 in Cape Town is committed to providing a real conversation on the issues facing African people and African businesses, offering attainable solutions through which the oil and gas industry can help drive. With global stakeholders pledging net-zero emissions by 2050, and the move to renewable energy holding significant financial challenges for African countries, the role of the oil and gas industry has been brought to light, with the idea of an African carbon market both deliberated and debated among key industry leaders and global stakeholders. With a panel discussion taking place at the Ninth Conference on Climate Change and Development in Africa (CCDA-IX) under the theme, ‘Can carbon markets work for Africa?’ key insights were provided into whether or not a carbon market could work in Africa, with speakers introducing current national strategies to address carbon emissions.
$100 million has been committed by the energy giant BP for the funding of new greenhouse gas (GHG) emission reduction projects. The firm has informed that this Upstream Carbon Fund will help in reducing emission in its upstream oil and gas operations. BP's Upstream Chief Executive said, "A year ago we challenged everyone at BP to reduce emissions in our operations and they have responded overwhelmingly".