The co-founder, Climate Change Africa and Convener of African Energy Transition Initiative, Dr Ese Owie, has called for a managed phase-out of high-emitting assets as a critical step towards just transition to a net-zero world.
Speaking at an energy roundtable yesterday, Dr Owie highlighted the need for gas-dependent African economies to retire HAEs early to reduce their carbon footprint and contribute to global efforts to combat climate change.
He said a managed phaseout approach would involve a gradual and well-planned retirement of high-emitting assets, focusing on minimising the negative impact on workers and communities.
He stated that the approach had been successfully implemented in other places such as Europe and the United States, and can be adapted to suit African countries’ specific needs and circumstances.
“Retiring high-emitting assets early is an essential step for Africa to take in our transition to a net-zero world.
We must do this in a way that is equitable and just, taking into account the needs and concerns of workers and communities affected by these changes.
“Managed phaseout is a net-zero-aligned approach for operating and financing high-emitting assets, with clear commitments – enshrined in transition plans around their retirement. This approach may also form part of a National Energy Transition Strategy, where countries permit the operation of high-emitting assets in support of an orderly and just transition,” he said.
Dr Owie stated that a managed phaseout may provide some key benefits for African nations in financing the net zero transition, as it promotes an orderly transition by reducing the risk of sudden value destruction from stranding.