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Dr. Mohammed Amin Adam, the Minister of State at the Finance Ministry, has stated that Africa will leave over 500 billion barrels of crude oil untapped because of increasing concerns from the international community about ensuring a sustainable climate.
Dr. Adam states this decision is expected to curb the continent’s growth. He also highlights that approximately 50 percent of Africa’s revenue is derived from oil. However, he calls for using careful and environmentally friendly technology in exploring Africa’s oil reserves to boost economic development.
Speaking about climate financing, Dr. Mohammed Amin Adam reminds everyone that many African countries depend on oil exports for about 50 percent of their revenue. If African nations quickly adhere to the demands of heavily polluting countries, it would mean losing a substantial source of income for financing development.
Dr. Mohammed Amin Adam made these remarks during the media launch of the 30th Annual General Meeting (AGM) of the Afriexim Bank, which will take place in Ghana from June 19th to June 22nd, 2023.
Dr. Adam further emphasizes the significance of understanding that about 500 billion barrels of crude oil will remain unexploited in Africa if African countries yield to the calls for climate conservation.
He adds it is possible to explore these resources in an environmentally friendly manner by leveraging emerging technologies. These technologies enable the exploration of Africa’s oil reserves while promoting sustainable development and avoiding environmental harm.
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Source: Omanghana.com
