Mineral resources are the currency that drives economic growth in Africa and the continent must set its own time frames for energy transition, said South African Deputy President Paul Mashatile.

Speaking at the African energy event AOW: Investing in Africa’s Energy, he said that Africa recognises the need to reduce carbon emissions but is committed to economic development.

“Often, we get given resources or money, and we are told we need to transition within a certain period,” he said.

“We must say no to that. We must be able to look at our own needs and to set our own time frames. As Africa, we must keep the lights on during the transition.”

Mashatile stated that developing Africa’s oil and gas resources needed to be an element of Africa’s energy transition.

“Mineral resources are the currency that drives economic growth,” he said, adding developing oil and gas resources could help many African nations achieve their UN Sustainable Development Goals.

South African Minister of Mineral Resources and Energy Gwede Mantashe noted that larger economies were still commissioning dozens of coal-fired power stations every year, even while they embarked on an energy transition.

“South Africa is operating only 14 coal-fired power stations. A country like China commissioned dozens of new coal-fired power stations in 2022 alone,” he added.

A recent report by the Centre for Research on Energy and Clean Air found coal power capacity starting construction in China was six times as large as the rest of the world combined in 2022.

“We cannot be told how to develop,” said Mantashe.

“Africa’s growth must be organic, original and African. We need to share ideas and engage on how to embrace the opportunities on the continent.”

AOW 2023 is taking place from October 10-13 in Cape Town, South Africa.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)