Tetracore Energy Group participated in the World Utilities Congress in Abu Dhabi between May 8th-10th, 2023. The company advocated for a just African energy transition that takes into consideration the continent’s socio-economic realities while being mindful of the world’s net zero ambitions.
Dayo Williams, Head Compliance, Regulatory and Government Relations delivered a keynote speech on behalf of Tetracore group’s CEO Olakunle Williams, on the theme ‘Gas as an enabler to deliver net zero’.
Dayo pointed to continued commodity prices volatility in the face of geopolitical shocks that keep exacerbating energy shortages and energy security concerns. He also spoke about a global energy transition narrative that does not take into consideration Africa’s energy realities, and called for a just energy transition that addresses the continent’s socio-economic needs.
“In sub-Saharan Africa, 55% of the people lack access to electricity. In 13 countries, more than ¾ of the population do not have access to electricity at all,” he said. “While funds for fossil fuel projects appear to be drying up, Africa remains in the shadows with the lowest per capita energy consumption in the world.”
In this context, Dayo reminded global stakeholders and investors that Africa has huge resources of natural gas (over 800 Tcf) that can be used to drive energy access and industrialization while paving the way for decarbonization in the long-term.
“The share of natural gas in the energy mix is projected to rise from current 16% to about 25% by 2030 and would continue to drive energy fuel in hard-to-abate sectors,” he explained. “Africa needs to attract investments in gas development to ramp up electricity output to 180 GW a year by 2040 and drive gas-based industrialization.”
On behalf of the Tetracore Energy Group, Dayo advocated for a pragmatic use of natural gas reserves as a global transition fuel that can also support future energy utilization. He reminded stakeholders that when gas is burned to generate power or heat for industry, the carbon dioxide generated can be captured so that it doesn’t reach the air through using carbon capture (CCUS) technologies. Gas can also be used to produce hydrogen, which produces water-vapor when burned.
Tetracore Energy Group’s participation in the World Utilities Congress comes at a time when the company is ramping up its investment across West Africa’s energy sector. In recent years, the group has grown its volumes of contracted gas and power to provide reliable and affordable energy solutions to power, industrial and commercial customers in Nigeria, and is in the process of integrating across the value-chain while expanding beyond Nigeria.
