Avoiding Total disaster in Africa
- August 10, 2020
- Posted by: P0wer_Shift@fric@
- Category: Energy
Mohamed Adow, The Africa Report
On 30 July, oil giant Total wrote off $8bn of its fossil fuel reserves, admitting they were stranded assets that would never be used due to weak oil demand and the impact these assets would have on the climate.
This follows similar moves from BP, which announced this week that they would be cutting oil and gas production by 40% over the next decade and increasing renewables investment ten fold. However, Total is aggressively pursuing plans to build a new oil pipeline across Uganda and Tanzania that threatens Africa’s future.