Africa’s Energy Sector Is Entering A Multipolar Capital Era – Wale Tinubu

When European banks began retreating from oil and gas financing in Africa in the late 2010s, a familiar conclusion took hold: capital was leaving the sector. That retreat accelerated sharply after 2020 as European banks tightened climate policies and adopted net-zero financing commitments, recasting African hydrocarbons as structurally unattractive, constrained by political risk, energy transition pressures, and shifting global investment priorities. That conclusion has been reinforced by the withdrawal of major European banks and the growing influence of ESG-driven capital allocation frameworks. It is also increasingly inconsistent with observable market behaviour.
A recent Reuters in...