Who is financing fossil fuel expansion in Africa?

Africa is already in the midst of a climate emergency. The continent only accounts for around 3% of global greenhouse gas emissions, yet its communities, ecosystems and economies are experiencing ever more intense heat waves, droughts, cyclones and catastrophic floods. While the Intergovernmental Panel on Climate Change (IPCC) and United Nations Environment Programme (UNEP) warn that global greenhouse gas emissions must be halved by 2030 to limit global warming to 1.5°C, the number one source of these emissions – the fossil fuel industry – continues to expand thanks to the support of financial institutions. This has to change.

This report identifies the financiers and investors behind 200 companies, which are flooding Africa with new fossil fuel projects. Far from being in transition, all of these companies are pursuing reckless fossil expansion plans that are incompatible with a 1.5°C climate path. Financial institutions must immediately cease all investments, loans and financial services to them.