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Rich countries ‘trap’ poor nations into relying on fossil fuels
(www.theguardian.com)
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this post was submitted on 21 Aug 2023
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I am a bit puzzled. Why are they forced to invest into fossil fuel projects when they are, as stated, not profitable enough?
Is the problem that they need energy projects and all of them are too expensive or is fossil fuel the problem because it already exists ? Also Fossil fuels are also widely used by the "Rich" countries.
I don’t really understand it properly but it seems that the debt repayment is pegged to future fossil fuel revenue.
So I guess they can’t not repay the debt and they can only pay it back one way.
In the case of Mozambique Total has an unfinished project developing a gas field and building an LNG terminal. Due to ISIS attacking similar infrastructure in the country, they stopped construction. However Mozambique is already in a lot of debt and is just about able to serivce it. If Toal finishes the gas projects however, it becomes much more likely that Mozambique pays back its debt. Obviously the lenders lobby for fossil fuels in this case.
However the loans are not directly tied to the gas project and Mozambique could go renewable to repay its loans, but the LNG project is by far the most likely as construction has already started.
https://theexchange.africa/countries/mozambiques-debt-repayment-hinges-on-totals-lng-project/
https://www.bbc.com/news/world-africa-56886085