RE:Africa oil conference, interestingminigoon wrote: Trafigura is sponsoring new oil projects in African countries in exchange for some of the future production, in the latest proof that banks may be eager to signal their climate virtue, but commodity traders know what makes the world go round. African banks are also happy to take part in what the organizers of the African Energy Week dubbed "The African Energy Renaissance".
Bloomberg again reported that Africa Oil Corp., a Canadian-based, Nigeria-focused company, no longer works with European lenders. That's okay, however, it seems, because it now works with African banks.
According to Africa Oil Corp.'s chief financial officer, African banks are only too happy to step in and fill the space left by climate-conscious European lenders. There is strong interest in profitable oil and gas projects in Africa, Pascal Nicodeme said during the recent Africa Oil Week event, which also took place in Cape Town.
All Schedule 1 banks are lending to carbon industry they just sealed loans for ABCP and other hybryd instruments so thy meet their ESG targets AND retain carbon business.
Regardless, Asian, ME and their African subsidiaries are fighting for carbon lending business while the West / Global Minority transition to communist model where only the elites have access and mobility.