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TotalEnergies CEO Says IMF Debt Rules Hamper African Green Energy Projects

TotalEnergies CEO Says IMF Debt Rules Hamper African Green Energy Projects

Renewable energy investments in Africa are being hobbled by insufficient government loan guarantees, as the International Monetary Fund keeps a tight leash on country indebtedness, TotalEnergies CEO Patrick Pouyanne said Wednesday.

Pouyanne said currently electricity projects in Africa suffer from “a problem of solvency… you have a risk not to be paid”. “So when a renewable developer wants to develop, and it’s obvious you have huge potential, he will go and see the government and ask for guarantees,” he said.

a d v e r t i s e m e n t

Its global renewable energy projects totalled 22 gigawatts (GW) of installed capacity by the end of 2023, the most of the oil majors, located in Latin America, Eurasia, the U.S. and the Middle East.

The comments were made at a government-industry dialogue hosted by the International Energy Agency focusing on Africa and renewable energy.

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“I am disappointed not to see … a real international financial body to counterguarantee all these African states — and not to ask them more than what we are asking,” Pouyanne said.

Reuters

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