{"id":9590,"date":"2021-11-25T17:35:39","date_gmt":"2021-11-25T17:35:39","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/?p=9590"},"modified":"2021-11-25T15:49:49","modified_gmt":"2021-11-25T15:49:49","slug":"mozambique-china-may-replace-western-finance-in-fossil-fuel-projects-galp-ceo","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-china-may-replace-western-finance-in-fossil-fuel-projects-galp-ceo","title":{"rendered":"Mozambique: China may replace Western finance in fossil fuel projects \u2013 Galp CEO"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Galp Chief Executive Officer Andy Brown admitted today that China could replace Western finance in oil and gas projects like those in Mozambique, given the growing institutional opposition to investments in fossil fuels.<\/p>\n

\u201cThere are countries that are going to get this product,\u201d he said, alluding to the liquefied natural gas to be produced in the north of Mozambique, and citing China as the prime example.<\/p>\n

China wants \u201cto urgently replace coal with gas for environmental reasons, and I imagine they would be interested in investing in this type of project,\u201d as do other banks and countries, Brown told Lusa in Mozambique in comments relating to Galp\u2019s stake in Area 4 of the Rovuma basin.<\/p>\n

\u201cFunding for oil and gas projects is becoming more difficult, but not everyone subscribes to [the position of] not investing\u201d in the sector,\u201d he said, referring to Western financiers in the wake of the climate summit recently held in Glasgow.<\/p>\n

\u201cI don\u2019t believe that [after] the announcement at COP26 \u2026 means there is no chance for funding. The world still needs a lot of oil and gas,\u201d he reiterated.<\/p>\n

Brown advocates a gradual energy transition from coal to gas and then to renewables, with governments, companies and society as a whole managing the transition without the population being burdened \u201cwith very expensive energy\u201d, while at the same time protecting the climate.<\/p>\n

In April, seven European countries, including France, Germany and the UK, announced that they were suspending public funding for fossil fuel projects abroad. That was after Norway\u2019s sovereign wealth fund, the world\u2019s largest, last year sold stakes in major mining and energy companies due to environmental concerns.<\/p>\n

Major international development banks such as the World Bank, the International Monetary Fund and the African Development Bank have been scaling back funding for fossil fuel investment projects.<\/p>\n

Questioned by Lusa about Galp\u2019s position on onshore Area 4 investments, which have been successively postponed by ExxonMobil, leader of the process, Andy Brown was clear: \u201cWe want to develop this project\u201d.<\/p>\n

The Area 4 consortium \u2013 in which Galp has a 10% stake \u2013 \u201cwill look to launch\u201d the investment \u201cbut only when security is guaranteed\u201d in Cabo Delgado, he said, in a reference to the armed insurgency that has affected the province for the last four years and which led to the suspension of investment by French oil company Total in March.<\/p>\n

\u201cThe government is making progress and that is important for investment,\u201d Brown concluded.<\/p>\n

The Galp CEO on Wednesday took part in the inauguration of renovation work at a cooking gas filling plant in Matola, on the outskirts of Maputo, which has doubled production to 1,200 bottles per hour.<\/p>\n

He cited this \u20ac10.6-million investment as an example of energy transition: the bottles can replace charcoal, which is predominant in Mozambican homes, with gas being cheaper for families and moreover unlinked to deforestation.<\/p>\n

It takes between six and nine trees to obtain a typical 50kg sack of charcoal of the type sold for 1,500 meticais (\u20ac21) by the roadside in Mozambique, while an 11-kilo bottle of cooking gas costs around 800 meticais, with less waste and an energy yield several times higher.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. Galp Chief Executive Officer Andy Brown admitted today that China could replace Western finance in oil and gas projects like those in Mozambique, given the growing institutional opposition to investments in fossil fuels. \u201cThere are countries that are going to get this product,\u201d he said, alluding to the liquefied natural gas to […]<\/p>\n","protected":false},"author":84,"featured_media":9589,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,281,283],"class_list":["post-9590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nMozambique: China may replace Western finance in fossil fuel projects \u2013 Galp CEO - Mozambique<\/title>\n<meta name=\"description\" content=\"Galp Chief Executive Officer Andy Brown admitted today that China could replace Western finance in oil and gas projects ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-china-may-replace-western-finance-in-fossil-fuel-projects-galp-ceo\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mozambique: China may replace Western finance in fossil fuel projects \u2013 Galp CEO\" \/>\n<meta property=\"og:description\" content=\"Galp Chief Executive Officer Andy Brown admitted today that China could replace Western finance in oil and gas projects ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-china-may-replace-western-finance-in-fossil-fuel-projects-galp-ceo\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-25T17:35:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/11\/img-619fb0889b509.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-china-may-replace-western-finance-in-fossil-fuel-projects-galp-ceo#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-china-may-replace-western-finance-in-fossil-fuel-projects-galp-ceo\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Mozambique: China may replace Western finance in fossil fuel projects \u2013 Galp CEO\",\"datePublished\":\"2021-11-25T17:35:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-china-may-replace-western-finance-in-fossil-fuel-projects-galp-ceo\"},\"wordCount\":543,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-china-may-replace-western-finance-in-fossil-fuel-projects-galp-ceo#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/11\/img-619fb0889b509.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-china-may-replace-western-finance-in-fossil-fuel-projects-galp-ceo#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-china-may-replace-western-finance-in-fossil-fuel-projects-galp-ceo\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-china-may-replace-western-finance-in-fossil-fuel-projects-galp-ceo\",\"name\":\"Mozambique: China may replace Western finance in fossil fuel projects \u2013 Galp CEO - 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