Vera Daves says fossil investments in Angola are to finance energy transition

"We need understanding first; this is a process, we cannot cut all investment in fossil fuels because we need to make that transition" to cleaner energy, said Vera Daves de Sousa at an International Monetary Fund (IMF) conference to mark 60 years of the African department.

Asked by the moderator about whether there has been support from the international community to finance the energy transition, the finance minister added that Angola is available to build projects together with the private sector in this regard.

"We are more than open to building, to launching, joint projects on clean energy sources, to attract private investment", stressed the official, stressing that this is one of the bets being made with the World Bank.

"We are working with the World Bank for water supply and agriculture to address the challenge of drought, especially in the south of the country, to make agriculture more resilient to climate change," said the official.

Speaking about the energy transition that Angola, the second largest oil producer in sub-Saharan Africa, is making, Vera Daves de Sousa said that "it is necessary to start working now, but with medium term objectives" and pointed to the areas of hydro energy and solar as priorities in the country's new energy policy.

"We are looking to invest in clean energy sources in the supply of electricity, our focus is hydro and solar energy, with public or private investment, the focus is on these energy sources", stressed the official.

For Vera Daves de Sousa, the energy transition is inescapable, not only because of the decrease in Angola's oil reserves, but also because of environmental needs and the evolution of the oil companies' own business strategy.

"We are negotiating with an oil company a private investment in a solar factory to increase the production of clean sources of energy, which shows that even the oil companies are also reforming their strategies", pointed out the minister, concluding that oil revenue is to be channeled into "creating value in the non-oil sector".

The IMF conference was attended by a number of African personalities or those linked to the African department at the IMF, including World Trade Organization leader Ngozi Okonjo-Iwaela, Ivory Coast Finance Minister Adama Coulibaly, and former president African Development Bank Donald Kaberuka.