LUANDA, December 7, 2022 — As the impacts of climate change increasingly threaten people''s lives and livelihoods across the country, it will be critical for Angola to use the revenues from its remaining oil wealth to invest in climate resilience and intensify efforts to diversify its economy, says the new World Bank Country Climate and Development Report (CCDR) for Angola.
Climate impacts through 2060 are predicted to take a heavy toll on the Angolan economy and its people, and without adaptation measures, Angola''s gross domestic product (GDP) could be reduced by up to 6% by 2050. Southern Angola has been hit the hardest by extreme climate conditions, experiencing a severe and protracted drought for the past decade with conditions described as the worst in 40 years.
The CCDR shows that increasingly variable water availability and increased extreme weather events are expected to pose growing challenges to agricultural production and food security. Direct economic losses in agriculture from droughts may rise from as much as $100 million per year nationwide today, to more than $700 million per year by 2100. Economic and climate shocks, combined with high levels of vulnerability to poverty, are likely to lead to a substantial increase in the incidence and severity of poverty, food insecurity, and child malnutrition.
To drive economic growth, create good jobs, and improve living conditions, Angola can tap into its renewable resources such as water, fertile land and solar and wind potentialto boost productivity in agriculture and fisheries. At the same time, there are opportunities to significantly increase the production of renewable energy, while reducing gas flaring, venting, and fugitive methane emissions.
This comes with one caveat: Angola''s most promising non-extractive sectors are highly climate-sensitive and are already under increased stress from climate variability.
"Angola''s significant potential for clean electricity generation and agriculture hinges on building climate resilience. Investing now in adaptation measures will be key to driving more sustainable and inclusive economic growth, ensuring food security, and reducing poverty," says Albert Zeufack, World Bank Country Director for Angola.
Achieving Angola''s resilient and inclusive development vision will require mainstreaming climate into planning and fiscal management, reforming its fuel policies to free up more public financing, and boosting private sector investment in renewable energy and climate-resilient infrastructure. Also, it will require improving governance to channel the remaining oil wealth to strengthen resilience, while mobilizing additional green and blue financing.
"Increasing investments in climate change adaptation is critical to Angola''s sustainable economic growth and the resilience of many of its businesses," said Carlos Katsuya, IFC Representative and Head of Mission for Angola. "The private sector has an important role to play in ensuring that Angola builds a diversified, resilient, and inclusive economy that addresses climate change challenges and also supports jobs and growth."
This CCDR, the first of its kind for Angola, aims to support the country''s efforts to achieve its development goals within a changing climate by quantifying the impacts of climate change on the economy and laying out a path to robust, climate-resilient growth.
LUANDA, October 30, 2023 – Cabinda Gulf Oil Company Limited (CABGOC), a Chevron’s subsidiary in Angola, hosted in Luanda a signature of a Memorandum of Understanding (MOU) between Chevron New Energies, a Chevron U.S.A. Inc. division, and the Angola Government to explore potential lower carbon business opportunities in Angola.
Chevron and the Angola Government plan to evaluate various projects related to nature-based and technological carbon offsets, lower-carbon intensity biofuels and products such as hydrogen, carbon capture and storage, and the creation of a regional center of excellence to incentivize and attract lower carbon investments.
“We are excited to build upon Chevron’s nearly 70-year operational history in Angola. This MOU demonstrates Chevron and Angola’s commitment to continue identifying lower carbon opportunities through collaboration and partnership,” said Jeff Gustavson, President of Chevron New Energies. “Through our work here, we hope to provide affordable, reliable, ever-cleaner energy, and help the industries and customers who use our products advance their lower carbon goals.”
At the 26th United Nations Climate Change Conference (COP26), Angolan President JoãoLourenço, pledged to increase Angola’s renewable energy capacity to 70 percent of the country’s energy matrix by 2025. Under its revised National Determined Contribution (NDC), Angola brought forward its target year for cutting emissions from 2030 in its first NDC to 2025, with the country aiming to reduce emissions up to 14 percent compared to business-as-usual, with a further 10 percent conditional on support.
“We are excited to open another chapter to grow our partnership with the Government of Angola in the diversification and development of Angola’s energy expansion” said Billy Lacobie, Managing Director of Southern Africa Strategic Business Unit. “This Memorandum of Understanding creates an opportunity for Chevron to enlarge our footprint in country to provide reliable, affordable and lower-carbon energy and to identify ways to reduce energy poverty, address climate impact and improve quality of life of local communities.”
CABGOC operates two concessions in Angola – Block 0 and 14. CABGOC is among the largest oil producers in the country, with an average daily production of 70,000 barrels of liquids and 259 million cubic feet of natural gas in 2022 and more than 70 percent of the workforce comprised by Angolan nationals. Over the years, CABGOC and the partners of Blocks 0 and 14 have invested more than US $250 million (USD) in community development in the 18 provinces of Angola.
For Angola to achieve its targeted 9.9 GW of installed generation capacity and 60% electrification rate by 2025, the country’s Government has instituted an ambitious infrastructure plan. This plan is supported by a series of regulatory reforms, incentives for investors, and strategic partnerships that will require the execution of bankable Power Purchase Agreements, external financing, and the participation of experienced private sector developers.
This project is being implemented through a collaboration between the U.S. Agency for International Development’s Power Africa initiative and multilateral development financial institution, the African Development Bank (AfDB), as part of efforts to improve electricity distribution and strengthen the financial viability of the power market. The project will be overseen by Angola’s Ministry of Energy and Water and will involve a $530 million investment from the AfDB.
Meanwhile, significantly contributing to Angola’s current installed capacity of 5.6 GW, the 750 MW Soyo I combined cycle plant is currently generating 500 MW of electricity. Plans are currently underway to develop a second Soyo combined cycle plant, which will contribute an additional 750 MW to the country’s grid. In May 2018, the Government of Angola passed the Natural Gas Commercialization Law, which is poised to encourage the provision and development of energy production equipment for natural gas, thus attracting further private investment to the country.
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