By Johnson Adebowale
In a compelling address at the 13th annual conference of the African Society of International Law (AfSIL) in Lagos, Prof. Damilola Olawuyi, a senior advocate of Nigeria, underscored the critical need for increased private sector investment in Africa’s energy sector.
The international law expert, who holds the UNESCO Chair on Environmental Law and Sustainable Development at Hamad Bin Khalifa University (HBKU) in Doha, Qatar, emphasised that financial incentives are essential for fostering local energy solutions capable of addressing the continent’s pervasive energy poverty.
The conference, which convened luminaries from law, business, and diplomacy, revolved around the theme,”Africa and the Energy Transition.” Notable attendees included Prof. Makane Moise Mbengue, President of AfSIL and Professor at the University of Geneva; Mrs. Funke Adekoya (SAN), Independent Arbitrator and Chair of the 2024 AfSIL Annual Conference; and Prof. Yemi Oke (SAN), Professor of Energy at the University of Lagos, alongside other distinguished legal, business, and policy leaders from across Africa.
In his keynote speech, Prof. Olawuyi depicted the clean energy transition as both a pressing necessity and a promising opportunity for Africa. He highlighted the continent’s abundant natural resources, such as natural gas and energy transition minerals, which are globally sought after for renewable energy technologies and hydrogen infrastructure projects. He further pointed out the potential for African entrepreneurs to develop mini and micro energy grids, providing clean and reliable power to underserved communities.
Olawuyi called on African governments to create more attractive investment environments to encourage private sector involvement in renewable energy sectors. “Many investors worldwide are seeking new hubs for green investment, but are we prepared for these opportunities?” he asked. “We cannot attract the sustained investment needed for a just energy transition without addressing the challenges faced by energy entrepreneurs in Africa.”
Moreover, he urged investors and businesses to align their operations with international law, particularly emphasizing the importance of respecting human rights in the context of climate change. He cautioned against greenwashing and stressed the need for clear, credible, and transparent reporting on energy transition programs to avoid misleading claims. “Civil society and impacted communities, including Indigenous Peoples and human rights defenders, are vital in helping businesses and investors identify, prevent, and address human rights risks,” he stated.
The conference also featured panel discussions on the legal, contractual, and regulatory innovations necessary to unlock fair and inclusive investments in clean energy technologies. These discussions aimed to ensure that African countries are not left behind in the global energy transition.