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Africa

Africa: Seplat – ESG, Regulatory Frameworks Driving Energy Investments in Africa

todayOctober 15, 2024 1

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Abuja — The Chief Financial Officer, Seplat Energy, Mrs. Eleanor Adaralegbe has argued that Environment, Social and Governance (ESG) standards and regulatory frameworks in African countries significantly shape oil and gas investments on the continent.

Adarakegbe, who said this during a panel session at the Africa Oil Week (AOW) Conference & Exhibitions in Cape Town, South Africa, noted that these factors influence costs, compliance requirements, and project risk profiles.

Eleanor, while speaking on the theme ‘ESG Investing: What strategies make African deals attractive in 2024?’, said to ensure compliance and manage ESG-related risks effectively, companies should conduct thorough due diligence, align with international standards, engage with stakeholders, implement robust policies, and maintain transparent reporting.

“Clearly, ESG standards and regulatory frameworks in African countries significantly shape oil and gas investments. So, we need to take the right actions now. These actions not only mitigate risks but also create opportunities for enhanced stakeholder trust, improved financing options, and long-term project success,” the Seplat Energy CFO stressed.

According to her, investors assess potential projects by screening them against ESG benchmarks; of which projects that fail to meet minimum ESG standards are often excluded.

She said: “Comprehensive due diligence is conducted to identify ESG risks, including environmental impact, community relations, and governance practices. Investors may use frameworks like the Equator Principles or International Finance Corporation (IFC) Performance Standards. In this regard, Seplat Energy is ahead, proactively setting up to ensure readiness very much aligned with Strategy.