By Staff Reporter
ENERGY Minister July Moyo has urged America to allow its private sector to invest in Zimbabwe’s massive coal fields following the Western country’s policy change regarding energy and the use of coal.
Formerly a campaigner for the substitution of fossil fuels in power production and other facets, America pulled out of the Paris Agreement and is on the hunt for coal sources.
The u-turn is as a result of President Donald Trump’s shift in foreign policy.
Speaking at the recently held Powering Africa Summit held in Washington DC, Moyo assured America that companies that would invest in Zimbabwe’s coal sector would have their investments guaranteed.
“Our plea, again to the United States as Zimbabwe is; release your private sector so that they can invest directly into Zimbabwe. We have created an environment where they will earn money because their investment will be guaranteed,” said Moyo.
US Energy Secretary Chris Wright explained the dramatic change in policy as being advised by global needs and challenges that far outweigh climate change concerns.
Wright highlighted that previous energy policies that discouraged the use of fossil fuels had also inhibited the growth of African economies.
“We want to partner with Africa in technology, capital investment and energy infrastructure. You decide what works for your people and we will work with you to make it happen,” he said.
Moyo, who was accompanied by Finance Minister Mthuli Ncube, said American investment was welcome in power generation but extraction of coalbed methane gas which is abundant in Hwange and Chiredzi areas.
He added: “We are an agricultural country, we want our fertilisers, so any investment in that coalbed methane gas, we could end up doing our fertilisers, which we are importing right now, and as a country that believes very strongly in agriculture, that would be a good investment.”
Zimbabwe and the US have not seen eye to eye for over two decades. Although there has been investment in the country, it has been minimal as compared to countries such as South Africa which, up until recently, had successfully cosied up to America.