Libya Energy and Economic Summit 2021 to conclude

The first Libya Energy and Economic Summit will conclude today in Tripoli.  

The summit marks the first international investment conference to take place in Libya in over a decade. As the country struggles to move past the years of bloody civil war, the transitional government seeks to revitalize the oil and gas industry through the attraction of foreign investment and capital. The government hopes to reach a production goal of 2 million barrels per day within the next six years. 

As the Libyan government hopes to revive its fossil fuel industry, it risks joining other petrol states in the trap of oil dependence as the world increasingly moves towards renewable energy. To address this problem, Interim Prime Minister Abdul-Hamid Dbeibeh is likely to push for the simultaneous rollout of renewable energy projects to be in line with sustainable development goals outlined by the UN and Paris Climate Accords. Dbeibah has already added a national committee on climate change and established a Ministry of the Environment. Although these developments are a far cry from achieving energy sustainability, expect Libya to stress the importance of international aid in supporting the nation’s reentrance into the Europe-Africa energy network.