New york: Angola advocated on Friday in New York for the importance of ensuring stable and reliable energy markets, with a view to simultaneously promoting a just, balanced, and inclusive energy transition.

According to Angola Press News Agency, Angola's Permanent Representative to the United Nations, Francisco da Cruz, emphasized that as an African energy producer, Angola acknowledges the importance of securing markets to foster a transition that considers national realities and development priorities.

In a note from the Permanent Mission of Angola to the UN sent to ANGOP, the diplomat was addressing a Special Meeting of the Economic and Social Council (ECOSOC) on "Safeguarding energy flows and supply: Supporting global development through international cooperation", held in the United States of America (USA).

At the regional level, Francisco da Cruz highlighted the necessity of strengthening infrastructure and connectivity to enhance resilience against future global disruptions. He underscored the strategic significance of the Lobito Corridor, an African initiative focused on improving regional connectivity, facilitating trade, and supporting economic integration across the continent, aligning with the objectives of the African Continental Free Trade Area (AfCFTA).

He expressed that the Lobito Corridor is a crucial step toward building more resilient supply chains and promoting regional value chains, thereby supporting sustainable economic transformation in Africa.

The diplomat also voiced concerns about the shrinking fiscal space confronting many developing nations, primarily due to rising debt servicing costs and restricted access to affordable financing. He reiterated the need for enhancing international cooperation, improving access to concessional financing, and investing in resilient infrastructure and sustainable development.

Francisco da Cruz reaffirmed Angola's commitment to pursuing practical and cooperative solutions that bolster resilience, promote sustainable development, and ensure no country is left behind. He emphasized his dedication to diversifying Angola's energy mix, including hydroelectricity, solar energy, and rural electrification programs, with the goal of expanding access to affordable and sustainable energy.

The initiative aimed to address the critical and ongoing disruptions in energy and supply chains, which are causing significant global impacts on trade, food security, and macroeconomic stability.