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  • UAE announces $4.5bn initiative to support deployment of clean energy in Africa

    UAE announces $4.5bn initiative to support deployment of clean energy in Africa

    COP28 President-Designate Dr Sultan Al Jaber has announced a UAE finance initiative that will provide $4.5bn to help tap Africa’s clean energy potential.

    The announcement was made during his keynote address at the inaugural African Climate Summit in Nairobi, Kenya.

    The landmark initiative brings together vital public, private, and development capital from UAE institutions, ranging from Abu Dhabi Fund for Development (ADFD) and Etihad Credit Insurance (ECI) to Masdar and AMEA Power.

    Africa50, which is an investment platform established by African governments and the Africa Development Bank, has also joined the UAE finance initiative.

    Africa50 was founded to help solve the continent’s critical infrastructure challenges and will help identify initial projects and connect to local implementing entities.

    Call to climate action

    The COP28 President Designate has repeatedly called for the global tripling of renewable energy by 2030 and has pushed to make finance more available, accessible and affordable.

    The announcement came with a clear call to action for African leaders to improve policy and regulatory frameworks to attract the long-term investments necessary to accelerate the deployment of clean and renewable energy.

    In order to reduce barriers to investment, the President-Designate highlighted multiple action points that require the coordinated efforts of African leaders and the international community.

    These include restoring the financial sustainability of local utilities and modernising basic energy infrastructures, clarifying development processes and eliminating the red-tape delaying market lead-time, in addition to eliminating restrictions to capital flows and accessing adequate and affordable risk mitigation measures.

    During his address, the COP President Designate said: “This initiative builds on the UAE’s track record of commercially driven, innovative blended finance solutions that can be deployed to promote the adoption of clean energy in emerging and developing nations. This multi-stakeholder partnership approach is designed to accelerate sustainable economic progress, address the challenge of climate change and stimulate low carbon growth.”

    He added: “The initiative will prioritise investments in countries across Africa with clear transition strategies, enhanced regulatory frameworks and a master plan for developing grid infrastructure that integrates supply and demand. In short, this initiative is designed to work with Africa, for Africa. It aims to clearly demonstrate the commercial case for clean investment across this continent. And it will act as a scalable model that can be replicated to help put Africa on a superhighway to low carbon growth.”

    Action agenda

    Fast-tracking the energy transition, fixing climate finance, focusing on people, lives and livelihoods, and underscoring these efforts with full inclusivity are the key pillars of the COP28 Presidency’s ‘Action Agenda’.

    In sub-Saharan Africa alone, 600 million people live without access to electricity. Delivering greater access to clean energy will drive social and economic development but currently investment in African renewables represents only 2 per cent of the global total, and less than a quarter of the $60bn a year the continent needs by 2030.

    The initiative aims to right this imbalance by bringing together key stakeholders to fast track the development and delivery of infrastructure, generation and distribution solutions.

    UAE finance initiative to be part of Etihad 7

    The initiative will be part of Etihad 7, a development platform launched by the UAE at Abu Dhabi Sustainability Week in 2022, and championed by the Ministry of Foreign Affairs (MoFA).

    Etihad 7 aims to provide 100 million people across the African continent with clean electricity by 2035.

    ADFD is supporting with $1bn of financial assistance to address basic infrastructure needs, offer finance solutions and increase mobilisation of private investments. The ECI is providing $500m of credit insurance to de-risk and unlock private capital.

    Masdar, active in 22 countries in Africa, is committing an additional $2bn of equity as part of the new initiative. Masdar will mobilise an additional $8bn in project finance and through its Infinity Power platform.

    Masdar will target the delivery of 10 gigawatts (GW) of clean energy capacity in Africa by 2030.

    AMEA Power is targeting 5GW of renewable energy capacity in the continent by 2030, mobilising $5bn, of which $1bn will come from equity commitment, and $4bn from project finance.

    Additionally, the initiative seeks to create pathways for other multilateral development banks, governments, and philanthropies to enable additional private sector investment. The COP28 Presidency has also called on international financial institutions and foundations to join the effort.

    The announcement comes days before the United Nations Framework Convention on Climate Change (UNFCCC) is due to release the technical data around the first ‘Global Stocktake’ of climate progress since the 2015 Paris Agreement.

    Credit(Gulf Times)

  • I Want to See Africa Adopt Technology and Create Technology, Says Katuiscia Laurence Ewane

    I Want to See Africa Adopt Technology and Create Technology, Says Katuiscia Laurence Ewane

    Katuiscia Laurence Ewane is a General Field Engineer at SLB
    JOHANNESBURG, South Africa, August 24, 2023/ — While the energy sector has been a largely male-dominated industry, women are gradually taking on a more central role in driving innovative project developments. Individuals such as Katuiscia Laurence Ewane, General Field Engineer at SLB, play an instrumental part in driving the successful development of the industry. Ewane has a vision that Africa not only adopts but creates technology. Ewane is featured on the African Energy Chamber’s (www.EnergyChamber.org) list of 25 Under 40 Energy Women Rising Stars.

    Please share a brief overview of your journey in the energy industry that led to your current role? What are some key achievements or milestones that you are particularly proud of?

    I have always had an interest in STEM-related fields and that is what led me to attend Ecole Nationale Supérieure Polytechnique, where I graduated with a Master’s in Industrial Engineering. As a young graduate, I was intrigued by the energy sector and knew very little from the outside; but was all too familiar with the challenges I faced with energy in my day-to-day life. So, when I got the opportunity to work at SLB, I seized the chance! And so, my adventure in the energy sector began. I spent five years between the field and training centers getting a critical understanding of how this sector operates. Some of the achievements I am most proud of are: Pioneering research in SLB on a new approach for the integration of Drilling Fluids and Cementing fluids. This will help eliminate waste, optimize operations, and deliver services more sustainably.Completing a complex cementing operation on Mt Cameroon at 4000m of altitude.Community service under SLB Excellence in Educational Development (SEED) program where I helped deliver a well for a community and created a reading club in a public primary school. Finally, I am most proud the ladies I was able to mentor through SLBs connect women platform. I believe that people are a great investment and that whoever gives back receives more.

    The energy industry is known for its complexities. What were some significant challenges you faced along the way, and how did you navigate through them to achieve your goals?

    The first challenge I encountered was culture. The energy sector is a melting pot of cultures (nationalities and company culture) and ideas, but all of them must help achieve a common goal: to deliver energy. To navigate this, I learnt more about how different energy companies I worked with operate and the culture of the different nationalities I worked with. Also, asking questions and repeating myself helped to avoid miscommunications.

    The second challenge is change. The energy sector is dynamic, and plans change a lot, but this is not an excuse to waste time. You must value people’s time. The key is to always plan and if the plan fails always have a contingency in place that has been agreed with all the key stakeholders.

    What advice would you give to young females aspiring to excel in the energy sector? Are there any specific strategies or mindsets that helped you overcome obstacles and reach your current position?

    As a female, I did not have the same perspective as most of my peers and that negatively impacted my self-confidence. Over time, some strategies that have helped me manage this are: Knowing my worth! I am just as good if not better.I bring in a unique perspective and that matters.Work and Network! Both go hand in hand.Do not self-sabotage.It’s okay to ask for help. No one knows it all! A career in energy can be demanding. Could you describe a typical day in your life?

    Demanding it is, but just as rewarding! The Fluids Engineer’s workday starts the day before with planning for the next day. Top of the morning, I wake up, pray, and do a 10-minute workout. I then consult daily reports and get in touch with the teams on/offshore to get the full picture of the status of operations. Following this, I engage in my daily operations meetings and client engagements. This is the most critical part of my day as communication with the client is key. We agree on what are our outstanding tasks, what task is urgent, and what to expect in the coming days.

    I must also attend all my internal meetings and distribute tasks to my teams. After this, I can finally start designing cement jobs. I must make myself available and reachable in case any teammate runs into a bottle neck, or a critical decision needs to be made that will affect service delivery. Sometimes, emergencies arise, I need to be flexible and have contingency plans in place. If I can’t find a solution right away, I take a 5-minute break to refresh, it always helps!

    The day always ends by reconnecting with family and friends to refuel and start all over the next day. 

    Looking ahead, what changes or advancements do you hope to see in the energy sector, and how do you envision your role in shaping that future?

    The first area where I want to see change is the image of the energy sector. Many still believe it’s a man’s world, but things have changed: I hope to lead the way in showing young women out there, that this is a very dynamic sector, and that their input is much needed. As I grow in my career, my goal is to make room for women and influence other decision makers to open doors for women in this sector.

    The second area where I want to see advancement is in the adoption of technology. I want to see Africa adopt technology and create technology. A transition to cleaner sources of energy is only possible though technology adoption. As a young African, I believe this is critical in the creation of the future we want to see for ourselves and for the generations to come. This starts from changing mindsets. My plan is to pioneer these conversations, and to keep pushing till we see change. Distributed by APO Group on behalf of African Energy Chamber.
    SOURCE
    African Energy Chamber
  • AFRY chosen as the preferred consultant for a large-scale system study project to foster a secure and sustainable energy transition in Egypt

    AFRY chosen as the preferred consultant for a large-scale system study project to foster a secure and sustainable energy transition in Egypt

    Egyptian Electricity Transmission Company (EETC) has selected AFRY to carry out a pivotal system study to support the fast-paced expansion of Egypt’s national transmission grid according to an AFRY’s official statement in Stockholm,Wednesday.

    The studies,it said, will address the challenges arising from the extensive integration of renewable energy sources, focusing on enhancing the reliability and stability of the grid.

    Egypt’s Integrated Sustainable Energy Strategy outlines an ambitious vision to substantially increase the renewable energy capacity within the next seven years, aiming for 42% of sustainable energy generation by 2035. While this strategy underscores Egypt’s commitment to a greener future, it also highlights the need for comprehensive measures to ensure grid security and stability.

    Following a competitive international bidding process, AFRY has been chosen as the trusted advisor for developing EETC’s master plan for the future expansion of the transmission system.

    AFRY’s scope of work will primarily focus on two strategic areas: analysing the impact of new renewable generation and optimising the allocation of Flexible Alternating Current Transmission System (FACTS) devices across EETC’s transmission network to increase the dynamic reactive power resources and grid stability, ensuring reliable and secure electricity transmission.

    AFRY experts will conduct a thorough analysis of the potential effects of integrating renewable energy sources, such as wind, solar and hydrogen-based, into Egypt’s transmission system. AFRY will identify potential challenges and advise on optimal solutions for a seamless and efficient integration process, thereby improving Egypt’s renewable energy sources portfolio.

    “This project encompasses a wide array of advanced technologies, including interconnections with Europe and Saudi Arabia, as well as the integration of cutting-edge renewable technologies like wind, solar, and hydrogen-based generation and storage. Given their proven track record, innovative approach, and range of expertise in the energy industry, we are confident as AFRY won through a fair competitive process and can be relied on for the successful implementation of this pivotal project for Egypt”, Sabah Mashaly, CEO & Managing Director of EETC.

    “We are honoured to be the trusted partner for EETC in this momentous system study project. Our extensive experience and expertise in deploying advanced technologies, such as FACTS, High Voltage Direct Current (HVDC) systems and High Voltage AC systems, combined with our proficiency in renewable energy integration, perfectly align with Egypt’s vision for an accelerated and sustainable energy transition”, said Mustafa Ibrahim, Head of System Studies, FACTS and HVDC at AFRY.

    “At AFRY, we are dedicated to pioneering innovative solutions that unlock sustainable growth and development for communities and industries worldwide. We take pride in contributing to this ground-breaking project, which supports Egypt in its transition towards greener energy alternatives”, says Tord Karlberg, Business Unit Manager Transmission and Distribution, Sweden.

    To support the development of renewable energy generation and secure grid stability in Egypt, Swedfund, the Swedish Development Finance Institution, has provided financial support through a Grant Agreement. This collaboration represents a significant step towards accelerating Egypt’s energy transition and achieving its sustainable development goals.

    For further information, please contact:

    Mustafa Ibrahim
    Head of System Studies, FACTS and HVDC, Sweden
    mustafa.ibrahim@afry.com

    Tord Karlberg
    Business Unit Manager Transmission and Distribution, Sweden
    Tord.Karlberg@afry.com

    Virginia Ferrari
    Communications Manager, Energy Division
    virginia.ferrari@afry.com  

  • Afrobeats’ Star Ruger to Perform at African Energy Week’s (AEW) Just Energy Transition Concert with a Call to Make Energy Poverty History

    Afrobeats’ Star Ruger to Perform at African Energy Week’s (AEW) Just Energy Transition Concert with a Call to Make Energy Poverty History

    It is with immense excitement that the African Energy Chamber reveals Ruger as one of the esteemed performers for the forthcoming Just Energy Transition Concert

    JOHANNESBURG, South Africa, August 17, 2023/ — In anticipation of Africa’s premier energy event, African Energy Week (AEW) 2023, the African Energy Chamber (AEC) (www.EnergyChamber.org) is thrilled to introduce Ruger as a headline artist for the Just Energy Transition Concert on October 16, 2023, at Cape Town’s Cabo Beach Club. This exciting concert blends music and the energy sector, uniting individuals from diverse fields to celebrate progress towards a sustainable world.

    Ruger, known for hit tracks like “Bounce,” skyrocketed to fame with chart-topping success. His unique Afro-dancehall style combines Afrobeats and dancehall elements, shaping his distinct musical identity. Ruger’s songs, including “Dior,” have garnered millions of views and streams, showcasing his talent for crafting resonant hits.

    As Ruger takes centre stage, his presence signifies more than just a captivating performance. His influence aligns perfectly with the AEC’s vision to encourage and engage youth participation at AEW. By having Ruger at the event, the AEC aims to inspire meaningful discussions about Africa’s energy landscape, fostering empowerment and ownership among the youth.

    “We are excited to feature Ruger at the Just Energy Transition Concert. This significant event aligns with AEW23’s focus on prioritizing energy poverty, well-being, sustainability, industrialization, and championing free markets. Ruger’s performance will undoubtedly bring his artistic brilliance to the atmosphere, inspiring young individuals to actively engage in the ongoing dialogue about a just energy transition in Africa. We invite all to join us in celebrating this remarkable fusion of music and energy discourse” states Oneyka Cindy Ojogbo, African Energy Chamber advisory board member.

    As participants eagerly anticipate AEW 2023, they can look forward to the vibrant energy and electrifying performance Ruger, and other artists, are set to bring to the stage, creating an unforgettable experience that that resonates with the event’s mission of driving sustainable energy solutions and positive change. This concert provides an exclusive platform, inviting energy stakeholders and music enthusiasts to converge and engage in energy-related discussions. By intertwining music and the energy sector, the Just Energy Transition Concert carves a unique niche as an innovative venture.

    AEW is the AEC’s annual conference, exhibition and networking event uniting African energy policymakers and stakeholders with global investors to discuss the opportunities across the continent’s energy industry. For more information about AEW 2023, visit www.AECWeek.com
    Distributed by APO Group on behalf of African Energy Chamber.
    SOURCE
    African Energy Chamber
  • First-ever ESG executive education programme for hospitality sector leaders 

    First-ever ESG executive education programme for hospitality sector leaders 

    LONDON,United Kingdom,2nd August 2023-King’s Business School and the hospitality sector’s Energy and Environment Alliance (EEA) are launching an executive education programme developed with input from the industry’s leaders to help them to embed Environmental, Social and Governance (ESG) measures in their businesses.

    The programme was developed through discussion with over 40 senior hospitality leaders who emphasised the role of COVID and recent energy price spikes, alongside the new IFRS® Sustainability Disclosure Standards, in providing both an impetus and an opportunity to accelerate progress on environmental measures ahead of the commitment made by over 100 countries to reach net zero CO2 emissions by 2050. 

    According to the Urban Land Institute, hotels and lodging are the least energy and water-efficient buildings in commercial use. The research conducted by the Energy and Environment Alliance and King’s Business School to develop their new education programme highlighted the scale and complexity of the task leaders face in developing a plan to reduce reliance on fossil fuels.

    Explains Ufi Ibrahim, Chief Executive of the EEA: “It’s inevitable that energy use and energy costs are much higher on the agenda given recent price increases. But COVID also played a part. Many hotels had zero occupancy, yet found they were still needing up to 60% of their usual energy consumption just to prevent issues with damp and to maintain hygiene. The majority of investors in the sector believe that at least half of the measures needed to improve energy performance will involve capital expenditure[i]. Taking the necessary steps may mean accessing new forms of green finance and there is a need for education if they are going to do so successfully.”

    The EEA point out that COVID and energy price fuelled inflation have also changed the investment environment in the hospitality sector. Relative to other forms of commercial property, such as offices and retail, the sector is increasingly being seen as resilient to the trend towards online work and shopping. Additionally, its dynamic pricing models can act as a hedge against inflation.

    “As a result, hospitality is becoming a more mainstream asset with scope to attract new investment and financing, as long as the industry can reliably convince investors of its long-term attractiveness, which increasingly means, its ESG credentials,” adds Ufi Ibrahim.

    The ESG programme has been tailored to the needs of the leadership in the hospitality sector, including asset owners, brands and franchises. Starting in September 2023, it will give an overview of current and planned regulation and ESG reporting requirements, with a particular emphasis on climate change and the sector’s social impact through its employment practices and the interaction between staff and guests.

     The programme will also cover green financing options and look at how to align consumer preferences and behaviour to achieve more sustainable outcomes through marketing. Through teaching, guest speakers, case studies and discussion, leaders on the programme will develop a personalised action plan that will enable them to lead and inspire complex, comprehensive change across many areas of their business.

    The partnership will develop further through the creation of a complementary ESG course for general managers and hotel operating teams.

    Comments Giana Eckhardt, Vice Dean for Engagement and Executive Education at King’s Business School: “it’s exciting to be offering a programme for a sector that has such a significant global impact and such a compelling and immediate opportunity for change. We are proud to work with the EEA to provide a programme that will forge a network of engaged, proactive industry leaders with the knowledge, connections and ambition to drive sustainable business practices forward across the sector.”

    [i] Survey conducted with JLL.

    Find out more:

    Energy and Environment Alliance Executive Education

    King’s Business School Executive Education

    Media contacts:

    Catherine Sirikanda at King’s Business School at Catherine.sirikanda@kcl.ac.uk / 07957 340 795 / comms@kcl.ac.uk

    Anja Spice of the Energy and Environment Alliance on +44 7418608166 / anja@tarsh.com

    About the Energy & Environment Alliance (EEA) 

    The Energy & Environment Alliance (EEA) is a not-for-profit coalition of hospitality investors, developers, asset managers and operators, working as a collective to transition the industry to Net Zero Carbon and ESG leadership in a scientifically robust and commercially sustainable way.

    For more information, please visit www.EEA.International

  • 12th Edition of Annual Investment Meeting Closes on a Positive Note

    12th Edition of Annual Investment Meeting Closes on a Positive Note

    AIM attracted 10,313 visitors from 175 countries, who engaged in 281 sessions featuring 693
    speakers

    Abu Dhabi, United Arab Emirates, May 25, 2023: The 12th edition of the Annual Investment Meeting
    2023, held under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan,
    Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, came to a grand close,
    after three days of insightful discussions, engaging exhibitions, and fruitful networking sessions.

    This year’s theme “The Investment Paradigm Shift: Future Investment Opportunities To Foster
    Sustainable Economic Growth, Diversity and Prosperity” aimed to provide a platform for global
    investors, entrepreneurs, and policymakers to explore new opportunities and partnerships that will
    drive sustainable economic growth and development.

    Commenting on the successful conclusion, H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for
    Foreign Trade, said, “The Annual Investment Meeting has been a resounding success.

    The annual event has once again provided a platform for business leaders, investors, and government officials
    to come together and explore new avenues for collaboration and investment. As the world continues
    to face unprecedented challenges, and the rapidly evolving global economic landscape, it is more
    important than ever for us to work together and find innovative solutions to these challenges. At this
    year’s AIM, we have seen first-hand the power of collaboration and innovation.

    From the engaging discussions and insightful presentations to the numerous business deals that have been made, this event has demonstrated the tremendous potential of international cooperation. I am confident that
    the relationships and partnerships that have been forged here at the AIM will help to bring about a
    brighter future for us all. I look forward to seeing the fruits of our collective efforts in the months and
    years to come.”

    His Excellency Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Department of Economic Development
    (ADDED), said: “The success of the Annual Investment Meeting 2023 reflects Abu Dhabi’s status as
    global hub for business, investment, and talent as well as the role it plays in setting agenda and
    leading conversations to address current and future challenges and opportunities.

    This year’s edition of AIM served as a platform to engage with key decision-makers, investors, thought and business
    leaders from around the world to double down on the unique attributes of Abu Dhabi’s soaring
    ‘Falcon Economy’ and the ample opportunities it provides to the global investment community to
    grow, thrive, and expand.”

    H.E. Al Zaabi added: “We remain committed to build on our remarkable achievements and continue
    to thrive as the most competitive destination for industry, trade, and finance by offering unparalleled
    business-friendly ecosystem to help global businesses succeed and flourish.”

    Over the course of the event, AIM attracted 10,313 visitors from 175 countries worldwide, who
    engaged in 281 sessions featuring 693 speakers who shared their perspectives, insights, and
    experiences on investment trends, opportunities, and challenges in various sectors and industries.

    This year’s edition of AIM was particularly notable for the 23 Memorandums of Understanding
    (MoUs) signed on the sidelines of the event, including the six Tolerance and Coexistence MoUs such
    as those between the UAE and the Republic of Kazakhstan, the UAE and the Republic of Armenia,
    and the UAE and the Island of Guinea, among others.

    The MoUs, signed between government entities, financial institutions, and private sector firms from
    different countries, covered a wide range of sectors and industries, including finance, healthcare,
    education, energy, and technology. The MoUs aim to promote strategic partnerships and
    collaborations that will drive investment and economic growth across different regions and sectors.

    The AIM 2023 also featured an engaging exhibition that showcased the latest innovations, products,
    and services from different sectors and industries. The exhibition attracted a diverse range of
    exhibitors from different countries and sectors, who demonstrated their products and services and
    engaged with visitors and stakeholders. Some of the key exhibitors were Abu Dhabi Chamber, Abu
    Dhabi Global Market, WeGo, Saud Bahwan, Emirates Development Bank, and Hong Kong Trade
    Development Council.

    Commenting on the success of the event, Dawood Al Shezawi, Chairman of Annual Investment
    Meeting, said: “As we conclude this year’s Annual Investment Meeting, I would like to express my
    gratitude to all of the participants, speakers, and organizers for making this event a tremendous
    success.

    It has been a privilege to witness the many engaging discussions, insightful presentations,
    and innovative ideas that have been shared over the past few days.

    The AIM has always been a platform for bringing together leaders from the worlds of business, finance, and government, and this year’s event has been no exception. From the challenges and opportunities to the latest trends
    and developments in investments, technology and innovation, we have explored a wide range of
    topics that are shaping the future of investment and economic development.

    “As we look ahead to the coming months and years, I am confident that the relationships and
    partnerships that have been forged here at the AIM will help to drive economic growth and create
    new opportunities for people around the world. We must continue to work together to find
    innovative solutions to the challenges we face, and to build a more resilient, sustainable, and
    inclusive global economy.

    Once again, I would like to thank everyone who has contributed to the
    success of this year’s AIM, and I look forward to seeing you all again at future events.”

    The AIM 2023 demonstrated the importance of collaboration, innovation, and sustainable
    development in driving economic growth and prosperity, and the next edition of AIM promises to be
    even more exciting and engaging.

  • Mensha Ventures signs a Memorandum of Understanding (MoU) with its strategic partners from China to to bolster the UAE’s sustainable capabilities

    Mensha Ventures signs a Memorandum of Understanding (MoU) with its strategic partners from China to to bolster the UAE’s sustainable capabilities

    The company also signed a MoU with Asian Development & Investment Bank (ADIB) to launch their new Green Tech Fund

    Abu Dhabi, UAE, 9 May 2023:  Mensha Ventures, signed a Memorandum of Understanding (MoU) with its strategic partners from China, including the Asia Development & Investment Bank, Hoover Investment Group and Shenzhen Sinomaster Investment Group (SMT), to jointly invest $1 billion in green energy infrastructure projects in the region. The MoU was signed on the sidelines of Annual Investment Meeting which runs in Abu Dhabi.

    The primary objective of this partnership is to bolster the UAE’s sustainable capabilities and capacity by developing green energy infrastructure projects. This initiative will help the UAE achieve its renewable energy targets while reducing its carbon footprint. This partnership will help the companies leverage its collective expertise to create a lasting impact on the environment and society.

    While this partnership is expected to open up new avenues for sustainable investment opportunities in the region, it will also drive economic growth and contribute to the UAE’s vision for a sustainable future. Overall, this partnership between Mensha Ventures and its strategic partners from China marks a significant milestone in the UAE’s efforts to achieve a sustainable future.

    Further to the above, Mensha Ventures Chairwoman Dr Tan and the Asian Development & Investment Bank (ADIB) Mr Sun have signed an MoU to launch their new Green Tech Fund. The fund will have a primary focus in the GCC and aims to build portfolio companies with global expertise and best-in-class industry knowledge in Green Technology. Leveraging Chinese leading innovation and specialized manufacturing, the focus sectors will drive cutting-edge sustainable solutions into the local ecosystem.

    The Green Tech Fund’s focus sectors will specialize in New Energy, including EV infrastructure, engineering, storage, and transportation. It will emphasize the transition to clean energy through the means of electrical and green hydrogen energy. Mensha Ventures will be advocates and ambassadors, along with its strategic partners, in the movement of transitioning to a sustainable future globally, and importantly, here in the GCC.

    The GCC region has seen a significant push towards sustainable solutions in recent years, with countries in the region aiming to reduce their carbon footprint and achieve their renewable energy targets. The Green Tech Fund aims to play a vital role in this transition by investing in innovative green technology projects and driving sustainable solutions into the region’s ecosystem.

    Overall, the launch of the Green Tech Fund marks a significant milestone in the region’s efforts to achieve a sustainable future. By bringing together the collective expertise of Mensha Ventures and the Asian Development & Investment Bank, the Green Tech Fund aims to make a lasting impact on the environment and society.

     

     

  • African Critical Minerals: The Key to a Green Energy Future

    African Critical Minerals: The Key to a Green Energy Future

    Africa is well-positioned to leverage its immense wealth of critical minerals to participate in the global shift towards renewables while promoting socioeconomic growth, job creation, and local content development
     
    JOHANNESBURG, South Africa, May 8, 2023/ — Critical minerals are essential for the development of renewable energy technologies such as solar panels, wind turbines, green hydrogen, electric vehicles (EVs), and battery storage, and Africa’s mineral wealth has the potential to benefit not only the continent, but to provide a foundation for the global energy transition (https://apo-opa.info/42cMbC9).

    Accounting for more than 85% of most solar photovoltaic components, aluminum – for which bauxite accounts roughly 98% of its primary production – is used in most low-carbon technologies.

    Africa (https://apo-opa.info/3pmYNZa) is home to approximately one-third of global bauxite reserves, with Guinea alone having accounted for over half of global aluminum ore exports in 2020.

    What’s more, chromium accounts for over a third of the mineral demand for both geothermal and hydropower technologies and serves as a requisite material for the development of concentrated solar power (CSP). South Africa (https://apo-opa.info/44BqM7o) accounted for nearly 45% of the world’s chromium production in 2021, while Africa accounted for over 80% of global chromium ore exports in 2020. According to the International Energy Agency (IEA), chromium demand is expected to triple by 2030.

    Meanwhile, the IEA predicts that global demand for cobalt will rise six-fold by 2040, the vast majority of which is located in the DRC (https://apo-opa.info/3MTRYrB) and Zambia. Essential towards the production of lithium-ion batteries used in EVs and energy storage technologies, the DRC’s cobalt will be crucial towards the global shift from fossil fuel-based technologies.

    Additionally, Zambia and the DRC are world-leading producers of copper, which is used in renewable energy systems to generate power from solar, hydro, thermal, and wind energy. In 2021, the DRC mined the third largest amount of copper on the globe while Zambia currently accounts for over 12% of global production.

    Accounting for over one-fifth of the world’s reserves, Madagascar, Mozambique, and Tanzania’s combined graphite reserves will play a central role in the development of lithium-ion batteries, with the critical mineral serving as a crucial element for the development of EVs and battery storage technologies.

    Furthermore, accounting for over a quarter of mineral demand for CSP development and serving as a crucial element for many green energy technologies, demand for manganese is expected to increase three-fold by 2030, according to the IEA. Over 60% of manganese production occurs in Africa, with Ivory Coast, Gabon, Ghana, and South Africa all producing the critical mineral, with the latter serving as the world’s largest producer.

    The development of green hydrogen (https://apo-opa.info/3NMbwOW) and decarbonization of sectors such as heavy transport, heating, and industry would not be possible without the development of PGM minerals, which include the ideal metals, such as iridium, palladium, and platinum, for catalysts in proton exchange membrane fuel-cell technologies. South Africa accounted for over 70% of global platinum production between 2016 and 2020, and over 80% of global iridium production, while Zimbabwe serves as the world’s third largest producer of platinum and second largest producer of iridium.

    The extraction and development of critical minerals has been taking an increasingly central position in the global economy. As such, competition for access to Africa’s critical minerals is expected to grow exponentially in the coming decades as the world transitions to a low-carbon energy future, with the world’s largest economies – China and the U.S. – vying for strategic control over global critical mineral supply chains, thus placing Africa at the heart of the global energy transition.

    The nexus between the global energy transition and Africa’s critical minerals will be further unpacked during the African Critical Minerals Summit scheduled for this November in Johannesburg.

    The African Critical Minerals conference is organized by African investment promotion and events producer Energy Capital & Power.

    Distributed by APO Group on behalf of Energy Capital & Power.

    Contact Senior Director James Chester at james@energycapitalpower.com / +27 606754850 for information about participating in the summit.

    SOURCE
    Energy Capital & Power
  • Join the Movement: African Energy Week (AEW) Fosters an African Energy Renaissance with 2023 Theme

    Join the Movement: African Energy Week (AEW) Fosters an African Energy Renaissance with 2023 Theme

    African Energy Week 2023 will proudly take place under the theme, ‘The African Energy Renaissance: Prioritizing Energy Poverty, People, the Planet, Industrialization and Free Markets’
    JOHANNESBURG, South Africa, May 8, 2023/ — Africa’s estimated 125.3 billion barrels of crude oil and 620 trillion cubic feet of proven gas reserves present an opportunity for the continent to accelerate the diversification of the energy mix and address energy poverty while driving industrialization, employment creation, gross domestic product growth and environmental sustainability. In this regard, the 2023 edition of the African Energy Week (AEW) conference and exhibition – Africa’s premier event for the energy sector which takes place in Cape Town from October 16-20 – is proud to take place under the theme, ‘The African Energy Renaissance: Prioritizing Energy Poverty, People, the Planet, Industrialization and Free Markets.’

    With over 600 million people across the continent living in energy poverty, 900 million without access to clean cooking solutions and African economies grappling with chronic shortages and high energy prices, the AEW 2023 theme reflects the urgent need for Africa to prioritize the needs of its people while correspondingly promoting sustainable development and industrialization, creating opportunities for free and open markets.

    “Africa has the potential to become a global leader in energy, but we must first address the urgent need to provide reliable, affordable and sustainable energy to our people,” said Verner Ayukegba, Senior Vice President of the African Energy Chamber, adding that, “This year’s theme underscores the importance of addressing energy poverty, driving large-scale project developments across the oil, gas, renewable and broader power sectors. At the same time, it reflects that it is imperative that we create the right conditions for investment to flow and the private sector to flourish.”

    Alleviating energy poverty will all come down to the continent’s strong pipeline of oil and gas projects. On the oil front, upstream projects to the likes of Eni’s Baleine project in Ivory Coast; Namibia’s three-fold discoveries in the Orange Basin; Zimbabwe’s onshore exploration campaign in the Muzarabani Basin, among others, continue to showcase the potential for upstream investment. Downstream, Angola’s three-refinery developments (Soyo, Cabinda and Lobito); the East African Crude Oil Pipeline; and other infrastructure developments offer new opportunities for petroleum distribution in Africa. All of these projects will be key for addressing energy poverty while accelerating industrialization.

    Meanwhile, climate action remains a top priority for Africa, as it represents the continent most impacted by climate change. As such, a series of sizeable low-carbon natural gas projects have and continue to be launched including Eni’s Coral South Project in Mozambique; TotalEnergies’ Mozambique Liquefied Natural Gas (LNG) development; bp’s Greater Tortue Ahmeyim project in Mauritania/Senegal; Perenco’s $1 billion LNG development in Gabon, among others. These developments open new prospects for power generation and distribution, job creation and capacity building, as well as revenue generation for countries continent-wide. As such, AEW 2023’s theme reflects the urgency behind these projects, focusing dialogue and deals on energy poverty, people and the planet.

    On the renewables front, Africa has emerged as a global green hydrogen investment hub with large-scale projects underway in Mauritania, Namibia, Egypt and South Africa. These projects aim to capitalize on the continent’s immense solar and wind potential, accelerating energy access and reducing carbon emissions. The continent’s focus on sustainable energy is underscored by AEW’s focus on the planet.

    While global energy transition related policies and restrictive local regulations and fiscal terms have disrupted the flow of foreign direct investments into African energy, this year’s AEW theme depicts the need for both established and emerging African energy producers to revitalize energy laws and prioritize the creation of enabling environments in which the private sector will thrive.

    In order for the continent to meet its energy and economic developments goals, prioritization must be placed on free markets, and AEW 2023 represents the platform where discussions on this topic will be held. Featuring investment-dedicated discussions and summits, AEW 2023 enables industry stakeholders to discuss best practices for the continent to maximize private sector participation while addressing investment and infrastructure gaps.

    “AEW 2023 will be a critical opportunity to advance the energy agenda in Africa and promote sustainable development across the continent. We have said it time and time again, Africa needs free market, increased private sector participation and business-enabling fiscal terms to grow. The AEW theme reflects this clearly and we look forward to welcoming delegates from across the globe to Cape Town for what promises to be a dynamic and productive event,” Ayukegba continued.

    Under this market-focused theme, a suite of high-level speakers will discuss growth opportunities across Africa’s entire energy value chain with the aim of accelerating energy security, climate change mitigation and value addition for local economies and people. In addition to dialogue, AEW 2023 will feature exclusive networking sessions and deal-signings, uniting African energy policymakers and companies with global investors. Additionally, technical workshops and presentations will showcase the latest innovations in technology and services while youth-led side events provide a platform for young entrepreneurs and industry players to engage with market leaders.

    For more information about AEW 2023, please visit the event website at www.AECWeek.com and secure your spot at the biggest gathering of energy stakeholders on the continent. Join the African Energy Chamber’s AEW 2023 and be part of the African energy renaissance.

    Distributed by APO Group on behalf of African Energy Chamber.

    SOURCE
    African Energy Chamber
  • ”How Nigeria Could Turn Climate Change into Economic Opportunity”-Prof Okereke

    ”How Nigeria Could Turn Climate Change into Economic Opportunity”-Prof Okereke

    The ongoing effort to stem the negative impact of climate change presents Nigeria with unique opportunities to boost its economy and improve electricity supply through renewable sources, expert on climate change issues, Professor Chukwumerije Okereke has said.

    Okereke who is the Director, Centre for Climate Change and Development, CCCD, Alex Ekwueme Federal University, Ndufu-Alike, stated this in Abuja at the award ceremony for the winners of the second National Essay Competition titled ‘Climate Change and Nigeria’s Economic Development: A letter to Mr. Incoming President’.

    Prof. Okereke said the essays written by the three finalists would be sent to whoever emerges Nigeria’s President in the general elections.

    He noted that climate change was not just an environmental issue but a national emergency that should be paid serious attention to by all Nigerians.

    According to him, “Many people misunderstand climate change as a small environmental problem somewhere. We are saying that climate change is a national economic development issue. It has to do with agriculture. It has to do with migration. It has to do with security. It has to do with water resources. It has to do with energy. It has to do with urban planning. It has to do with transportation.

    “Nigeria is losing according to the statistics and research done by the UK Government up to $100 billion a year to climate change as at 2020. And that number may go up to $250 billion per year by 2050 if Nigeria fails to take drastic action to tackle the problem. And the youth is the future.

    “They’re our leaders. You can see how massive their engagement in the current election campaign is. So we thought that it’s important to bring the youth together, to animate them, to equip them to empower them, to sensitise them so that they can champion the cause of climate change and the action to solve the problem in Nigeria.

    “As to whether the right is going to get to the President, absolutely. We will make sure that we email these three winning essays to whoever becomes the next president”.

    Prof. Okereke explained that the government needs to create more awareness among Nigerians on the impact of climate change and also set out a national plan to tackle the issues.

    He said that the national plan has to be implemented to the letter and also ensure that institutions charged with implementing the policies are staffed with competent people to drive the process.

    “The good news is that if we can act on climate change in a sensible and wise and intelligent manner, we can actually turn it from being a threat to being an opportunity. For example, in the area of renewable energy, we have just about 4,000 megawatts of energy that we are generating for a country of about 200 million people. South Africa generates about 40 gigawatts. And yet, Nigeria is a land of sun, we can harvest all the energy we need to meet our power and electricity from the sun.

    “Second, we can begin to utilise what we call green agriculture to be able to deal with the issue of desertification, desert encroachment, the degradation of the Lake Chad lecture and begin to create opportunity for women and men to go into green agriculture, which will build resilience to climate change and also lead to a lot of job opportunities.

    “We should stop the flaring of our gas in the Niger Delta, because its contribution is about 55 million metric tonnes of CO2 per annum to Nigeria. And yet if we harness those gases we can use it to power modular cooking and energy in the rural areas of the country”, he added.

    Source:(CCCD Post)