Category: ENVIRONMENT

  • At Africa Climate Summit, Afrobarometer survey sheds light on the continent’s climate reality: increasing drought, low climate awareness, and call for urgent action

    At Africa Climate Summit, Afrobarometer survey sheds light on the continent’s climate reality: increasing drought, low climate awareness, and call for urgent action

    NAIROBI, Kenya, September 7, 2023/ — The Africa Climate Summit (ACS) kicked off on Monday in Nairobi, Kenya bringing together governments, businesses, international organisations, and civil society. Afrobarometer (www.Afrobarometer.org) led an Action Hub event highlighting Africans’ views on climate change, including perceptions of worsening drought and an urgent need for climate action.

    ACS takes place two months ahead of the United Nations Climate Change Conference of the Parties, COP28 in Dubai, United Arab Emirates, setting the stage for meaningful conversations around climate action.
    At Monday’s TEDx-style event, representatives from the Institute for Development Studies at the University of Nairobi, Afrobarometer’s core partner for East Africa, shared findings from Round 9 surveys in 36 African countries in 2021-2022, shedding light on Africans’ perceptions of climate change.

    Project Manager Sam Balongo revealed that citizens demand urgent government action on climate change: Majorities in all 36 countries want their government to take action now to limit climate change, even if it is costly, causes job losses, or takes a toll on the economy. In 14 countries, 80% or more of citizens who are aware of climate change share this view.
    The findings also show that only about half (52%) of citizens across 36 countries have heard of climate change. Awareness is as high as 80% in Seychelles, 74% in Malawi, 73% in Mauritius, and 70% in Gabon, but as low as 22% in Tunisia and 29% in Botswana.
    Fielding questions from the audience on climate-change awareness Balongo said, “The fact that only half of Africans are aware of this very important issue underscores the urgent need for enhanced education and decisive climate action.”
    Among citizens who are aware of climate change, most say it is making their lives worse. This perception is especially widespread in Madagascar (91%), Lesotho (88%), Mauritius (86%), Malawi (86%), and Benin (85%).
    On the worsening impact of climate change on citizens’ lives, Afrobarometer Assistant Project Manager Anne Okello noted that “about half of Africans say droughts have become more severe over the past 10 years, while one-third say the same about floods.”
    This year’s ACS is organised around four dynamic systems-based tracks, energy systems and industry; cities, urban and rural settlements, infrastructure and transport; Land, ocean, food, and water; and Societies, health, livelihoods, and economies.

    Distributed by APO Group on behalf of Afrobarometer.
    For more information, please contact:
    Daniel Iberi
    Communications coordinator for Eastern Africa
    Telephone: +254 725 674 457
    Email: diberi@afrobarometer.org

     

  • EDITORIAL COMMENT

    EDITORIAL COMMENT

    Mohammed A.Abu

    The exploitation and continuous exploitation of the natural resources of African and other countries associated with colonialism and at the expense of the environmental health in exploited countries has contributed immensely to the present day climate change impact in those countries, some climate justice activists, contend.

    The use of extracted natural resources from the former colonies by former colonial masters for their industrialization, wealth creation and fast tracked development has led to the ever yawning global development/wealth-poverty gap.

    Aside former colonies having been impoverished as a result of the exploitation of their natural resources, their people are also left to bear the brunt of the socio-ecological cost of wealth being made from their natural resources in exchange for a pittance.

    Carbon emissions from the advanced world fueled by the global fossil fuel boom and industrialization in advance wealthy nations is the main driver of the climate change impact African and other exploited countries worldwide, are now being made to endure without any meaningful assistance from the polluters.

    The former NASA scientist James Hansen has estimated that now rich advanced world countries were responsible for 77 percent of all carbon emissions between 1751 and 2006. The United States alone produced 28 percent of carbon dioxide emissions in that period. Other estimates reveal similar disparities: according to the German database PRIMAP-hist, developed countries were responsible for 68 percent of carbon dioxide emissions between 1850 and 2016.

    It is therefore against this background that, we of the Eco-Enviro News Africa magazine finds the call made by African leaders within the context of the Nairobi Declaration on the major polluters and global financial institutions to take full responsibility by committing more resources to help poorer nations, the victims of their wealth making and major pollution, as being on point.

    The Rich Get Richer and Poor Gets Poorer

    The multinational mining and oil and gas corporates from the advanced world belong to the world’s richest one (1) percent who own half of global wealth. Some of them operate in extractive industries in Africa and other parts of the world, and are said to me making too much money from mineral rich African countries through illicit financial transfer(IFFs) while also, impoverishing their host countries and leaving their people to bear the brunt of the environmental mess they had created.

    According to the Economic Development in Africa Report 2020 by the UN Conference on Trade and Development (UNCTAD), Africa loses about US$88.6 billion, 3.7 per cent of its gross domestic product (GDP), annually in illicit financial flows.

    A “UNU WIDER research article published in 2019 said, Tax havens have become a defining feature of the global financial system. Multinational companies can use various schemes to avoid paying taxes in countries where they make vast revenues.An estimated  US$420 billion in corporate profits is said to shifted out of 79 countries every year.

    This equates to about US$125 billion in lost tax revenue for these countries. As a result, their state services are either underfunded or must be funded by other, often lower-income taxpayers. It contributes to rising inequality both within countries across the world.

    According to cnbc.com, the world’s millionaires, richest 1 percent who own half of global wealth were expected to do the best in the coming years. There are now 36 million millionaires in the world, it says, and their numbers were expected to grow to 44 million by 2022.The U.S. still leads the world in millionaires, with 15.3 million people worth $1 million or more.

    The Wealth-Poverty Gap

    Yet commodity export dependent countries among developing countries suffering climate change  impact  are also losing as much as 67 per cent of their exports earnings, worth billions of dollars, due to trade misinvoicing, according to a new study by UNCTAD, which for the first time analyses this issue for specific countries and commodities.

    This research provides new detail on the magnitude of this issue, made even worse by the fact that some developing countries depend on just a handful of commodities for their health and education budgets,” UNCTAD Secretary-General Mukhisa Kituyi said.

    Africa’s Climate Change Impact Snapshot

    The  International Federation of the Red Cross and Crescent Societies reports that in September 2020 alone, torrential rainfall, river floods, and flash floods affected 192,594 people across 22 states in Nigeria (including 826 injuries, 155 fatalities, and 24,134 displacements).

    An estimated 27 to 53 million people in Nigeria ,the report said,might have to relocate with an (0.5 m) increase in the sea level. Sea level rise is threatening other low-lying countries in Africa, with research suggesting that cities like Abidjan, Cape Town, and Dar es Salaam will be totally submerged with (1.0 m) global sea level rise. At the same time, oil and diamond-mine infrastructure in coastal African countries worth trillions of dollars are very susceptible to sea level rise and coastal erosion.

    Climate change is also causing a decrease in productivity of many staple food crops in Africa. About 86 per cent of Africa’s agriculture is rain-fed, implying that even moderate variations in rainfall, temperature and precipitation patterns could have immediate impact on agricultural production.

    Under this unjust world economic and financial order,at which Africa and others have always been  at the receiving end,African governments aren’t  sitting down arms folded and asking for handouts from the rest of the world, but she is doing her bit under the given circumstances. African governments have demonstrated willingness to take strong action on climate change but the world’s most wealthiest minority ought must do the needful now in order  to complement their efforts.

    Climate Actions in Africa

    Nigeria has recently submitted a revised Nationally Determined Contributions that promises 20 per cent Green House Gas emission reduction by 2030. Several other countries like the Gambia, Congo, Malawi, Namibia and Liberia have also submitted revised NDCs.

    Nigeria has raised $60+ million in green bonds; the country has also strengthened its 2030 emission targets with specificity on addressing emissions reductions from the waste sectors and increasing conditional contributions. Malawi and South Africa have developed a fund to finance green growth projects, while Rwanda has created its $11 billion, 10-year Climate Plan, among others.

    To this end, we of the Eco-Enviro News, Africa magazine,wish to state that, the call on the polluters to do more should also be directed categorically at the multinationals engaged in Africa’s extractive industries as the have the money.

    We also support Mohammed Adow’s expert opinion that the most straightforward way that developed nations can address that inequity is through financial transfers and technological support to developing nations.

    In his feature under the title. “The Climate Debt what the West Owe the Rest “published in Foreign Affairs in 2020, Mr. Adow notes that, as part of negotiations under the aegis of the UN Framework Convention on Climate Change (UNFCCC), wealthy countries have agreed in principle to provide $100 billion a year by 2020 to assist their poor counterparts.

    The amount he also notes, is hardly enough to help developing nations adjust to the effects of climate change, receive compensation for loss and damage as a result of extreme weather, and transition to low-carbon economies.

    “Even that funding has not fully materialized, and its lack of implementation suggests a continuing imbalance between the rich and the rest”, he intimated

     

     

     

     

  • Masdar, Africa50 align efforts to hasten clean energy transition across Africa

    Masdar, Africa50 align efforts to hasten clean energy transition across Africa

    Africa50 and Masdar will also explore opportunities to collaborate on the implementation of the Alliance for Green Infrastructure in Africa

    Abu Dhabi-based Masdar has announced a partnership with Africa50, the pan-African infrastructure investment platform.

    The clean energy giant will identify, drive and scale clean energy projects across the continent.

    The UAE’s clean energy leader and Africa50 have signed a memorandum of understanding (MoU), which will work to bridge the infrastructure funding gap and mobilise public and private finance.

    The agreement will see both parties work collaboratively to catalyse sustainable development of the clean energy sector in Africa.

    Masdar has committed $2bn of equity as part of the UAE finance initiative, which was announced during Africa Climate Summit by Dr Sultan Al Jaber, Chairman of Masdar and COP28 President-Designate.

    The Africa Climate Summit is the first of four global climate summits ahead of COP28,

    SOURCE

    GULF TIMES

     

  • African Leaders Advocate Global Carbon Taxes to Finance Climate Change Mitigation

    African Leaders Advocate Global Carbon Taxes to Finance Climate Change Mitigation

    African leaders have proposed new global taxes and reforms to international financial institutions to fund climate change action in a declaration following the Africa Climate Summit in Kenya.

    The Nairobi Declaration focuses on mobilizing financing to adapt to extreme weather, conserve natural resources, and develop renewable energy in Africa, which currently receives only 12% of the financing it needs to cope with climate change.

    The declaration calls for major polluters and global financial institutions to commit more resources to help poorer nations and suggests a global carbon taxation regime, including a carbon tax on fossil fuel trade, maritime transport, and aviation.

    It also advocates for reforms to the multilateral financial system and the development of a new Global Climate Finance Charter by 2025. African countries plan to take these proposals to the U.N. climate conference and COP28 summit for further discussion.

    Source:( Reuters )

  • African Sustainable Mining Piques Interest of Global Players

    African Sustainable Mining Piques Interest of Global Players

    CAPE TOWN, South Africa, September 5, 2023/ — In the wake of the global energy transition, mining companies have come under pressure to adopt sustainable business practices and employ low-carbon technologies in order to mitigate adverse environmental impacts.

    Private- and public-sector led mining activities across Africa have begun to prioritize sustainable techniques to promote environmental sustainability, social responsibility, and good business practices. In turn, the sustainable mining industry has become an increasingly attractive investment opportunity for global players seeking to enhance their returns on investment while spearheading climate protection and resilience.

    The Critical Minerals Africa (CMA) summit (https://CriticalMineralsAfrica.com/) – which is organized by Energy Capital & Power and is scheduled for October 17-19 in Cape Town – will connect capital and technology providers to African mineral producers, fostering synergies between the mining and tech industries. Taking place concurrently with Africa’s largest energy event, the African Energy Week conference (https://AECWeek.com/), CMA 2023 facilitates new investment and technology into both the African energy and mining sectors under efforts to forge a sustainable future for all.

    The emergence of advanced technologies such as machine learning, artificial intelligence, cloud computing, and robotics is poised to advance process automation within Africa’s mining industry. Automation can enable real-time monitoring of minerals and metals through mines and processing plants and allow mining companies to use simulations during the mining design stage to test multiple solutions before implementation. Automation also enables mines to reduce costs and improve competitiveness during operation, with more efficient sources of energy and improved water quality management set to drive profitability, safety and efficiency. Investing in automation will unlock a fresh wave of productive mineral operations in Africa.

    On the mining technique front, new alternatives to traditional mining strategies such as in-situ leching are enabling African mining projects to reduce their environmental impact. Investments in modern mining and rehabilitation techniques including afforestation will allow miners to reduce soil erosion and vegetation disturbance while the re-use of mining waste present opportunities for mines to ensure effective land and waste management. Sustainable mining techniques will also enable mining operators to more effectively re-process tailings for use as mine back-fill material. As Africa’s mineral sector grows due to rising global interest in critical minerals, the deployment of innovative mining techniques will enhance both productivity and sustainability.

    Meanwhile, Africa’s sustainable mineral investment opportunities transcend mining operations. Extraction and transportation in the mining industry requires immense amounts of energy. As such, alternative forms of energy such as solar, wind, and hydroelectric power are poised to reduce mines’ carbon footprint while improving the overall sustainability of the industry.

    While clean-energy mines are still in their infancy in Africa, mining companies including Anglo American, Sibanye-Stillwater, Gold Fields, Harmony Gold, and Impala Platinum have begun to tap into the continent’s renewable energy potential and expand sustainable energy development for their large-scale projects in South Africa. The integration of renewables with mining operations presents a lucrative investment opportunity and will become increasingly more important as the world transitions to a low-carbon future.

    Foreign investment within Africa’s mining industry is poised to increase productivity while ensuring the sector remains up to date with the latest innovations and environmental standards. The implementation of sustainable mining technologies offers the benefit of maximizing exploration and production while creating research and education opportunities for the continent’s local workforce. As such, CMA 2023 will catalyze the development of Africa’s sustainable mining industry, bringing financiers and technology providers to the market.

    Are you a tech-expert looking at modernizing Africa’s mining operations? Or are you a financier looking at expanding your portfolio of sustainable investments? CMA 2023 offers both a unique and highly strategic platform to do both. Join the summit now and connect with Africa’s mining industry.

    Critical Minerals Africa takes place on 17-19 October at the CTICC in Cape Town, South Africa.

    Tickets are now available at www.CriticalMineralsAfrica.com

    Contact us if you are interested in speaking: speak@energycapitalpower.com

    Contact us if you wish to promote your organization as a sponsor: sales@energycapitalpower.com

    Contact conference director James Chester by email at james@energycapitalpower.com if you wish to discuss your strategic objectives at the conference.

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

    SOURCE
    Energy Capital & Power

  • Hunger Projections in Mauritania, Sahel Region Alarming!!!

    Hunger Projections in Mauritania, Sahel Region Alarming!!!

    DREF Operation Final Report Reveals

    ,,,,,,,As Climate Change Impact Cited

    Story: Mohammed A. Abu

    The International Federation of Red Cross Societies(IRFC) in its sixteen-page Disaster Response Emergency Fund(DREF) Operation-Final Report on Mauritania Food Insecurity, has noted that, the food crisis and hunger projections in the Sahel have become increasingly alarming over the past decade in all Sahelian countries, including Mauritania.

    According to the projected situation for the next lean season (June-July-August 2023): five (5) wilayas(regions) are projected to be classified in the “Pressure” phase (IPC 2), namely Nouakchott, Nouadhibou, Adrar, Assaba and Inchiri the report hinted.

    The six-month Operation which started on July 5, 2022 and ended on December 31, assisted 5,740 people among which were 2,927 males and 2,813 females out of a total 440,765 affected people.

    The Host National Society, the Mauritania Red Crescent Society (MRCS) was supported by Red Cross Red Crescent Movement partners currently actively involved in the operation: Mauritanian Red Crescent, British Red Cross, French Red Cross, ICRC, IFRC, Kuwaiti Red Crescent, and Livelihoods Resource Centre

    Other partner organizations actively involved in the operation: Government of the Islamic Republic of Mauritania through the CSA (Almaouna Programme) and WFP.

    The report also notes the contribution of the Canadian Government to replenish the DREF for this operation. “On behalf of Mauritania Red Crescent Society (MRCS), the IFRC would like to extend gratitude to all for their generous contributions””.

    Like other countries in the region, the report notes, food and nutrition insecurity is persistent in Mauritania despite the good spatial and temporal distribution and excess rainfall in most parts of the country during the 2022 rainy season.

    In the latest period of 2022, it continues, (October-November-December 2022), one (1) wilaya (region) (Dakhlet Nouadhibou) was classified in the “Minimum” food security phase (IPC 1); two (2) wilayas (Gorgol and Guidimakha) were classified in the “Crisis” phase (IPC 3), and the country’s ten (10) other wilayas were classified in the “Pressure” phase (IPC 2).

    “The size of the food insecure population was estimated to be 440,765 people, or 10% of the total population of Mauritania. Of this, 12% are in the “Emergency” phase (IPC 4) and 88% are in the “Crisis” phase (IPC 3).

    “The food insecurity situation is taking a bigger scale with joint factors include economic challenges faced by households and overall market, climate changes, agricultural challenges, scarcity of rainy seasons, the migration challenges in the sub-regions etc. In addition, the rainfall of 2022 during the food security intervention of Mauritania Red Crescent has caused massive flooding that has affected crops and will impact agricultural production in these areas, which are mainly arid, with a higher level of drought compared to other countries in the Sahel.

    “According to the projected situation for the next lean season (June-July-August 2023): five (5) wilayas are projected to be classified in the “Pressure” phase (IPC 2), namely Nouakchott, Nouadhibou, Adrar, Assaba and Inchiri.

    “The eight (8) other wilayas are projected to be classified in “Crisis” phase (IPC 3). During the next lean season, the food insecure population is estimated to be 694,612 people, or 16% of the total population of Mauritania. Of this population, 17% are projected to be in the “Emergency” phase (IPC 4) and 83% are projected to be in the “Crisis” phase (IPC 3).” the report added.

    The major donors and partners of the Disaster Response Emergency Fund (DREF) include the Red Cross Societies and governments of Belgium, Britain, Canada, Denmark, Germany, Ireland, Italy, Japan, Luxembourg, New Zealand, Norway, Republic of Korea, Spain, Sweden and Switzerland, as well as DG ECHO and Blizzard Entertainment, Mondelez International Foundation, Fortive Corporation and other corporate and private donors.

    Photo: Credit: Françoise GUICHARD/Laurent KERGOAT/CNRS Photo Library

  • 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

  • EEA Responds as ISSB makes Climate Risk Disclosure Mandatory for Hospitality Sector

    EEA Responds as ISSB makes Climate Risk Disclosure Mandatory for Hospitality Sector

    Story: Mohammed Abu, Accra.

    The London, UK based Energy & Environment Alliance (EEA) has lauded, the issuance of the inaugural standards, IFRSS S1 and IFRS S2 yesterday by the International Sustainability Standards Board(ISSB) while also noting that, this moment marks the beginning of a new era in which sustainability action and disclosure is no longer voluntary but now mandatory.

    IFRS S1 provides a set of disclosure requirements designed to enable companies to communicate to investors about the sustainability-related risks and opportunities they face over the short, medium and long term.

     IFRS S2sets out specific climate-related disclosures and is designed to be used with IFRS S1. Both fully incorporate the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

    Ufi Ibrahim, CEO, EEA, in an official statement issued in London, Tuesday, notes, “The new standards which initially focus on materiality disclosure, will transform business as usual, embedding sustainability and broader ESG considerations in every aspect of running a business. S1 and S2 will come into effect in the 2024 financial year; so, that gives us just a few months to prepare the hospitality industry for adoption of the new disclosure rules.”

    The EEA, the statement disclosed, has already established a working group of industry leaders and experts to deliver meaningful guidance to EEA members and to work with the IFRS and ISSB on the development of sector specific standards.

    “It is critically important that our industry unites to provide collective and considered input to the IFRS process because the new requirements will impact all our businesses and all our asset values”, Ufi Ibrahim intimated.

    “With this formal announcement, the Alliance calls on industry leaders, investors and risk and compliance officers to support the EEA working group”, she added.

    EEA has been established to help the global hospitality industry achieve net zero carbon and ESG (environmental, social and governance) stewardship,

  • Investing in Africa Conference & Expo 2023 Gets Set

    Investing in Africa Conference & Expo 2023 Gets Set

    Now in its 10th year, AFSIC – Investing in Africa is set to host another world-class gathering of Africa-focused businesses, dealmakers and investors to discover and execute investment deals, network and share insights in London on 9-10th October 2023.

    IFC, Accion, Verdant Capital, RMB, Old Mutual, Citibank and more than 120 speakers are confirmed to present exceptional content in a highly structured, multi-stream programme which includes focused sessions on Banking, Informed Investing, Building, Fintech Innovation, Sustainable Growth, Agriculture and Power.

    The highly popular country investment summits led by in-country experts facilitate deep dives into specific African countries to explore and debate local issues and investment opportunities with interactive Q & A sessions.

    Underpinned by the Award-Winning AFSIC African Investments Dashboard, the expanded Quickfire sessions and investor networking sessions will showcase a wide range of African start-ups, growth companies and Africa-focused funds that are seeking capital, for a variety of different projects from zero emissions logistics solutions to secure payments systems to SME-target funds. Quickfire presenters benefit from a range of promotional opportunities across the group’s investor network in the lead up to AFSIC.

    British International Investment, Executives in Africa and FSD Africa head up an impressive group of loyal sponsors and partners with 27Four, Ebury, Mitco and Bank One welcomed as new sponsors for 2023. These sponsors exemplify African expertise in investment, financial services and human resources and will share key insights into the African investment ecosystem.

    The beating heart of physical events is physical networking which at AFSIC is driven by highly interactive sessions, panel debates, B2B meetings via the Event App and social functions.

    Don’t miss out on networking at the leading gathering of Africa-focused investors. Listen, learn and debate at presentations, country summits, quickfire pitch sessions, networking sessions, informal chats and social events – all making AFSIC 2023 an unmissable opportunity.

    AFSIC 2023 www.afsic.net