Category: Featured

  • Can South Africa Win Its Case Against Israel?

    Can South Africa Win Its Case Against Israel?

    South Africa’s application to the International Court of Justice (ICJ) seeking to have the court declare Israel’s military assault on Gaza a genocide will be heard starting on Thursday in The Hague.

    Israel has called the allegations “baseless” and accused South Africa of “cooperating with a terrorist organization.”

    States including Turkey and Jordan have backed the case. Malaysia publicly offered South Africa its support. Malaysia’s Foreign Ministry described the proceedings as a “timely and tangible step towards legal accountability for Israel’s atrocities.”

    Israel finds it is having to defend itself against arguments based on a convention that was drawn up in part to prevent a repetition of the Holocaust, which killed 6 million Jews.

    The application asked the ICJ to take interim measures to immediately suspend Israel’s military operations in Gaza and “take all reasonable measures” to prevent genocide. In its 84-page brief, South Africa cites alleged incitement by top Israeli officials, including the defense minister, Yoav Gallant, who referred to Palestinians in Gaza as “human animals,” as well as Prime Minister Benjamin Netanyahu’s comparison of Palestinians to the biblical story of the Amalek nation, which God ordered the Israelites to destroy.

    Pretoria argues Israel’s military assault violates its obligations under the 1948 Genocide Convention, which defines genocide as “acts committed with intent to destroy, in whole or in part, a national, ethnical, racial, or religious group.”

    The application condemns Hamas’s killing of 1,200 Israelis and foreign citizens and hostage-taking of around 247 people on Oct. 7 but argues that no attack can justify the killing of more than 22,000 Palestinians, including over 7,000 children—the number of dead at the time it was written.

    Unlike previous cases at the International Criminal Court, which Israel has boycotted because it does not recognize that court’s authority, Israel has no choice but to appear in front of the ICJ as it is a signatory to the Genocide Convention and subject to the jurisdiction of the ICJ, the United Nations’ top legal body. Both sides are sending some of their best lawyers to The Hague. Pretoria is sending South African international law expert John Dugard, a former U.N. special rapporteur on human rights in the occupied Palestinian territories. Meanwhile, Israel will be represented at the ICJ by the British lawyer Malcolm Shaw, an expert on territorial disputes.

    Israel is also sending Aharon Barak, a retired Israeli Supreme Court president who is a Holocaust survivor and a fierce critic of the Netanyahu government’s judicial reform plan—which adds to his credibility in the eyes of Netanyahu’s critics.

    The application also raises possible reputational damage for the United States. As the International Crisis Group’s Brian Finucane argues “U.S. officials risk complicity if Israel uses U.S. support to commit war crimes.” The United States is increasingly isolated as one of the few countries that has stood resolutely behind Israel since the Oct. 7 Hamas attack and subsequent Israeli offensive in the Gaza Strip amid growing international criticism over the dire humanitarian crisis in Gaza.

    “We find this submission meritless, counterproductive, and completely without any basis in fact whatsoever,” White House National Security Council spokesperson John Kirby said last Wednesday.

    Israel and South Africa’s animosity has deep roots. After Israel was founded, the country’s leaders cultivated close ties with newly independent African states while often condemning apartheid in South Africa. However, relations with most African nations soured after the 1973 Arab-Israeli War, while Israel’s ties with South Africa grew stronger as it began to sell large quantities of arms to the apartheid regime. Israel became a key ally and defense partner for the white supremacist government during the 1970s and 1980s, even as other countries began to impose sanctions on Pretoria. In November, South Africa’s Parliament voted to suspend diplomatic ties with the country until a cease-fire agreement in Gaza is reached.

    The South African government, faced with domestic issues at home, has tried to assert itself as a moral beacon in the world, calling out the hypocrisy of the West over the war in Ukraine and campaigning for a multipolar global order where poorer nations have a voice.

    While it is easy for some analysts to dismiss South Africa’s case, any ruling could set legal precedents since Pretoria is basing its petition in part on Gambia’s proceedings against Myanmar in 2020, in which Gambia successfully argued as party to the Genocide Convention that it has an obligation to act to prevent genocide against the ethnic Rohingya population in Rakhine State and therefore had standing. Myanmar had tried to argue that Gambia was not an “injured” party and therefore could not bring a case.

    Since the war began, Israel has restricted the entry of medicine, water, and fuel to Gaza’s population of 2.3 million people, except for limited aid through Egypt that U.N. workers say falls far short of what’s needed with famine and disease around the corner.

    By not seeking a definitive ruling—but only provisional measures under Article 74 of the ICJ rules—the threshold of what South Africa has to prove is lowered. The court could decide it does have jurisdiction to proceed with the case as in The Gambia v. Myanmar. It could also choose to impose some of the interim measures requested by South Africa without making a decision that Israel’s conduct in Gaza amounts to genocide.

    Although ICJ orders are binding, they’ve not been enforceable. Russia has defied the court’s judgment to suspend military operations in Ukraine. Regardless of the ICJ’s eventual decision, Israel is becoming more isolated on the world stage.

    SOURCE
    Foreign Policy’s Africa Brief
  • Overfishing off West Africa hits livelihoods, fuelling emigration

    Overfishing off West Africa hits livelihoods, fuelling emigration

    This article was originally published on China Dialogue under the Creative Commons BY NC ND licence.

    But a number of factors are depleting fish stocks, causing economic hardship and thus fuelling irregular migration to Europe. These include an influx of foreign trawlers in the region’s waters, lopsided fisheries agreements with foreign governments, weak laws and poor law enforcement.

    Experts say these issues can be overcome. They believe West African countries should: work together as a bloc to ensure it can strike fairer fisheries deals; invest in monitoring and surveillance to deter illegal fishing; and implement policies that better protect the marine ecosystem on which fish stocks depend.

    What is happening?

    Between 2017 and 2023, more than 900,000 migrants arrived irregularly in Europe by sea and land through Italy, Spain, Greece, Malta and Cyprus, according to the UN’s International Organization for Migration (IOM). An estimated 26% of these came from West and Central Africa.

    The journey is treacherous. Many who set out do not make it to Europe and are forced to return home. Others perish.

    Between January and March this year, 532 people went missing as they attempted to cross the Atlantic Ocean and Mediterranean Sea, the IOM report notes, with disappearances mainly linked to drowning, dehydration or hypothermia.

    In 2021, Nuha Njie tried to leave Gunjur, a coastal town in The Gambia, on a fishing boat bound for Morocco, from where he hoped to get to Europe. He is now back in Gunjur selling fish.

    “Before my unsuccessful journey, I requested for rental shop near the landing site to sell fish,” he tells China Dialogue. “I struggled to get one.” Njie explains that such a facility would have created job opportunities for other youths, as shop assistants or suppliers of fish. Njie adds: “I am not aware of any government loans or assistance to access fishing tools such as boats, which would have encouraged us to stay here and work.”

    Problems persist. Industrial trawlers will sometimes damage or destroy the fishing nets placed in the waters by local fishers, Njie explains. Though often accidental, this damage “affects the catches and subsequently, the market always runs out of [fish] stocks.” Often, this also leads to clashes between artisanal fishers and industrial trawlers.

    man sitting on and mending fishing net
    Small-scale local fishers in West Africa often face competition from foreign industrial trawlers. This has led to mass migration amongst fishers searching for better economic prospects. (Image: Mustapha Manneh / China Dialogue Ocean)

    Njie further accuses trawlers of violating regulations by fishing during a six-month “closed period” in the winter established by the government to allow fish to breed. He explains that Chinese fishmeal factories, often supplied by Senegalese boats, do sometimes operate during this period. “It is unfortunate that The Gambian government does not enforce the closed season as it should.”

    The Gambia’s Fisheries Regulations, last updated in 2008, state that no trawlers can fish within 12 nautical miles of the coast. However, unlike Guinea Bissau’s and Senegal’s, they do not indicate what fine should be given for particular offences. Often, this translates to trawlers receiving minimal penalties, or even going scot-free by bribing government officials.

    Despite the regulations in Senegal, Siaka Fai, a fisher from Missira village, in the country’s northern Fatick region, says fisheries agreements – and the industrial trawlers that come as a result – are compromising marine resources. “Our government has signed these fishing agreements and issued licences to other trawlers to operate on our waters… They have the bigger capacity, and we even compete with them around the areas we can access,” Fai notes. “As a result, small-scale fishers would [return] with very minimal catch, which is frustrating.”

    Why are people leaving?

    Illegal fishing has led to the loss of more than 300,000 artisanal – or traditional – fishing jobs in West Africa, according to the International Collective in Support of Fishworkers (ICSF). As a result, these people are forced to find work in another sector or to look abroad for it.

    The Covid-19 pandemic has exacerbated conditions driving irregular migration. A UN report on extreme poverty in West Africa, published in January 2022, revealed that “nearly 25 million people are unable to meet their basic food needs, which is 34% higher than in 2020.”

    There is historical precedent for this. In 2005 and 2006, fish stocks in Senegal collapsed, and close to 36,000 West Africans – mostly from Senegal and Mauritania – fled to the Canary Islands in an attempt to enter Europe, according to a report by the Global Initiative against Transnational Organised Crime.

    Many of the irregular migrants from The Gambia and Senegal that China Dialogue spoke to – and their families – say that seeking greener pastures in Europe is their main motivation for leaving.

    Like Njie, Wuyeh Sanyang left Gunjur in 2021, on a boat believed to be carrying more than 100 young Gambians, according to his family. He has not been heard from since.

    “Before he left, he kept talking about the hardship the family is going through,” his mother Sariba Ceesay, 68, says of her son’s motivations. “All I do is pray for us to reunite.

    “The saddest thing for me is I have no knowledge of whether he is alive or dead.”

    Bad deals for West African nations

    The fisheries sector has provided hope to Gambians over the years, especially to youths looking for work. But this hope has faded recently as regional governments signed new fishing agreements with industrial fishing operators.

    Nine of out of ten fishing vessels legally operating in Gambian waters are foreign-owned, according to the Ministry of Fisheries and Water Resources’ website. There are currently five facilities for turning fish into fishmeal and fish oil that are licensed to operate in the small country.

    In October 2018, The Gambia signed a six-year fisheries agreement with the European Union (EU) giving the bloc’s vessels the right to catch up to 3,300 tonnes of tuna and 750 tonnes of hake per year in Gambian waters. The EU paid 550,000 euros per year for the privilege.

    people throwing ice onto large display of fish
    Workers throw ice on fresh catch at the Tanji fish landing site off the coast of The Gambia (Image: Regina Lam)

    Speaking to local press in 2019, environmental scientist Abdoukarim Sanneh said that even though the EU’s agreement with The Gambia also covers cooperation to fight illegal, unreported and unregulated (IUU) fishing, it still amounted to “trade injustice”. The agreement and fishing licences pose a major threat to local, artisanal fishers, he added.

    It is a similar story in Senegal, where fisheries contribute to more than 3% of GDP, according to a Food and Agriculture Organisation (FAO) report. Most beneficiaries are artisanal fishers and processors, with 53,000 direct jobs, and over half a million that are reliant on fisheries. The report notes that overfishing, pollution and climate change pose the biggest threats to the sector’s job market.

    The fisheries industry accounts for 10.2% of Senegal’s exports, and generated US$400 million in revenue in 2021, found a report jointly published by the US Department of Agriculture and the Global Agricultural Information Network in 2022.

    Yet, like The Gambia, Senegal also has a fisheries agreement with the EU, signed in 2014, which allowed up to 38 EU boats to fish in Senegalese waters in return for a 8.69 million euro payment by the EU. The main agreement expired in 2019, but Senegal and the EU have since extended it with a new protocol. Other foreign-owned industrial trawlers also fish on Senegal’s waters.

    ‘Double whammy – no fish and no dollars!’

    In a 2019 paper, researchers analysed the EU’s so-called sustainable fishing agreements and identified the damage the deals are causing to West African nations. Its authors followed up with an article noting that other countries, including China and Russia, are also part of the picture.

    These patterns of exploitation exacerbate socio-economic inequalities, driving many people to despair and emigration

    Aliou Ba, interim senior oceans campaign manager for Greenpeace Africa

    Rashid Sumaila, a professor at the University of British Columbia who writes on sustainable fishing, says that West Africa gets a raw deal in these agreements, as its countries receive payments amounting to a small fraction of what their marine resources are worth. “The fishing communities in West Africa lose their fish without seeing any of the fees collected,” Suamila notes. “Thus, they end up with a double whammy – no fish and no dollars!”

    For Aliou Ba, interim senior oceans campaign manager for Greenpeace Africa, the main threat to the ocean and communities in West Africa is the unsustainable exploitation of marine and terrestrial resources, often facilitated by unfair agreements, neo-colonial practices and IUU fishing.

    “These patterns of exploitation exacerbate socio-economic inequalities, driving many people to despair and emigration,” Ba says. “And Europe’s [border policies] make this situation terribly dangerous.”

    West African nations lose an estimated $9.4 billion per year due to IUU fishing, according to a 2022 report by the Financial Transparency Coalition.

    What are the solutions?

    Ba highlights that “too many” young Africans have disappeared while emigrating in search of better lives. It is “high time for national authorities to invest in monitoring and surveillance of the oceans, and develop sustainable development policies capable of creating hope and lasting jobs,” he says.

    To incentivise businesses in the sector to spur local employment, “fisheries need massive investment, including subsidies to help local fishers with boats and storage facilities,” says Gambian migration specialist Bubacarr Singhateh.

    He adds there is a need for policies that protect the marine ecosystem through sustainable fishing and guarantee that perpetrators of fisheries crimes – such as fishing within a protected area and the illegal use of large nets – pay damages, to ensure proper restitution for those affected.

    West African governments have begun to develop robust fisheries policies intended to ensure a future for local fishers.

    The Gambia’s most recent fisheries and aquaculture policy, published in 2018, sets as a major objective the sustainable development and management of industrial fisheries with the “full participation” of Gambians. It also seeks to develop Gambians’ capacities so they fill at least 30% of all skilled labour positions onboard fishing vessels, and to create jobs from “onshore value-addition activities”, which includes fish smoking and other kinds of processing.

    Senegal, too, has various progressive policies, including its recent Agreement on Port State Measures, facilitated by FAO, which is the first binding international agreement to specifically target IUU fishing.

    However, for these policies to be truly successful, governments must stop signing agreements that threaten to jeopardise fish stocks in the region, such as the EU deal, which contributes to overfishing and overexploitation of local fish species. They must also clamp down on Chinese trawlers operating in The Gambia, Senegal, and Guinea Bissau, which currently do so to an extent that compromises sustainable fishing principles.

    This year, an Amnesty International report detailed the devastating impact of overfishing on Sanyang, a coastal village in The Gambia, in which it identified foreign-owned industrial trawlers and fishmeal factories as particularly damaging in how they dissolve local livelihoods, create food insecurity and perpetrate human rights abuses.

    In an article accompanying the report, Samira Daoud, Amnesty’s regional director for West and Central Africa, said: “The Gambian authorities must urgently take all necessary steps to hold them to account and protect the human rights of affected communities, including their economic and social rights.”

    When West African nations enter into fishing deals with other countries, Sumaila suggests that, in order to ensure they are fair, “they need to work collaboratively as a unit, just like the Pacific Island States do. This will increase the region’s bargaining power, making it receive a fair share of the value of resources.”

  • AFSIC 2023: Why it is Worth to be There 

    AFSIC 2023: Why it is Worth to be There 

    Eco-Enviro News Africa AFSIC Feature

    Natural resources rich Africa’s continuous growing economic competiveness within the context of a globalized economy, has for decades attracted and continues to attract international investor attention.

    Africa’s Unique Selling Points

    Aside accounting for over 60 percent of the world’s total arable land served with more than abundant surface and ground water resources,the continent also holds a huge proportion of the world’s natural resources, both renewables and non-renewables. In addition, the continent is home to some 30 percent of the world’s mineral reserves with particular reference to critical minerals needed for powering electric vehicles, eight per cent of the world’s natural Gas and 12 percent of the world’s oil reserves.

    Africa’s population as a whole is very young, with 60% of the entire continent aged below 25, making it the youngest continent in the world, in relation to its population makeup. All of the world’s top 10 youngest countries by median age are in Africa and household incomes and consumption are projected to rise.

    Share of World’s Fastest Growing Economies.

    Africa has some of the fastest-growing economies in the world, African nations are playing an increasingly significant role in the global economy.

    Africa’s pre-Covid-19 top five performing economies are projected to grow by more than 5.5% on average in 2023-2024 and to reclaim their position among the world’s 10 fastest-growing economies. These countries are Rwanda (7.9%), Côte d’Ivoire (7.1%), Benin (6.4%), Ethiopia (6.0%), and Tanzania (5.6%).

    Returns On Investments

    A report by the UN Conference on Trade and Development states that between 2006 and 2011, Africa had the highest rate of return on inflows of Foreign Direct Investment: 11.4%. This is compared to 9.1% in Asia, 8.9% in Latin America and the Caribbean

    According ECA sources, the African continent could become the most profitable region in the world for foreign direct investment (FDI), with a rate of return of 14%, compared to a world average of 7.1%.

    Some popular sectors for investment include primary agriculture and agro processing, mining, oil and gas, real estate, technology, tourism and hospitality and infrastructure. The mining industry in Africa is a major contributor to the continent’s economy, with abundant deposits of precious metals and minerals.

    African policy makers believe FDI can help to provide technology, marketing and management skills, make up for domestic capital shortfalls, generate both efficiency and technology transfer in local firms, and facilitate access to foreign markets

    The importance and relevance of Africa’s leading global Investment event, “Investing in Africa” could therefore be best appreciated against this background.

    Scheduled to take place from the 8th-10 October,2023 in London, UK, the event seeks to draw over 1,500 delegates worldwide. In participation are thirty-two (32) African countries, thirty-six (36) other countries five hundred and ninety-nine (599) African delegates, six hundred and fifty-nine (659) delegates from other countries, three hundred and forty-one (341) Speakers and Chairs, twenty-seven (27) Media Partners, fifty-two (52) Sponsors and thirty-five (35) networking stands.

    The Managing Director, Rupert McCammon in an interview earlier this year noted that, AFSIC now in its 10th year, is believed to be the largest African investment event taking place annually outside Africa and has become one of the most important conduits of investment into Africa.

    Over the past ten years AFSIC, Mr. McCammon intimated, has been entirely focused on bringing together Africa’s business leaders and Africa’s most interesting investment opportunities with the continent’s most important investors and dealmakers to facilitate new investment into Africa.

    Wide ranging support from exceptional partners and sponsors AFSIC, over the past ten years, he noted, has led the way in profiling investment opportunities from Africa and providing an excellent forum and associated platforms to showcase these opportunities to investors.

    AFSIC is a conference that is very focused on networking and delegates attend year on year as they feel the variety of interactions and the superb content delivered all contribute to getting deals done and investment secured.

    Networking Opportunities

    Supported and sponsored by some of the leading Africa-focused corporates, AFSIC 2023 will build upon the last ten years’ successes.

    The AFSIC 2023 networking opportunities include: matchmaking sessions facilitated through the sophisticated Event and Meeting App which goes live one month prior to the event ,a networking exhibition with key sponsors and partners offering enhanced opportunities to meet with them, numerous sessions dedicated to meeting a wide range of representatives from investor groups including: DFI’s, Impact Investors, Private Equity Investors and Venture Capital Investors, the regularly sold-out Meet African Dealmakers event – this year to be jointly sponsored by the European DFIS,country investment summits focused on the fastest growing African economies with informal networking at the end of each session ,various evening social functions hosted by our partners and sponsors

    Speakers and Panel events

    The event is broken down into Industry Streams and this year these will include Advancing Agriculture, Building Africa, Banking on Africa, Fintech Innovation, Power Africa, Sustaining Africa and Informed Investing in parallel to country-focused investment summits and quick-fire sessions highlighting exceptional projects.

    Speakers are from a wide pool of exceptional African business leaders who are looking to promote their Africa-focused company from an investment perspective as well as some of the leading institutional investors and dealmakers focused on driving investment into Africa.

     Sponsors and Partners

    AFSIC 2023 welcomes British International Investment, FSD Africa, Executives in Africa, 27Four, Icecap, RMB, Fitch Ratings, Bank One, Alpha Morgan, Benchmark International, Pearlbridge Capital Managers, Mitco, Carey Olsen, Proparco, FMO, NIDP and DEG to date and negotiations are still ongoing with many other exceptional companies who see the value of the association with AFSIC in October and the all year round exposure via the digital platforms.

    The event media and partners are also critical in raising the profile of both our sponsors and the conference itself. 

    Digital Presence and Reach

    AFSIC has exceptional digital reach with a network of over 140 000 mailable contacts including institutional investors, investment bankers & financial intermediaries, African business leaders, providers and executives. The Group’s 3 websites capture 7,5 million impressions annually with impressive top 10 SEO ranking for over 1600 keywords relating to business, trade and investment in Africa. In addition, AFSIC 2023, like AFSIC 2022, will have all content recorded and live streamed enabling AFSIC to have an exceptional Pan-African reach.

    AFSIC Digital platforms

    AFSIC boasts two award-winning digital dashboards focused on matching business, trade and investments opportunities across all African countries and all business sectors.

    The Africa Business Community provides a vast network of African businesses, global businesses, government agencies and service providers. In 2023 AFSIC is working closely with Prosper Africa, a US Government initiative, to substantially enhance US-Africa trade.

    AFSIC’s sophisticated matching algorithm ranks and matches business opportunities and “calls for business” posted on our Africa Business Opportunities Dashboard, allowing interested parties to connect through this free and open access platform.

    There is also a closed AFSIC African Investments Dashboard which is catered to matching institutional investors and African companies seeking capital with investor-ready documents.

    Expected Traction from Business Opportunities Posts

    In 2022 over 2 million personalised business matching emails were sent and AFSIC database sees 30 000 new contacts joining annually, all with an interest in business, trade and investment opportunities across Africa and all business sectors.

    AFSIC African Investments Dashboard has a network of 25 000 investors. AFSIC’s recommendation is that, all business opportunity owners make their descriptions as detailed and clear as possible to appear attractive to interested parties and investors.

     Business Opportunities Dashboard versus AFSIC African Investments Dashboard

    The Africa Business Opportunities Dashboard offers free registration, access and connections for all users using automated matching algorithms and individually customised e-communication strategies. The AFSIC African Investments Dashboard is a closed dashboard only viewable by registered investors and uploads are only available for high quality projects seeking equity, debt or hybrid investment capital. We also offer additional bespoke introduction services for our AFSIC African Investments Dashboard clients.

    Country Investment Summits and Networking Sessions

     AFSIC 2023 will offer country investment summits for the larger economies in Africa and these sponsored comprehensive summits will comprise: •a panel discussion led by in-country experts sharing their insights on how to successfully navigate the investment ecosystem in each country, Quick fire Pitch Sessions on specific investment opportunities across business sectors in each country, informal business networking to meet some of the countries’ business leaders, government representatives and investors Angola Nigeria Rwanda Egypt Morocco country networking.

    Informal country networking sessions at AFSIC 2023 will provide delegates with an opportunity to meet other interested investors and in-country experts to discuss the investment climate

    Raising capital for your own fund?

    AFSIC provides opportunities for fund executives to attract investment into new funds through introductions to Fund of Fund, DFI, SWF Investors can share their funds’ metrics, mandates and past performance through formal presentation sessions, investor panels, formal and informal networking sessions and B2B meetings supported by the AFSIC African Investments Dashboard digital database of investment opportunities and the sophisticated Event and Meeting App

  • Global fintech giant invests in sustainable communities in West and Southern Africa 

    Global fintech giant invests in sustainable communities in West and Southern Africa 

    Having pioneered the development of online trading and digital investment solutions 22 years ago, global fintech company Admirals is today considered a market-leading provider of an innovative range of online trading and investment products.  

    The Admirals suite of products includes leveraged Contracts for Difference (CFD) products in the over-the-counter market, including Forex, indices, commodities, digital currencies, stocks, and ETFs, as well as listed instruments to retail, professional, and institutional clients. 

    The company is steadily increasing its footprint in Africa, having opened its first African office in Cape Town, South Africa in July 2022, followed by the launch of its Lagos office in Nigeria in February this year.

    Admirals currently serves clients across 176 countries world-wide.  

    With a physical presence in 18 countries across developed and emerging economies, Admirals is deeply committed to bridging the financial inclusion gap that spans across continents, economies, and societies. 

    “Financial freedom is a universal objective,” says Boriss Gubaidulin, Admirals Africa Director. “By offering simplified retail trading and investing processes and solutions, supported by accessible financial literacy and education material, we aim to encourage greater access to global financial markets in a transparent, secure, and sustainable manner,” he says.  

    “As we continue to expand our footprint, we are constantly witnessing the many social, economic, and environmental challenges affecting societies the world over,” he continues. “As a reputable neobroker with a growing base of savvy and socially conscious clients, Admirals is actively living its commitment as an ethical, and socially and environmentally responsible global citizen to drive the betterment of communities in which we operate,” Gubaidulin says. 

    In 2020, Admirals developed and rolled out its global environmental, social and governance (ESG) program which directs its strategic corporate social investment initiatives. These projects range from tree planting and reforestation, clean ocean initiatives, investing in renewable energy and scarce resource management projects, recycling, and the development of better living conditions for local communities. 

    Admirals’ ESG philosophy 

    Admirals has been at the industry forefront by engraining the principles of ESG as part of its strategic business imperatives. Incidentally, Admirals has taken on a carbon-neutral status in 2020, which is firmly integrated into the Admirals overall business model.  

    The company engaged a global third-party rating agency, ClimatePartner, to verify its carbon footprint, as well as certify the CSI projects in which Admirals is involved. 

    Here on the African continent, Admirals has been involved with two sustainable water management and renewable energy initiatives in Sierra Leone and South Africa respectively.  

    Project 1: Clean drinking water in Kono, Sierra Leone  

    Sierra Leone is a largely rural country where households typically use wood fuel on inefficient three-stone fires to purify their drinking, cleaning, and washing water. This process results in the release of greenhouse gas emissions from the combustion of wood. 

    However, these emissions can be avoided by using efficient borehole technology that does not require fuel to supply clean water. 

    Admirals’ support is helping communities in the Kono region to restore 57 wells. In cooperation with the local population, damaged wells are repaired and regularly maintained, which secures the regional water supply. The availability of clean drinking water eliminates the need to boil water, saving an average of 10,000 tonnes of CO2 emissions per year. 

    Not only does this initiative contribute to climate action but it also has a major social impact. In these rural areas, water sources are often located far from residential areas. Women and children, who are primarily responsible for fetching water, may have to travel long distances, sometimes several kilometres, to access water. This not only consumes their time and energy but also poses safety risks, especially for women and girls. 

    Project 2: Investing in the future of South Africa’s sustainable clean energy generation 

    South Africa has been in the grip of a severe energy supply shortage in recent years, and every effort possible is being made to generate additional electricity capacity. Admirals has heeded the call for investors to help drive clean energy projects by pledging its support to one of the country’s largest wind projects.  

    Close to the rural town of De Aar in South Africa, 96 wind turbines have been producing an average of 439,600 MWh of electricity per year since 2017, which is being fed into the South African grid. The aim of the project is to harness the region’s wind energy potential to balance its energy needs in a sustainable way. This diversifies the power supply and improves energy security in regions that are frequently affected by power shortages and outages. 

    The share of electricity now supplied by the wind farm would have otherwise been generated by fossil fuels. The wind power project avoids about 433,920 tonnes of CO2 emissions per year, which makes an important contribution to a clean energy supply and sustainable development with respect to the UN Sustainable Development Goals (SDGs). 

    In addition to the environmental benefits, the project assists the local community by creating jobs and improving the access to healthcare through its Mobile Health Clinic. Offering primary healthcare, dental, eye care services, more than 36 000 residents and members from nearby communities have been screened and serviced by this clinic. 

    The project supports local football clubs by funding equipment, events, travel and much more. It also provides financial funds to the Richmond Untied Ladies Football Club, the only female club in De Aar playing in the premier league. 

    The project supports a math enrichment programme for pupils in 10 primary and 4 high schools to encourage interest in this subject. Three Early Childhood Development Centres were renovated to support about 155 children between 2 and 6. About 108 students are currently on the project’s bursary scheme that covers tuition, accommodation, books, food, and laptops. 

    “Contributing meaningfully to society is one of the cornerstones of our business,” Gubaidulin says. “Admirals considers the environment, our actions, and the influence we can create as global leaders. We are deeply committed to leaving a legacy through shared success and by creating flourishing communities across the globe,” he concludes. 

    —————————————————————————————————————————————— 

    Admirals Group AS 

    Admirals Group AS is a global growing FinTech company, offering a wide range of products and services worldwide, meeting people’s needs and making personal financial management easy-to-use, affordable and secure through its regulated investment firms. 

    The online investment service providers that are owned by Admirals Group AS, are authorized to offer their clients with the ability to trade Forex, and CFDs on, inter alia, indices, metals, energies, stocks, bonds and digital currencies, but also to invest in Stocks and ETFs (product offering may vary depending on each investment service provider’s license obligations and the client’s country of residence). 

    Over the years, Admirals has received internationally recognized and respected awards and recognitions, including the ‘Best Broker of 2022’ awards from both Area de Inversion and Traders.com, as well as the Traders.com award for ‘Best Financial analyst of 2022’.  

    Since founded in 2001, Admirals continues to experience worldwide growth and evolution and is committed to providing its clients around the globe with advanced trading tools, access to financial security and various customer care policies.  Admirals is licensed in the Seychelles, UK, Cyprus, South Africa, Australia, Jordan, Canada and Kenya. 

    For more information about Admirals visit admirals.com. 

    Trading involves risks.