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Category: International

  • From Africa to Europe: Securing investment for gas export infrastructure

    From Africa to Europe: Securing investment for gas export infrastructure

    PARIS, France, January 24, 2024/ — Africa’s abundant natural gas reserves represent an attractive opportunity for monetization and export, aligning with Europe’s growing demand for cleaner and more energy. This synergy has set the stage for heightened Africa-Europe trade and partnership, with a focus on gas-directed investments.
    The upcoming Invest in African Energy (IAE) forum in Paris on May 14–15 will serve as a focal point of this topic, bringing together African nations with European investors who are eager to tap into Africa’s gas resources and unlock new sources of power.

    Assessing the current infrastructure for gas transportation from Africa and Europe reveals a need for foreign direct investment in several strategic areas. These include the expansion and upgrade of existing pipelines, the establishment of advanced liquefied natural gas (LNG) terminals, and the development of efficient compression and decompression facilities. Additionally, investment in digital infrastructure for real-time monitoring and optimization is imperative to ensure the reliability and safety of an extended gas transportation network.

    Given the expense of gas projects and the need for maintenance and expansion, diverse funding sources are necessary. Large-scale projects typically require investments in the range of millions to billions for successful development.

    In Central Africa, Equatorial Guinea – holding 1.5 trillion cubic feet of natural gas reserves – is positioning itself as a regional Gas Mega Hub (GMH) and global exporter. The country’s Alba Liquefied Petroleum Gas and Punta Europa facilities serve as processing platforms for both domestic and regional gas reserves.

    Leveraging its strategic location on Africa’s west coast and utilizing the African Continental Free Trade Agreement, Equatorial Guinea’s expanding LNG export networks and potential connection to Europe-bound pipelines align with Europe’s search for alternative gas supplies. The country also presents opportunities to tap into new export routes, such as the Trans-Saharan gas pipeline, through new gas transport infrastructure linking Africa and Europe.

    Much like the Trans-Saharan gas pipeline, the Nigeria-Morocco Gas Pipeline, scheduled to begin construction in 2024 at an estimated cost of $25 billion, represents one of the world’s most extensive energy projects. Spanning 5,600 km, it aims to benefit 13 African countries, providing energy access to around 400 million people along the West African coast.

    The pipeline, financially supported by organizations such as OPEC, demonstrates the importance of international collaboration when it comes to infrastructure development. Not only is it set to facilitate intra-African gas trade, but also deliver gas from Nigeria to Europe, serving as a key link in the global gas supply chain.

    Meanwhile, the $4.6-billion Greater Tortue Ahmeyim (GTA) LNG project, encompassing the Tortue and Ahmeyim gas fields, holds approximately 15 trillion cubic feet of recoverable gas reserves. Upon completion, GTA LNG will produce up to 10 million tons of LNG annually. Positioned along the maritime border between Senegal and Mauritania, the project requires  substantial investment to support critical infrastructure, including liquefaction, transportation and associated facilities.

    In Southern Africa, South Africa’s Virginia Phase 2 project is set to produce commercial quantities of LNG and liquid helium for global export, while the Port of Ngqura floating LNG project will involve the installation of a floating storage and regasification unit, gas-to-power infrastructure, cryogenic pipelines, and a terminal for the processing, storing, on-site exploitation, and distribution of gas acquired from the country’s on– and offshore fields.

    Similarly, the Kudu Conventional Gas Development in Namibia’s Orange Basin – set to commence commercial production in 2026 – involves collaboration among the Namibian Government, TotalEnergies, Shell and BW Energy. Representing an $880-million investment, the project is currently in the Front-End Engineering and Design phase, with a Final Investment Decision expected in 2024.

    European stakeholders can support this venture by investing in essential infrastructure for successful gas extraction, meeting regional energy needs while enabling exports to Europe.

    In short, Africa’s leading gas export projects require substantial investments to support the development of critical infrastructure, including extraction facilities, pipelines and associated support systems, highlighting a strategic opportunity for engagement with European financiers, investors and project developers.

    ​​Organized by Energy Capital & Power, the Invest in African Energy (IAE) 2024 summit is an exclusive forum designed to foster collaboration between European investors and African energy markets.

    Taking place May 14-15, 2024 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com.
    Distributed by APO Group on behalf of Energy Capital & Power.

    SOURCE
    Energy Capital & Power

  • The Catalytic Role of Big Data Analytics in Shaping Islamic Finance Underscored

    The Catalytic Role of Big Data Analytics in Shaping Islamic Finance Underscored

    Story: Mohammed A. Abu

    A webinar held by the General Council for Islamic Banks & Financial Institutions(CIBAFI) concluded with a forward-looking perspective on the future of big data and its transformative potential in the Islamic financial industry, underscoring its role as a catalyst for growth and transformation, an official statement said in Manama, Bahrain, Tuesday.

    CIBAFI’s Secretary General, Dr. Abdelilah Belatik, in his inaugural address, it said, underscored the critical significance of big data in Islamic finance emphasizing that, it goes beyond mere technological advancement and it is a strategic imperative as well.

    Dr. Belatik highlighted its transformative impact, empowering financial institutions with actionable insights, facilitating problem-solving, fostering innovation, and supporting informed decision-making aligned with Islamic principles.

    Held under the theme, “Big Data Analytics in Islamic Finance: Catalyst for Growth and Transformation”. the webinar gathered industry experts to explore the dynamic intersection of big data and the financial sector with a focus on Islamic finance

    A panel session moderated by Mr. Rachid Ettaai, Business Development Manager, CIBAFI.featured industry experts who discussed key aspects of big data analytics, including its influence on financial products, emerging trends, and strategies for data-driven innovations.

    They tackled challenges related to privacy, skills, and infrastructure, emphasizing ethical considerations in data processing. The speakers’ insights enriched the discussion, providing a comprehensive view of big data’s transformative potential in Islamic finance.

    The panelists included Mr. Hamed Y. Mashal, Executive Manager – Head of Retail Banking, Kuwait Finance House – Bahrain and the Chairman of CIBAFI Information and Technology Working Group (ITWG); Ms. Faith Musonza, Strategy and Digital Financial Inclusion Expert, Acuma, United Emirates; and Dr. Maurice Schroff, Principal at Strategy&, Germany.

    SOURCE

    CIBAFI

     

     

     

     

  • Global Black Impact Summit (GBIS) 2024: Enabling Black-Owned Businesses to Go Global

    Global Black Impact Summit (GBIS) 2024: Enabling Black-Owned Businesses to Go Global

    DUBAI, United Arab Emirates, January 19, 2024/ — Black-owned businesses have emerged as integral players in the global economy, able to foster economic empowerment and contribute to enhanced diversity and inclusion in the workplace.
    In the United States, the number of Black-owned businesses increased by nearly 14% pre-pandemic and accounted for a larger share of increases in revenues, employees and payrolls than other racial groups. Marked by rising Black entrepreneurship rates and growing demand for minority-owned businesses, there is a unique opportunity for Black-owned brands to play an even more prominent role in the global marketplace.

    The upcoming Global Black Impact Summit (GBIS) – taking place next month in Dubai – will feature panel discussions, workshops and networking sessions on strategies for Black-owned businesses and brands to succeed across markets and customer segments.

    Identifying Strategies for Success

    Boasting some of the world’s most recognized and fastest-growing brands, the Black business community has positioned itself at the forefront of innovation. From entertainment and fashion to technology and manufacturing, these companies have bridged gaps in their respective industries through pioneering market research, innovative marketing techniques, dynamic partnerships and a strong digital presence, among other key strategies.

    Businesses and brands like World Wide Technology, Jay Z’s Roc Nation, BET Networks, Shea Moisture, FUBU, Dangote Group and the African Energy Chamber have successfully thrived in international markets due to their high degree of cultural competence, awareness and adaptability.

    BET Networks, for instance – since its formation in 1980 by Robert L. Johnson, the first African American billionaire – has evolved into a prominent global television network and earned recognition due to the authenticity of its programming and resonance with its target audience.

    As the global economy continues to evolve – shaped by growing demand for innovative and next-generation services – a comprehensive knowledge of customer segmentation and niche and mass markets are crucial to the success of Black-owned businesses across geographies.

    In this context, companies like Shea Moisture stand out. With a history spanning over three decades, the beauty and personal care brand has garnered global acclaim for its diverse product range that targets a customer segment (women of color) previously ignored by mainstream beauty brands.

    Beyond generating revenues, Black-owned businesses play a pivotal role in empowering local communities and alleviating poverty. A notable example is the Dangote Group, established by Nigerian businessman Aliko Dangote and serving as one of the largest conglomerates in Africa, spanning industries like construction, consumer goods, logistics, textiles and agriculture.

    Currently employing over 18,000 individuals across various African markets, the Dangote Group not only stimulates job creation, but also contributes to broad and diversified economic growth in the countries in which it operates.

    Black-owned firms also serve as key advocates for enhanced diversity and inclusivity within their respective business environments.

    An exemplary case is the African Energy Chamber – founded by NJ Ayuk, a Cameroonian attorney, author and businessman – which spearheads initiatives like African Energy Week, championing local and female participation in the energy sector and bringing diverse perspectives and innovative ideas to the forefront of Africa’s energy poverty crisis.

    As Black-owned businesses continue to expand, they also contribute to a more competitive and innovative business ecosystem.

    The success of these companies provides a model for aspiring entrepreneurs and business owners, fostering entrepreneurship and cultivating diverse talent across industries. Moreover, the success of Black-owned businesses can help address economic disparities and systemic inequalities by providing new avenues for economic participation and wealth accumulation within Black communities.

    Celebrating the success of Black-owned businesses on a global scale, GBIS 2024 will host high-level discussions sharing insights and strategies for companies to thrive in international markets, drawing on existing examples of success and innovation.

    To secure your spot at this prestigious gathering, register promptly at www.GlobalBlackImpact.com.

    SOURCE
    Energy Capital & Power

    Distributed by APO Group on behalf of Energy Capital & Power.
  • Saudi Arabia and UAE officially join Brics: What will it mean for the bloc?

    Saudi Arabia and UAE officially join Brics: What will it mean for the bloc?

    Fareed Rahman

    Jan 01, 2024

    The expansion of the Brics bloc to include Saudi Arabia and the UAE is expected to offer new investment opportunities for the Arab world’s two largest economies while boosting the group’s influence globally, analysts said.

    Saudi Arabia along with the UAE, Egypt, Iran and Ethiopia joined Brics on January 1, doubling its membership to 10, with Brazil, Russia, India, China and South Africa the original members.

    “Expansion of the Brics multilateral bloc to include Saudi Arabia and UAE augurs extremely well amid ongoing geopolitical and economic challenges confronting the world economy,” Ullas Rao, assistant professor of finance at Edinburgh Business School of Heriot-Watt University in Dubai, said.

    “Both Saudi and the UAE as [among] the richest countries on per capita and home to the biggest sovereign wealth funds, create enormous growth opportunities through investments, trade and commerce.”

    Saudi Arabia and the UAE have continued to post economic growth despite global uncertainties including high interest rates, inflation and geopolitical tensions as they focus on diversifying their economies.

    Saudi Arabia’s economy, which grew by 8.7 per cent in 2022, the highest annual growth rate among the world’s 20 biggest economies, is expected to expand by 0.8 per cent in 2023, according to the International Monetary Fund.

    The kingdom is also focusing heavily on its non-oil economy as part of its Vision 2030 diversification agenda.

    Meanwhile, the UAE’s economy is expected to grow 3.4 per cent in 2023 with oil GDP growth projected at 0.7 per cent and non-oil GDP at 4.5 per cent, backed by a strong performance in tourism, real estate, construction, transport, manufacturing and a surge in capital expenditure, according to a recent report from the World Bank.

    The Arab world’s second largest economy is signing trade deals to strengthen its ties with countries around. It is working towards signing 26 comprehensive economic partnership agreements as it seeks to attract more investment and diversify its economy.

    “The image of Brics in the past was of a financially vulnerable group, beholden to the global political superpowers. The financial power of Saudi and the UAE as net exporters of capital to the rest of the world will substantially change that perception,” Gary Dugan, chief investment officer at Dalma Capital, said.

    “Also as a collective, we expect Saudi Arabia and the UAE to be afforded easier access to the growth markets of the Brics countries on favourable terms.”

    The addition of two major oil exporters to the group “will reinforce their bargaining power and influence in Opec+ while also offering the space for them to align their strategies with other Brics members”, Ehsan Khoman, head of ESG, commodities and emerging markets research at MUFG, said.

    Opec+, which has been playing a crucial role in balancing oil markets, includes some of the world’s biggest crude producers including Saudi Arabia, the UAE and Russia.

    China and India, two key members of Brics, are the second and third biggest consumers of oil in the world with strong energy ties to the Gulf countries.

    New world order?

    Meanwhile, the calls for the overhaul of the international monetary system and the development of an alternative currency to the US dollar are expected to grow as Brics expands, according to Mr Rao.

    “As the world navigates for an alternative to the US dollar, even if less relevant today, the emergence of Brics common currency can act as a major harbinger in diversifying risks away from the stronghold of the dollar,” he said.

    Brics is poised to assume greater influence as a powerful voice to the Global South, he added.

    Ayham Kamel, head of Mena at Eurasia Group, is also bullish about the bloc wielding more influence globally.

    “The prospect of Saudi Arabia, the UAE, Iran and Egypt joining Brics creates new mechanisms that forces a degree of political co-operation by all the countries,” he said.

    “The Arab countries are looking for improving their global geopolitical influence and appear committed to avoiding detachment from the West.”

    SOURCE

    The Nation Business

     

     

  • Providing Islamic Fintech Solutions to the IF Industry for Sustainable Development

    Providing Islamic Fintech Solutions to the IF Industry for Sustainable Development

    Report: Mohammed A.Abu

    The Islamic Development Bank Institute(IsDBI) in partnership with EZBusiness,a private Business Consultancy firm has kicked off the development of the pioneering Islamic Finance Knowledge Pavilion Marketplace, an official statement distributed by the APO Group on behalf of the Institute said in Jeddah, Sunday.

    The Pavilion, according the statement, will provide a digital marketplace of validated solution providers (institutions, consultants, and experts) in Islamic finance and economic development, and offer a one-stop shop for listing opportunities and seamless digital experience in the matchmaking of suppliers and customers.

    Phase 1 of the project, it added, will cover a market assessment, feasibility study, and business plan addressing the competitive landscape based on outcomes of the market assessment and a 5-year financial model and sensitivity analysis while, Phase 2, will cover the development of the Pavilion platform including the interface and content.

    This project aligns with the IsDB Institute’s strategic objective to provide fintech knowledge solutions to the Islamic finance industry to support sustainable development in IsDB Member Countries and worldwide.

    “The Islamic Finance Knowledge Pavilion Marketplace is not just a platform, but it is also a catalyst for creative collaboration within the Islamic finance industry and the development landscape. We are confident that this initiative has the potential to create enduring value for all stakeholders.” Dr. Sami Al-Suwailem, Acting Director General, IsDBI, stated

    The Islamic Development Bank Institute is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide.

    EZ2Business (https://EZ2Business.com), a business consultancy company that provides expert advice and builds custom solutions to address business transformation.

    For more information about the project, please contact Mr. Yazan Alsayed (yalsayed@isdb.org) or Mr. Mohamad Naamani (mnaamani@isdb.org).

     

     

     

     

     

     

     

     

     

    The Islamic Development Bank Institute(IsDBI) in partnership with EZBusiness,a private Business Consultancy firm has kicked off the development of the pioneering Islamic Finance Knowledge Pavilion Marketplace, an official statement distributed by the APO Group on behalf of the Institute said in Jeddah, Monday.

    The Pavilion, according the statement, will provide a digital marketplace of validated solution providers (institutions, consultants, and experts) in Islamic finance and economic development, and offer a one-stop shop for listing opportunities and seamless digital experience in the matchmaking of suppliers and customers.

    Phase 1 of the project, it added, will cover a market assessment, feasibility study, and business plan addressing the competitive landscape based on outcomes of the market assessment and a 5-year financial model and sensitivity analysis while, Phase 2, will cover the development of the Pavilion platform including the interface and content.

    This project aligns with the IsDB Institute’s strategic objective to provide fintech knowledge solutions to the Islamic finance industry to support sustainable development in IsDB Member Countries and worldwide.

    “The Islamic Finance Knowledge Pavilion Marketplace is not just a platform, but it is also a catalyst for creative collaboration within the Islamic finance industry and the development landscape. We are confident that this initiative has the potential to create enduring value for all stakeholders.” Dr. Sami Al-Suwailem, Acting Director General, IsDBI, stated

     

    The Islamic Development Bank Institute is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide.

     

    EZ2Business (https://EZ2Business.com), a business consultancy company that provides expert advice and builds custom solutions to address business transformati
    For more information about the project, please contact Mr. Yazan Alsayed (yalsayed@isdb.org) or Mr. Mohamad Naamani (mnaamani@isdb.org).

    Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI

     

     

     

     

     

    The Islamic Development Bank Institute(IsDBI) in partnership with EZBusiness,a private Business Consultancy firm has kicked off the development of the pioneering Islamic Finance Knowledge Pavilion Marketplace, an official statement distributed by the APO Group on behalf of the Institute said in Jeddah, Monday.

    The Pavilion, according the statement, will provide a digital marketplace of validated solution providers (institutions, consultants, and experts) in Islamic finance and economic development, and offer a one-stop shop for listing opportunities and seamless digital experience in the matchmaking of suppliers and customers.

    Phase 1 of the project, it added, will cover a market assessment, feasibility study, and business plan addressing the competitive landscape based on outcomes of the market assessment and a 5-year financial model and sensitivity analysis while, Phase 2, will cover the development of the Pavilion platform including the interface and content.

    This project aligns with the IsDB Institute’s strategic objective to provide fintech knowledge solutions to the Islamic finance industry to support sustainable development in IsDB Member Countries and worldwide.

    “The Islamic Finance Knowledge Pavilion Marketplace is not just a platform, but it is also a catalyst for creative collaboration within the Islamic finance industry and the development landscape. We are confident that this initiative has the potential to create enduring value for all stakeholders.” Dr. Sami Al-Suwailem, Acting Director General, IsDBI, stated

     

    The Islamic Development Bank Institute is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide.

     

    EZ2Business (https://EZ2Business.com), a business consultancy company that provides expert advice and builds custom solutions to address business transformati
    For more information about the project, please contact Mr. Yazan Alsayed (yalsayed@isdb.org) or Mr. Mohamad Naamani (mnaamani@isdb.org).

    Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI

  • Burkina Faso Solar Grandmothers initiative: Global Green Growth Institute’s (GGGI) contribution to the rural energy transition process

    Burkina Faso Solar Grandmothers initiative: Global Green Growth Institute’s (GGGI) contribution to the rural energy transition process

    OUAGADOUGOU, Burkina Faso, December 19, 2023/ — History of the “Solar Grandmothers” initiative
    During the India-Africa Forum held in New Delhi in April 2008, an agreement was reached between the Government of India and the African Union (AU) Commission on pan-African projects for the establishment of regional Barefoot College Training Center in Africa.

    This was followed by solar energy training for rural women from Burkina Faso in India with the United Nations Development Programme (UNDP) and the Global Environment Facility Small Grants Programme (GEF/SGP) financial support. In 2018, under the Ministry in charge of the Environment, the Regional Barefoot College Training Center in Burkina Faso (CRFBB) was created.

    Regional Barefoot College Training Center in Burkina Faso (CRFBB)

    Located in the village of Nioryida, in the South central region, about a hundred kilometer from Ouagadougou (the capital of Burkina Faso), the CRFBB is responsible for: (i) coordinating the identification of localities to benefit from its services; (ii) coordinating the selection of women to be trained at the Center, on the basis of objective criteria; (iii) providing theoretical and practical trainings for women; (iv) carrying out other types of additional trainings required to fulfil its mission; (v) taking all necessary measures to ensure a pleasant stay and high-quality trainings for the auditors; (vi) carrying out any mission entrusted by the competent authorities.

    The Center also ensures the transfer of solar technology to the following countries in the sub-region: Burkina Faso, Niger, Benin, Togo, Ghana, Côte d’Ivoire and Mali.

    Results of the Solar Grandmothers Project

    As part of the ” Solar Grandmothers project”, the Barefoot College training center in Burkina Faso, in partnership with the Global Green Growth Institute (GGGI) and the Prince Albert II of Monaco Foundation, has provided solar energy trainings for grandmothers from 07 regions of Burkina Faso (Centre, Centre-West, Centre-East, Sahel, North, Hauts-Bassins and Cascades).

    The aim of the project was to empower older women to help reduce the negative environmental impact of fossil fuel use in Burkina Faso by promoting clean technologies and low-carbon energy sources. Thirty-one (31) solar grandmothers have benefited from intensive theoretical and practical trainings.

    They were given kits to equip their workshops, enabling them to carry out repairs and install solar kits. After the trainings, each solar grandmother received solar kits for households in her home village. Providing households with solar kits is part of the project’s contribution to the electrification of the selected villages.

    This is a “Pay As You Go (PAYG)” system managed by the local units after the beneficiary households have been selected. PAYG allows access to energy to be broken down into accessible payment schedules defined by the local committee. Setting up local management units helps to consolidate the achievements and sustainability of the project in the selected villages.

    These units play a key role in managing the solar kits made available to households. Among other things, they set up a system for recovering the cost of installing the kits for households. The amounts recovered are to be used to purchase new kits for new households.

    The project has made it possible to provide local expertise in solar technology in rural areas, and to increase the availability of and access to solar energy in rural areas, while improving the governance of solar energy at local level by setting up autonomous solar electrification units in the beneficiary villages.

    The project’s impact can be assessed, in particular, in terms of (i) changing the status of women in their living environment, (ii) helping to raise community awareness on climate change resilience and protection of the environment, (iii) reducing inequalities and improving the living conditions of beneficiary households, (iv) reducing gender inequalities in rural areas by involving women as full players in local development, which should be accelerated by the increase in income-generating activities in the villages of Burkina Faso.

    Originality and lessons learned from the project

    Originality

    The project’s main added value lies at several levels:

    • The choice of beneficiaries who are representative of Burkina Faso’s three agricultural climatic zones: in line with the requirements of the Barefoot College, the targeting of women of a relatively advanced age as solar grandmothers improved their status from that of vulnerable people to that of people involved in local development. This is a guarantee of the stability and sustainability of what has been achieved. In addition, the representative nature of the three agricultural climatic zones is a guarantee that all of the country’s realities will be taken into account and that the approach adopted will be inclusive;
    • Making the most of the expertise of former grandmothers: To train the 31 grandmothers, the Center and GGGI agreed to lean on local expertise. Three of the first grandmothers from the first class trained in India were chosen. They were able to conduct the process with professionalism. The quality of their service was unanimously recognized and praised, both by the learners and by all the stakeholders.
    • Synergy with the “Burkina Faso ecovillages” initiative: this synergy contributes to reducing social inequalities and achieving sustainable energy self-sufficiency, while helping to fight climate change and preserve the environment. It also provides a better quality of life for people in the selected villages, which are being transformed into ecovillages.
    • The successful experience of a Public-Private Partnership: the results achieved by the solar grandmother training project are the result of a partnership between four entities: (i) the Government of Burkina Faso, through the Ministry in charge of the Environment and the Barefoot College Training Center in Burkina Faso, entity co-initiator of the Project and in charge of hosting and supervising the training (ii) GGGI, entity co-initiator of the Project, in charge of general coordination of the Project (including fiduciary responsibility), (iii) the Prince Albert II of Monaco Foundation, international non-profit organization, (iv) Aliothsystem energy SAS (PAY-GO Solar Home System assembly unit and design and innovation start-up in the field of energy, renewable energy and energy efficiency) is the entity responsible for training and supplying the various items of equipment made available to grandmothers and households.

    Lessons learned

    The main lessons learned are:

    • The promotion of gender equality in the field of development is a long-term undertaking, requiring greater mobilization of resources and energies, because its scope of application concerns sensitive areas such as mentalities, beliefs and behavior;
    • Consolidating the evidence that if rural communities are empowered, well-organized and have their capacities properly strengthened, they are capable of caring for themselves and their development;
    • Solving the problems of sustainable development (environmental, social and climate issues) that the project aims to address is a complex and costly undertaking.
    • Energy, particularly renewable energy, remains essential to local development and is a real need to be met, with a view to improving people’s living conditions.
    Distributed by APO Group on behalf of Global Green Growth Institute (GGGI).
    SOURCE
    Global Green Growth Institute (GGGI)
  • West Africa’s Energy Transition Offers $1T+ in Investment Opportunities

    West Africa’s Energy Transition Offers $1T+ in Investment Opportunities

    PARIS, France, December 11, 2023/ — West Africa is home to a diverse landscape of energy players, from mature petroleum producers to emerging gas frontiers. For established markets, the energy transition requires decarbonizing and optimizing existing operations, while bringing renewable energy and carbon capture technologies to the forefront.

    Meanwhile, frontier markets are seeking to build sustainable energy mixes from the ground up, relying on integrated gas developments to fuel their transition. As a result, an array of partnership and investment opportunities are shaping the region, which European and global investors can access at the upcoming Invest in African Energy Forum, taking place in Paris on May 14-15, 2024.

    Nigeria

    As the largest oil producer on the continent, Nigeria is seeking to attract sizable foreign investments to meet net-zero targets by 2050. At COP28 earlier this month, the Nigerian Federal Government announced investment opportunities totaling $585 billion within its energy sector, promising significant returns and the support of local authorities. In the short term, the country’s strategy involves driving renewable energy penetration across its operations, while reducing methane emission intensity and achieving net-zero in the medium-to-long term.

    Within these investment opportunities, $272 billion relates to installed renewable power production, transmission and distribution, natural gas transmission and distribution infrastructure and electric chargers. Investment opportunities totaling $96 billion lie in oil and gas processing optimization, energy efficiency and carbon capture and storage, while $80 billion are in the adoption of zero-emissions technologies and fuels.

    The remaining $2.8 billion comprises opportunities associated with clean cooking. As a result, the country features growing demand for European investors and technology and service providers who are capable of implementing clean energy solutions.

    Ghana

    As another mature producer in the region, Ghana has also unveiled an ambitious energy transition framework that totals $550 billion in investment opportunities and provides a path to net-zero emissions. The plan focuses on deploying low-carbon solutions in six main categories, which would achieve 90% of targeted emission reductions.

    These include electrification and renewables; carbon capture and storage; low-carbon hydrogen; battery electric vehicle technologies; clean cooking technologies; and negative-emissions solutions.

    Several innovative projects are underway in Ghana, which could serve as a model for European investors and project developers.

    The country is currently building its first hybrid plant utilizing solar and hydro resources to generate 250 kW, as well as piloting a wave energy project in the Gulf of Guinea capable of producing 1,000 MW and generating up to two billion dollars in investment opportunities.

    The government has also launched a hybrid waste-to-energy pilot project at the Atwima Nwabiagya South Municipality that aims to produce 100 kW of biogas from municipal waste, with the potential to produce green hydrogen. Still, an influx of capital and technology is needed to fully explore the viability of clean energy technologies, for which there is strong government will.

    Senegal

    As one of the most exciting energy hotspots on the continent, Senegal offers frontier hydrocarbon resources and an attractive operating environment, along with close proximity and cultural ties to Europe.

    The country is awaiting first oil and gas production next year from its Sangomar Field Development and Greater Tortue Ahmeyim Liquefied Natural Gas Project, respectively, which present considerable opportunities for service and technology providers in the fields of gas processing, gas-to-power and associated infrastructure.

    Last June, Senegal launched its Just Energy Transition Partnership with France, Germany, the European Union, the UK and Canada to support its efforts to attain universal energy access on the back of a low-carbon, sustainable energy matrix. The country is currently drafting a comprehensive investment plan that will identify the type and scope of investments required.

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

    SOURCE
    Energy Capital & Power

     

  • African Nations Must Reject Promises of Aid and Handouts to Abandon Their Oil and Gas As COP28 Wraps Up

    African Nations Must Reject Promises of Aid and Handouts to Abandon Their Oil and Gas As COP28 Wraps Up

    By NJ Ayuk, Executive Chairman, African Energy Chamber
  • Conference of the Parties (COP28): Multilateral development banks publish first common principles for nature-positive finance

    Conference of the Parties (COP28): Multilateral development banks publish first common principles for nature-positive finance

    LUXEMBOURG CITY, Luxembourg, December 9, 2023/ — New principles will guide multilateral development banks’ support for countries and the private sector in implementing the Kunming-Montreal Global Biodiversity Framework; For the first time, multilateral development banks define common principles and the criteria for identifying and tracking nature-positive finance; Announcement follows COP26 Joint MDB Statement on Nature, People and Planet.

    The European Investment Bank (EIB) and fellow multilateral development banks (MDBs) have today published (https://apo-opa.co/3RdNOeQ) common principles for identifying and tracking nature-positive finance. The announcement comes on nature day of the United Nations COP28 climate change conference in Dubai, United Arab Emirates.

    The common principles aim to increase nature-positive finance by mainstreaming nature in MDB operations and investments in a systematic manner. This is one of the key deliverables from the COP26 Joint MDB Statement on Nature, People and Planet (https://apo-opa.co/4aeV2ba), in which multilateral development banks collectively committed to step up efforts for the protection, restoration and sustainable use of nature in support of the Kunming-Montreal Global Biodiversity Framework.

    Nature plays a critical role in providing resources and services that underpin the achievement of the Sustainable Development Goals and are essential to solving development challenges such as health, jobs and livelihoods, inequality, climate change, food security and fragility.

    EIB Vice-President Ambroise Fayolle, said: “Scaling up nature positive finance is key to solving the climate change, biodiversity loss and pollution crises. With the common principles for tracking nature-positive finance, MDBs are implementing a key deliverable from their joint statement on nature. At the EIB, from 2024 onwards, we will be integrating the common principles into our existing environmental sustainability tracking methodology. In doing so, we are committed to working with countries and the private sector to scale up nature positive investments worldwide.”

    The common principles will help guide the development and implementation of multilateral development banks’ respective frameworks and internal methodologies for tracking nature-positive finance as they support countries and the private sector in implementing the Kunming-Montreal Global Biodiversity Framework in a systematic manner.

    The common principles will also facilitate comparability across multilateral development banks in their respective screening and tracking processes.

    They will enable the EIB to better assess whether its finance is expected to deliver a meaningful and measurable positive contribution to nature, and to communicate such nature-positive outcomes. In addition, the common principles may be informative for other investors, including capital markets and governments.

    Distributed by APO Group on behalf of European Investment Bank (EIB).
    Press contacts:
    Bruno Hoyer,
    b.hoyer@eib.org,
    +352 621 886 056Shirin Wheeler,
    s.wheeler@eib.org,
    +32 474 242 494

    Press Office:
    +352 4379 21000
    press@eib.org

  • Youth-led African enterprises awarded $800,000 at Conference of the Parties (COP28) for climate solutions

    Youth-led African enterprises awarded $800,000 at Conference of the Parties (COP28) for climate solutions

    DUBAI, United Arab Emirates, December 5, 2023/ — Eight dynamic African young women-led businesses emerged as winners of the 2023 YouthAdapt challenge. Each business will receive grant funding of up to $100,000.

    They will also receive a comprehensive mentorship and coaching as part of a 12-month accelerator program. Since its launch in 2021, the YouthADAPT initiative (https://apo-opa.co/49ZU0zH) has provided more than $5 million to 33 young entrepreneurs from 19 African nations.

    Jointly organised by the African Development Bank Group and the Global Center on Adaptation (https://GCA.org), supported by the Africa Climate Change Fund (https://ACCF.AfDB.org), YouthADAPT is an annual competition for young entrepreneurs leading micro-, small- and medium-sized enterprises in Africa with innovative climate change adaptation solutions.

    This year’s focus was on female-owned enterprises pioneering Fourth Industrial Revolution (4IR) technologies such as artificial intelligence, big data analytics, virtual reality, robotics, Internet of Things, quantum computing, additive manufacturing, blockchain, and fifth-generation wireless for climate adaptation.

    Speaking at the ceremony held on the side lines of COP28 in Dubai, President of the African Development Bank, Dr Akinwumi Adesina emphasised the importance of harnessing youth ideas and creativity to enhance livelihoods and national prosperity.

    Adesina said: “The Jobs for Youth in Africa and the Skills Employability initiatives at the Bank stand as a testament to our commitment to create 25 million jobs for our youth, ensuring that 250 million individuals find their path to the labour market. The Youth ADAPT initiative is a pledge to invest in the youth and shape a thriving future.”

    Professor Patrick Verkooijen, CEO of the Global Center on Adaptation, stressed the need to nurture Africa’s youth talent. “Young people hold the key to unlocking Africa’s economic potential. Through initiatives like the YouthADAPT awards, we provide opportunities for training and jobs to retain African talents at home.”

    During a panel discussion, Cheryl Urban, Canada’s Assistant Deputy Minister for Sub-Saharan Africa, spoke about the critical role of development finance institutions can play. “The African Development Bank’s YouthADAPT program provides crucial support in scaling up youth-led climate businesses and innovations in Africa. Canada is proud of being a contributor to the initiative.”

    Dr Beth Dunford, the African Development Bank’s Vice President for Agriculture, Human, and Social Development, stressed the importance of supporting entrepreneurs tackling climate change. She also emphasised the need to remove barriers to finance, particularly for women.

    The African Union Youth Envoy, Chido Cleopatra Mpemba, underscored the need to foster effective information-sharing mechanisms across regions.

    Lucy Wangari, one of this year’s award recipients from Onion Doctor, a firm specialized in monitoring onion growth, said the award would motivate her to do more. “It serves as a significant driver in scaling (our) innovative solution to boost local onion production by 20% and transform the onion value chain into a lucrative employment source for farmers in Kenya’s arid and semi-arid Lands.”

    Past winners shared experiences about how the grant empowered their ventures. Fela Akinse, CEO of Salubata—a business converting plastic waste into affordable footwear, emphasised how the grant is propelling their business expansion and innovation of clean technologies, and helping them to generate global impact.

    The winning ventures, led by women from across Africa, focus on sectors affected by climate change: agriculture, energy efficiency, disaster risk management, water resources, and biodiversity conservation.

    Full list of winners:

    • Deborah Nzarubara, ETS Grencom, Democratic Republic of Congo: Leveraging big data, ETS Grencom provides real-time weather data, bolstering agricultural productivity and supporting pollinating bees for sustainable farming practices.
    • Mirriam Chapi, Chapi Core Tech (https://ChapiCoreTech.com), Zambia: Through the EaseOn Track app, Chapi Core Tech has empowered over 5,000 women farmers, facilitating clean energy adoption and enhancing agricultural output.
    • Eddah Wanjiru, Arinifu Technologies (https://Arinifu.com), Kenya: The Smart Brooder & Kuku Smart innovation utilise Internet of Things technology, offering poultry solutions and operational insights, benefitting Kenya’s farming community.
    • Fatoumata Diaby, Jeune Agro-Innovatour (https://Jaimmali.org), Mali: Jeune Agro-Innovatour’s E-Compost software transforms invasive water hyacinth into premium compost, championing sustainable agricultural practices.
    • Beth Koigi, Majik Water Technologies (https://MajikWater.co), Kenya: Majik Water Technologies pioneers atmospheric water harvesting, providing vital water resources to drought-stricken farming communities in Kenya.
    • Lucy Wangari, Onion Doctor Limited (https://OnionDoctor.co.ke), Kenya: Using the Internet of Things and machine learning, Onion Doctor Limited monitors onion crops, optimising sustainability and profitability for Kenyan farmers.
    • Daniella Ushindi Viruvuswagha, ETS Chemchem Agro (https://ChemchemAgro.com), DRC: Their ApiConnect app employs Machine Learning for strategic beehive placement, significantly boosting honey production in the Democratic Republic of Congo.
    • Stephanie Meltus, Green Eden Farms (https://GreenEden.com.ng), Nigeria: Green Eden Farms utilise Scaregrow technology to offer real-time insights, enhancing productivity and resilience in Nigerian agriculture.

    More details about the YouthAdapt competition and awards are available here (https://apo-opa.co/49ZU0zH).

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).
    Contacts:
    African Development Bank:
    Joash Moitui
    Africa Adaptation Acceleration Program
    media@afdb.orgAfrica Climate Change Fund:
    Rita Effah
    Coordinator
    r.effah@afdb.org

    Global Center on Adaptation:
    Alex Gee
    Head of Communications
    alex.gee@gca.com