Month: September 2023

Nuclear energy to supercharge global clean energy transition: ENEC CEO

ENEC’s CEO highlighted how nuclear can sustainably power energy intensive industries such as datacenters, which utilise 4-5 per cent of total global power supply Mohamed Ibrahim Al Hammadi, managing director and CEO of the Emirates Nuclear Energy Corporation (ENEC), showcased the role of nuclear technology in decarbonising hard-to-abate sectors during the World Nuclear Symposium 2023, which took place from September 6-8 in London, UK. Al Hammadi along with Dr Angela Wilkinson from the World Energy Council, Todd Noe, director of Nuclear Technologies Engineering at Microsoft, and Mikal Boe, CEO of…

G20 summit: UAE, Saudi Arabia, India, US announce historic trade corridor deal

BY MARISHA SINGH SEPTEMBER 10, 2023  The UAE, Saudi Arabia, India, EU, US and other G20 partners agreed to explore a shipping corridor project to augment trade between Europe and Indian subcontinent The leaders of the world’s biggest economies announced a landmark deal that creates a multinational rail and ports link through the Middle East and South Asia. The India-Middle East-Europe Economic Corridor agreement was announced on Saturday at the first day of the G20 summit in New Delhi. The US, Saudi Arabia, EU, UAE and other G20 partners agreed to explore a…

Stop Sitting on Blocks: Participate in the AEW 2023 African Farmout Forum

By: N.J.Ayuk Africa’s oil and gas wealth will go to waste unless countries and companies stop sitting on blocks and invest in the production of future energy supplies Africa represents one of the final frontiers for hydrocarbon exploration worldwide. At a time when demand for oil and gas is skyrocketing globally and African nations are making great strides towards industrializing their economies, developing untapped oil and gas resources will be instrumental. Yet, the continent continues to see a trend whereby companies acquire blocks and hold onto the asset until someone…

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…

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…

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…

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…

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

COP28 President-Designate Dr Sultan Al Jaber has announced a UAE finance initiative that will provide $4.5bn to help tap Africa’s clean energy potential. The announcement was made during his keynote address at the inaugural African Climate Summit in Nairobi, Kenya. The landmark initiative brings together vital public, private, and development capital from UAE institutions, ranging from Abu Dhabi Fund for Development (ADFD) and Etihad Credit Insurance (ECI) to Masdar and AMEA Power. Africa50, which is an investment platform established by African governments and the Africa Development Bank, has also joined…

BRICS: CONSIDERATIONS AND IMPLICATIONS OF A SINGLE BRICS CURRENCY

By Franco Macchiavelli Market Analyst at Admirals and Certified European Financial Advisor (EFA) (Nr 35591) 5 September 2023 The 15th BRICS Summit, hosted by South Africa in Johannesburg from 22 to 24 August, culminated in the widely anticipated announcement of a soon-to-be expanded BRICS bloc, with the admission of six new member countries to this economic grouping as from January 2024. In the build-up to this year’s BRICS Summit there has also been some speculation that the grouping might discuss the issuance of a joint currency to compete with the…

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…