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Africa
- As COP29 starts in Baku, Azerbaijan, African nations are set to drive the climate agenda, focusing on climate finance and redefining economic metrics to recognize the continent’s green assets.
- Africa’s ‘green wealth’ push seeks to quantify Africa’s contributions to global environmental health, valuing its vast carbon sinks, natural resources, and ecosystems.
- This initiative, led by the AfDB in an alliance with the Republic of Congo and Kenya, could reshape Africa’s economic standing.
The annual United Nations climate conference, COP29, opens with a strong emphasis on climate finance, especially for developing nations that bear a disproportionate burden of climate change impacts.
At the forefront, African nations are pushing for increased funding and support, which is essential to advancing their National Adaptation Plans and Nationally Determined Contributions as outlined in the Paris Agreement.
This year, Africa, represented by the African Development Bank (AfDB) and a coalition of governments, is …
- With its vast rivers and elevated terrains, Ethiopia is one of Africa’s most hydropower-rich nations.
- According to the International Hydropower Association, Ethiopia’s untapped rivers could generate up to 45,000 MW of electricity.
- However, While Ethiopia could evolve into a regional ticket to energy independence, some nations like Egypt and Sudan have expressed concerns over water access and environmental impact.
Ethiopia has long harboured dreams of becoming a renewable energy powerhouse. With its vast rivers and elevated terrains, it is one of Africa’s most hydropower-rich nations.
And as global pressure mounts to curb fossil fuel dependency, the country’s hydropower ambitions offer a glimpse into a future where East Africa’s energy needs could be sustainably met.
With expanding projects such as the Grand Ethiopian Renaissance Dam (GERD) and various regional power-sharing agreements underway, Ethiopia is moving beyond its borders, positioning itself as a critical player in East Africa’s renewable energy push.
The
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- In Africa, climate resilience is limited due to socio-economic vulnerabilities and limited adaptive capacity.
- The UNEP report calls for an accelerated increase in adaptation efforts and finance to address the mounting risks, particularly in developing nations.
- In 2022, adaptation finance for developing countries rose to $28 billion, a far cry from the $187-$359 billion per year required to bridge the gap by 2030.
As the global climate crisis intensifies, the impacts are hitting vulnerable regions hardest, with Africa bearing the brunt of devastating consequences.
According to the United Nations Environment Programme (UNEP) Adaptation Gap Report 2024, average global temperatures will rise by 2.6-3.1°C above pre-industrial levels by the century’s end, far exceeding the 1.5°C threshold agreed upon in the Paris Agreement.
This rise in temperature translates to increased frequency and severity of extreme weather events such as droughts, floods, and heat waves. These impacts are currently felt acutely in …
- Sudan has stepped forward, increasing its pledge to $3 million in the African Development Fund.
- Sudan’s pledge aligns it with other African nations, which have each committed to raise at least $1 million to the fund by 2025.
- With backing from The Gambia, Liberia, Sierra Leone, and Ghana, Africa’s commitment to funding its key projects is strengthening.
African nations are coming together to secure a $25 billion replenishment for the African Development Fund (ADF), an ambitious target that signals a continent-wide push toward self-driven financing for projects.
In the latest update, Sudan has stepped forward, increasing its pledge to $3 million in this collective movement. With backing from countries including The Gambia, Liberia, Sierra Leone, and Ghana, Africa’s commitment to funding its development projects is strengthening.
As governments, led by the African Development Bank (AfDB), advocate for this replenishment, they set a critical precedent for financial autonomy in achieving Africa’s …
- This initiative focuses on training developers to become certified in NVIDIA’s technologies, creating talent knowledgeable in AI, data science, and GPU processing.
- By nurturing a workforce skilled in AI and advanced tech, this alliance will drive innovation, entrepreneurship, and economic growth.
- Young developers will gain job opportunities and contribute to solutions in healthcare, finance, and agriculture.
Africa’s youth population, one of the fastest-growing in the world, presents both a challenge and an opportunity.
With millions of young Africans entering the job market each year, the continent faces a pressing need to generate work opportunities to check a worsening joblessness crisis.
However, in this era of digital transformation, the gig economy has emerged as a beacon of hope for Africa’s young workforce.
Two tech firms, Gebeya Inc. and NVIDIA, are rising to the occasion by launching an ambitious program to train 50,000 African developers, signaling strong intent to bridge …
- Shelter Afrique Development Bank (ShafDB) and the Bourse Régionale des Valeurs Mobilières (BRVM) will tap Green, Sustainability-linked, and Social (GSSS) bonds to finance housing.
- Green bonds will fund eco-friendly housing projects while social bonds will finance projects that prioritize affordability and accessibility.
- At the same time, sustainability-linked bonds will support both objectives, ensuring a comprehensive strategy for tackling the current housing crisis.
Shelter Afrique Development Bank (ShafDB) has taken a new step toward addressing affordable housing needs in Africa through a partnership with the Bourse Régionale des Valeurs Mobilières (BRVM), the regional stock exchange for the West African Economic and Monetary Union (WAEMU).
In a Memorandum of Understanding (MOU), the Pan-African institution focused on affordable housing, signed the deal on the sidelines of the IMF-World Bank Annual Meetings in Washington, D.C., aiming to mobilize capital for affordable housing projects across the continent, particularly in WAEMU’s eight member countries.
With Africa’s …
- A new alliance between fintechs Network International and Ant International is set to stir up the digital finance ecosystem in Africa and the Middle East.
- Deal will see banks, fintechs, and telcos across the MEA gain access to a cutting-edge digital wallet suite.
- With Alipay+ Wallet Tech, Network aims to offer businesses enhanced experience in digital payments.
The push to enhance financial inclusion and digital wallet offerings in Africa has received a shot in the arm with Network International and Ant International announcing a strategic partnership aimed at revolutionizing mobile wallet technology.
Through this collaboration, banks, fintechs, and telecommunications companies across the Middle East and Africa (MEA) region will gain access to cutting-edge digital wallet solutions, bolstering financial inclusion and the digital transformation landscape.
The partnership agreement, signed at a ceremony attended by H.E. Jamal Abdulla AlSuwaidi, the UAE Ambassador to Singapore, marks a new chapter for digital payment expansion …
- To maintain any sort of forward trajectory – to ensure our art remains highly valued locally and internationally – it is of vital importance that we, as the private sector, continue to support the collectors and the artists who are helping to grow interest in the sector.
A diversified portfolio is one of the key metrics of investment success. The greater this diversity, the more likely it will outperform the market, and the savviest investors are often looking for new opportunities: the rising stars among new asset classes.
Investment in art is certainly not a new concept, but what makes it unique is that it often has low correlation with other major asset classes, meaning lower overall price volatility. It’s the sure bet, sometimes with incredible escalating value, especially for those opting to invest in blue-chip artists renowned artists whose work demands high prices in the art market.
However, not …
- To stay within the 1.5°C target, cutting emissions by 42 per cent by 2030 and 57 per cent by 2035 must remain a priority for all nations.
- This level of reduction requires more than just promises on paper; it demands immediate, impactful action on a global scale.
- The call to limit global warming to 1.5°C is growing more urgent.
As climate scientists and world leaders sound the alarm, the call to limit global warming to 1.5°C is increasingly urgent. According to the UN Environment Programme (UNEP) in its 2024 Emissions Gap Report, the window for action is closing fast.
For the world to stay within the 1.5°C target established in the Paris Agreement, nations must slash greenhouse gas emissions by 42 per cent by 2030 and 57 per cent by 2035. This level of reduction requires more than just promises on paper; it demands immediate, impactful action on a …
