- Tanzania’s race to ink multimillion dollar mining deals
- Kenya dodges forex reserves dip with Gulf oil supply deal
- Solving Africa’s unemployment challenges through the gig economy
- EU backs Djibouti in regional connectivity, increased trade
- Econet Wireless Zimbabwe adopts eSim to align with global trend
- East Africa elated as the 2027 Pamoja AFCON bid prevails
- Young African queens reshaping the continent’s global influence
- Energy outlook: access to electricity in Africa still short of SDG7
Browsing: European Union
A considerable gap exists between symbol and substance regarding an African climate change approach. Foreign leaders often nod to how Africa accounts for only four per cent of global emissions but bears the brunt of the devastating climate change effects. Rising temperatures, extreme weather conditions, and ecosystem disruptions threaten millions of Africans’ livelihoods.
For many communities across the continent, the climate threat is already existential. With 18 per cent of the global population, Africa has 16 of the 20 countries most vulnerable to climate change, according to Notre Dame Global Adaptation Initiative.…
- Investment and trade between the two countries was valued at more than $600 million last year.
- Kenya’s exports last year increased to $7.9 million from $6.3 million in 2021, the country’s Economic Survey 2023 indicates.
- Imports from Indonesia were valued at $187.7 million having dropped from $307.5 million the previous year.
Kenya is now keen to increase trade volumes mainly exports to the Asean market, with its renewed ties with Indonesia. President William Ruto said investment scope will also be broadened to bring about a balance of trade that is currently in favour of the Southeast Asian country.
“We will seize our energies and create the necessary environment for increased trade between our countries,” President Ruto said on Monday.
Investment and trade between the two countries was valued at more than $600 million last year. Indonesian economy registered a growth of 5.3 per cent in 2022 compared to of …
- The program, which runs for 18 months, aims to support political stabilization and reconciliation in Somalia, a fragile country in the Horn of Africa.
- In line with the National Stabilization Strategy the financing will go to water infrastructure, security, and reconciliation initiatives.
- The EU is making tangible progress in supporting Somalia’s transition to a peaceful and stable nation. The project also seeks to enhance the legitimacy of Somali authorities in locations recently liberated within Hirshabelle, Galmudug, Southwest, and Jubaland State.
The European Union alongside the Nordic International Support Foundation have launched a $4.9 million Rapid Nationwide Stabilisation project in Somalia aimed at further strengthening the fragile country’s water infrastructure, security and reconcilliation initiatives.
The European Union to the Federal Republic of Somalia together with the Somali authorities and its implementing partner the Nordic International Support Foundation recently launched the new program which will run over an 18-month period.
“We are …
- President William Ruto is seen to be leaning more towards the West as opposed to his predecessor and former boss Uhuru Kenyatta, who had built a strong relationship with Asian countries.
- During Mr Kenyatta's 10-years rule, China became a major financier and developer of key projects among them the $3.6 billion Standard Gauge Railway (SGR).
- China and India have also been dominating the country’s trade as the Asian market accounts for 65.7 per cent of Kenya's total import bill.
Since coming into office in September last year, Kenya’s fifth President William Ruto has been keen on building and expanding alliances with countries that can help foster trade that remains in favour of foreign nations.
An interesting facet, however, has been his renewed interest in the United States and Europe, in what is seen as a slow but sure move to attract more investments while growing market for Kenya’s exports, manly…
- EIB Vice President confirms EIB support for green hydrogen engagement with President Ruto
- New agreement to develop and unlock investment to produce green hydrogen using renewable energy
- EIB and Kenya to identify potential green hydrogen investment projects
The European Investment Bank (EIB) has committed to support and strengthen green hydrogen investment in Kenya.
Thomas Östros, European Investment Bank Vice President and Professor Njuguna Ndung’u, Cabinet Secretary, National Treasury and Economic Planning signed the Joint Declaration on Renewable Clean Hydrogen following discussions on green hydrogen investment with Kenya’s President William Ruto.
“Kenya has some of the best renewable energy sources in the world if the storage components were equally developed. The route to storage has the potential to develop green hydrogen to deliver sustainable, green and inclusive growth. Today’s agreement builds on decades of close cooperation with the European Investment Bank to support renewable energy across Kenya. Together we will develop …
Mozambique may, however, be offered a lifeline. In its recent position on CBAM, the European Parliament has proposed an amendment to the CBAM legislation through which revenues generated by the CBAM levy could be used to finance least developed countries’ efforts towards the decarbonisation of their manufacturing industries.
If accepted, the funding could be applied to support the implementation of a green industrialization process in the country fuelled by accelerated investments in Mozambique’s unique renewable energy assets.
The trialogues between the European Parliament, the Commission, and the Council on the design and implementation of the CBAM are expected to continue in the coming weeks, which will lead to a decision on the final form of the CBAM. The result of these discussions will show to what extent the EU will walk the talk on realizing a green transition that “leaves no one behind” and ensures that it supports countries like …
What is good for the goose must also be good for the gander. However, the EU commission has commissioned the Baltic pipe project, somewhat similar to the EACOP. The Baltic Pipe project was inaugurated on September 27, 2022, at an opening ceremony in Goleniów, Poland.…
For practical reasons, European gas buyers need to find a way to make up for the supplies missing from Russia. And for both policy and practical reasons, Brussels wants to deny Moscow the opportunity to continue using gas supplies as a blunt instrument with which to threaten Europe in the future.
The change isn’t going to be immediate. Reducing Russia’s profile in the EU’s energy mix will take time. But the process of supply reduction is underway, and it has already opened up new opportunities for African gas producers to acquire market share in Europe. I expect those opportunities to last beyond the near term as the EU attempts to establish a new combination of gas suppliers to replace Russia over the next few years.
I also hope Africa’s emerging gas producers take advantage of new LNG technologies, such as the modular Fast LNG solutions offered by New Fortress Energy…
Every African region has felt the effects of Russia’s invasion of Ukraine, with West Africa also bearing the burden of a war miles away in Europe.
- At a period when West Africa has been facing a severe food crisis since 2011, the Ukraine conflict has complicated matters further.
- For most West African nations, the expenses of regulating rising prices are already too high.
- The West African economic crisis and the Russia-Ukraine scenario highlight the perilous linkages between diplomatic sanctions, commerce, and food security.
Africa's post-Covid recovery hampered
The Russian-Ukrainian conflict has hampered Africa's potential recovery from the COVID-19 pandemic by raising food and fuel costs, interrupting the trade of services and goods, constricting fiscal space, limiting green transitions, and slowing the flow of development funding across the continent.
The crisis has jeopardized homes, communities, and nations across Africa. Before 2020, African countries were among the world's fastest-growing. The COVID-19 pandemic…
The European Union has imposed restrictions, including a partial oil embargo on Russia. The sanctions will see the E.U. ban seaborne imports of Russian crude oil by the end of 2022. Additionally, petroleum product imports would stand prohibited by early 2023. European Commission President Ursula von der Leyen reiterates the E.U. plans to reduce reliance on Russian fossil resources by 2027.
Because of the European Union’s political determination to minimize its reliance on Russia in response to Moscow’s invasion of Ukraine, the E.U. is now searching for alternative suppliers. The search implies that suppliers such as Africa’s underdeveloped frontier energy markets may discover new energy markets in Europe. Optimism remains high since it is clear the E.U. no longer rely on Russian gas. Russia has for years remained a primary gas supplier in Europe.…