Hungarian energy group MOL has transferred the transit fee for use of the Ukrainian section of the pipeline
None of the interventions addresses the dysfunction that makes an initiative like this necessary in the first place
Williams has previously testified about hardships she faced during Faith Muthambi’s tenure as communications minister
Previously the MEC for KZN’s department of economic development, tourism & environmental affairs, premier Dube-Ncube is the first woman to lead that province’s executive
The hefty hike will be felt by all South Africans when gas-reliant manufacturers such as those that produce bread, are forced to hike prices
But Numsa’s Irvin Jim is adamant the sector can absorb the union’s demand for a 20% wage hike, way above the 6.5% headline inflation rate
That would allow President Ranil Wickremesinghe time to institute tough economic reforms to secure a bailout from the IMF
Failure to win on Saturday would put coach Ian Foster and captain under pressure in terms of their future with the team
Chris and Suzaan Alheit have been making some of the Cape’s finest whites for the past ten years, the latest vintage being no exception
In 2019 the International Energy Agency released a report highlighting that one in two people born between then and 2040 would be on the African continent, which would overtake both China and India as the most populous region in the world. This growth presents both a challenge and opportunity as stakeholders review the role of the resources and energy sector in driving sustainable and responsible growth.
While Africa has many challenges and is regularly positioned as playing second fiddle to the likes of China and India, which have dominated the Brics narrative for the past decade, we cannot ignore some of the themes playing out:
These are just a handful of the exciting themes playing out now, but the natural question is: will Africa simply be an extractive market where foreign investors reap the benefits but the local communities lose out? Based on our extensive analysis of the continent we believe the answer to this question is a resounding “no”. Local content regulations and beneficiation should be the focus for many governments to ensure inclusive economic growth for the continent.
While the mining and resources sectors are important in terms of opportunity size, they now account for a minority of foreign direct investment (FDI) coming into the continent. Long-term investors are bulking up investment in the likes of telecommunications and downstream support services, as well as other critical infrastructure such as water, energy and transport. The number of liquefied natural gas (LNG) and planned LNG projects in Mozambique, Nigeria, Ghana, Egypt, Mauritania and Senegal are evidence that Africa is preparing for the energy transition.
Research out of consulting firm EY captures this trend at a practical level, showing that extractive activities accounted for more than half of FDI each year between 2005 and 2011. But in 2011-2018 this trend had fallen every year, leading EY Africa markets leader Rod Wolfenden to say: “The big building blocks are now in place. Africans are the beneficiaries, but so are the next wave of investors, who will have an easier time developing their projects.”
These building blocks are translating into big, exciting projects that will ultimately have a transformative effect on the African continent and its energy mix. The UN sustainable development goals and the Paris climate accords are adding further impetus to these investments.
Morocco has built the world’s largest concentrated solar energy farm, and it is estimated this will reduce the country’s carbon dioxide emissions by as much as 800,000 tonnes a year. The second largest project is in Egypt, where a $4bn investment is expected to prevent 2-million tonnes of CO² emissions each year.
Nigeria has set itself an ambitious goal of transitioning its energy mix to 30% renewables by 2030, while SA is regarded as a trailblazer in the renewable and clean energy spaces. Africa is taking its place in the global resource market.
• Webber is managing principal, coverage head: resources & energy, at Absa CIB.
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Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.