Nothing COP-licated about climate finance

Hello there 👋🏽

Extensive flooding in East Africa and the Horn serves as an unfortunate but timely reminder of just how crucial climate mitigation and adaptation measures are – and will continue to be – to human survival in the face of the climate crisis. The continent has become increasingly vocal in its climate demands, as was evident at the Africa Climate Summit in September, and will become even clearer at COP 28, which kicks off tomorrow. Yet, the issue ultimately boils down to the manifestation – not just commitment – of funding. Collectively, the continent owes more than USD 1.8 trillion in public debt, and the majority of low-income economies are at high risk of – or already confronting – debt distress. Individual nations simply do not have the fiscal space to mobilise the finance required for the large-scale solutions necessary to mitigate the impact of climate change, build resilience and green their economies. The Global North has over-promised and under-delivered on climate finance. Rather than piecemeal solutions that fail to address the root cause, Africa would benefit from a bold and ambitious set of reforms, strengthened institutions, and an entire rethinking of the global financing architecture. 

Time is of the essence,

AP editorial team

📈 185 MILLION

The World Food Programme will be forced to cut food aid to 1.4 million people in Chad from January 2024 due to funding constraints. The agency needs USD 185 million in order to continue supporting crisis-affected populations in the country over the next six months, which includes refugees fleeing the conflict in Sudan. Funding shortfalls have also forced WFP to suspend aid to Nigeria, the Central African Republic, and Cameroon. 

🔍 MUCH ADO ABOUT ARTIFICIAL INTELLIGENCE IN AFRICA

The buzz around AI on the continent has gained steady momentum, with its potential impact on various sectors generating significant attention. However, amidst this excitement, there are important foundational concerns. Senior Consultant Amaka Yvonne Onyemenam investigates. 

🇲🇿 ENERGY AMBITIONS

Mozambique is set to launch its USD 80 billion energy transition plan at COP 28, hoping to attract investments from international partners, echoing South Africa’s strategy at COP 26. Maputo’s plan was approved by the Council of Ministers on 21 November. Priority elements include adding 2GW of hydropower capacity through upgrading the existing Cahora Bassa facility and completing the new Mphanda Nkuwa hydropower project. The plan also seeks to expand the transmission grid to handle the addition of more energy, and mitigate transportation sector emissions through a shift to electric vehicles. While Mozambique is blessed with abundant wind, solar and water resources, the country is also a coal hub and an emerging power in natural gas and LNG. Mozambique will be looking to replicate efforts by Senegal to align donors with its plans to harness offshore gas for industrialisation, while securing financing commitments to boost clean energy production for the region.

🇪🇹 INSECURE INVESTORS

Ethiopia’s ambitious telecom liberalisation agenda has suffered setbacks as fiscal instability and insecurity spooks investors. After extending the deadline for bidding for the third telecom licence in September, the Ethiopian Communications Authority (ECA) has since confirmed that the process has been postponed indefinitely. The ECA cited potential investors’ shortcomings over Ethiopia’s business landscape, concerns mirrored by Orange, which announced its withdrawal from bidding for a partial stake in Ethio Telecom on Monday. The French telco first submitted its bid in 2021, but claims that Ethiopia’s current context would constrain its value creation strategy. 

🇸🇱 FREETOWN LOCKDOWN

Sierra Leone witnessed an attempted coup on 26 November, involving soldiers attempting to breach a military armoury in the capital, and releasing 2,000 inmates from its central prison. The assault resulted in at least 20 fatalities, prompting President Julius Maada Bio to impose a brief nationwide curfew whilst the leaders of the attack were apprehended. These events mark the latest instances of violence amid an ongoing political crisis stemming from the re-election of Maada Bio in June. The opposition party, the All People’s Congress (APC), rejected the election due to alleged statistical inconsistencies, which negated a run-off by one percentage point. The APC only ended its boycott of parliament last month following mediation from the AU and ECOWAS.

🇦🇴 DIAMOND DEALING

Angola has commenced operations at the USD 600 million Luele diamond mine. Luele – formerly known as Luaxe – is one of the world’s largest diamond mines, in terms of reserves, containing an estimated 628 million carats with a 60-year life of mine. The Angolan state is the majority owner via state diamond miner Endiama and its holdings in the neighbouring Catoca mine. The picture is complicated by Russia’s Alrosa, which owns 41% of Catoca – although its minority stakes enable Alrosa to avoid US sanctions. While demand for rough stones has dropped in recent months, the ramp up of production at Luele should enable Angola to overtake South Africa to become the fifth largest diamond producer by volume, boosting fiscal revenues and re-establishing the country as a mining hub. 

🎭 PULA! THE MUSICAL

PULA! The Musical has been met with rave reviews during its run in Gaborone. Set in Botswana, it unfolds the tale of Pula, the revered rain, exploring universal themes of love, loss, and hope. Under the creative guidance of Andrew Letso Kola, the show seamlessly blends modern freshness with Botswana's compelling history. The original music and choreography convey a powerful narrative, celebrating African heritage and local talent. This dynamic fusion of contemporary and traditional dance styles creates a visually stunning, emotionally charged performance – a testament to the unifying power of music and dance. The musical will run in Johannesburg, South Africa from 30 November-3 December. 

🍿 BYTE-SIZE TECH: KENYA REVISITS INNOVATION ENABLERS

Kenya's Startup Bill is poised for revival, propelled by the launch of the Kenya 10-Year Innovation Masterplan. Unveiled at the ongoing Kenya Innovation Week, the masterplan emphasises active public involvement in crafting a globally competitive iteration of the bill, slated for enactment next year. Despite undergoing multiple revisions since its introduction in 2021, the bill had stalled in parliament. This renewed enthusiasm positions Kenya on track to align with neighbouring peers, with the Ruto administration aspiring to establish a robust legal framework which will foster tech entrepreneurship and cement Kenya as a global technology hub. In the meantime, stakeholder engagement presents an opportunity for influential contributors to shape and fine-tune crucial provisions, especially those concerning financial incentives and collaboration between the public and private sectors.

🗓️ SUPERRETURN AFRICA

SuperReturn Africa takes place in Cape Town from 4-6 December 2023. With over 600 leading industry names in attendance, the event offers specialist insights into Africa's private capital markets, covering diverse topics such as fundraising, divestments, social impact, infrastructure trends, emerging managers, blended finance and technology disruption. Notable speakers at this year’s event include representatives from BII, DFC, FMO and AfricInvest, among others.

🔑 WOMEN IN AFRICA MENTORING PROGRAMME

Deloitte and Women In Africa have teamed up for the fifth year in a row to offer a seven-month-long mentoring programme for women leaders and entrepreneurs in Africa. Mentees will be supported with virtual training sessions, networking sessions and guidance on achieving their professional goals. Applications are open for both mentees and those willing to serve as mentors.

📚 CONTINUOUS PASTS – SAKIRU ADEBAYO

A book about books, Continuous Pasts – Frictions of Memory in Postcolonial Africa examines memory and trauma studies from a literary perspective. African post-conflict fiction reveals how the past is etched on bodies and topographies, resonant in silences and memorials, and continuous even in experiences as well as structures of migration. The author argues that in most cases, the post-conflict present is beset with a tight political economy wherein the scramble for survival trumps the ability to imagine a just future among survivors. It is precisely this despairing disposition toward the future that some African writers of post-conflict fiction attempt to confront in their works. 

🎹 MATRONE – BALOJI AND MAYRA ANDRADE

Congolese-Belgian rapper-turned-filmmaker Baloji took his first feature film Augure (Omen) as an opportunity for pan-African collaboration in filming as well as its intended soundtrack. Though the five-track EP never made it to screens, it was released last week and further explores the stories of the film’s four main characters. “MATRONE” represents Tshala, whose story explores the push and pull of traditional and modern African traditions on women, featuring Baloji accompanied by Cape Verdean singer Mayra Andrade.

Copyright © 2023 Africa Practice, All rights reserved.

Enquiries: info@africapractice.com