Africa: It’s Our Turn to ‘Exploit Our Resources’

 

Your World. Bold & Bright Sponsored by  The newsletter to fuel — and thrill — your mind. Read for deep dives into the unmissable ideas and topics shaping our world. Sep 09, 2022 BUSINESS ROUND-UP As California faces a historic heat wave and Europe grapples with an energy crisis, African leaders affirm that African resources should benefit “humankind on this continent.” – with reporting by Tatira Zwinoira from Harare, Zimbabwe  Explore a New Culture This Fall The leaves are changing, school is back in session, and it’s the perfect time to start learning a new language. Whether you’re studying abroad, dreaming of future travel, or just feeling the itch to learn something new, now’s the time to get cozy and start speaking a new language with Babbel. With just 10 minutes a day, you can be having actual conversations in as little as 3 weeks. GET 55% OFF Africa African leaders are ‘pro fossil fuels for Africa’ “The voice of Africa should be heard. We must exploit our resources,” said Sophie Gladima, Senegal’s minister of petroleum and energies, in remarks at the MSGBC Oil, Gas & Power conference and exhibition held last week in Dakar, Senegal. “Yes, we must think of protecting the planet. But we must think of humankind on this continent,” Gladima added.   Africa’s annual natural gas production is expected to grow to 292 billion cubic meters (bcm) by 2025, with global demand estimated to reach 4,243 bcm, according to the International Energy Agency (IEA).   Referencing pressure from Western leaders to pursue green energy in light of climate change, Dr. Omar Farouk Ibrahim, the secretary general of African Petroleum Producers Organization, said, “We must not be forced to do what will destroy our future and our children. We need energy to sustain our future generation.”   “Developed nations enjoyed the resource, they contaminated the world, they should be the ones who change their lifestyle,” the minister of mines and hydrocarbons of Equatorial Guinea, Gabriel Mbaga Obiang Lima, said. “I am not pro fossil fuel; I am pro fossil fuel for Africa,” he added.   According to the IEA Africa Energy Outlook Report 2022, released in June, natural gas discoveries equivalent to 5,000 billion cubic meters (bcm) have been found on the continent. According to the same report, between 2010 and 2020, 40% of all gas discoveries worldwide came from Africa.   “Gas has the opportunity to provide fertilizer to feed Africa, should we say no to it?” said Senegal’s Gladima.   The remarks were part of a joint statement dubbed the “Dakar Declaration” that seeks to align all African nations on energy and climate matters ahead of the next G-7 and G-20 summits. The declaration will also be presented at the 2022 United Nations Climate Change Conference (COP27), which will run from November 6 to 18 in Egypt.   “We have to work hand in hand so as to exploit our resources. For COP27, the voice of Africa should be heard. Where decisions are made, Africa must be there,” said Gladima. Americas California grid operator calls on consumers to reduce usage The California Independent System Operator (CAISO) called on consumers to decrease their power usage in order to avoid outages amid the state’s record heat wave. “With historic heat bearing down on California for the next several days and energy demand approaching record levels, the California Independent System Operator is stepping up its call for consumers to lower electricity use,” CAISO said in a statement earlier this week. (Sources: Reuters, Bloomberg) Bed Bath & Beyond CFO found dead at 52 Fortune 500 home retailer Bed Bath & Beyond announced the passing of Gustavo Arnal, its chief financial officer, who died last Friday. Arnal reportedly jumped to his death from a building in Manhattan barely two days after the firm announced sweeping changes, including layoffs, amid growing losses. “Gustavo will be remembered by all he worked with for his leadership, talent and stewardship,” said a company statement. (Source: The Wall Street Journal)

Asia Bangladesh: We’re not another Sri Lanka Bangladesh’s $416-billion economy is one of the fastest growing globally, even as the country faces a dwindling supply of foreign currency amid rising import costs. This has led the country to seek new loans, widening its debt burden. “Bangladesh has always been timely (in paying) our debt; our debt rate is very low in the context of Sri Lanka,” said Prime Minister Sheikh Hasina, who emphasized that her nation’s economy remains strong. She added, “Some people have raised this issue that Bangladesh will be Sri Lanka, but I can ensure that that will not happen.” Sri Lanka’s ousted leader, President Gotabaya Rajapaksa, fled the country in July after nationwide protests over his economic policies. (Source: Reuters) China eyes Q3 for an economic turnaround China’s National Development and Reform Commission says the third quarter is “crucially important.” Speaking to reporters, the commission’s deputy secretary general, Yang Yinkai, together with other government officials, noted that China had injected 300 billion yuan ($43.6 billion) into a bank funding program to drive infrastructure investment. This move comes as the world’s second-largest economy grapples with a housing crisis precipitated by defaulting investors, strict COVID-19 restrictions in key business zones, and an extreme heatwave that has affected food and power supplies. (Sources: Bloomberg, Foreign Affairs)

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Europe As European energy crisis escalates, the euro falls The euro fell against the dollar early this week, leading to a decline in European stocks. These developments came as Russia stopped the flow of gas through the crucial Nord Stream pipeline that services much of Europe. On Monday, the euro dropped below 99 cents, the weakest it had been in 20 years. And while the currency fell, energy prices surged across the continent. (Sources: Bloomberg, The Wall Street Journal)

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