<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/HKIOFP5G7JJWXKK5UCRSBK26FE-820x547.jpg" alt="" class="wp-image-421220" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/HKIOFP5G7JJWXKK5UCRSBK26FE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/HKIOFP5G7JJWXKK5UCRSBK26FE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/HKIOFP5G7JJWXKK5UCRSBK26FE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/HKIOFP5G7JJWXKK5UCRSBK26FE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/HKIOFP5G7JJWXKK5UCRSBK26FE.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan and UAE Deputy Prime Minister and Minister of Presidential Court Sheikh Mansour bin Zayed Al Nahyan attend the Cop27 summit at Sharm el-Sheikh, Egypt, November 7, 2022. UAE Presidential Court/Handout via REUTERS</figcaption></figure>



SHARM EL-SHEIKH, Egypt, Nov 10 (Reuters)&nbsp;&#8211;&nbsp;At the U.N. climate conference on Thursday, delegations are expected to be in closed-door negotiations over the details of this year&#8217;s COP27 agenda.



The summit&#8217;s main stage opens for panel discussions and presentations by business leaders, civil society members, scientists and students.



The day features twin themes &#8211; &#8220;science&#8221; and &#8220;youth&#8221;.



A key report by the independent organization Climate Action Tracker is also expected, assessing progress made so far toward achieving the world&#8217;s climate goals of keeping global warming in check.



And more business announcements and bilateral deals could be revealed.



Outside of the conference, the condition of jailed Egyptian-British hunger striker Alaa Abd el-Fattah was unknown as of Wednesday night, after his family pressed for information and the U.N. human rights chief&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3242ON&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">warned</a>&nbsp;that his life was in great danger.



Supporters have urged COP27 attendees on Thursday to join in a &#8220;white out&#8221; &#8211; with everyone wearing white to show solidarity with Egyptian prisoners.



(Reporting by Katy Daigle, editing by Deepa Babington)

HKIOFP5G7JJWXKK5UCRSBK26FE

What to watch on Thursday at COP27￼

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/Q5P4VCCYYVMXNFH2IE2NGSIOM4-820x547.jpg" alt="" class="wp-image-421206" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/Q5P4VCCYYVMXNFH2IE2NGSIOM4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/Q5P4VCCYYVMXNFH2IE2NGSIOM4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/Q5P4VCCYYVMXNFH2IE2NGSIOM4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/Q5P4VCCYYVMXNFH2IE2NGSIOM4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/Q5P4VCCYYVMXNFH2IE2NGSIOM4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/Q5P4VCCYYVMXNFH2IE2NGSIOM4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Secretary-General of the United Nations Antonio Guterres attends the COP27 climate summit at the Red Sea resort of Sharm el-Sheikh, Egypt November 9, 2022. REUTERS/Mohammed Salem</figcaption></figure>



SHARM EL-SHEIKH, Egypt, Nov 9 (Reuters)&nbsp;&#8211;&nbsp;UN Secretary General Antonio Guterres delivered an unexpected moment of levity at the COP27 climate conference on Wednesday, reading the beginning of the wrong speech before realising, chuckling and starting again with a different opening line.



Speaking in the main plenary hall of the Sharm el-Sheikh conference on Wednesday, Guterres was due to give the opening address at a session with former U.S. Vice President Al Gore on tracking carbon emissions.



&#8220;The world is losing the race against the climate crisis, but I am hopeful because of you. You have been relentless in holding decision makers to account,&#8221; Guterres began before pausing in confusion and shuffling through his written speech.



Laughing to himself, he said: &#8220;I think that I was given the wrong speech.&#8221;



The delegates assembled in the hall then applauded as the correct document was brought to him.



Guterres explained that he was due to speak to a group of young people after his address, and had begun reading the speech aimed at them instead.



&#8220;There was a small confusion, I apologise.&#8221;



(Reporting by William James; Editing by Chizu Nomiyama)

COP27 climate summit in Egypt

UN chief Guterres laughs off ‘wrong speech’ moment at COP27

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="532" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/DCBAFSFZFRMYDCTBOBPH677PF4-820x532.jpg" alt="" class="wp-image-421178" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/DCBAFSFZFRMYDCTBOBPH677PF4-820x532.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/DCBAFSFZFRMYDCTBOBPH677PF4-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/DCBAFSFZFRMYDCTBOBPH677PF4-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/DCBAFSFZFRMYDCTBOBPH677PF4-768x498.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/DCBAFSFZFRMYDCTBOBPH677PF4.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>U.S. President Joe Biden speaks during a rally with Democratic nominee for Maryland Governor Wes Moore, U.S. Senator Chris Van Hollen and other Maryland Democrats, at Bowie State University in Bowie, Maryland, U.S., November 7, 2022. REUTERS/Leah Millis/File Photo</figcaption></figure>



WASHINGTON, Nov 8 (Reuters)&nbsp;&#8211;&nbsp;President Joe Biden will meet with the leaders of Egypt, Cambodia and Indonesia during an upcoming trip to North Africa and Asia where he will show U.S. commitment on issues such as climate change and assert Washington&#8217;s pledge to counter China&#8217;s rising global influence.



Biden&#8217;s wide-ranging trip will include an international climate summit in Egypt and meetings of ASEAN and the Group of 20 industrialized nations in Cambodia and Indonesia, senior administration officials said on Tuesday.



It will begin two days after American voters deliver a verdict on Biden&#8217;s governance and two years of Democratic control of Washington.



Based on the results of the&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3240WL&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">election</a>, Biden may begin his trip in a politically weakened position. Democrats have been privately preparing to lose control of at least the House of Representatives. A slew of races in the U.S. Senate that could tip power in the 50-50 chamber are considered toss-ups.



The administration officials were not able to say whether Biden would have a separate meeting with China&#8217;s President Xi Jinping, who is expected to attend the summit, and what their agenda might include. The two governments have been working toward arranging what would be the first face-to-face meeting between the two leaders since Biden took office in January 2021.



Biden will begin his trip by traveling to Egypt to participate in the&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3240N3&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">COP27 United Nations climate change summit</a>&nbsp;on Friday, where he will talk about America&#8217;s efforts to reduce emissions and also hold a bilateral meeting with Egypt&#8217;s President Abdel Fattah El-Sisi, the officials said. &#8220;Human rights will feature prominently&#8221; in discussions with Egyptian leaders, one of the administration officials said.



Biden will then travel to Cambodia from Saturday to Sunday to participate in the annual U.S.-ASEAN summit and the East Asia Summit where he will focus on the Indo-Pacific region and talk about U.S. commitment to a rules-based international order in the South China Sea, they said.



From Sunday to Nov. 16, Biden will visit Indonesia to participate in a summit of leaders from the Group of 20 major economies. He will be &#8220;unapologetic&#8221; in defending Ukraine and calling out Russia during the meeting, one of the officials said. The most impact abroad from Tuesday&#8217;s midterms elections in the United States could be the future of assistance to Ukraine.



Russian President Vladimir Putin has not made public whether he plans to attend the summit. Biden has said he has no plans to meet with Putin, but has left open the possibility of a conversation if Putin wants to discuss a deal to free Americans imprisoned in Russia. The officials did not comment on any meetings between the two leaders.



The Biden administration has also previously said the president has no plans to meet with Saudi Arabia&#8217;s Crown Prince Mohammed bin Salman, after the OPEC+ cartel cut production months after Biden&#8217;s July meeting with the crown prince and hurt his administration&#8217;s efforts to contain gas prices and inflation at home.



(Reporting by Nandita Bose, Steve Holland; Editing by Doina Chiacu, Jonathan Oatis and Sandra Maler)

DCBAFSFZFRMYDCTBOBPH677PF4

Climate, Ukraine, China in focus as Biden prepares for upcoming foreign trip

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="569" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/4VKVDPUBCJNO7MH7HH3OC44WRA-820x569.jpg" alt="" class="wp-image-421161" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/4VKVDPUBCJNO7MH7HH3OC44WRA-820x569.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/4VKVDPUBCJNO7MH7HH3OC44WRA-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/4VKVDPUBCJNO7MH7HH3OC44WRA-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/4VKVDPUBCJNO7MH7HH3OC44WRA-768x533.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/4VKVDPUBCJNO7MH7HH3OC44WRA.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Antigua and Barbuda Prime Minister Gaston Alphonso Browne addresses the 77th United Nations General Assembly at U.N. headquarters in New York City, New York, U.S., September 23, 2022. REUTERS/Caitlin Ochs</figcaption></figure>



SHARM EL-SHEIKH, Egypt, Nov 8 (Reuters)&nbsp;&#8211;&nbsp;Small island nations suffering the brunt of climate change want Big Oil to pay for mounting damage from ocean storms and sea-level rise, Antigua&#8217;s prime minister told delegates at the COP27 climate summit in Egypt on Tuesday.



The comments by Gaston Browne kicked off the&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3231P4&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">second day</a>&nbsp;of speeches from heads of state and government at the two-week conference in the seaside resort town of Sharm el-Sheikh.



&#8220;The oil and gas industry continues to earn almost 3 billion United States dollars daily in profits,&#8221; Browne said, speaking on behalf of the Alliance of Small Island States.



&#8220;It is about time that these companies are made to pay a global carbon tax on their profits as a source of funding for loss and damage. Profligate producers of fossil fuels have benefited from extortionate profits at the expense of human civilization. While they are profiting, the planet is burning.&#8221;



Senegal&#8217;s President Macky Sall&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3242HE&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">told the conference</a>&nbsp;poor developing nations in Africa were also insisting on increased funding for adaptation to worsening climate change, and would&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N31S1LY&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">resist calls</a>&nbsp;for an immediate shift away from fossil fuels that could drive economic growth.



&#8220;Let&#8217;s be clear, we are in favor of reduction of greenhouse gas emissions. But we Africans cannot accept that our vital interests be ignored,&#8221; he said.



(Writing by Richard Valdmanis; Editing by Katy Daigle and Janet Lawrence)

4VKVDPUBCJNO7MH7HH3OC44WRA

COP27: Small island nations want Big Oil to pay up for climate damage

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="551" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1439677821-820x551.jpg" alt="" class="wp-image-421087" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1439677821-820x551.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1439677821-300x202.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1439677821-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1439677821-768x516.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1439677821-1536x1033.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1439677821-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>SHARM EL SHEIKH, EGYPT &#8211; NOVEMBER 07: A sign hangs over the main entrance on day two of the UNFCCC COP27 climate conference on November 07, 2022 in Sharm El Sheikh, Egypt. The conference is bringing together political leaders and representatives from 190 countries to discuss climate-related topics including climate change adaptation, climate finance, decarbonisation, agriculture and biodiversity. The conference is running from November 6-18. (Photo by Sean Gallup/Getty Images)</figcaption></figure>



The COP27 climate conference represents an opportunity to move forward, but a significant ramping up of efforts will be required in the years ahead, according to a former special assistant to President Barack Obama.



Speaking at CNBC’s Sustainable Future Forum last week, Alice Hill was asked if she was optimistic or very concerned about the pace of change. &nbsp;



“Very concerned — we are not acting swiftly enough, and the impacts and the danger [are] … overtaking our efforts,” Hill, who is now a senior energy fellow at the Council on Foreign Relations, told CNBC’s Steve Sedgwick.



COP27, which is being held in Sharm el-Sheikh, Egypt, is taking place at a time of significant global volatility. War, economic challenges and the Covid-19 pandemic are all casting long shadows over its proceedings.



During her interview with CNBC, it was put to Hill that climate change often slipped down the pecking order compared to other global challenges and events.



It was a viewpoint she seemed to align with. “Climate change has suffered from the problem that I learned in the White House,” she said.



“When I worked in the White House, [it] quickly became apparent that the urgent would overtake the important,” she added. “Of course, climate change is now urgent.”



Despite this urgency, she noted that the war in Ukraine, tensions between the U.S. and China and other geopolitical strains were tending to “overshadow the need to work on and continue to drive progress towards addressing climate change.”



This had, she argued, “really been the state of play since scientists first raised these alarms decades ago.”



There is a significant amount riding on the negotiations taking place in Egypt.



On Monday, the United Nations secretary general issued a stark warning, telling attendees at COP27 that the world was losing its fight against climate change. “We are in the fight of our lives, and we are losing,” Antonio Guterres said.



At the Sustainable Future Forum, Hill was asked about the best scenario she could realistically see coming out of COP27.



“That we have further progress on the methane pledge,” she said, in an apparent reference to the commitment on cutting methane emissions made at COP26 last year.



Her other hopes for COP27 included getting “serious commitments, or improvements in commitments” when it came to financing for the developing world; and better addressing the issue of loss and damage. &nbsp;



Despite the above, Hill ended on a note of caution.



There were “a lot of opportunities for really significant steps forward,” she said, “but I’m afraid this COP won’t offer us that kind of transformational leap forward that this problem cries out for — and deserves — in order to keep the globe safe.”

COP27 Climate Conference: Opening Ceremony And High-Level Summit

Ex-Obama advisor says global events are overshadowing climate change efforts: ‘We are not acting swiftly enough’

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="534" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1439799726-820x534.jpg" alt="" class="wp-image-421154" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1439799726-820x534.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1439799726-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1439799726-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1439799726-768x501.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1439799726-1536x1001.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1439799726-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>SHARM EL SHEIKH, EGYPT &#8211; NOVEMBER 07: A sign stands illuminated in the plenary hall at the UNFCCC COP27 climate conference on November 07, 2022 in Sharm El Sheikh, Egypt. The conference is bringing together political leaders and representatives from 190 countries to discuss climate-related topics including climate change adaptation, climate finance, decarbonisation, agriculture and biodiversity. The conference is running from November 6-18. (Photo by Sean Gallup/Getty Images)</figcaption></figure>



SHARM EL-SHEIKH, Egypt, Nov 8 (Reuters)&nbsp;&#8211;&nbsp;Developing countries need to work with investors, rich countries and development banks to secure $1 trillion a year in external financing for climate action by the end of the decade and to match that with their own funds, a report said on Tuesday.



The report, released ahead of talks on climate change finance at the COP27 summit in Egypt, said the funding was required to cut emissions, boost resilience, deal with damage from climate change and restore nature and land.



&#8220;The world needs a breakthrough and a new roadmap on climate finance that can mobilise the $1 trillion in external finance that will be needed by 2030 for emerging markets and developing countries other than China,&#8221; said the report, commissioned by the current and previous climate summit hosts, Egypt and Britain.



It said the total annual investment requirement of developing countries would hit $2.4 trillion by 2030, with half coming from external financing and the rest from public and private sources in those countries.



Current investment stands at around $500 million, it said.



The biggest increase should come from the private sector, both domestic and foreign, while annual flows from development banks should be tripled, it said. Concessional loans, which offer more favourable terms than markets, should also be stepped up.



&#8220;Unlocking substantial climate finance is the key to solving today&#8217;s development challenges,&#8221; said Vera Songwe, one of the report&#8217;s authors.



&#8220;This means countries must have access to affordable, sustainable low-cost financing from the multilateral development banks to help crowd in investments from the private sector and philanthropy.&#8221;



Delegates at the climate summit in Egypt are expected to focus on financing issues on Wednesday.



The report also calls for grants and low-interest loans from the governments of developed countries to double from $30 billion annually today to $60 billion by 2025.



COP27: Loss of Arctic summer sea ice &#8216;inevitable&#8217; within 30 years — report&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N32207N&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Dominic Evans; Editing by Lisa Shumaker)

COP 27-Developing countries need $1 trillion a year in climate finance -report

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1244573125-820x547.jpg" alt="" class="wp-image-421140" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1244573125-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1244573125-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1244573125-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1244573125-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1244573125-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1244573125-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Attendees arrive at the venue on the opening day of the COP27 climate conference at the Sharm El Sheikh International Convention Centre in Sharm El-Sheikh, Egypt, on Monday, Nov. 7, 2022. More than 100 world leaders started arriving in the Egyptian resort of Sharm el-Sheikh for the UNs annual climate change summit, attempting to maintain momentum in the battle to curb planet-warming emissions. Photographer: Islam Safwat/Bloomberg via Getty Images</figcaption></figure>



SHARM EL-SHEIKH, EGYPT, Nov 7 (Reuters)&nbsp;&#8211;&nbsp;United Nations Secretary General Antonio Guterres told countries gathered at the start of the&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N31J136&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">COP27 summit</a>&nbsp;in Egypt on Monday they face a stark choice: work together now to cut emissions or condemn future generations to climate catastrophe.



The speech set an urgent tone as governments sit down for&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N31S1LY&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">two weeks of talks</a>&nbsp;on how to avert&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N31X1V1&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">the worst of climate change</a>, even as they are distracted by Russia’s war in Ukraine, rampant consumer inflation and energy shortages.



&#8220;Humanity has a choice: cooperate or perish,” Guterres told delegates gathered in the seaside resort town of Sharm el-Sheikh.



He called for a pact between the world&#8217;s richest and poorest countries to accelerate the transition from fossil fuels and funding to ensure poorer countries can reduce emissions and cope with the climate impacts that have already occurred.



&#8220;The two largest economies – the United States and China – have a particular responsibility to join efforts to make this pact a reality,&#8221; he said.



Despite decades of climate talks &#8211; the Egypt COP is the 27th Conference of the Parties &#8211; progress has been insufficient to save the planet from excessive warming as countries are too slow or reluctant to act, he noted.



&#8220;Greenhouse gas emissions keep growing. Global temperatures keep rising. And our planet is fast approaching tipping points that will make climate chaos irreversible,&#8221; he said. &#8220;We are on a highway to climate hell with our foot on the accelerator.&#8221;



Former U.S. Vice President Al Gore, also speaking at the event, said global leaders have a credibility problem when it comes to climate change. He criticized developed nations&#8217; ongoing pursuit of gas resources in Africa,&nbsp;which he described as &#8220;fossil fuel colonialism.&#8221;



&#8220;We have a credibility problem all of us: We&#8217;re talking and we&#8217;re starting to act, but we&#8217;re not doing enough,&#8221; Gore said.



&#8220;We must see the so-called &#8216;dash for gas&#8217; for what it really is: a dash down a bridge to nowhere, leaving the countries of the world facing climate chaos and billions in stranded assets, especially here in Africa,&#8221; he said.



<h2 class="wp-block-heading" id="h-uae-to-carry-on-pumping-oil-gas">UAE TO CARRY ON PUMPING OIL, GAS</h2>



Immediately after Guterres&#8217; speech, United Arab Emirates President Sheikh Mohammed bin Zayed al-Nahya took the stage and said his country, a member of the Organization of the Petroleum Exporting Countries, would continue to produce fossil fuels for as long as there is a need.



&#8220;The UAE is considered a responsible supplier of energy and it will continue playing this role as long as the world is in need of oil and gas,&#8221; he said.



The UAE will host next year&#8217;s U.N. conference, which will attempt to finalise agreements made last year in Britain and at this year&#8217;s Egyptian talks.



Many countries with rich resources of oil, gas, and coal have criticized the push for a rapid transition away from fossil fuels arguing it is economically reckless and unfair to poorer and less developed nations keen for economic growth.



Signatories to the 2015 Paris climate agreement had pledged to achieve a long-term goal of keeping global temperatures from rising by more than 1.5°C above pre-industrial levels, the threshold at which scientists say climate change risks spinning out of control.



Guterres said that goal will only stay alive if the world can achieve net zero emissions by 2050. He asked countries to agree to phase out the use of coal, one of the most carbon-intense fuels, by 2040 globally, with members of the Organisation for Economic Cooperation and Development hitting that mark by 2030.



The head of the International Monetary Fund told Reuters on the sidelines of the conference that climate targets depend on achieving a global carbon price of at least&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3230TU&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">$75 a ton</a>&nbsp;by the end of the decade, and that the pace of change in the real economy was still &#8220;way too slow&#8221;.



The World Trade Organization, meanwhile, said in a&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3206LW&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">report</a>&nbsp;published on Monday that it should tackle trade barriers for low carbon industries to address the role of global trade in driving climate change.



QUOTES-COP27: What are they saying at the climate summit?<a href="https://www.reutersconnect.com/all?search=all%3AL1N3230OX&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Valerie Volcovici; editing by Barbara Lewis and Frank Jack Daniel)

Opening Day of The COP27 Climate Conference

COP27: We’re on a highway to climate hell, U.N. boss says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/WXXNVW6K3NOGHPUXYNREAKHFDY-820x461.jpg" alt="" class="wp-image-421119" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/WXXNVW6K3NOGHPUXYNREAKHFDY-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/WXXNVW6K3NOGHPUXYNREAKHFDY-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/WXXNVW6K3NOGHPUXYNREAKHFDY-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/WXXNVW6K3NOGHPUXYNREAKHFDY-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/WXXNVW6K3NOGHPUXYNREAKHFDY-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/WXXNVW6K3NOGHPUXYNREAKHFDY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>People look at a painting at the Art X, an annual art fair held in Lagos, Nigeria November 5, 2022. REUTERS/Seun Sanni</figcaption></figure>



LAGOS, Nov 7 (Reuters)&nbsp;&#8211;&nbsp;A toddler on a bike and well-heeled women in bright African fabric tunics made their way past screens flashing infrared images of a dystopian future in which simulated plants and flowers replace the real thing destroyed by climate change.



They were among hundreds attending ART X, an annual fair in Lagos, Nigeria&#8217;s buzzing commercial capital, that hosted more than 120 artists from 40 African countries and the diaspora.



The fair&#8217;s theme &#8220;Who Will Gather Under the Baobab Tree?&#8221; aimed to tap into African wisdom to address problems from climate change to political crises.



&#8220;We wanted to leverage the art and creativity to address all the challenges that we saw in our society,&#8221; founder Tokini Peterside-Schwebig told Reuters.



Just beyond the fair, flooding has laid farmland to waste and displaced more than a million. Desertification has deepened conflict in Nigeria&#8217;s agriculturally-rich middle belt. And elsewhere in Africa, drought has increased food insecurity.



Artists are seeking to assert their cultural identity by finding African solutions, they said at the fair that concluded on Sunday as African and other world leaders began meeting in Egypt for two weeks of&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N32203B&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">United Nations talks</a>&nbsp;to strive for global agreement on combating climate change.



&#8220;I think it&#8217;s very important to be given a platform here at home, so that people can first-hand feel your emotions, feel your anger, and all of the narratives that you&#8217;re driving at first… before it&#8217;s being exported to the outside world,&#8221; said Julius Agbaje, 30, who exhibited his paintings at the fair.



Ify Obi, 24, standing by her favourite piece &#8211; a giant woven design by Nigerian artist Victor Ehikhamenor that threaded plastic rosaries onto lace to create images of traditional African leaders &#8211; said she most appreciated works that amplified African culture and African solutions.



&#8220;What type of people are we if we&#8217;re not thinking for the future?&#8221; she said.



(Reporting By Libby George; editing by Barbara Lewis)

People look at a painting at the Art X, an annual art fair held in Lagos

African solutions: Lagos art fair tackles climate and culture

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-820x547.jpg" alt="" class="wp-image-416649" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>IMF managing director Kristalina Georgieva speaks during a panel discussion at the COP26 UN Climate Summit in Glasgow on November 3, 2021. (Photo by Daniel LEAL / AFP) (Photo by DANIEL LEAL/AFP via Getty Images)</figcaption></figure>



Public aid and funding from governments of developed countries alone won’t be enough to close the funding gap on climate change initiatives in developing countries, IMF chief Kristalina Georgieva told CNBC.&nbsp;



More private investments are needed to help developing countries to meet their climate change targets, said the managing director of the International Monetary Fund.&nbsp;



“We will never close it if we rely on the generosity of rich countries, because it is too big to be close [sic] with public money,” Georgieva told CNBC during an interview at COP27 climate change summit in Egypt’s Sharm el-Sheikh.



“So most important here, and in the months to follow, is to work relentlessly to create opportunities for private investments to take place in the developing world.”



Ahead of the summit, the&nbsp;<a href="https://news.un.org/en/story/2022/11/1130142" target="_blank" rel="noreferrer noopener">United Nations called for “increased funding and implementation of actions”</a>&nbsp;to help&nbsp;vulnerable nations adapt to the climate emergency.&nbsp;



“Climate change is landing&nbsp;blow after blow&nbsp;upon humanity, as we saw throughout 2022,” said the United Nations Environment Programme’s Executive Director Inger Andersen, citing the&nbsp;<a href="https://www.cnbc.com/2022/09/06/pakistan-finmin-on-floods-country-is-bearing-brunt-of-climate-change.html">devastating floods in Pakistan.</a>



Vulnerable and developing countries will need between $160 billion and $340 billion by the end of the decade to make climate-related changes, and up to $565 billion by 2050, the UN report said.



“Adaptation needs in the developing world are set to skyrocket to&nbsp;as much as $340 billion a year&nbsp;by 2030. Yet adaptation support today stands at&nbsp;less than one-tenth&nbsp;of that amount,” U.N. Secretary-General António Guterres said.



“The most vulnerable people and communities are paying the price. This is unacceptable.”&nbsp;



<h2 class="wp-block-heading" id="h-why-advanced-nations-should-fight-climate-change"><a></a>Why advanced nations should fight climate change</h2>



It is in the interest of advanced economies to help developing countries meet their climate change targets, Georgieva said, citing stability as a key reason.



“If we are to allow climate shocks, time and again, to devastate poor countries, we contribute to instability that Europe feels very strongly, especially when migration flows increase,” she said.



Stability in developing countries also secures trade between advanced and developing countries, Georgieva said.



“If you want to have your economies export to these countries, there has to be prosperity and stability there,” Georgieva said.&nbsp;



Disruptions in supply chains caused by climate change events could pose a bigger risk than the one posed by the pandemic, she added.



There also needs to be a greater push to make businesses in advanced countries accountable for emissions reduction, and taxes and regulations are levers that many governments can use, the IMF chief said.&nbsp;



“We have to recognize that we are way behind where we should be to protect the wellbeing of our children. If you look at this decade&nbsp;— 2020 to 2030 — we have to cut emissions by somewhere between 25% and 50% and emissions are still growing,” Georgieva added.&nbsp;

BRITAIN-UN-CLIMATE-COP26

IMF chief says rich countries alone can ‘never close’ the funding gap for climate change

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/107144607-1667386376194-gettyimages-1437243669-lsn_5461_lf7g2bc5-820x461.jpeg" alt="" class="wp-image-421079" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/107144607-1667386376194-gettyimages-1437243669-lsn_5461_lf7g2bc5-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/107144607-1667386376194-gettyimages-1437243669-lsn_5461_lf7g2bc5-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/107144607-1667386376194-gettyimages-1437243669-lsn_5461_lf7g2bc5-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/107144607-1667386376194-gettyimages-1437243669-lsn_5461_lf7g2bc5-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/107144607-1667386376194-gettyimages-1437243669-lsn_5461_lf7g2bc5-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/107144607-1667386376194-gettyimages-1437243669-lsn_5461_lf7g2bc5.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Sunak had faced criticism from climate activists, opposition politicians and even some within his own party after his office said last week he was expected to skip the 27th session of the United Nations Climate Change Conference to focus on “pressing domestic commitments”. Leon Neal &#8211; Wpa Pool | Getty Images News | Getty Images</figcaption></figure>



SHARM EL-SHEIKH, Egypt, Nov 6 (Reuters)&nbsp;&#8211;&nbsp;British Prime Minister Rishi Sunak will on Monday use a speech at the United Nations climate summit in Egypt to tell world leaders to deliver on their promises to tackle global warming.



Sunak, who became prime minister late last month, had initially said he would be&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N31Y3A8&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">too busy</a>&nbsp;coming up with a plan to fix Britain&#8217;s economy to attend the COP27 summit, drawing criticism from political opponents and campaigners.



Now, he will join more than 100 other leaders speaking at the event.



He is expected to call on governments to deliver on the promises made at COP26 in the Scottish city of Glasgow a year ago, when host nation Britain helped to broker a wide-ranging climate pact &#8211; much of which has yet to be implemented.



&#8220;The world came together in Glasgow with one last chance to create a plan that would limit global temperature rises to 1.5 degrees. The question today is: can we summon the collective will to deliver on those promises?&#8221; he will say, according to extracts released by his office in advance.



The chances look slim. A United Nations report at the end of October said government pledges to cut greenhouse gas emissions put the planet on track for an average 2.8 Celsius temperature rise this century after&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N31Q5PL&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">&#8220;woefully inadequate&#8221;</a>&nbsp;progress.



Sunak will also meet his French and Italian counterparts on the sidelines of the U.N. conference.



(Reporting by William James, editing by Elizabeth Piper and Barbara Lewis)

107144607-1667386376194-gettyimages-1437243669-lsn_5461_lf7g2bc5

COP-27 -“Live up to your climate promises,” UK PM will say

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/107113118-gettyimages-1242864124-AFP_32HG73V-820x462.jpeg" alt="" class="wp-image-421036" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/107113118-gettyimages-1242864124-AFP_32HG73V-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/107113118-gettyimages-1242864124-AFP_32HG73V-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/107113118-gettyimages-1242864124-AFP_32HG73V-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/107113118-gettyimages-1242864124-AFP_32HG73V-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/107113118-gettyimages-1242864124-AFP_32HG73V.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Photo: via CNBC</figcaption></figure>



The success or failure of the U.N.’s flagship climate conference is likely to depend on getting wealthy countries to deliver on reparations — a highly divisive and emotive issue that is seen as a fundamental question of climate justice.



The COP27 climate summit gets underway in Egypt from Nov. 6. The annual gathering of the U.N. Climate Change Conference will see more than 30,000 delegates convene in the Red Sea resort town of Sharm el-Sheikh to discuss collective action on the climate emergency.



It comes amid growing calls for rich countries to compensate climate-vulnerable nations as it becomes harder for many people to live safely on a warming planet.



Reparations, sometimes referred to as “loss and damage” payments, are likely to dominate proceedings at COP27, with diplomats from more than 130 countries expected to push for the creation of a dedicated loss and damage finance facility.



They argue agreement on this issue is imperative as climate impacts become more severe.



Rich countries, despite accounting for the bulk of historical greenhouse gas emissions, have long opposed the creation of a fund to address loss and damage. Many policymakers fear that accepting liability could trigger a wave of lawsuits by countries on the frontlines of the climate emergency.



Saleemul Huq, director of the Bangladesh-based International Centre for Climate Change and Development, said he is expecting an “agenda fight” at the start of COP27 — the result of which he said will be critical to the summit’s integrity.



Finance to address loss and damage is on the provisional agenda for the U.N. climate conference. However, policymakers will need to determine whether to adopt it onto the official agenda at the start of the summit.



Huq, a pioneer of loss and damage research and advocacy, said it is feared that once again wealthy countries will refuse to endorse financial support for low- and middle-income countries acutely vulnerable to the climate crisis.



For instance, at COP26 last year, high-income nations blocked a proposal for a loss and damage financing body, choosing instead to engage in a new three-year dialogue for funding discussions. The so-called “Glasgow Dialogue” has been sharply criticized as a program without a clear plan or an intended outcome.



Huq said during a webinar hosted by Carbon Brief that the battle to put loss and damage funding on the official agenda “is going to be the big fight coming up in Sharm el-Sheikh.”



“If we lose the agenda fight then we might as well come home and forget about the rest of COP because it will be useless in the face of what is happening in the world on climate change,” Huq said.



“It is beyond mitigation and adaptation now,” he added. “Loss and damage [funding] is by far the most important issue that needs to be discussed and if the UNFCCC doesn’t do it then it basically becomes redundant.”



<h2 class="wp-block-heading" id="h-the-litmus-test-for-the-success-of-cop27"><a></a>‘The litmus test for the success of COP27’</h2>



The push for loss and damage payments differs from climate finance directed toward mitigation and adaptation.



Mitigation refers to efforts to reduce greenhouse gas emissions that are causing global heating by, for instance, transitioning from fossil fuels to renewable energy sources. Adaptation, meanwhile, means preparing for the adverse effects of the climate crisis by taking action to minimize the damage.



These are two established pillars of climate action. Loss and damage funding, meanwhile, is recognized by many as the third pillar of international climate policy.



Speaking two weeks ahead of COP27, U.S. climate envoy John Kerry said Washington would not be “obstructing” talks on loss and damage in Sharm el-Sheikh. His comments mean that, for the first time ever, the U.S. appears willing to discuss reparations at the U.N. climate conference.



Kerry’s openness to talks on loss and damage funding marked an abrupt change in tone from just one month earlier. Speaking at a New York Times event on Sept. 20, Kerry suggested the U.S. would not be prepared to compensate countries for the loss and damage they’ve suffered as a result of the climate emergency.



“You tell me the government in the world that has trillions of dollars — because that’s what it costs,” Kerry said. He added that he refused to feel “guilty” for the climate crisis.



“There’s plenty of time to be arguing, pointing fingers, doing whatever,” Kerry said. “But the money we need right now needs to go to adaptation, it needs to go to building resilience, it needs to go to the technology that is going to save the planet.”



Advocates of loss and damage funding argue it is required to account for climate impacts — including hurricanes, floods and wildfires or slow-onset impacts such as rising sea levels — that countries cannot defend against because the risks are unavoidable or the countries cannot afford it.



“This is the litmus test for the success of COP27,” said Harjeet Singh, head of global political strategy at Climate Action Network, which includes more than 1,500 civil society groups.



“Looking at loss and damage as a side issue is not acceptable because this is the reality that millions are facing every single day,” Singh said during the same webinar event, citing devastating floods in Pakistan and severe droughts in the Horn of Africa.



Singh said political mobilization over loss and damage funding makes COP27 the most important COP yet. “We now have to make sure it delivers climate justice that we have been demanding by creating a new system of funding so that we can support people who are facing the climate emergency now.”



<h2 class="wp-block-heading"><a></a>What is loss and damage?</h2>



There is no internationally agreed definition for loss and damage, but it is broadly understood to refer to the economic impacts on livelihoods and property, and non-economic loss and damage, such as the loss of life and losses to biodiversity.



“I think it means different things to different people, but broadly I would see the idea as funding to address the impacts of climate change that can’t be avoided through mitigation and adaptation,” Rachel James, a climate scientist at the University of Bristol, told CNBC via telephone.



“That ties into why it is so important for climate justice because we don’t have a mechanism or funding to deal with that at the moment — and it’s too late to ignore it.”



James said that countries from the Global South will be looking for reassurance in Egypt that the $100 billion climate finance pledge by rich nations in 2009 to help low-income nations mitigate and adapt to the climate emergency is going to be met.



“That’s so crucial because that is a matter of trust,” James said. “If we can’t even get the funding for adaptation and mitigation that has already been promised then that calls into the question the ability to raise additional funds.”



So far, only one U.N. member state has pledged to offer loss and damage compensation to the most climate-vulnerable areas. Denmark announced in mid-September that it would support low-income nations with over 100 million Danish crowns ($13.3 million).



Nicola Sturgeon, first minister of Scotland, which is not a member of the U.N., announced at the COP26 summit in Glasgow last year a symbolic £1 million ($1.15 million) loss and damage investment in an effort to encourage other wealthy countries to follow suit.



<h2 class="wp-block-heading"><a></a>Why does it matter?</h2>



“Loss and damage is happening every single day somewhere in the world — and it will continue to happen every single day from now on,” ICCCAD’s Huq said, citing the damage caused by Hurricane Ian in late September as a recent example.



“Ian is the biggest storm Florida has had so far. But that’s not going to be true next year, they are going to have a bigger one next year and they are going to one even bigger than that the year after. So, we have now entered the era of impacts from human-induced climate change causing losses and damages.”



“We need to deal with that — and we are not prepared to do it at all. Even the richest country in the world, the U.S., is not prepared for this,” he added.



Paddy McCully, senior analyst at non-governmental organization Reclaim Finance, said that although loss and damage funding was highly likely to feature prominently at COP27, nobody is expecting substantial progress.



“Given the geopolitical situation at the moment and the sharply different positions from the north and south on loss and damage, I think it is going to be hard for countries to achieve a dramatic breakthrough,” McCully told CNBC via telephone.



“The sign of a successful COP will be that there is at least agreement on a mechanism for providing finance in loss and damage,” he said. “And I think that a moderately successful COP would be that it doesn’t all fall apart in north-south acrimony, and you have at least agreement on further talks on setting up a mechanism.”

107113118-gettyimages-1242864124-AFP_32HG73V

A showdown over climate reparations is brewing — and it will determine the success of the COP27 summit

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="505" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/BRJFDGYIQFOEPPLWAIGTOBWUGI-820x505.jpg" alt="" class="wp-image-420960" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/BRJFDGYIQFOEPPLWAIGTOBWUGI-820x505.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/BRJFDGYIQFOEPPLWAIGTOBWUGI-300x185.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/BRJFDGYIQFOEPPLWAIGTOBWUGI-146x90.jpg 146w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/BRJFDGYIQFOEPPLWAIGTOBWUGI-768x473.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/BRJFDGYIQFOEPPLWAIGTOBWUGI.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>European Council President Charles Michel shakes hands with Ghana&#8217;s President Nana Afuko Addo, as Senegal&#8217;s President Macky Sall walks past, after a joint press conference with French President Emmanuel Macron on France&#8217;s engagement in the Sahel region, at the Elysee Palace, in Paris, France, February 17, 2022. EPA-EFE/IAN LANGSDON/Pool via REUTERS</figcaption></figure>



LITTLETON, Colo, Nov 2 (Reuters)&nbsp;&#8211;&nbsp;The upcoming United Nations climate summit comes at a time of unprecedented high-level support for reducing global use of fossil fuels, after Russia&#8217;s invasion of Ukraine snarled global flows of gas, coal and fuel and sent power prices soaring.



But as climate bigwigs gather to hash out how to reduce emissions across the planet, care must be taken to ensure every major region is properly equipped with both the funding and the know-how to tackle the enormous challenge of rapidly reducing emissions while sustaining vital economic momentum.



The COP27 meetings in Egypt will be the fifth COP (Conference of the Parties) in Africa. At the tip of the world&#8217;s fastest-growing continent, its location acts as a reminder for policymakers &#8211; all countries must be able to come along for the decarbonisation ride without being burdened by constraints that may drain government budgets, thwart industry and halt job creation.



<h2 class="wp-block-heading">PRIMED FOR GROWTH</h2>



So far this century, Africa has produced the lowest amount of cumulative carbon dioxide (CO2) emissions of any region, accounting for just 3.6% of total global CO2 discharge during the 2000-2021 period, according to data from the 2022 edition of the BP Statistical Review of World Energy.



Africa&#8217;s 24 billion tonnes of accumulated CO2 compares to Asia&#8217;s 298 billion tonnes, North America&#8217;s 139 billion tonnes, and Europe&#8217;s 100 billion tonnes during the same span.



After decades of emissions-heavy economic growth, industrial heavyweights like China, Germany and the United States are now keen to reduce their energy intensity by phasing out outdated smokestack plants and deploying government-subsidised green energy that will help meet emissions-reduction targets.



In contrast, many African nations are in need of a decades-long labour-intensive growth phase to make full use of surging populations, expected to swell by more than 1 billion across the continent to nearly 2.5 billion by 2050, according to United Nations forecasts.



<h2 class="wp-block-heading">AMBITION MISMATCH</h2>



Latin America, South Asia and elsewhere are also on course for growth in both workforces and economies in the coming decades. But Africa is expected to see the largest gain in working age population of any region by mid-century.



In addition, Africa is on course to be the only continent to see its population expand by the end of the century. Every other region is expected to see its numbers shrink by 2100, according to a study by&nbsp;<a href="https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(20)30677-2/fulltext" target="_blank" rel="noreferrer noopener">The Lancet.</a>



This makes African businesses and governments especially hungry for opportunities to grow manufacturing and service sectors that are large employers and can help develop and cater to a wealthier populace.



To sustain the accompanying build-out in businesses, factories and supply chains, the continent must rapidly expand power and electricity to where it is needed.



But with 90% of primary energy currently coming from fossil fuels, according to the BP Statistical Review of World Energy, Africa must simultaneously retool its entire energy system to align with the goals of the COP27 crowd.



The dual challenge of decarbonising its energy sector while fostering the emergence of a constellation of job-creating industries would be a major challenge for any continent. For debt-laden African nations, some of which bear some of the highest public debt burdens in the world,&nbsp;<a href="https://blogs.worldbank.org/africacan/doubled-decade-debt-trends-eastern-and-southern-africa-demand-decisive-reform" target="_blank" rel="noreferrer noopener">according to The World Bank,</a>&nbsp;it&#8217;s especially tough.



The region is also among the must vulnerable to the effects of climate change, and this year encountered severe droughts and floods that killed thousands and impoverished&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N30S1KK&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">millions more</a>.



<h2 class="wp-block-heading" id="h-buy-ins-or-bail-outs">BUY-INS OR BAIL OUTS?</h2>



With little surplus finance available to fund both its energy transition and manufacturing sector expansion, Africa as a continent will require substantial international support on both fronts if it is to reach its potential as a thriving, low-carbon economy.



Yet the international community has also had its coffers drained by the one-two punch of COVID-19 followed by the fallout from the Russia-Ukraine war. Moscow calls its actions &#8220;a special operation&#8221;.



This lack of funding may result in Africa being short-changed by its international peers as countries prioritise their own energy transition plans while trying to rein in inflation that has decimated government budgets the world over.



Leaders in Asia, Europe and North America need the vision to look beyond those near-term challenges and see that it is in their own interest to help Africa emerge as an affluent market and future global economy driver. Only then can countries in Africa secure the support they need to fulfil their potential to emerge as the global leaders for the second half of the 21st century.



GRAPHIC-CO2 emissions from 2000 to 2021<a href="https://tmsnrt.rs/3UjJeeX" target="_blank" rel="noreferrer noopener">https://tmsnrt.rs/3UjJeeX</a>



GRAPHIC-Energy consumption, CO2 emissions and GDP levels by region<a href="https://tmsnrt.rs/3SXWW67" target="_blank" rel="noreferrer noopener">https://tmsnrt.rs/3SXWW67</a>



GRAPHIC-Debt-to-GDP rations of countries with sovereign bonds<a href="https://tmsnrt.rs/3FBBJMj" target="_blank" rel="noreferrer noopener">https://tmsnrt.rs/3FBBJMj</a>



(Reporting By Gavin Maguire; Editing by Kenneth Maxwell)

BRJFDGYIQFOEPPLWAIGTOBWUGI

Africa deserves a fair shake at upcoming climate summit: Maguire

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1242958387-1-820x547.jpg" alt="" class="wp-image-420949" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1242958387-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1242958387-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1242958387-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1242958387-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1242958387-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1242958387-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>John Kerry, US special presidential envoy for climate, speaks during a media roundtable in Hanoi, Vietnam, on Monday, Sept. 5, 2022. Kerry is &#8220;hopeful&#8221; that climate talks with China will resume after discussions stalled following House Speaker Nancy Pelosi&#8217;s visit to Taiwan last month. Photographer: Linh Pham/Bloomberg via Getty Images</figcaption></figure>



DUBAI, Nov 1 (Reuters)&nbsp;&#8211;&nbsp;Africa countries need to use their gas reserves to lift more people out of poverty and build industry as they try to catch up with more developed countries even while&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N31W0O3&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">the world</a>&nbsp;seeks to cut emissions, some industry officials said on Tuesday.



Africa holds around 13% of the world&#8217;s natural gas and 7% of its oil but has the world&#8217;s lowest per capita energy use.



Renewables could play a major role in Africa&#8217;s energy supply in future but African governments say they need fossil fuels for baseload power generation for industry.



Osama Mobarez, secretary general of the East Mediterranean Gas Forum, told Reuters at an energy conference in Abu Dhabi that Africa accounted for about 3% of global energy consumption and less than 3% of emissions.



&#8220;Africa needs to have better living standards and at the same time several African countries during the last few years have discovered a lot of gas and they need to develop this gas to have better lives for their people and also for industrialisation,&#8221; he said.



Africa needs to build oil and gas pipelines, liquefied natural gas (LNG) terminals, distribution hubs and gas-fired power plants over the next 20 years to unlock its energy market with more than 600 million people,&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N31B292&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">analysts say</a>.



Energy demand is expected to grow rapidly over the next two decades, rising 30% from today&#8217;s levels, compared with a 10% rise globally, consultancy McKinsey said in a report.



U.S. climate envoy John Kerry has cautioned against long-term oil and gas infrastructure investment in Africa, urging countries to turn to renewables instead.



The continent is home to 60% of the best solar resources globally with just 1% of installed solar capacity.



But some industry officials said renewables would not be enough to help Africa catch up with more developed nations, which had relied on hydrocarbons in their own industrialisation drive.



&#8220;Wind and solar is not going to help Africa industrialise. They need to have access to hydrocarbons. There is a sense in which it is an unjust transition for Africa,&#8221; Joseph McMonigle, secretary general of the International energy Forum, told the conference.



COP27 climate summit to test resolve of world battling war, inflation<a href="https://www.reutersconnect.com/all?search=all%3AL1N31W0O3&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Renewables shift lays bare Africa&#8217;s energy dilemma<a href="https://www.reutersconnect.com/all?search=all%3AL8N31B292&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



AfDB head says gas remains key for stable power supply in Africa<a href="https://www.reutersconnect.com/all?search=all%3AL8N2RV8T3&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Africa has sights set on hydrocarbon haul despite global shift<a href="https://www.reutersconnect.com/all?search=all%3AL8N2S171A&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Writing by Michael Georgy; Editing by Edmund Blair)

GettyImages-1242958387-1

Africa must use its gas reserves to drive the economy, industry officials say

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="562" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/AJ7JTKPKIVLLVHHLY5YH6EU57Y-820x562.jpg" alt="" class="wp-image-420926" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/AJ7JTKPKIVLLVHHLY5YH6EU57Y-820x562.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/AJ7JTKPKIVLLVHHLY5YH6EU57Y-300x206.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/AJ7JTKPKIVLLVHHLY5YH6EU57Y-131x90.jpg 131w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/AJ7JTKPKIVLLVHHLY5YH6EU57Y-768x526.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/AJ7JTKPKIVLLVHHLY5YH6EU57Y-1536x1053.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/AJ7JTKPKIVLLVHHLY5YH6EU57Y-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: View of a COP27 sign on the road leading to the conference area in Egypt&#8217;s Red Sea resort of Sharm el-Sheikh town as the city prepares to host the COP27 summit next month, in Sharm el-Sheikh, Egypt October 20, 2022. REUTERS/Sayed Sheasha/File Photo</figcaption></figure>



Oct 31 (Reuters)&nbsp;&#8211;&nbsp;An international climate summit starting next week in Egypt will test the resolve of nations to combat global warming, even as many of the biggest players are distracted by urgent crises ranging from war in Europe to rampant consumer inflation.



More than 30,000 delegates, including representatives from some 200 countries, will gather Nov. 6-18 in the seaside resort town of Sharm el-Sheikh to hash out details around how to slow climate change and help those already feeling its impacts.



But with nations dealing with the fallout of Russia&#8217;s invasion of Ukraine, along with soaring food and fuel prices and stuttering economic growth, questions loom over whether they will act quickly and ambitiously enough to avoid the worst effects of climate change.



The chill in relations this year between top greenhouse gas emitters China and the United States does not bode well, experts say.



A United Nations report released last week showed most countries are lagging on their existing commitments to cut carbon output, with global greenhouse gas emissions&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N31R0T9&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">on track to rise</a>&nbsp;10.6% by 2030 compared with 2010 levels.



Scientists say emissions must drop 43% by that time to&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL4N2RW3DS&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">limit global warming</a>&nbsp;to 1.5 degrees Celsius (2.7 degrees Fahrenheit)above pre-industrial temperatures – the threshold above which climate change risks spinning out of control.



Only 24 of the nearly 200 countries attending the COP27 talks have submitted new or updated emissions-cutting plans since last year&#8217;s U.N. climate conference in Glasgow, Scotland, even though all had committed to doing so, according to the U.N. climate agency.



A few countries, including Chile, Mexico and Turkey, are expected to release new plans during the Egypt conference, but it is unclear if any major developing economies like China and India will be among them.



&#8220;The chance for China to make another major move ahead of COP27 is low,&#8221; said Li Shuo, a China climate expert at environmental group Greenpeace, who is familiar with the government&#8217;s thinking.



Alden Meyer, international climate policy expert at E3G, said the fraying of diplomatic ties between Washington and Beijing over issues including Taiwan and the war in Ukraine were a headwind for global climate progress, noting past collaboration between the two had helped boost climate talks.



&#8220;Is it possible to make progress without the U.S. and China collaborating? Yes, it is, but it&#8217;s not easier,&#8221; he said.



The administration of U.S. President Joe Biden, meanwhile, has been urging U.S. and international oil and gas drillers to ramp up production to address tight global markets, lower consumer prices and offset supply disruptions linked to Russia&#8217;s war on Ukraine &#8211; showing how the energy crunch has changed the policy priorities of a president who had campaigned on a promise to quickly put an end to the fossil fuel era.



The U.S. delegation to the U.N. conference is likely to tout Biden&#8217;s legislative victories on climate change, including passage of the Inflation Reduction Act, which included billions of dollars in subsidies for wind and solar power and electric vehicles.



<h2 class="wp-block-heading" id="h-loss-and-damage">LOSS AND DAMAGE</h2>



The two-week U.N. negotiations in Egypt follow a year of wild&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2YE0PP&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">weather disruptions</a>&nbsp;around the world, as global warming takes a toll &#8211; from the devastating floods in Pakistan, South Africa and Nigeria, to heatwaves in the Arctic and across Europe and record-setting droughts in the American West and France.



The talks are likely to address how these and other nations affected by climate change&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL4N2ZG2OW&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">could be compensated</a>&nbsp;by rich countries believed to have caused it. Other topics will include how international financial institutions like the World Bank could be reformed to speed the transition away from fossil fuels.



The issue of mobilizing new funding to compensate for climate-driven destruction is a contentious one, with rich nations, including the United States and European Union members, having opposed past proposals for a &#8220;loss and damage&#8221; fund over concerns about their liabilities.



U.S. Special Envoy on Climate Change John Kerry said last week the United States supports a serious dialogue on the topic at COP27, but said the issue was tricky given upcoming Congressional elections that could swing the legislative body toward Republican control.



He also pointed out that the United States is the biggest donor of global humanitarian aid and will focus on ramping up spending on climate adaptation.



That message rings hollow for some.



&#8220;I don&#8217;t want to hear political rhetoric about loss and damage. I don&#8217;t want to hear what countries are already doing in terms of disaster relief, because it&#8217;s not enough,&#8221; said Aminath Shauna, climate minister for the Maldives, a low-lying Indian Ocean island chain facing future inundation with sea-level rise.



The talks received a boost from Brazil&#8217;s election on Sunday of leftist leader Luiz Inacio Lula da Silva, whose team has decried deforestation while calling for an&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N31K1KO&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">international summit</a>&nbsp;on the fate of the Amazon.



The talks could also highlight natural gas, given its importance to the host continent. African nations with petroleum riches argue they have a&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N31203H&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">right to develop</a>&nbsp;their resources, especially as Europe is scrambling to find new suppliers to replace Russia.



&#8220;African nations are going to call out the hypocrisy of Europe securing gas deals in the name of energy security while telling African nations not to develop their resources for baseload energy,&#8221; said Lily Odarno, director of the Clean Air Task Force&#8217;s Africa climate program.



Egypt&#8217;s lead climate negotiator, Mohamed Nasr, has said the summit&#8217;s success would be measured by whether countries deliver a package of agreements that keep the goal of limiting global warming to 1.5C alive, while ensuring poorer nations are treated fairly and receive the support that rich countries have promised.



&#8220;Climate change is not giving us any space to breathe,&#8221; Nasr said. &#8220;Science is telling us we are not on track on anything.&#8221;



(Reporting by Valerie Volcovici; Editing by Richard Valdmanis, Katy Daigle and Janet Lawrence)

FILE PHOTO: Egypt prepares to host the COP27 summit

COP27 climate summit to test resolve of world battling war, inflation

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="469" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/C3BN6J3R5NJGXKF6WUDFBOSEWA.jpg" alt="" class="wp-image-420705" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/C3BN6J3R5NJGXKF6WUDFBOSEWA.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/C3BN6J3R5NJGXKF6WUDFBOSEWA-300x193.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/C3BN6J3R5NJGXKF6WUDFBOSEWA-140x90.jpg 140w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption>A local walks past electricity pylons during frequent power outages from South African utility Eskom, caused by its aging coal-fired plants, in Orlando, Soweto, South Africa, September 28, 2022. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Oct 21 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s plan to kick-start its transition from coal to renewable energy will need $46.5 billion, more than five times the $8.5 billion Western nations have pledged to the project over the next three to five years, three people familiar with the matter told Reuters.



The sources said the investment plan,&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3170J2&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">submitted to donor countries this month</a>, is provisional and the figures could change ahead of the agreement being signed.



It is not yet clear how the remaining $38 billion will be funded or how the bill breaks down. One source said private sector investors would step in, another said it would be a mix of private, bilateral and multilateral funders.



One said the African Development Bank Group was expected to make a big commitment.



&#8220;The Bank continues to work with South Africa to explore concessional financing options to support South Africa&#8217;s just energy transition,&#8221; the African Development Bank Group said in an emailed statement, when asked about its commitment.



Vincent Magwena, a spokesperson for the presidency, the only South African authority that can speak on the matter, said he could not discuss details of the plan until it is publicly presented.



&#8220;At this stage we are not in a position to provide comment on the funding details,&#8221; he said, declining to confirm the total cost.



Negotiators are racing to complete the deal before United Nations climate talks next month in Egypt, where it could serve as a model for other emerging economies seeking to wean themselves off coal with Western support.



If successful, South Africa&#8217;s plan will see Africa&#8217;s most industrialised nation gradually shut down its polluting coal-fired power stations and mines, replacing them with wind turbines and solar panels at a significantly faster rate than it was planning to do before the partnership with the United States, Britain, France, Germany and the European Union.



South Africa is also seeking to become a hub for so-called green hydrogen and electric vehicle manufacturing &#8212; both of which could attract significant private sector investment.



<h2 class="wp-block-heading" id="h-going-to-happen">&#8220;GOING TO HAPPEN&#8221;</h2>



South Africa is the world&#8217;s 13th biggest carbon emitter, pumping out 452 million tonnes of CO2 in 2020, according to the latest data from the non-profit Global Carbon Atlas that put it four places in front of Britain, an economy eight times as big, and ahead of Mexico and Australia.



But it is also blessed with some of the world&#8217;s best sun and wind resources, and vast stretches of land on which to harvest them.



Coal makes up four-fifths of South Africa&#8217;s power generation, so turning state utility Eskom to renewables is a priority for the government. But the issue is politically divisive, as unions fear the loss of some 90,000 coal jobs. Any plan will have to offset these job losses, officials say.



Even so, the tide may be turning.



&#8220;The facts are that there is no new coal being built, and &#8230; no bank will fund new coal in South Africa, not even the Chinese banks,&#8221; energy analyst and managing director at South Africa&#8217;s EE Business Intelligence consultancy, Chris Yelland, said.



&#8220;The only new thing happening right now is wind and solar and battery storage &#8230; The energy transition is going to happen.&#8221;



Moving South Africa&#8217;s economy into greener energy will require vast funds in the longer term, with some analysts estimating at least&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2XI1B1&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">$250 billion</a>&nbsp;over the next three decades.



(Editing by Alexandra Zavis and David Evans)

C3BN6J3R5NJGXKF6WUDFBOSEWA

South Africa’s energy transition plan needs $46.5 bln, five times pledges – sources

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="580" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/PLRBGBS2KJOR3BUKREQSX4INBA-820x580.jpg" alt="" class="wp-image-420633" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/PLRBGBS2KJOR3BUKREQSX4INBA-820x580.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/PLRBGBS2KJOR3BUKREQSX4INBA-300x212.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/PLRBGBS2KJOR3BUKREQSX4INBA-127x90.jpg 127w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/PLRBGBS2KJOR3BUKREQSX4INBA-768x543.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/PLRBGBS2KJOR3BUKREQSX4INBA.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>The logo of French oil and gas company Total is seen on a truck transporting fuel in Durban, South Africa February 7, 2019. REUTERS/Rogan Ward</figcaption></figure>



DAKAR, Oct 19 (Reuters)&nbsp;&#8211;&nbsp;Africa must build oil and gas pipelines, liquefied natural gas (LNG) terminals, distribution hubs and gas-fired power plants over the next 20 years to unlock its energy market of over 600 million people, officials, executives and analysts say.



But the rapid shift in the rest of the world towards renewable energy means that countries in the region that boast vast untapped hydrocarbon reserves and depend on exporting those resources for revenue and attracting investment funding, will face increasing challenges.



Some projects are underway, and more are needed, according to six officials, investors and experts, but challenges including financing, security and coordination are vast.



&#8220;We have been hearing that by 2030 developed nations will no longer need our oil and gas,&#8221; Gabriel Mbaga Obiang Lima, Equatorial Guinea&#8217;s hydrocarbons minister, told a recent oil conference in Senegal&#8217;s capital, Dakar.



&#8220;The question is, what are we going to do if we can no longer sell to Europe, America or Asia?&#8221;



At least eight memorandums of understanding (MOU) have been signed in recent weeks for major oil and gas infrastructure networks that would criss-cross the continent, targeting export, domestic, and regional markets.



Obiang Lima said that by 2030, African fossil fuel producers&#8217; main market will be Africa itself, and without it they were likely to be left with stranded assets.



He was presenting the Central Africa Pipeline System (CAPS), a new 6,500-km oil and&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N30F3DA&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">gas network</a>&nbsp;with hubs, terminals, and storage facilities expected to stretch from Chad to Angola and inland into Rwanda.



&#8220;The objective of the project is to create areas where we can transport, store, distribute and create petroleum hubs. The best example of this is Rotterdam,&#8221; he said.



Other projects include a trans-Sahara gas project involving&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2Z91LM&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Nigeria, Algeria, and Niger</a>&nbsp;who have revived decades-old talks. The 4,000 km, $13 billion&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N30M3LG&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">pipeline</a>&nbsp;could send up to 30 billion cubic metres a year of gas to Europe.



Senegal and Mauritania on Oct. 15, signed four MOUs with Nigeria and Morocco for the estimated $25 billion Nigeria-Morocco Gas Pipeline project, while construction is underway on the 2,000 km Niger-Benin oil pipeline.



<h2 class="wp-block-heading" id="h-domestic-first">DOMESTIC FIRST</h2>



Africa holds around 13% of the world&#8217;s natural gas and 7% of its oil but has the world&#8217;s lowest per capita energy use.



Although renewables could play a major role in Africa&#8217;s energy supply in the years ahead, governments say they need fossil fuels for baseload power generation that will power industries. Africa is home to 60% of the best solar resources globally, yet has only 1% of installed solar capacity.



Energy demand is expected to grow rapidly over the next two decades, 30% higher than today, compared with a 10% increase globally, consultancy McKinsey said in a report in June.



While projects like the trans-Sahara and Niger-Benin pipelines are focused on exports, potentially boosted by moves in Europe to wean itself off Russian energy, Obiang Lima and others said it was a chance to develop regional markets.



Besides the 678-km West Africa gas pipeline completed in 2008, linking Nigeria, Benin, Togo and Ghana, few regional oil and gas projects exist to take products where they are needed.



Senegal, which joins the continent&#8217;s oil and gas producing club next year, and others, have laid out gas development plans which include terminals, pipelines for domestic and regional markets, and conversion of coal-fired power plants to gas.



But most African countries, including major crude producers such as Nigeria, still depend on imported refined products because local and regional oil and gas&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2XB0SX&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">infrastructure is poor</a>.



How countries finance these vast projects remains unanswered. U.S. climate envoy John Kerry has&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N30M62I&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">cautioned against</a>&nbsp;long-term oil and gas infrastructure investment in Africa, urging countries to turn to renewables instead.



Mickael Vogel, head of research at pan-African energy investment research firm Hawilti, said focus should be on developing domestic gas markets and infrastructure before anchoring it to bigger regional network if needed.



Citing the example of independent oil and gas producer Perenco in Cameroon, Vogel said companies should start with gas-to-power generation, then liquefied petroleum gas, and expanding to small-scale LNG for export, and finally gas to industries.



&#8220;Once you have that in place, you can develop the gas market further, then the domestic infrastructure can anchor regionalisation. I think it should start with the domestic component,&#8221; Vogel said.



<h2 class="wp-block-heading">FINANCING, CHALLENGES</h2>



Obtaining financing to develop Africa&#8217;s vast oil and gas projects will remain a challenge in the absence of strong domestic markets, the International Energy Agency (IEA) said in its June report.



&#8220;Africa&#8217;s track record for gas projects in this regard is not encouraging,&#8221; the IEA said, citing delays in TotalEnergies&#8217; Mozambique project and in the Senegal-Mauritania gas project.



&#8220;These problems are weighing on the prospects for investment decisions for other African LNG projects in the pipeline.&#8221;



But Omar Farouk, Secretary General of the African Petroleum Producers&#8217; Organisation, told an oil conference earlier this month that he was confident energy projects in the continent will get financing.



&#8220;Funding requirements for the oil and gas industry in Africa far exceeds the capacity of any one individual country in Africa. However, when we pool our resources together we can raise financing to sustain the industry in the continent.&#8221;



He said his organisation, which is backing the CAPS pipeline, has partnered with the Africa Import Export Bank to fund an energy bank, which will have around &#8220;$6 billion in its kitty&#8221; to fund projects.



Finding gas and laying pipes across the continent may prove easy, said an oil executive who focuses on Africa. He added that keeping assets safe could prove the biggest challenge, including in places like Nigeria, where militant violence and oil theft are common.



Another challenge would be for countries to set aside historical differences to unlock the wider market and to offer regulatory stability needed for investments of up to 30 years, said another regional oil and gas expert who requested anonymity.



Previous plans for major regional projects such as large-scale refineries have been thwarted by rivalries, ending in countries constructing small refineries that eventually failed, the expert added.



(Reporting by Bate Felix, Additional reporting by Wendell Roelf in Cape Town; editing by David Evans)

PLRBGBS2KJOR3BUKREQSX4INBA

Renewables shift lays bare Africa’s energy dilemma

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="542" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/ZCBOFJYX45I5NBRJXYE3AUN7VY-820x542.jpg" alt="" class="wp-image-411627" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/ZCBOFJYX45I5NBRJXYE3AUN7VY-820x542.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/ZCBOFJYX45I5NBRJXYE3AUN7VY-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/ZCBOFJYX45I5NBRJXYE3AUN7VY-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/ZCBOFJYX45I5NBRJXYE3AUN7VY-768x508.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/ZCBOFJYX45I5NBRJXYE3AUN7VY.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Electricity pylons are seen in front of the cooling towers at the Lethabo Thermal Power Station,an Eskom coal-burning power station near Sasolburg in the northern Free State province, March 2, 2016. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Oct 6 (Reuters) &#8211; South Africa has submitted an investment plan to donors who have pledged $8.5 billion to accelerate the country&#8217;s transition to renewable energy that could serve as a model for other emerging economies, two sources familiar with the matter said.



Presidency spokesman Vincent Magwenya confirmed the proposal was ready, but declined to say whether it had been submitted.



&#8220;A draft of the investment plan, which outlines the investments required to achieve South Africa&#8217;s ambitious climate targets &#8230; has been finalised and will be shared with key stakeholders before it is submitted to cabinet for approval,&#8221; he said on Thursday.



Negotiators are racing to conclude the deal before the COP27 climate talks in Egypt starting on Nov. 6, as a potential model for other emerging economies seeking to wean themselves off coal.



The funds &#8211; promised by Britain, France, Germany, the European Union and the United States at climate talks in Glasgow last year, were to be used to kick-start South Africa&#8217;s shift from polluting coal and were mostly offered in the form of concessional loans.



The sources, who asked not to be named because they were not authorised to speak to the press said it was up to donors to comment on the document that has been submitted to them.



For donors to release the funds, South Africa must demonstrate its plan will reduce its carbon emissions by more than it was planning to do under its existing climate commitments.



South Africa is the world&#8217;s 12th biggest carbon emitter, pumping out 430 megatonnes of CO2 in 2019, according to latest data that put it five places ahead of Britain, an economy eight times its size.



Coal fuels 80% of South Africa&#8217;s power generation, making the transition of state utility Eskom to renewables a priority. South Africa aims to subsequently focus on becoming a hub for green hydrogen and electric vehicle manufacturing.



Moving South Africa&#8217;s economy into greener energy will require vast funds, with some analysts estimating at least&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2XI1B1&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">$250 billion</a>&nbsp;over the next three decades.



Magwenya reiterated the government position a funding shortage in the deal must be addressed but would not say how big it was.



(Reporting by Tim Cocks; Editing by Simon Cameron-Moore and Barbara Lewis)

Energy, Environment & Climate Change

What to watch on Thursday at COP27

UN chief Guterres laughs off ‘wrong speech’ moment at COP27

Climate, Ukraine, China in focus as Biden prepares for upcoming foreign trip

COP27: Small island nations want Big Oil to pay up for climate damage

Ex-Obama advisor says global events are overshadowing climate change efforts: ‘We are not acting swiftly enough’

COP 27-Developing countries need $1 trillion a year in climate finance -report

COP27: We’re on a highway to climate hell, U.N. boss says

African solutions: Lagos art fair tackles climate and culture

IMF chief says rich countries alone can ‘never close’ the funding gap for climate change

COP-27 -“Live up to your climate promises,” UK PM will say

A showdown over climate reparations is brewing — and it will determine the success of the COP27 summit

Africa deserves a fair shake at upcoming climate summit: Maguire

Africa must use its gas reserves to drive the economy, industry officials say

COP27 climate summit to test resolve of world battling war, inflation

South Africa’s energy transition plan needs $46.5 bln, five times pledges – sources

Renewables shift lays bare Africa’s energy dilemma

South Africa submits plan for $8.5 bln in climate aid, sources say

News Tips

Advertise With Us

Energy, Environment & Climate Change

What to watch on Thursday at COP27￼

UN chief Guterres laughs off ‘wrong speech’ moment at COP27

Climate, Ukraine, China in focus as Biden prepares for upcoming foreign trip

COP27: Small island nations want Big Oil to pay up for climate damage

Ex-Obama advisor says global events are overshadowing climate change efforts: ‘We are not acting swiftly enough’

COP 27-Developing countries need $1 trillion a year in climate finance -report

COP27: We’re on a highway to climate hell, U.N. boss says

African solutions: Lagos art fair tackles climate and culture

IMF chief says rich countries alone can ‘never close’ the funding gap for climate change

COP-27 -“Live up to your climate promises,” UK PM will say

A showdown over climate reparations is brewing — and it will determine the success of the COP27 summit

Africa deserves a fair shake at upcoming climate summit: Maguire

Africa must use its gas reserves to drive the economy, industry officials say

COP27 climate summit to test resolve of world battling war, inflation

South Africa’s energy transition plan needs $46.5 bln, five times pledges – sources

Renewables shift lays bare Africa’s energy dilemma

South Africa submits plan for $8.5 bln in climate aid, sources say

News Tips

Advertise With Us

Newsletters

What to watch on Thursday at COP27