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- Russia is actively pursuing nuclear business ventures in Africa. Represented at the Africa Energy Indaba in Cape Town, Russia's state-owned energy company, Rosatom, urged South Africa - the continent's most industrialized country - to proceed on its nuclear programme to ensure "stable, affordable and environmentally friendly" energy. In Sub-Saharan Africa, nearly 600 million people - roughly 53% of the total population - lack access to electricity. This fact compounded by the volatility of oil prices in recent years makes for an attractive incentive. Currently only accounting for one nuclear power station on the African continent, Egypt, Kenya, Uganda, Nigeria and Rwanda have already announced intentions for construction. Rosatom now says to have also signed deals with Algeria, Mali and Burkina Faso - of which the World Bank estimates that only 21% of the population has electricity, one of the lowest globally. “Nuclear technologies tend to lock in diplomatic ties in a way that other energy sources don’t,” Kevin Book of ClearView Energy Partners, a Washington-based independent research group, told the FT in January.?For Russia, part of the BRICS group, building trade relationships in Africa has dual benefits: economic and political. The proactive approach of Rosatom indicates a strategy to secure sustained income for Russia's economy, which is burdened by Western sanctions and heavily reliant on military production for expansion. Rosatom reckons that BRICS nations will account for 41% of global energy production by 2040.
- On the last day of March, Turkey held local elections. The opposition delivered a significant blow to President Recep Tayyip Erdogan, capturing control of most major cities and signalling a potential shift in the nation's political landscape. The Republican People’s Party (CHP) achieved 37.8% of the vote, its best result since 1977, while Erdogan's Justice and Development Party (AKP) faced its lowest local election performance. The elections highlighted public dissatisfaction with economic management, as 60% inflation and living costs have plagued Erdogan's tenure. In key victories, Istanbul’s Mayor Ekrem Imamoglu and Ankara’s Mansur Yavas, both from the opposition, retained their positions, underscoring the opposition's growing influence. Erdogan's AKP lost significant ground, including in Istanbul, where he started his political career. These elections have set the stage for a competitive political environment as Erdogan faces constitutional term limits and speculation about his political future.
- Spanish Foreign Minister José Manuel Albares announced plans for Spain to recognize Palestinian statehood by July, aiming to foster regional peace and ensure Israel's security. This decision follows a history of support for Palestinian recognition in Spain's parliament since 2014, but official recognition was delayed, pending a unified EU stance. Albares linked Spain's policy shift to recent civilian casualties in the Israel-Palestine conflict and ineffective peace efforts. He emphasized the recognition of Palestine as vital for regional stability, including Israel's security. Spain's Prime Minister Pedro Sánchez indicated potential early recognition during a Middle East visit, amidst Spain's critical view of Israeli actions in Gaza. The announcement followed an incident where an airstrike killed workers of the World Central Kitchen in Gaza. Previously, several EU members recognized Palestine, mostly before joining the EU. Sweden is an exception, recognizing Palestine in 2014 as an EU member.
- Shell is appealing a 2021 court decision mandating a 45% reduction in its carbon dioxide emissions by 2030, compared to 2019 levels. Arguing that a court mandate for one company won't significantly impact global emissions or aid the climate, Shell says that consumers will switch to other global energy suppliers - such as BP or Aramco. Shell maintains that climate policy should be determined by governments, not judiciary bodies, due to the nuanced trade-offs and pace variations in energy transition, which require the democratic legitimacy and authority of elected officials. The challenge for Shell lies in reducing the emissions of its customers, who contribute the majority of its emissions. Shell argues that it lacks control over its customers' emissions, pointing out that its role is to supply lower carbon alternatives, like electric vehicle charging, to facilitate a shift in consumer behaviour. However, the company insists that motivating or deterring specific energy choices is a governmental responsibility. Shell acknowledges the challenge of decreasing the emissions produced by its customers, who are responsible for the bulk of its overall emissions. The company also warns that the Reduction Order's enforcement could detrimentally affect the Dutch economy, investment climate, and employment. Shell highlights the absence of legal precedent for imposing absolute emissions reduction targets on individual companies, noting that both the Dutch Government and Parliament have rejected such measures. Initiated by the environmental group Milieudefensie, this case is part of a broader trend where courts are holding corporations and governments accountable for environmental harm. The Dutch court deemed Shell's emissions a significant threat, underscoring the company's duty to mitigate its environmental impact, although it leaves the method of compliance to Shell. The appeal's outcome, expected later this year, could set a precedent in climate litigation and corporate responsibility.
Senior Managing Director
11 个月Daniel Buwalda Very insightful. Thank you for sharing