Friday, 13 August

Dear <<First Name>>

The Intergovernmental Panel on Climate Change (IPCC) released its latest report on the state of the climate this week, calling it a “code red for humanity”.

Not surprisingly, it made for grim reading. We were warned that many of the changes we are seeing in the climate today are “unprecedented in thousands, if not hundreds of thousands of years”. More alarming still is that some of these changes are irreversible over hundreds to thousands of years, including continued sea level rise. Without immediate and large-scale reductions in greenhouse gas emissions, it is almost certain that we will not be able to limit warming close to 1.5°C or even 2°C. 

But as desperate as all this sounds, the scientists are clear: there is still hope. By massively and sustainably reducing emissions, global temperatures could stabilise within 20-30 years.

The IPCC’s report has delivered the science. Now it is for world leaders to respond with the necessary urgency, courage and determination when they meet for the make or break climate summit in Glasgow this November.

What we need to see is a comprehensive and actionable plan for the rapid decarbonisation of the world’s energy supply supported by a monumental scaling up of investment to low-carbon energy technologies and energy efficiency. For more on Camco’s response to the report, check out our LinkedIn post here, which offers views from the perspective of risk, policy and impact.

Cheers

Geoff

Managing Director, Camco Clean Energy

West Africa

Nigeria: NERC has remitted over N1.8 billion to REA in 2021 (Energy Mix Report)
- This has been done to ensure the REA remains solvent. 

East Africa

Rwanda: Local energy firm debuts on Rwanda Stock Exchange (Energy Mix Report)
- Trading of the country’s first-ever corporate bond, issued by local private energy development firm Energicotel, began on Monday to much fanfare.

Southern Africa

Mozambique: 200kWp solar power plant has been inaugurated (Afrik21)
- The plant will be connected to a mini-grid in Matchedje and will supply power to 400 households.

South Africa: 50MWp Boikanyo solar power plant begins commercial operations (Afrik21)
- The facility is located in the Northern Cape province and was funded by the IDEAS Fund, which is run by the African Infrastructure Investment Managers (AIIM).

South Africa: Absa refinances three wind farms from Globeleq (Afrik21)
- The South African bank has purchased USD351 million in debt from Globeleq to improve the capital structure of the projects, which have a combined capacity of 238MW.

South Africa: Absa and African Rainbow Energy and Power (AREP) launch renewable investment platform (ESI)
- The platform will invest in renewable technologies including solar, wind, and battery energy storage solutions. It has already secured an investment pipeline and has partnered on a number of bids into Round 5 of South Africa’s highly successful REIPPP.

South Africa: Energy Minister publishes long awaited amendments to the Electricity Regulation Act (Engineering News)
- Recent clarifications and additions to the amendments have been broadly welcomed by the market.

Africa - general

General: The AfDB provides USD2.5 million in grants to SADC and COMESA (ESI)
- This funding will advance intra-regional harmonisation of electricity regulations and drive cross-border power trading between the blocks.

Rest of World

General: Renewables spending in the first half of 2021 reached USD174 billion (Renewables Now)
- According to Bloomberg New Energy Finance, this was driven by record public market financing, venture capital and private equity commitments.

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