Global renewable energy capacity highlights for 2020

WORLD – According to International Renewable Energy Agency (IRENA) report, at the close of the year 2020, global renewable generation capacity amounted to 2,799 GW with hydropower accounting for the largest share of the global total, with a capacity of 1,211 GW. Wind and solar energy accounted for equal shares of the remainder, with capacities of 733 GW and 714 GW respectively while other renewables included 127 GW of bioenergy and 14 GW of geothermal, plus 500 MW of marine energy. In the same year, renewable generation capacity increased by…

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African cities demonstrate progressive leadership in renewables deployment – REN21

AFRICA – According to the 2021 edition of REN21’s Renewables in Cities Global Status Report, one billion people live in cities with a renewable energy target or policy and the number of cities that have enforced partial or complete bans on fossil fuels jumped fivefold in 2020. In Sub-Saharan Africa, the report shows that despite many challenges, city governments across the region have taken important steps to advance the deployment of renewables. Africa’s urban population increased more than 16-fold between 1950 and 2018, from 33 million to 548 million, and this…

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African airlines record 1.7% decline in freight demand in November – IATA

AFRICA – The International Air Transport Association (IATA) has released data for global air freight markets in November showing that freight volumes improved compared to October but remain depressed compared to 2019 with capacity remaining constrained from the loss of available belly cargo space as passenger aircraft remain parked. African airlines saw international demand fall by 1.7% year-on-year in November, after three months of positive year-on-year growth. That is primarily driven by a soft performance on the Asia-Africa route, which was down 4.5% year-on-year with international capacity decreasing by 19.4%.…

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African Airlines to lose US$3.7b in 2020 and 2021 – IATA

AFRICA – International Air Transport Association (IATA) has projected that African airlines will lose approximately US$3.7 billion between this year and 2021, with global losses projected to hit US$157 billion. According to the aviation body, the bulk of African losses of about US$2 billion will be registered in 2020, and another US$1.7 billion next year. IATA said that globally, the aviation industry will lose US$118.5 billion this year against an earlier projection of US$84.3 billion, with 2021 accounting for US$38.7 billion in losses. The association had initially expected next year’s losses…

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Airlines set to lose US$157b amid worsening travel slump

WORLD – Airlines are on course to lose a total of US$157 billion this year and next, aviation body IATA has warned, further downgrading its industry outlook in response to a second wave of coronavirus infections and shutdowns afflicting major markets. The International Air Transport Association (IATA), which in June had forecast US$100 billion in losses for the two-year period, said it now projects a US$118.5 billion deficit this year alone, and a further US$38.7 billion for 2021. The bleak outlook underscores challenges still facing the sector despite upbeat news…

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Kenyan start-ups raise US$174m in spite of COVID-19 pandemic

KENYA – Kenyan startups have outshone their Nigeria and South Africa counterparts to attract the highest funding this year despite the Covid-19 pandemic, a new report shows. Kenya’s top 10 startup investment funding hit US$174 million compared to US$158 million and US$ 137 million for Nigeria and South Africa in that order. “The most common destinations for African Startup investment was Nairobi and Lagos. They account for more than half of all investment deals made in African Startups 2020,” notes the Startup list Africa report. Three Kenyan startups were in the…

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Massive stalled oil and gas resources, huge chunk in Mozambique and Tanzania – study shows

TANZANIA – A new Westwood Global Energy study has shown a potential US$65billion worth of stalled oil and gas resources globally, with the largest volume of stalled gas found in the Ruvuma-Rufiji basin of Mozambique and Tanzania. This oil and gas, potentially, worth more than US$65 billion and costing an estimated US$24bn to discover, represents 40% of the volume found in high impact discoveries in the period. The study shows where these resources are located, why are they stranded and how big an opportunity they represent. The largest volume of…

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Kenya’s flowers demand falls 20% at Royal FloraHolland auction

KENYA – Kenya’s flower orders at the Royal FloraHolland’s auction in the Netherlands has dropped by 20% as European countries shifted priority to essential items such as food amid fresh lockdown due to resurgence in Covid-19 infections. Kenya Flower Council (KFC) Chief Executive Officer Clement Tulezi said orders from the United States, France, Germany and the United Kingdom have fallen significantly, affecting performance of the Kenyan produce at the key auction. “If flowers are not on shelves, buyers (retailers and supermarkets) are not placing orders until they are assured they…

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Money transfer firms thrive as COVID-19 spurs online remittances

AFRICA – COVID-19 pandemic has pushed many Africans living abroad towards digital transfer services thus fuelling a boom for Africa-focused money transfer companies, despite predictions from the World Bank of a historic 20% drop to US$445-billion in remittances to poorer countries this year due to a pandemic-induced global economic slump. “We saw an increase of transfers as the diaspora wanted to help their family,” said Patrick Roussel, who heads mobile financial services for the Middle East and Africa at French telecommunications company Orange, a dominant player in French-speaking Africa. The…

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Foreign Direct Investment inflows to Ghana grow by 409% despite of COVID-19

GHANA – Ghana’s economy has portrayed a unique resilience during the COVID-19 pandemic, managing to record a total foreign direct investment (FDI) of US$785.62 million during the first half of 2020. According to a report by the Ghana Investment Promotion Center (GIPC) and the Petroleum Commission, FDI inflow showed rare strength in the final moments of the second quarter of the year, undeterred by the Covid-19 pandemic. In total, the West African nation recorded a total investment of US$869.47 million, a stark contrast to worldwide performance when it comes to…

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