Stock Exchange Business grows 60.20% and registers a AKZ 1.5 billion record

Luanda – The Angolan Debt and Stock Exchange (Bodiva) handled 1.5 billion kwanzas in 2022, a volume of transactions considered “record”, with 5,746 deals being carried out in the markets.

The movement of securities had a 60.20% increase compared to the same period last year, according to the annual report presented this Thursday, at the BODIVA’s IV Forum edition 2023.

In each quarter, an average value of 391.2 billion kwanzas was traded, according to the document presented by the Bodiva’s executive director, Odair Costa.

The highest peak of negotiations was registered in the third quarter, with a movement of 606.31 billion kwanzas.

With a quarterly average of 1,437 transactions, there was an increase of 6.01% compared to the same period of the previous year.

By market segment, around 63.26% were trades carried out in a multilateral environment and around 36.74% bilaterally, with a tendency for investors to taking preference on the multilateral environment.

In terms of business, the annual average between 2016 and 2022 was 38.80%.

Of the amount traded by year of maturity, compared to previous periods, there is a greater concentration in securities with residual maturity of up to 3 years.

As an example, bonds maturing up to 2026 represent 77.92% of the amount traded in 2022.

Treasury Bonds (OT) registered a total of 4,643 trades, equivalent to 80.80% of total trades, while Treasury Bills (BT) stood at just 0.17%.

In terms of private securities, Shares represent, in the aforementioned period 16.95% and Participation Units 2.07%.

By type of security, Non-Adjustable Bonds – OT-NT (72.27%) predominate, with greater appetite from institutional and private investors regarding to Treasury Bonds Linked to Exchange Rate -OT-TX (18.90 %), Bonds in Foreign Currency – OT-ME (3.83%), Shares (1.56%), OT-BT (021%), Treasury Bills (0.15%) and Shares (0.07%).

In 2022, five members had the best performance in the amount traded in 2022, out of a total of 25 intermediation agents. These are Fomento Angola Bank (BFA), BAI Bank, Standard Bank Angola (SBA), Millennium Atlântico bank (BMA) and BPC bank.

Transactions from these top five places at the level of trading and settlement members account for around 63.73%.

Of the total, BFA holds a market share of 23.52%, with 625.01 billion kwanzas handled, in 2022, while BAI comes in second with a share of 17.70%, with 470.35 thousand million kwanzas transacted.

In terms of sectors, financial institutions were the ones most traded in the buying position, with a total of 172.15 billion kwanzas, Kz 93 billion from companies in the wholesale and retail trade sector.

In the case of sellers, the industry sector leads with 99.98 billion, followed by wholesale and retail trade with Kz 83.52 billion.

According to Odair Costa, the year 2022 was marked in the history of the markets, as the period in which the Equity Market was implemented, the admission to trading of the issuers of BAI and Banco Caixa Geral Angola bank (BCGA).

Source: Angola Press News Agency (APNA)

Blue Economy: African nations to build unified front in international negotiations

Key priority areas that need a unified front in international forums and could considerably advance Africa’s fisheries and aquaculture sector were identified in a workshop organised by the African Union Inter-African Bureau for Animal Resources (AU-IBAR) in Seychelles.

In a press communique on Friday, the organisation said that the aim of the three-day workshop was to review the policy direction for sustainable fisheries, aquaculture, and blue growth in Africa. It also explored strategies that will assist the African Union in achieving its Agenda 2063 objectives over the next 50 years.

During the three days, the 35 participants from AU states were given simulations of real-life negotiations in order to know how to benefit the most when negotiating on the international scene.

“One of the objectives of this second meeting is to chart the way forward for strategic positions,” said AU-IBAR.

It added that this “will help to ensure increased contribution to food and nutritional security, poverty alleviation and economic growth consistent with the Malabo Declaration calling for action on the transformation of African agriculture by 2025.”

Particular mention was made of the several strategies in place to meet these needs and among them The Africa Blue Economy Strategy (ABES) which aims to establish an inclusive, sustainable Blue Economy that transforms and grows Africa.

The meeting followed requests from African leaders that more is done for their nations to formulate and promote shared views in international relations negotiations.

AU-IBAR said that this in turn would “ensure that international agreements integrate African requirements and contexts. However, to keep fisheries sustainable and profitable on the continent, the African nations must themselves ratify and implement these agreements.”

The training was implemented under the Enhancing Sustainable Fisheries Management and Aquaculture Development in Africa: project for accelerated reform of the sector Project (FishGov 2), a European Union-funded project.

Alongside Seychelles, an archipelago in the western Indian Ocean, other countries represented at the workshop, which took place at Berjaya Beau Vallon Bay Resort, were Mauritius, Comoros and Madagascar.

Source: Seychelles News Agency

Seychelles hosts second meeting of AU platform for SIDS

Work continues for the setting up of a fisheries platform that will allow small island nations from Africa to join forces for discussions at international level, through a three-day training in Seychelles.

The three-day workshop is being organised by the African Union Inter-African Bureau for Animal Resources (AU-IBAR) which is currently implementing the second phase of the Fisheries Governance Project (FishGov2).

The project aims at enhancing the contribution of the AU-IBAR’s member states towards sustainable fisheries and aquaculture in order to achieve its objectives set out in the AU Agenda 2063.

The projects are funded by the European Union (EU) and the Swedish International Development Cooperation Agency (SIDA).

In his address, the Seychelles’ fisheries minister, Jean-Francois Ferrari, said in his address that “it is our sincere aim to advance our causes regionally and continentally through this platform and we have agreed to do this together. We should learn from each other’s strength in order to prosper and create a bond between member states, as we have the same objectives to reduce poverty, increase food security and promote economic growth.”

He emphasised on the need for African small island developing states and Madagascar to work together in international negotiations to get better results.

Alongside Seychelles, countries represented at the workshop taking place at Berjaya Beau Vallon Bay Resort are Mauritius, Comoros, Madagascar, Cape Verde and Sao Tome & Principe.

Since 2014, AU-IBAR has run a fisheries governance project and this has two components. The first was strengthening institutional capacity to enhance governance of the fisheries sector in Africa, which ended in 2018.

Setting up the platform needed to proceed is the second part of the project which is to enhance sustainable fisheries management and aquaculture development in Africa.

Ferrari was pleased to note that following the first meeting, there will be a two-day training to enhance the capacities of AU-SIDS and other pre-identified negotiators in terms of international negotiations and formulation of a mechanism in order to coordinate the African common positions at the global fora for fisheries, aquaculture, aquatic biodiversity, environmental sustainability and climate change related regimes.

Aside from training, one of the objectives of this second meeting is to chart the way forward for strategic positions. This will help to ensure increased contribution to food and nutritional security, poverty alleviation and economic growth consistent with the Malabo Declaration calling for action on transformation of African agriculture by 2025.

Source: Seychelles News Agency

Tuna fisheries: Seychelles votes against IOTC ban on FADs, citing economic concerns

Seychelles voted against a proposal for the implementation of one of the Indian Ocean Tuna Commission’s (IOTC) latest adoptions of fish aggregating devices as the decision made was not science-based and is influenced by commercial interest.

During the Sixth Special Session of the IOTC from February 3-5, a proposal calling for a 72-day ban on fish aggregating devices (FADs) each year was approved through the use of secret ballot voting. The ban is expected to take effect between July 1 to September 11 in 2024.

The principal secretary for fisheries, Roy Clarisse, who was part of Seychelles’ delegation at the meeting outlined on Monday that Seychelles voted against the proposition.

“Seychelles was pushing for a measure on drifting FADs that is adopted after scientific recommendations have been made. We want the IOTC’s scientific commission, which has been tasked until December 31, to provide advice to the commission. We want the process to be carried out and followed and based on the recommendation of the scientific commission, Seychelles will make its decision,” said Clarisse.

He said the measure was a bit arbitrary and the target was purely for the commercial interest of other parties that do not use purse seiners and FAD fishery.

The proposal is “to ensure that in the end this type of fisheries is no longer economically viable for the region and this will have a huge impact on Seychelles,” said Clarisse.

Fisheries is the second most important industry for the economy of Seychelles, a group of 115 islands in the western Indian Ocean.

He warned that with a collapsed purse seining fisheries in the Indian Ocean, Seychelles will be in socio-economic difficulties as “there is a canning factory that employs a lot of workers, there are stevedores who work with these vessels as well as many other economic activities that revolve around purse seining activities.”

Additionally, this will also have negative impacts on the cost of importation, and in turn the tourism industry, the top contributor to the Seychelles economy.

Talking about the method used to adopt the resolution, Clarisse said that Seychelles feels that the process undermines the aspect of cooperation and consensus that there needs to be within IOTC for the management of tuna.

“We felt that the intentions of countries that are against purse seiners or FADs were not necessary to have a discussion on the proposition. The intention was clearly to push for a vote as there were a lot of delaying tactics to get the commission to adjourn during the preceding of the meeting and as such there wasn’t much time to discuss the proposition,” he explained.

Concern was also expressed by the European Union in an article from The Guardian.

“We were looking forward to a constructive discussion. Unfortunately, the IOTC meeting did not allow for that. Instead, it adopted, without consensus, a measure that according to our assessment lacks scientific basis and that could prove impossible to implement, in addition to having extremely harsh impacts on fishers and local communities. We now need to consider our options. We are determined to make sure the IOTC becomes effective once again,” said an EU commission spokesperson.

Seychelles’ reliance on purse seiners

An independent fisheries expert from Seychelles, Ameer Ibrahim, told SNA on Tuesday that “the PS has well said that there will be negative consequences on the Seychelles’ economy if we adopt the resolution as it is now.”

“For the time being out economy depends primarily on tourism and fisheries. In my opinion, we need to realise that we are heavily reliant on foreign governments, for example, the EU that fish in our waters. It is about time that Seychelles takes ownership of its fishing industry,” he added.

Ibrahim said added that “fisheries is giving more to our economy than 10 years ago and we saw this when we were hit by COVID-19. There was no tourism but our economy was stable enough because we had fisheries. Something that Seychelles must do is evaluate exactly how much money we are getting through fisheries.”

He said that there are also other forms of fishing that Seychelles could look into.

“An example is fly fishing which is a big industry but we classify it as tourism while it is a form of fishery. There is also sports fishing. We need to look at those other forms of fishing that are more sustainable and at the same time generate more money for our economy. A clear example is to do a proper study and quantify exactly how much fishing is giving back to the economy. Then we look at other forms of fishing,” he added.

Federation of Artisanal Fishermen of the Indian Ocean condemns IOTC’s decision

Meanwhile, the Federation of Artisanal Fishermen of the Indian Ocean (FPAOI) has condemned in a press release the decision of the Indian Ocean Tuna Commission (IOTC) to ban purse seiners from using fish aggregating devices (FADs) for 72 days.

The president of the FPAOI, which brings together professionals from the Comoros, Madagascar, Mauritius, Seychelles and Reunion, Keith André of Seychelles, has denounced the ban as a sham.

He said the ban only concerns international waters and therefore leaves all the room in the world for these industrial vessels to sacrifice the future of fish stocks in the exclusive economic zones of their flag countries in the Indian Ocean.

“For the FPAOI, only a total ban on the use of drifting FADs by tuna seiners would be a courageous and effective measure for the preservation and recovery of stocks, particularly yellowfin tuna,” said Andre.

Source: Seychelles News Agency

First batch of locally produced shrimp to hit Seychelles’ market in April

The first batch of white shrimp grown in Seychelles is expected to hit the local market around April said the chief executive of the Islands Development Company (DC), Glenny Savy, on Wednesday.

The IDC is mass producing shrimps on Coetivy, one of Seychelles outer islands.

“Unfortunately, the first batch will not be enough for the whole population, but we will be putting them in stores in April. We expect that by next year, it will be available in numbers for local consumption,” said Savy.

He said that the first batch will also be sold to hotels and tourism establishments in the island nation in the western Indian Ocean.

At the moment, there are nine ponds being used to produce the whiteleg shrimp. Production of the black tiger prawns is expected to start soon.

The whiteleg shrimp is a short-lived prawn and is the largest prawn in its range, reaching lengths of nearly 20 cm. It is one of the more highly sought-after seafood species.

As for the black tiger prawns, they are large-bodied prawns that are native to the Indo-West Pacific Ocean but have established invasive populations in other areas. Tiger prawns get their common name from the stripes that cover their shell.

“It will take us about a year to arrive at full 200 tonnes production capacity and when that happens, we expect to have fresh and frozen prawns entering the market every week or 10 days,” added Savy.

IDC’s CEO explained that they are using a number of money-saving techniques for the prawns production, which will allow the company to give Seychellois consumers the product at a more affordable price than their imported alternative.

“We have not determined an exact price for the moment, but we do expect it to be lower than what is available at the moment, because if it is not cheaper than what is already available, then there is no point in producing it,” Savy added.

Prawn farming is not new to Seychelles. In 1989, in collaboration with the Seychelles Marketing Board (SMB), IDC developed a black tiger prawn farm on Coetivy Island, with broodstocks imported from Madagascar and Mozambique. The partnership between the two companies was over before the prawn farm was deemed not profitable and ceased its operations in 2009.

Source: Seychelles News Agency

US, China Pledge To Resolve Climate Financing Issues

U.S Treasury Secretary Janet Yellen and Chinese Vice Premier Liu He pledged at a meeting Wednesday in Zurich to work together to resolve climate financing issues and keep the lines of communication open between the world’s two biggest economies.

Speaking to reporters at the start of their talks, Yellen said despite “areas of disagreement,” the two countries have a responsibility to manage their differences and “prevent competition from becoming anything near conflict.”

Liu said China was ready to work with the United States “to maintain dialogue and exchanges” and seek common ground.

Yellen’s face-to-face meeting with Liu was the highest-ranking contact between the two countries since U.S. President Joe Biden met with Chinese President Xi Jinping in Bali in November.

After the Zurich meeting, the U.S. Department of the Treasury said the two officials agreed that the U.S. and China would cooperate more on climate finance issues and work to support “developing countries in their clean energy transitions.”

Despite their pledge of cooperation, bilateral relations remain a concern for many U.S. lawmakers.

New House of Representatives Speaker Kevin McCarthy of California has identified the Communist Party of China as one of two “long-term challenges” for the House, along with the national debt.

“There is bipartisan consensus that the era of trusting Communist China is over,” McCarthy told the House last week when the chamber voted 365 to 65 — with 146 Democrats joining Republicans — to establish the House Select Committee on China.

Last year, the Department of Commerce added dozens of Chinese high-tech companies, including makers of aviation equipment, chemicals and computer chips, to an export controls blacklist, citing concerns over national security, U.S. interests and human rights. The move prompted the Chinese to file a lawsuit with the World Trade Organization.

Despite the conflicts, Yellen said she plans to visit China soon and would welcome Chinese officials to the U.S.

Both China and the U.S. are facing economic challenges.

China’s economic growth has slowed markedly in the face of its devastating coronavirus outbreak, while the U.S. is still grappling with the effects of its highest inflation rate in four decades although the increase in consumer prices has eased in recent months. In addition, the U.S. government is reaching its debt spending limit in the coming months, with great uncertainty in how Biden, a Democrat, will resolve the issue with the new Republican-controlled House.

The debt issue is of keen interest to Asia, as China is the second-largest holder of U.S. debt.

The Russian invasion of Ukraine has hindered global economic growth, pushing the U.S. and its allies to agree on an oil price cap on Russia in retaliation, putting China in a difficult spot as it is a friend and an economic ally of Russia.

High interest rates globally have increased pressure on debt-burdened nations that owe great sums to China.

Zambia is renegotiating its nearly $6 billion debt with China, its biggest creditor. During a closed-door meeting at a U.S.-Africa leaders summit in Washington in December, Yellen said she and Zambian President Hakainde Hichilema discussed “the need to address debt sustainability and the imperative to conclude a debt treatment for Zambia.”

Liu laid out an optimistic vision for the world’s second-largest economy in an address Tuesday at the World Economic Forum in Davos, Switzerland.

“If we work hard enough, we are confident that in 2023, China’s growth will most likely return to its normal trend. The Chinese economy will see a significant improvement,” he said. Last year, it grew just 3%, its second worst performance in nearly 50 years.

After her stop in Switzerland, Yellen travels to Zambia, Senegal and South Africa this week in what will be the first in a series of visits by Biden administration officials to sub-Saharan Africa during the year.

Source: Voice of America

At Davos, Ukraine’s 1st Lady Urges Leaders to ‘Use Influence’

Ukraine’s first lady scolded world leaders and corporate executives at the World Economic Forum’s annual gathering in the snowy Swiss town of Davos for not all using their influence at a time when Russia’s invasion leaves children dying and a world struggling with food insecurity.

As the anniversary of the war nears, Olena Zelenska said Tuesday that parents are in tears watching doctors trying to save their children, farmers are afraid to go back to their fields filled with explosive mines and “we cannot allow a new Chernobyl to happen,” referring to the 1986 nuclear disaster as Russian missiles have pounded Ukrainian energy infrastructure for months.

“What you all have in common is that you are genuinely influential,” Zelenska told attendees. “But there is something that separates you, namely that not all of you use this influence, or sometimes use it in a way that separates you even more.”

She spoke as hundreds of government officials, corporate titans, academics and activists from around the world who descended on the town billed as Europe’s highest. The weeklong talkfest of big ideas and backroom deal-making prioritizes global problems such as hunger, climate change and the slowing economy, but it’s never clear how much concrete action emerges to help reach the forum’s stated ambition of “improving the state of the world.”

“We are all internally convinced that there is no such global problem that humanity cannot solve,” Zelenska said. “This is more important now when Russia’s aggression in Europe poses various challenges.”

The war in Ukraine, which has killed thousands of civilians, displaced millions and jolted food and fuel markets worldwide. With the war raising inflation and expanding food insecurity in developing nations, Zelenska called it “an insult to mankind and human nature to have mass starvation.”

Ukraine and Russia had been key suppliers of wheat, barley and other food supplies to Africa, the Middle East and Asia where many were already going hungry.

About 345 million people in 82 countries are facing acute food insecurity, according to the U.N. World Food Program, up from 135 million in 53 countries before the pandemic and war in Ukraine.

Zelenska warned that the war could expand beyond Ukraine’s borders and worsen the crises but “unity is what brings peace back.”

European Commission President Ursula von der Leyen urged the assembled executives and global leaders at Davos to keep aiding Ukraine.

“Ukraine wants to become a member of the European Union, and it is a perfect opportunity to take investment and reform to pave this way for Ukraine towards the European Union,” she said after Zelenska’s address. “And my call on you is: We need every helping hand on board. Ukraine deserves to have as much support as possible.”

While urging unity for Ukraine, von der Leyen unveiled a major clean tech industrial plan to compete with China and the United States as the 27-nation bloc looks to stay a leader on plotting a greener future.

She said the plan would make it easier to push through subsidies for green industries and inject funding into EU-wide projects to help reach its goal of climate neutrality by 2050. The bloc also would be more forceful in countering unfair trading practices.

At Davos, a helicopter buzzed overhead in overcast skies as scores of notables, including former U.S. Vice President Al Gore, trudged through the snow and crisscrossed the Alpine town of 10,000 to attend a number of panel sessions on everything from the environment to cryptocurrencies to the fight against COVID-19.

Many concerned minds in Davos were on the devastation from a Russian missile strike that hit an apartment building in the southeastern Ukrainian city of Dnipro, killing 44 people in one of the deadliest single attacks in months.

Zelenska said Ukrainians “can’t take a day off from war” and that they “have to risk their lives each day” but said she believed the world would unify for peace.

Her husband, President Volodymyr Zelenskyy, will be beamed in by video Wednesday to complement the in-person delegation of his wife and officials such as Minister of Digital Transformation Mykhailo Fedorov.

Davos offers a new chance for Ukrainian envoys to ramp up international support for donations of weapons like tanks and anti-rocket defenses and greater pressure to further isolate and squeeze Russia’s economy.

France, the U.K., the U.S. and other nations are vowing to send increasingly powerful weapons to Ukraine, such as tanks or armored combat vehicles.

Source: Voice of America

COP27: How China and Africa Fit in Debate Over ‘Loss and Damage’ Fund

At COP27, the United Nations climate change conference held in Egypt this month, China has figured prominently in a debate between Africa and Western nations over financial help to developing countries suffering the effects of climate change.

This year alone the African continent has seen deadly flooding in South Africa and the worst drought in years in the Horn of Africa.

African nations at COP27 are pushing hard for rich nations to pay climate compensation and contribute to a “loss and damage” fund.

In a joint statement, China, Brazil, India and South Africa accused rich nations of double standards for using fossil fuels while pushing developing countries to go green.

“The cold reality is that none of the high-income countries achieved ‘developed’ status under any carbon constraint, yet all the developing countries now need to find a new path to achieve high income [status] under the 1.5 degree target,” Wei Shen, a climate expert at Britain’s Institute of Development Studies, told VOA.

Ugandan President Yoweri Museveni posted on social media accusing the EU of “Western double standards,” pointing out that some European countries are going back to coal mining.

Since the war in Ukraine and without Russian gas, Germany has had to depend more on its own coal for energy to get through the winter.

Many African governments chafe at the fact that while the continent is responsible for about 3% of global emissions, they are being asked to phase out fossil fuels that some say are badly needed for development in a region where fewer than half the people have access to electricity.

Divisions over compensation

The U.S. has pushed for China — currently the world’s biggest greenhouse gas emitter and consumer of coal — to be included in the group of nations responsible for such reparations. As the world’s second-largest economy, China should be made to pay its share, Washington says.

But while China says it supports developing countries in their quest for funds, it will not be contributing cash because — according to World Bank criteria — it’s a developing country too.

“At COP27, China’s Climate Envoy Xie [Zhenhua] mentioned that China doesn’t have any obligation to provide L&D funding, but the country is willing to support lower-income countries for L&D caused by climate change,” Lei Alice Bian, a fellow at the London School of Economics, told VOA.

“The U.S. attempt to position China as a developed country is really not going to fly in Africa because the African side accepts … that China should be treated as a developing country,” said Paul Nantulya, an analyst at the Africa Center for Strategic Studies in Washington.

That’s because the West is responsible for the “historical and cumulative” emissions from the industrial revolution that have caused the global warming that the world is experiencing today, he said.

While many developing nations blame the West for climate change, even saying China is also a victim, Ovigwe Eguegu, an analyst at Beijing-based consultancy Development Reimagined, told VOA: “It is widely accepted — even by Beijing — that China’s meteoric rise to world’s second-largest economy came at a cost to the environment.”

“China finds itself in a paradox,” Nantulya said.

“It’s the world’s largest emitter … however China has also emerged as the largest investor per capita in the world in clean energy.”

Green Silk Road

Chinese President Xi Jinping vowed at the U.N. last year that his country would no longer be financing new coal power abroad, with a focus instead on clean energy, although the road to green energy has some hurdles.

The Chinese-backed Special Economic Zone in Musina, South Africa, originally included a coal-fired power station.

“Initial plans to build a coal-fired power station have been put on hold. A 1000 MW solar plant is planned to supplement the energy mix requirements … with a Chinese investor,” Shavana Mushwana, a spokesperson for the zone, told VOA by email.

However, Patrick Bond, a political economist at the University of Johannesburg, said even without the new coal power plant, the development will be a polluter, noting “there’s a huge asterisk there … since the additional power required to run such vast smelters and industrial facilities can’t come from some small-scale solar installations,” so the Special Economic Zone will still need to tap into South Africa’s excessively stretched grid.

Still, the change is indicative of what some analysts say is China’s diversifying Belt and Road Initiative in Africa — away from a focus on large infrastructure projects such as ports and railways and toward investment in green energy like solar, wind and hydropower.

Evidence of China’s “Green Silk Road” can be seen throughout the continent. In energy-strapped South Africa, a Chinese company has set up the De Aar wind farm in the Northern Cape. In Kenya, China funded a 15-megawatt solar power plant in Garissa, and in the Central African Republic, a Chinese-built solar plant completed this year provides about 30% of the capital city’s power.

“In September 2021, the Chinese president announced at the U.N. General Assembly that China was going to stop the investment into coal, into projects abroad, and they’re going to be investing a lot more into clean energy,” Tony Tiyou, CEO of the consultancy Renewables in Africa, told VOA. “They’ve actually followed up on that.”

Fifteen Chinese-backed coal projects have since been canceled, though others that were already in the construction stage are ongoing, Nantulya said.

He added that China’s banks “were very quick to respond to the change in policy. Exim Bank, for instance, issued $425 million in green bonds that were earmarked for clean energy investment.”

China invested $380 billion in clean energy in 2021, more than any other country, and accounts for nearly half of the world’s renewable energy investments.

“China is serious in engaging Africa’s renewable energy market,” Wei said.

Accusations of hypocrisy

Analysts noted Beijing’s focus on green energy comes after numerous previous cases of projects in Africa in which environmentalists have accused Chinese companies of polluting the environment and damaging wildlife habitats with their mining operations and infrastructure projects.

Even currently, China is involved in a contentious crude oil pipeline project along with Uganda, Tanzania and a French company. That’s despite opposition from the European Union, which worries the pipeline will harm the climate and environment.

Uganda’s Museveni slammed the EU for trying to intervene. Museveni is among a number of African politicians who regularly rail against what they see as Western lecturing and hypocrisy on climate change, arguing use of fossil fuels is what made the West rich and caused the climate crisis.

Rich countries, however, are divided on climate compensation.

Source: Voice of America