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COP29 will build on the COP28 agreement by advancing initiatives and priorities that accelerate the development of renewable energy potential and remove barriers to its expansion. (Image source: IRENA)

Energy

The International Renewable Energy Agency (IRENA) has released a new report assessing the feasibility of achieving the COP28 target of tripling renewables by 2030

In pursuit of meeting the collective goal of the Paris Agreement to keep global warming well below 2°C global leaders set a target of tripling renewables by 2030 at Cop28 in UAE. Nearly one year on from the conference, IRENA has assessed the progress made, stating that, despite an unprecedented acceleration in renewable energy deployment in 2023, the world will likely fall short of the target.

These findings were published in its newly released ‘Delivering on the UAE Consensus: tracking progress toward tripling renewable energy capacity and doubling energy efficiency by 2030’. Produced in partnership with COP28, Cop29, COP30 host Brazil and the Global Renewables Alliance today at Pre-COP, it provides accurate inputs to future COP decisions including COP29 in Baku.

The findings demonstrate that current national plans and targets are set to deliver only half of the required growth in renewable power by 2030. According to the organisation, annual investment in renewable capacity would have to triple, from a record high of US$570bn in 2023 to US$1.5 trillion every year between 2024 and 2030.

Global shortfalls

To meet the global goals, installed renewable capacity would have to grow from 3.9TW today to 11.2TW by 2030, requiring an additional 7.3 TW in less than six years. Yet, current national plans are projected to leave a global collective gap of 3.8TW by 2030, falling short of the goal by 34%. In addition, the annual energy intensity improvement rate must increase from 2% in 2022 to 4% on a yearly base up to 2030.

According to IRENA, these shortfalls highlight the inadequacy of existing policies and plans to limit global temperature rise to 1.5°C, underscoring the need for urgent policy interventions and massive investment. The third round of Nationally Determined Contributions (NDCs) under the Paris Agreement in 2025 must close the gap towards 2030.

“Today, we’re raising the alarm,” Francesco La Camera, IRENA’s director-general. “As the custodian for tracking progress of the UAE Consensus energy goals, we must flag significant gaps. The COP28 goals of tripling renewables and doubling energy efficiency are key enablers for our global efforts to keep 1.5°C within reach but we risk missing them. The next NDCs must mark a turning point and bring the world back on track.”

The progress report concludes that to deliver the UAE Consensus goals on the ground, significant advances will be required across the key enablers of the energy transition, namely: infrastructure and system operation, policy and regulation, supply chains, skills and capacities, finance, and international collaboration.

Emerging and developing economies continue to face financing gaps that undermine access to capital-intensive energy transition technologies. Renewable power investments in Africa declined by 47% between 2022 and 2023. Sub-Saharan Africa received 40 times less than the world average per capita transition-related investment.

The RogueX2 features a lithium-ion battery, electric drive actuated lift, and tilt kinematics with no hydraulics. (Image source: Bobcat)

Construction

Bobcat, a global manufacturer of compact equipment, has received the Red Dot Award: Design Concept winner for RogueX2, an all-electric, fully autonomous concept loader

The Red Dot Design Award is an annual international competition recognising excellence in design and business. Around 20,000 entries are submitted per year, making it one of the biggest design competitions in the world. The Design Concept category is bestowed upon new innovations that are precursors of tomorrow’s great products.

This year, that honour has gone to the RogueX2, a powerful, smart machine from Bobcat that produces zero emissions. Features include a lithium-ion battery, electric drive actuated lift, and tilt kinematics with no hydraulics. The most striking of the solution, however, is the lack of cab. The fully-autonomous concept loader has been designed to work without need of an operator and explores the idea of how work machines of the future can be designed and optimised for new technologies. In this way, it provides a glimpse at an entirely new work experience.

“We are honoured to win the world-renowned Red Dot Award for Design Concept in recognition of the groundbreaking design of the RogueX2,” remarked Joel Honeyman, vice president of global innovation at Doosan Bobcat. “This award is a testament to the dedication of the Bobcat teams who are passionate about pushing design limits and advancing innovation to redefine the machines of tomorrow.

Key to the machine’s development was the Bobcat Global Design Studio, which supported the project in collaboration with the Bobcat Global Innovation team. The solution is currently in the research and development stage, and is not commercially available.

“To build a smarter, more sustainable and connected future, we must ask the questions no one else has thought to ask before and invent new solutions that previously did not exist,” concluded Honeyman.

Machinery Exchange will now supply Rokbak trucks to customers in Zimbabwe. (Image source: Rokbak)

Mining

Rokbak, a manufacturer of off-highway haulers for the mining, quarrying and construction sectors and member of the Volvo Group, has appointed Machinery Exchange as its new dealer in Zimbabwe

A subsidiary of Industrial Exchange Group (IEG) network of companies, Machinery Exchange has been appointed by Rokbak to provide full sales and service support for its trucks in the country from its headquarters in Harare and further branches in Bulawayo and Hwange. According to Rokbak, ongoing growth in the country’s infrastructure and mining sectors means that interest is already high and the company expects the newly-available RA30 and RA40 trucks to prove popular there.

"The partnership with Rokbak will help us meet the growing demands of our customers in the mining and construction industry, and further solidify our position as a leading earthmoving equipment supplier in the region," remarked Irene Khumalo, IEG head of marketing and PR.

Zimbabwe’s ripe market

"Mining and infrastructure are the backbone of Zimbabwe," explained Chetan Samji, IEG commercial manager. "The country’s industries are growing domestically and we’re also seeing increased investment from overseas, especially from economic superpowers such as China and India. It means we see positive opportunities for Rokbak trucks in the near term."

As part of the partnership with Rokbak, Machinery Exchange will provide comprehensive aftersales support, ensuring that customers receive the best possible service and maintenance. This support will be vital in maintaining the high performance and longevity of Rokbak haulers in Zimbabwe's demanding operational environments.

"We’ve been keen to develop our presence in Zimbabwe and foster relationships with customers through an established dealer," commented Paul Culliford, Rokbak regional sales manager EMEA. "Partnering with Machinery Exchange makes perfect sense. It’s a company that shares our commitment to quality and customer satisfaction, and benefits from the support of IEG's extensive expertise and service network."

The expansion of operations to Zimbabwe closely follows Rokbak bolsering its presence in Wet Africa through a partnership with Heavy Machinery Dealership. Click here for more information. 

The project is part of the Nigeria-Cameroon Multinational Highway and Transport Facilitation Programme. (Image source: ECOWAS)

Logistics

The Economic Community of West African States (ECOWAS) and the Economic Community of Central African States (ECCAS) in collaboration with the African Development Bank, have sought to transform the border crossing at Ekok/Mufum between Cameroon and Nigeria

A modern joint border post has which was introduced in November 2022 has now been fully completed with an arsenal of modern upgrades to raise efficiency. The list of improvements now installed include a cargo scanner, baggage & walkthrough metal detectors, and weighbridge.

The security scanner will assist border officials – who have all now received training on the use of the equipment – by allowing them to more efficiently examine and screen cargos along the corridor. This will help to reduce the process time and enhance the security of all goods. Similarly, the weighbridge helps customs to check the gross weight of trucks and detect excessive loading of trucks. It is hoped that this will reduce road decoration, thereby saving future investment.

Recently, ECOWAS officially commenced the construction of a bridge over the Cavally River, helping to connect Côte d’Ivoire and Liberia. Click here to discover more.

The transaction marks a significant milestone as the first investment under the Africa Resilience Investment Accelerator. (Image source: BII)

Finance

British International Investment, a development finance institution and impact investor, has sought to boost private sector growth in high-impact sectors through the launch of a US$25mn risk sharing facility with Ecobank Sierra Leone

Currently, SMEs provide employment for about 70% of Sierra Leone’s population. Despite representing a crucial component of the country’s economy, BII has noted that these businesses still struggle to gain access to capital due to a number of factors such as limited availability of suitable financial products, high collateral requirements, high interest rates and the prevalence of short-term loans.

The risk sharing facility, which includes a comprehensive technical assistance programme, will therefore support Ecobank to increase lending to ambitious businesses in a frontier market where economic growth is hampered by lack of capital and investment.

“The signing of this agreement with Ecobank Sierra Leone underscores BII’s pioneering role to lead investments in countries that are often overlooked by investors,” remarked Samir Abhyankar, MD and head of financial services, BII. “The facility will be a game-changer for Sierra Leone, providing much-needed capital for ambitious local businesses to accelerate their growth, spur job creation and deepen impact. It’s an example of BII innovating and working with partners to help address pressing challenges where it matters the most.”

Growing Sierra Leone business

Building on US$50mn trade finance facility between the two entities in 2021 (which helped the bank to deepen its reach across Africa), the new facility will support local currency lending. According to BII, it will demonstrate its ability to act as the first mover in frontier markets and drive impact through risk navigation strategies.

Sebastian Ashong-Katai, managing director, Ecobank Sierra Leone, remarked, “We are delighted to have secured the support of British International Investment in boosting Ecobank’s vital lending capacity for Sierra Leone businesses who are the engine room for our country’s growth, economic development and employment. This further strengthens our intent to be the bank of choice for Sierra Leone’s businesses and leverages our delivery of world-class products, services, solutions, borderless digital pan-African platform and business skills training which are designed to support them in further growing their businesses.”

The investment will help Ecobank Sierra Leone to grow its loan book by increasing credit limits and extend lending tenors to up to five years. This is expected to boost business growth, create more jobs and increase private sector contribution to Sierra Leone’s economy.

Up to 880 jobs are expected to be created through the new plant. (Image source: Adobe Stock)

Manufacturing

TOYO, a solar solution company, has unveiled plans to build a new solar cell manufacturing facility in Hawassa, Ethiopia

With an expected annual capacity of 2GW, the facility will be delivered through an estimated US$60mn investment from the company which has just signed a lease agreement for the new site of 31,500 sq m.

“We are thrilled to embark on this ambitious project, which will enable us to rapidly scale up solar cell production to meet the needs of our planned module facility in the United States,” said Junsei Ryu, CEO of TOYO.

“Establishing this manufacturing plant is a key step in our strategic vision to diversify our supply chain and enhance our sourcing capabilities for solar solutions in the global market.”

A strategic decision

Hanwassa has been strategically selected by TOYO as it will allow the company to take advantage of the country’s favourable investment policies, tariff status, and ample hydropower supply. The latter will be critical in TOYO’s efforts to reduce its carbon footprint. This is becoming increasingly important to utility-scale developers in the US, Europe and other markets.

Fitting out of the new plant is expected to begin in November, before the start of production at the end of Q1 2025 – if all goes to plan. The facility will be modified to meet the needs of modern, automated cell production and, according to TOYO, will enhance the company’s production capabilities and increase efficiency, reduce costs, and allow it to respond more swiftly to market demands.

While this will help to position TOYO as a competitive key player in the renewable energy sector, local benefits will also be abundant, with TOYO expecting up to 880 jobs to be created as the new facility is brought online.

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