{"id":60932,"date":"2024-01-02T15:49:15","date_gmt":"2024-01-02T15:49:15","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/eus-carbon-border-tax-threatens-africas-development-african-development-bank-group"},"modified":"2024-01-02T16:23:17","modified_gmt":"2024-01-02T16:23:17","slug":"eus-carbon-border-tax-threatens-africas-development-african-development-bank-group","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/eus-carbon-border-tax-threatens-africas-development-african-development-bank-group","title":{"rendered":"EU\u2019s Carbon Border Tax threatens Africa\u2019s development \u2013 African Development Bank Group"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>DR. Akinwumi Adesina, the President of the African Development Bank Group, has cautioned that the implementation of a new European Union (EU) Carbon Border Tax could severely impede Africa\u2019s trade and industrialization efforts by penalizing value-added exports such as steel, cement, iron, aluminium, and fertilizers.<\/p>\n

He expressed concern about the implications for Africa, citing the continent\u2019s energy deficit and heavy reliance on fossil fuels, particularly diesel. He warned that this EU Carbon Border Tax could compel Africa to revert to exporting raw commodities to Europe, further exacerbating Africa\u2019s de-industrialization.<\/p>\n

Addressing delegates at COP28\u2019s Sustainable Trade Africa Conference, Adesina warned of potential annual losses of up to $25 billion due to the EU Carbon Border Tax Adjustment Mechanism.<\/p>\n

\u201cBecause of weak integration into global value chains, Africa\u2019s best trade opportunity lies in intra-regional exchanges, with the new Africa Continental Free Trade Area estimated to increase intra-Africa exports over 80% by 2035,\u201d Adesina explained.<\/p>\n

Highlighting Africa\u2019s marginalization in global energy transitions, Adesina referenced data from the International Renewable Energy Agency, revealing that Africa had received only $60 billion (2% of the $3 trillion) in global investments in renewable energy over the past two decades. He stressed that this trend would adversely affect Africa\u2019s competitiveness in exporting to Europe.<\/p>\n

Adesina advocated for Just Trade-for-Energy Transition (JTET) policies, aiming to support Africa\u2019s renewable energy ambitions while preserving its trade prospects. He proposed the use of natural gas as a transitional fuel to mitigate renewable energy variability and stabilize the continent\u2019s energy systems in alignment with its industrialization goals.<\/p>\n

Adesina referenced a report by Moody\u2019s Analytics indicating that Africa had the lowest default rate on infrastructure investment compared to other regions worldwide, standing at 5.5%. This rate contrasted with Latin America\u2019s 12.9%, Asia\u2019s 8.8%, Eastern Europe\u2019s 8.6%, North America\u2019s 7.6%, and Western Europe\u2019s 5.9%.<\/p>\n

Additionally, Adesina highlighted several substantial projects that had attracted investor interest through the Africa Investment Forum, an initiative developed by the African Development Bank and seven other founding partners. Notable projects included Mozambique\u2019s $24 billion liquefied gas project, the $15.2 billion Abidjan to Lagos Highway corridor spanning five countries, and the $3.6 billion Tanzania to Burundi and DR Congo railway line.<\/p>\n

Adesina concluded by painting a vision of a different Africa, asserting that with partnership, there is no project beyond their collective capabilities.<\/p>\n

Walid Mohammed Hareb Alfalahi, the Chief Executive Officer (CEO) of the United Arab Emirates (UAE) Trade Centre, countered prevailing perceptions about Africa being a risky place for investment. He emphasized the continent\u2019s potential for investment and business opportunities, differing from popular misconceptions.<\/p>\n

\u201cWhat you hear about Africa is not the reality. I see the potential in Africa. I see the possibilities to do more,\u201d said Alfalahi.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. DR. Akinwumi Adesina, the President of the African Development Bank Group, has cautioned that the implementation of a new European Union (EU) Carbon Border Tax could severely impede Africa\u2019s trade and industrialization efforts by penalizing value-added exports such as steel, cement, iron, aluminium, and fertilizers. He expressed concern about the implications for […]<\/p>\n","protected":false},"author":84,"featured_media":60931,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-60932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nEU\u2019s Carbon Border Tax threatens Africa\u2019s development \u2013 African Development Bank Group - Namibia<\/title>\n<meta name=\"description\" content=\"DR. 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