Politics
Just In: Potential Annual Cost For Africa Due To Carbon Tax Could Reach $25 Billion, Warns-AfDB
The President of the African Development Bank Group, Dr. Akinwumi Adesina, has cautioned that a proposed EU carbon border tax could severely hinder Africa’s trade and industrialization advancements by imposing penalties on value-added exports such as steel, cement, iron, aluminum, and fertilizers…..CONTINUE READING....KINDLY READ THE FULL STORY HERE▶
Speaking at the Sustainable Trade Africa Conference in Dubai’s UAE Trade Centre, Adesina highlighted the potential consequences, stating, “Given Africa’s energy deficit and heavy reliance on fossil fuels, particularly diesel, this implies that Africa may be compelled to export raw commodities to Europe once again, leading to further de-industrialization on the continent. The EU carbon border tax adjustment mechanism could result in Africa losing up to $25 billion annually.”
He emphasized that Africa has already been adversely affected by climate change and now faces a potential disadvantage in global trade. Adesina noted the importance of intra-regional exchanges, citing estimates that the new Africa Continental Free Trade Area could boost intra-Africa exports by over 80% by 2035.
Adesina pointed out that Africa is currently underrepresented in the global energy transition, receiving only $60 billion or two percent of the $3 trillion global investments in renewable energy over the past two decades. He warned that this trend could negatively impact Africa’s competitiveness in exporting to Europe.
Calling for “Just Trade-for-Energy Transition” policies, Adesina proposed a framework that supports Africa’s renewable energy ambitions without compromising its trade opportunities. He advocated for the use of natural gas as a transitional fuel to address the variability of renewable energy and stabilize Africa’s energy systems in support of industrialization.
Contrary to prevailing perceptions that Africa is a challenging place for business, Walid Alfalahi, CEO of the UAE Trade Centre, emphasized that Africa is the new frontier for investment.
Former Kano State Governor, Ibrahim Shekarau, has officially defected from the Peoples Democratic Party (PDP) to the ruling All Progressives Congress (APC).....KINDLY READ THE FULL STORY HERE▶
Former Kogi West senator, Dino Melaye, has said that any presidential candidate from the African Democratic Congress (ADC) would outperform President Bola Tinubu by a wide margin.....KINDLY READ THE FULL STORY HERE▶
Former Inspector-General of Police, Mohammed Abubakar Adamu, has declared that he remains in the All Progressives Congress (APC) and has no plans to defect from the party.....KINDLY READ THE FULL STORY HERE▶
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