Herbert Smith Freehills ESG Tracker (SADC Edition)
There are so many ESG-related publications and developments that it is hard to keep abreast of them all. For this reason, HSF publishes a monthly tracker of ESG-related publications and developments, with a primary focus on developments that may be of most interest to or impact our clients in the Southern African Development Community, be they corporates, asset managers or asset owners.
Key updates covered in this edition include:
- The 42nd Ordinary SADC Summit of Heads State and Government was held on the 17 – 18 August 2022 in Kinshasa, Democratic Republic of Congo.
- South Africa published the revised National Biodiversity Framework 2019 to 2024 for implementation.
- The South African Parliament has tabled the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill.
- The Regional Off-Grid Electricity Access Project was launched in the Gambia and Cote d'Ivoire.
If you have any ESG-related questions, please get in touch with your usual contact at HSF who will be able to direct you as appropriate.
This issue covers the period from 1 to 31 August 2022.
ANGOLA
2 August 2022
Angolan President, Joao Lourenco, has said that Angola's investments for the next few years in the energy sector may reach up to US$7 billion, and that the Angolan authorities are working to "electrify" the entire country over the next four to five years.
9 August 2022
The Republic of Angola has received financing from the African Development Bank towards the cost of the Fisheries Sector Support Project. The Ministry of Agriculture and Fisheries intends to use a portion of the loan amount towards payment for consultant services to prepare environmental and social compliance audit, carry out project monitoring and evaluation and prepare the project completion report. The ministry invited eligible consultant firms to indicate their interest in providing the above mentioned services. The consulting firms had until 29 August 2022 to submit their expression of interest.
15 August 2022
As part of its effects to implementing its National Development Plan, the Republic has approved the National Strategy for climate action and implemented the Biodiversity Strategy and Action Plan. The National Strategy for climate action identifies actions aimed at adapting the national territory to the effects of climate change, adopting a low carbon development model, mobilizing resources and promoting the strengthening of the capacity of national institutions. The Republic has also appointed an intergovernmental committee which is mandated to negotiate a legally binding instrument on plastics in conformity with the principles of the Rio Declaration.
17 August 2022
It is reported that, as part of the Energy Angola 2025 programme, the Angola government is commissioning two new solar photovoltaic power plants in Benguela. The plants will have a peak capacity of 284 megawatts.
BOTSWANA
19 August 2022
It is reported that the Botswana Government will ban the importation of all agricultural products from South Africa. Currently only the importation of tomatoes, potatoes, beetroot, cabbage and coloured peppers is banned. Members of Parliament have argued that a complete ban will increase production because since the import ban was implemented, there has been an increase in local horticulture production.
THE DEMOCRATIC REPUBLIC OF CONGO (DRC)
10 August 2022
It is reported that the United States and the Democratic Republic of the Congo (DRC) have agreed to form a working group to protect the Congo basin rainforest and peatlands. These forests and peatlands are currently under threat from oil and gas exploration. Anthony Blinken, the US Secretary of State, made the announcement in Kinshasa on 9 August 2022.
Blinken said the working group would focus on growing the DRC's economy and financing to protect the rainforest and peatlands. He also stated that Kinshasa can help protect the Earth's atmosphere by making sure that extraction projects only take place after a rigorous environmental impact assessment. Read other reports here and here.
17 August 2022
The Ministry of Health of the Democratic Republic of Congo has reported a confirmed case of Ebola virus disease in the Beni district of North Kivu province. The confirmed case was a 46-year-old woman who died on 15 August 2022. The case received care at the Beni Referral Hospital, initially for other ailments, but subsequently, exhibited symptoms consistent with Ebola. This marks the third outbreak in the North Kivu province since 2018.
17 August 2022
The 42nd Ordinary SADC Summit of Heads State and Government was held on the 17 – 18 August 2022 in Kinshasa, Democratic Republic of Congo under the theme: Promoting industrialization through, agro-processing, mineral beneficiation, and regional value chains for inclusive and resilient economic growth. The communiqué of the Summit can be accessed here.
LESOTHO
15 August 2022
A project has been launched to supply five cities in Lesotho with clean drinking water. This project is being funded by a US $11.2 million 'soft development loan' from the Saudi Fund for Development. The aim of the project is sustainability of water resources, including providing clean water sources and limiting the effects of drought. As part of the project, 210km of water pipes and 25 water pumping stations will be constructed.
17 August 2022
It is reported that Lesotho's Prime Minister Moeketsi Majoro declared a state of emergency after lawmakers in the southern African kingdom parliament failed to pass two bills, including one aimed at more regulation of political parties in parliament.
The state of emergency will continue until 29 August, Majoro said in a notice in the Government Gazette published on Tuesday.
26 August 2022
It is reported that Lesotho's Prime Minister Moeketsi Majoro declared a state of emergency after lawmakers in the southern African kingdom parliament failed to pass two bills, including one aimed at more regulation of political parties in parliament.
MAURITIUS
6 August 2022
It has been reported that the Commonwealth Secretary-General, the Rt Hon Patricia Scotland QC, met the President of the Republic of Mauritius, Mr Prithvirajsing Roopun and Prime Minister, Mr Pravind Kumar Jugnauth, whilst on an official visit to the country.
The Secretary-General was in Mauritius to attend the Fifth Commonwealth Climate Finance Access Hub Steering Committee Meeting. The primary aim of the meeting is to address the lack of access to climate change finance which many commonwealth countries face. In addition, the Ministers from several other commonwealth countries deliberated on the cost-of-living crisis, youth and gender empowerment and lastly, economic recovery. It is hoped that through the Commonwealth Climate Finance Access Hub smaller, less developed member nations of the Commonwealth, who are often the most vulnerable to climate change induced disasters and impact, are able to receive the required technical support, capacity building, and access to international climate finance.
MOZAMBIQUE
9 August 2022
The Ministry of Finance has introduced an Economic Acceleration Stimulus Package which will focus on two sets of reforms, first being fiscal and economic stimulus and the second the improvement of its business environment, transparency, governance and the acceleration of strategic infrastructure. The fiscal and economic stimulus interventions include amongst other things VAT rate reduction from 17% to 16% and a lower corporate income tax rate from 32% to 10% in the agriculture and urban transports sectors. For the improvement of the business environment, transparency and governance, amongst other things the Republic aims to adjust its labour and investment law.
26 August 2022
Fitch Ratings has upgraded Mozambique's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. Fitch typically does not assign Outlooks to sovereigns with a rating of 'CCC+' or below.
30 August 2022
Through the program BIODEV2030, the IUCN and the Confederation of Economic Associations (CTA) are working together in Mozambique to accelerate voluntary private sector commitments that will help the country meet its national biodiversity goals.
30 August 2022
The International Union for Conservation of Nature (IUCN) is joining forces with the Confederation of Economic Association (CTA) in Mozambique to accelerate voluntary private sector commitments that will help the country meet its national biodiversity goals. The CTA's Land and Environmental Department signed a Memorandum of Understanding to mobilise the private sector to help protect and restore biodiversity in June 2022. In the next coming months, a multi-sectoral workshop will be held to share the results of the situational analysis exploring the opportunities and challenges for implementing sectoral voluntary commitments. By October, it is expected that all of the key sectors will discuss the action plans as well as the roles and responsibilities to implement the voluntary sectoral commitments, creating a community of practice before the project ends in December 2022.
To view the full article, click here
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
