PRESIDENT Samia Suluhu Hassan has called for collaborative efforts between governments and the private sector to mitigate and adapt to effects of climate change as well as steering the globe towards smooth energy transition.
The Tanzanian leader made the call in Davos, Switzerland, yesterday on the sidelines of the annual World Economic Forum (WEF) during a panel discussion with a title; “Repowering the World.”
“In Tanzania we are also affected by climate change and we have made changes to some of our policies to cope with the situation.
“We have been working with the private sector to mitigate effects of climate change. Tanzania is ready to invite private sector from other parts of the world since we have required resources and determination,” she commented.
Dr Samia pointed to the fact that collaborative efforts between countries will play a crucial role in addressing the challenge since some are blessed with technology while other countries endowed with resources.
President Samia noted further that it was high time developed countries in Europe and America put focus on producing energy from Africa.
“We need to diversify energy sources. Africa could be another source of energy, when it comes to green energy, we have almost everything ranging from nickel, cobalt and copper,” Ms Samia stated during the panel discussion.
Adding; “The private sector should extract resources and produce energy from Africa since there is high demand for energy, there is a lot of manufacturing and investments which are taking place in Africa.”
She also reached out to private sector in developed countries to provide funding for Africa to enable the continent to produce more energy from natural gas.
“It is true that we need energy transition but this should take some time, we also need funding to embark on energy transition,” Dr Samia appealed.
President Samia noted further that there is a high demand for energy in the African continent amid the fourth industrial revolution which is taking place across the globe.
She also urged African countries to put more efforts in strengthening regional power pools such as East African and Southern Africa power pools.
“We have also learned our lesson in Africa, we have had policies in regional power pools but we have not done enough.
“If we create these power pools there will be no problems of shortage of energy because whoever who will be having a crisis will be served by the regional power pools,” she remarked.
Dr Samia reminded leaders during the panel discussion that energy crisis is a global problem which requires global solutions, noting that; “There is a need on embarking on multilateral approach in addressing the challenge,” she pointed.
President Samia expressed concerns that many developed countries are formulating policies to address unilaterally rather than engaging developing countries.
Apart from President Samia, the panel discussion also included the Prime Minister of the Netherlands, Mr Mark Rutte, Chief Executive Officer of Enel S.p.A and Sir Rodney Starmer who is the leader of Labour Party leader of the opposition in Britain.
Also on the list were Ms Ilham Kadri who is a CEO and Chairperson of Board of Directors of Solvay, a Belgian chemicals company as well as American politician and businessman serving as the senior United States senator from West Virginia, Mr Joseph Manchin III.
The panel discussion was moderated by CNBC’s international correspondent and anchor, who is based in Abu Dhabi in the United Arab Emirates, Ms Hadley Gamble.
Speaking during the 27th edition of the United Nations Climate Change Conference (COP27) in Egypt last year, Dr Samia said Tanzania is taking a number of initiatives aimed at mitigating the impacts of climate change for sustainable development.
She said the government has already put in place the national climate change response strategy and contribution with a target of reducing green gas emission economy wide between 30 to 35 per cent by the year 2030.
According to her, showing the political will, Tanzania is continuing to construct and expand rapid transport networks that are expected to reduce more than 900 million tonnes of carbon generated each year.
Source: allafrica.com
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Insurer and financial services provider Britam posted a 22.5 percent jump in net earnings for the half-year ended June 2024, to Sh2 billion, buoyed by increased investment income.
The rise in half-year net profit from Sh1.64 billion posted in a similar period last year came on the back of net investment income rising 2.5 times to Sh13.27 billion from Sh5.3 billion.
“We are confident in the growth and performance trend that Britam has achieved, supported by its subsidiaries in Kenya and the region. Our business is expanding its revenue base while effectively managing costs,” Britam Chief Executive Officer Tom Gitogo said.
“Our customer-centric approach is fueling growth in our customer base and product uptake, particularly through micro-insurance, partnerships, and digital channels.”
The investment income growth was fueled by interest and dividend income rising 34 percent to Sh9.1 billion, which the insurer attributed to growth in revenue and the gains from the realignment of the group’s investment portfolio.
Britam also booked a Sh3.79 billion gain on financial assets at a fair value, compared with a Sh1.8 billion loss posted in a similar period last year.
The increased investment income helped offset the 12.7 percent decline in net insurance service result to Sh2.13 billion in the wake of claims paid out rising at a faster pace than that of premiums received.
Britam said insurance revenue, which is money from written premiums, increased to Sh17.8 billion from Sh16.6 billion, primarily driven by growth in the Kenya insurance business and regional general insurance businesses, which contributed 30 percent of the revenue.
The group has a presence in seven countries in Africa namely Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.
Britam’s insurance service expense hit Sh13.6 billion from Sh11.3 billion, while net insurance finance expenses rose 2.6 times to Sh12.3 billion during the same period.
“Net insurance finance expenses increased mainly due to growth in interest cost for the deposit administration business driven by better investment performance. This has also been impacted by a decline in the yield curve, which has led to an increase in the insurance contract liabilities. The increase has been offset by a matching increase in fair value gain on assets,” said Britam.
Britam’s growth in profit is in line with that of other Nairobi Securities Exchange-listed insurers, which have seen a rise in profits.
Jubilee Holdings net profit in the six months increased by 22.7 percent to Sh2.5 billion on increased income from insurance, helping the insurer maintain Sh2 per share interim dividend.
CIC Insurance Group posted a 0.64 percent rise in net profit to Sh709.99 million in the same period as net earnings of Liberty Kenya nearly tripled to Sh632 million from Sh213 million, while Sanlam Kenya emerged from a loss to post a Sh282.2 million net profit.
