World Business News

A new report by the London School of Economics and Political Science is the first comprehensive study to use an economic model to put a number on the “climate value at risk”. A new report published on Monday has put the potential cost of climate change to the world economy at as much as US$24 trillion by 2100, underlining the urgent need for businesses worldwide to pay attention to it.

The report, led by researchers at the Grantham Research Institute on Climate Change and the Environment at the London School of Economics and Political Science and Vivid Economics, is the first comprehensive study to use an economic model to put a number on the “climate value at risk”.

The study, published in the journal Nature Climate Change estimated that an average US$2.5 trillion, or 1.8 per cent, of the world’s financial assets would be at risk from the impacts of climate change if global temperatures rise by 2.5 deg C above its pre-industrial level by 2100.

But uncertainties in estimating this risk mean that “there is a one per cent chance” that warming of 2.5 deg C could threaten US$24 trillion, or 16.8 per cent, of global financial assets in 2100.

Kenya plans to generate 70MW of steam power in the next two years under the Power Africa initiative by President Barrack Obama that aims to light up the continent by using renewable energy.

As part of the plans to generate the 70MW, Akiira Geothermal Ltd, a consortium developing geothermal power, plans to double its exploration wells by end of the year at a cost of US$ 14m.

Robert Bunyi, the outgoing Chief Executive of Akiira confirmed the reports and said that drilling of two more wells will begin in June this year in Akiira Valley in Naivasha steam fields.

“Exploration and drilling of the first two wells will begin in early June and will possibly be followed by a second one,” Mr. Bunyi said.

He further pointed out that the US$ 300m project is being financed through a mix of debt where 30 percent will be sourced from the shareholders while the remaining 70 percent will be borrowed from Standard Bank; Centum Investments will further contribute about US$ 90m.

Major PV solar construction project in South Africa, being built by Juwi Renewable Energies is nearing completion and will be connected to the national grid in the third quarter of this year.

The Mulilo-Sonnedix-Prieska PV solar power project sits on 125ha 50km South-west of Prieska in the Northern Cape.

The project valued at R1.3bn is said to be on schedule and within the confines of the budgetary allocation. The ambitious 86MW power project covers a surface area equivalent to 125 football or rugby fields and expected to power 86,000 homes.

Sonnedix country manager Farid Moucer said the project, under the umbrella of Renewable Energy Independent Power Producers Programme (REIPPPP) will be run under auspices of the Department of Energy. The project has a 20-year lifespan and will be operated by a team of local experts.

Kenya is yet to commence on the construction of a new offshore crude oil and refined fuel jetty in October this year, the Kenya Ports Authority (KPA) has announced.

The new jetty is anticipated to increase efficiency in delivery of refined fuel that is imported for Kenya’s domestic use and exported to Uganda, Rwanda, Burundi and eastern Democratic Republic of Congo.

KPA head of procurement Yobesh Oyaro confirmed the news and said that Denmark-based Niras will supervise on the construction of the new terminal that will replace the existing facility near berth 19 container terminal.

“Denmark-based Niras will supervise on the construction of the new terminal that will replace the existing facility near berth 19 container terminal,” Oyaro said.