Hi, I’m Caroline, an associate editor at Horizon Engage. This week, our newsletter focuses on countries (Brazil, Cote d’Ivoire and Azerbaijan) dedicated to greening their energy environments — or at least saying they are. We also introduce a new section, the Quote of the Week, bringing you insightful — and entertaining — quotes from key stakeholders in energy politics. Read more below!
Brazil Revives Climate Fund Ahead of COP30
This month, Environment Minister Marina Silva announced the National Bank for Economic and Social Development will transfer $2bn to the National Climate Change Fund, known as the Climate Fund. The cash, which comes from last November’s bond tender under Brazil’s Sovereign Sustainable Bond Framework, will essentially revive the Climate Fund. Since its creation in 2009, the Fund has survived on a much more meager supply, doling out just $146mn to 27 projects last year. Key to Brazil meeting its Paris Agreement commitments, we expect the Climate Fund will focus most of the new money on cutting emissions. The transfer’s timing is clear: Less than two years from hosting COP30, Lula wants to show he can walk the climate walk.
Cote d’Ivoire Inaugurates First Solar Plant
Cote d’Ivoire recently opened its first-ever solar power plant, which is expected to produce 80 MW of electricity, provide power to 430,000 people, and save 60,000 tons of CO2 annually. The plant is also part of broader plans to turn the country into a regional energy hub. The government is heavily investing in renewables to meet its climate and energy goals, but not necessarily replacing oil and gas — especially considering they still want to join OPEC. So, although Cote d’Ivoire’s oil and gas sector is growing rapidly, its investments in renewables are too.
Azerbaijan — Baku (Only) Talks the Talk
Just months from welcoming delegates to COP29, Azerbaijan is playing up the green energy card … in theory. In practice, Baku is dragging its feet on renewable energy, including on the future Black Sea Energy (BSE) cable project, labeled a “green energy corridor.” The BSE would supply Europe with 4,000 MW of renewable energy by the end of 2027, but our contacts in Baku say Azerbaijan will try to include natural gas under that “green” umbrella. Unsurprisingly, the government aims to label as many things “green” as possible, and yet, at the same time, SOCAR wants to export more oil. How (or if) Azerbaijan balances fossil fuels and renewables while trying to keep its green image is unclear.
Quote of the Week
A new feature in this newsletter is our Quote of the Week, sourced from key stakeholders in energy politics. This edition comes from Nigerian President Bola Tinubu:
“No meaningful economic transformation can happen without a steady electricity supply.”
The comment comes amid numerous grid collapses since the start of 2024. To make matters worse, Tinubu’s power minister blamed the short energy supply on people leaving their freezers on while at work, sparking widespread mocking on social media.
Clearly, the president’s remarks did not inspire great confidence in his administration.
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