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Wildfire: Access To Spain’s Tenerife Island Mountains Closed, Thousands Evacuated

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Firefighters on Thursday struggled to contain a wildfire that broke out in a mountainous national park on the Spanish island of Tenerife, prompting authorities to evacuate at least 3,800 people.

The fire’s perimeter expanded to 31 kilometres (19 miles)across dry woodland covering both flanks of steep ravines near the Mount Teide volcano – Spain’s highest peak – hampering access to the area and covering much of the island with smoke clouds and ash.

The fire, which broke out on Wednesday, has burned through 2,600 hectares (6,425 acres) of land.

“The night has been very tough…This is the most complex fire we’ve had in the Canary Islands in the last 40 years,” the region’s leader, Fernando Clavijo, told a news conference.

Scorching heat and dry weather this summer has contributed to unusually severe wildfires in Europe and western Canada.

Pedro Martinez, head of emergency services in Tenerife, said the fire had spread to the north and towards a valley where several camping sites are located.

While some villages were evacuated out of precaution, residents in a few others were ordered to stay home, affecting a further 3,500 people.

A prison and a migrant reception centre were in the areas under confinement, Clavijo said.

Civil protection removed 1,294 people from their homes in the municipality of El Rosario and 1,525 from areas of La Orotava on Thursday, with total evacuations reaching 3,800 people and more still being carried out.

Authorities deployed 17 aircraft and a combined 350 firefighters and military personnel. Additional waterbombing aircraft arrived from the mainland.

All access to the mountains on the island, including tourist-favourite Mount Teide, has been closed off to prevent any incidents.

Tenerife’s two airports were operating normally, Spanish airport operator Aena said.

Last week, a heatwave in the Canary Islands left many areas bone dry, heightening the risk of wildfires.

This summer, firefighters have extinguished a series of forest fires on the islands of Gran Canaria and La Palma, which form part of the Canary Islands archipelago.

Arizona Project: Canadian Solar To Supply Energy Storage Products

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Canadian Solar (CSIQ.O) on Thursday said it will supply 1,200 megawatt hours (MWh) of energy storage products to a project in Arizona.

Papago Storage, which will be operated by Canadian Solar’s subsidiary Recurrent Energy, will use e-STORAGE’s SolBank, a proprietary battery energy storage solution part of the Ontario-based company’s subsidiary CSI Solar.

Construction at the Arizona-based project is expected to begin in the third quarter of 2024, and will be the largest standalone energy storage project in the state once operational.

Waste Volumes Surge: China To Set Up Solar, Wind Recycling System

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China, the world’s biggest renewable equipment manufacturer, will set up a recycling system for ageing wind turbines and solar panels as it tries to tackle the growing volumes of waste generated by the industry, the state planner said.

China has ramped up its wind and solar manufacturing capabilities in a bid to decarbonise its economy and ease its dependence on coal, and it is now on track to meet its goal to bring total wind and solar capacity to 1,200 gigawatts (GW) by 2030, up from 758 GW at the end of last year.

But as older projects are replaced and decommissioned, waste volumes are set to soar, with large amounts of capacity already approaching retirement age, posing big environmental risks.

To cope with the challenge, China will draw up new industrial standards and rules detailing the proper ways to decommission, dismantle and recycle wind and solar facilities, the National Development and Reform Commission, said on Wednesday.

The state planning agency said that China would have a “basically mature” full-process recycling system for wind turbines and solar panels by the end of the decade.

Photovoltaic (PV) panels have a lifespan of around 25 years, and many of China’s projects are already showing significant signs of wear and tear, China’s official Science and Technology Daily newspaper said in June.

The paper cited experts as saying that China would need to recycle 1.5 million metric tons of PV modules by 2030, rising to around 20 million tons in 2050.

The problem of waste from the renewable energy sector has become a growing global concern. Total waste from solar projects alone could reach 212 million tons a year by 2050, according to one scenario drawn up by the International Renewable Energy Agency (IRENA) last year.

Tinubu Appoints Tijani as Minister of ICT

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President Bola Ahmed Tinubu has announced Olatunbosun Tijani as the Minister of Communications, Innovation and Digital Economy.

With this announcement, the Nigerian-British entrepreneur, co-founder and CEO of Co-Creation Hub (CcHUB), a Pan-African innovation and technology centre will be incharge of the country’s Information and Communications Technology for the next four years.

Tinubu Unveils Confirmed List of Ministers with their Portfolios

Tijani is coming to take over the industry from where the former Minister, Prof. Isa Pantami, who was in charge during former President, Muhammadu Buhari’s tenure.

Appointed Minister Tijani was born in Agege, Lagos, before moving to Abeokuta, Ogun State for his secondary education.

In 1996, he moved to Jos to study at the University of Jos where he first started off studying for a diploma in Computer Science before going on to study Economics, graduating with a Bachelor’s degree in 2002.

Tijani holds two degrees from the University of Jos: a BSc. in Economics and a Diploma in Computer Science.

He subsequently obtained an MSc. in Information Systems and Management in 2007 from the Warwick Business School in England.

Notably, in March 2023, Tijani completed a PhD programme in Innovation and Economic Development at the University of Leicester.

The new Minister will oversee the industry from where the former Minister, Prof. Isa Pantami, who was in charge during the former President Muhammad Buhari tenure.

U.S. Automaker Invests Over $100 Million In California Lithium Project

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Automaker Stellantis said it would invest more than $100 million in California’s Controlled Thermal Resources, its latest bet on the direct lithium extraction (DLE) sector amid the global hunt for new sources of the electric vehicle battery metal.

The investment by the Chrysler and Jeep parent announced on Thursday comes as the green energy transition and U.S. Inflation Reduction Act have fueled concerns that supplies of lithium and other materials may fall short of strong demand forecasts.

DLE technologies vary, but each aims to mechanically filter lithium from salty brine deposits and thus avoid the need for open pit mines or large evaporation ponds, the two most common but environmentally challenging ways to extract the battery metal.

Stellantis, which has said half of its fleet will be electric by 2030, also agreed to nearly triple the amount of lithium it will buy from Controlled Thermal, boosting a previous order to 65,000 metric tons annually for at least 10 years, starting in 2027.

“This is a significant investment and goes a long way toward developing this key project,” Controlled Thermal CEO Rod Colwell said in an interview.

The company plans to spend more than $1 billion to separate lithium from superhot geothermal brines extracted from beneath California’s Salton Sea after flashing steam off those brines to spin turbines that will produce electricity starting next year.

That renewable power is expected to cut the amount of carbon emitted during lithium production.

Rival Berkshire Hathaway (BRKa.N) has struggled to produce lithium from the same area given large concentrations of silica in the brine that can form glass when cooled, clogging pipes.

Colwell said a $65 million facility recently installed by Controlled Thermal can remove that silica and other unwanted metals. DLE equipment licensed from Koch Industries would then remove the lithium.

“We’re very happy with the equipment,” he said. “We’re going to deliver. There’s just no doubt about it.”

Stellantis CEO Carlos Tavares called the Controlled Thermal partnership “an important step in our care for our customers and our planet as we work to provide clean, safe and affordable mobility.”

Both companies declined to provide the specific investment amount.

Controlled Thermal aims to obtain final permits by October and start construction of a commercial lithium plant soon thereafter, Colwell said. Goldman Sachs (GS.N) is leading the search for additional debt and equity financing, he added.

Controlled Thermal had separately agreed to supply lithium to General Motors (GM.N) by 2024, but that goal has been pushed to 2025, Colwell said.

GM said it has a “close working relationship” with Controlled Thermal but deferred comment on technical questions to its junior partner. GM added it believes it has enough raw material supply to reach its target of producing 1 million EVs by 2025.

Stellantis also has an investment in Vulcan Energy Resources (VUL.AX), which is developing a German DLE project.

Kano State Expresses Disgust Over Indiscriminate Dumping On Waterways

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Kano State Government has warned residents to desist from dumpling of refuse in waterways in Sabon Gari area of Fagge Local Government.

The Commissioner for Environment and Climate Change, Alhaji Nasiru Garo, expressed disgust over the attitude of residents at Sabon Gari area on indiscriminate dumping of refuse.

He said such activities would lead to environmental pollution, citing the health hazards and its effects on climate change.

This is contained in a statement issued by Director, Public Enlightenment in the Ministry of Environment, Samaila Gwammaja, in Kano, the state capital, on Tuesday, August 15, 2023.

The Commissioner for Environment and Climate Change, Alhaji Nasiru Garo, expressed disgust over the attitude of residents at Sabon Gari area in particular.

Garo said such activities would lead to environmental pollution, citing the health hazards and its effects on climate change.

He tasked the residents to complement government’s efforts by ensuring regular sanitation by clearing their drains and water ways to allow free flow of water during the rainy season.

The commissioner said, “State Government is passionate and committed to improve the living standard of its teeming populace regardless of tribes or religion to make their environment more habitable and conducive for living.”

The commissioner called on the residents “to always do the needful by desisting from polluting the environment with garbage and faeces, or particles obstructing free flow of water system which may eventually cause stagnation, breed mosquitoes and make the roads inaccessible.”

Leader of the delegation, Mrs. Scholastica Umejesi, said they were at the Commissioner’s Office to congratulate him on his appointment and intimate him about some environmental issues about the area for urgent government intervention.

Lagos State Plans 18km Embankment, Sea Walls To Protect Residents

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Gov. Babajide Sanwo-Olu of Lagos State has reiterated his administration’s commitment to taking giant strides through initiatives in combating the effects of the so-called climate change.

Sanwo-Olu gave the assurance at the 10th Annual Association of Lagos State Retired Heads of Service and Permanent Secretaries (ALARHOSPS) Summit held at Alausa, Ikeja.

The summit had “Climate Change: Man, Nature and Threat To Life: Lagos State, A Case Study” as its theme.

The governor was represented by his deputy, Dr Obafemi Hamzat.

According to him, there is still much work to be done since the challenges require continuous innovation, collaboration and adaptation.

He added that his administration would ensure that the state had resilient communities and be able to protect vulnerable groups.

Earlier, Dr Olufemi Olugbile, President of ALARHOSPS, said that the summit was conceived as a mechanism for the association to fulfill its mandate as a think-tank for the government and people of Lagos State.

Olugbile said, “We hope to provide a useful guide on how, we as a society, navigate the terrain that we find ourselves in, concerning this crucial matter.”

The highpoint of the event was a Special Recognition Award to the immediate past Secretary to Lagos State Government, Mrs Folashade Jaji, for efforts in making the association more vibrant.

VP Shettima Presides Over NEC Meeting In Abuja

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Vice President Kashim Shettima is currently presiding over the National Economic Council (NEC) meeting in Abuja.

The meeting being held at the Council Chamber of the Presidential Villa, Abuja, has in attendance, governors from across the Federation and other stakeholders.

The meeting is expected to address some of the pertinent economic challenges in the country occasioned by the removal of petrol subsidy.

Also expected to be discussed are security challenges across the country, with recent attacks in some parts of the North.

Journalists have been excused from the meeting and are waiting to be briefed on the outcome.

The NEC meeting comes about 24 hours after the Nigerian National Petroleum Company (NNPC) Limited announced that it secured a $3 billion Emergency Crude Repayment Loan from African Export-Import Bank (AFREXIM) Bank.

Naira Gains Further, Trades at 860/$ Thursday

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Naira furthered its gaining streak against the Dollar on Thursday as the parallel segment of the foreign exchange (FX) market continues to react to the $3 billion crude oil repayment loan secured by the Nigerian National Petroleum Company Limited (NNPCL) from Africa Import and Export Bank (AFREXIM) to stabilise the local currency.

Parallel Market FX dealers were as at 9.52am on Thursday August 17 seen buying dollar at N835 while selling at N860, according to data by AbokiFX, an online platform that tracks the exchange rate on the parallel market.

Before the news of the AFREXIM loan deal broke on Wednesday, parallel market FX dealers were buying the green back at N880 while selling at N910.

Otega Ogra, senior special assistant to President Bola Tinubu on Digital/New Media explained in a tweet what the $3billion Emergency Crude Repayment Loan from Afrexim is meant to achieve.

“What’s the benefit of this loan to Nigeria? The loan will assist NNPC Limited in settling taxes and royalties in advance. It will also equip the Federal Government with the necessary dollar liquidity to stabilise the Naira, with limited risk,” he said.

“Will this affect fuel prices? A strengthened Naira as a result of this initiative will lead to a reduction in fuel costs. This means that if the Naira appreciates in value, the cost of fuel will drop and further increases will be halted,” Ogra added.

“What about subsidies? Are they coming back? No. A stronger Naira will result in lower prices from the current level, making subsidies unnecessary. The deregulation policy remains unchanged,” the President’s aide said.

In their recent commentary, Damilare Ojo-led team of research analysts at Lagos-based Meristem said, “In our view, core inflation will remain elevated in the near term in light of the continued free-fall of the Naira. The outlook of the FX market is largely marked by uncertainty and volatility; as such, there is an urgent need for a unified strategy to address these challenges, involving enhancing FX liquidity, promoting export diversity, and fostering investors’ confidence through transparent policies.”

The National Bureau of Statistics (NBS) reported the headline inflation rate for July 2023 to have increased by 129 basis points (bps) to 24.08percent year-on-year (YoY) from 22.79percent YoY in June 2023.

The Meristem analysts noted that the July data also reflects the effect of the petroleum subsidy removal in May and the resultant increase in prices of human and merchandise transportation in the subsequent months.

Before receiving firepower from Afrexim Bank in Cairo to help fight speculators that have ambushed the FX market, the gap between official and the parallel market had widened by about N200 in the past week. It had reached N950/$ at the parallel market before this recent drop.

Tunde Delu, an economist explained that the loan is an attempt to bridge the FX supply gap.

“It is apparent that the short-term panacea/solution to the rising foreign exchange prices is to seek alternative supply avenues. One of the options open to the federal government is to seek such foreign loans directly or through its appointed agencies. The implication would be a positive effect on the supply of FX thereby pushing the price of FX down as the demand-supply gap shrinks,” Delu said.

“To simplify it in the nutshell, we need ‘quick cash’ to cover the demand for forex by all sectors and that has been sourced via the $3billion Crude oil Repayment Loan which enables NNPCL meet its payment obligations,” he added.

Black Market: Naira Falls to ₦915 Per Dollar

Omotayo Akorede Samuel, corporate finance lawyer said that the $3billion Emergency Crude Repayment Loan from Afrexim is standard practice.

“This is standard practice in the Oil and Gas industry Crude oil repayment financing has several benefits for oil companies.”

He said one of the primary benefits is that it allows companies to repay their debts without having to use their cash reserves.

“This can be particularly beneficial for companies that are experiencing financial difficulties or FX issues like Nigeria. Rather than go to the CBN for FX, this $3billion dollar will be used!

“Another benefit of crude oil repayment financing is that the repayment is tied to Crude Oil. Which means that the company can use its cash reserves for other purposes, such as investing in new projects. ‘Crude oil no Dey finish!!!’ You can pay your loan off in 6 months if you want,” Samuel said.

Real Estate Developers Decry Rising Cost Of Materials

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The Chairman of Real Estate Developers Association of Nigeria, Lagos, Bamidele Onalaja, said the real estate sector is currently facing soaring inflation, which is creating a worrying trend and has a grave impact on the builds sector.

The Chairman said this at a press conference in Lagos State, South West Nigeria, where he called for the concerted effort of all players in the economy to salvage the situation.

He appealed to all the government agencies responsible for regulating the economy to work extra hard for the benefit of the common man, adding that shelter is a basic necessity for every Nigerian.

He lamented that the cost of real estate development has skyrocketed, following current economic trends which include inflation, and the weak Naira.

“Presently, all the factors that drive an increase in commodity prices in Nigeria, galloping inflation, volatile foreign exchange rate and cost of transporting goods from one point to another have all contributed to challenges confronting the real estate sector.

Examining The Lagos Real Estate Industry

“Exchange rate in the country is not left behind as it is dwindling and increasing daily. This is a huge source of worry because this is a country where over 70 per cent of building materials are imported.”

Onalaja noted that a recent survey on the prices of building materials showed how inflation has badly affected the cost of acquiring and transporting them.

He added, “the price of granite, sharp sand, aluminum roofing sheet, tiles, iron rods, hardwood timber, among others, keeps skyrocketing, leaving us to grapple and making the cost of real estate construction skyrocket.”

Also, the Publicity Secretary of the Real Estate Developers Association of Nigeria, Ololade Abuta, explained that the labour cost of hiring professionals for real estate development was equally on the rise.

Abuta said, “In every economy, the real estate sector plays a pivotal role in the overall economic growth and development. This is why we, the Real Estate Developers Association of Nigeria, Lagos Chapter, are urging the government to find ways of lessening the impact of inflation on the citizens and operators of the real estate sector.

“We find it very important to sensitise the general public and would-be buyers of real estate products of this unprecedented inflation affecting the real estate market and the economy in general as this may affect the cost of delivering housing projects, including off-plan sales.”