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In 2022, the UK Government relaunched its development finance institution. This paper describes its work and effects on poverty reduction and climate change.
In 2022, the UK Government relaunched its development finance institution. This paper describes its work and effects on poverty reduction and climate change.
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, with reference to its analysis of viable renewable energy alternatives to the CTT gas-fired power plant, for what reason CDC did not consider the option of Mozambique negotiating additional access to cheap power from the HCB hydroelectric dam.
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, with reference to its analysis of viable renewable energy alternatives to the CTT gas-fired power plant, for what reason CDC did not consider the option of Mozambique negotiating additional access to cheap power from the HCB hydroelectric dam.
Globeleq's analysis of the Temane project included Paris alignment analysis conducted using BII's gas guidance tool. Globeleq considered whether viable renewables alternatives existed, including additional energy from the HCB hydroelectric dam. However, Globeleq concluded that there were no viable renewable energy alternatives for the energy required by Mozambique that Temane will supply.
Temane is central to Mozambique's energy transition. Its flexible technological operating configuration and the interconnecting transmission line allows for greater penetration of intermittent renewables across Mozambique's grids over time. This includes the various solar, wind and battery projects Globeleq is developing in country (such as the pioneering Cuamba solar + battery project, which is also in construction). Furthermore, Temane is technologically capable - from day one - to transition to green hydrogen fuel when that becomes available.
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what assessment she has made of the compatibility of CDC Group's support for the export-orientated gas power CTT project in Mozambique with the UK’s overseas fossil fuel policy which states that export projects should not receive financing.
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what assessment she has made of the compatibility of CDC Group's support for the export-orientated gas power CTT project in Mozambique with the UK’s overseas fossil fuel policy which states that export projects should not receive financing.
The project has been assessed as Paris aligned and meets the criteria for limited exclusions of HMG's fossil fuel policy for selective gas to power investments. Temane's power is fully contracted with the Mozambican state utility company, Electricidade de Moçambique (EdM), which supplies electricity to users across Mozambique. EdM, like seventeen other utilities in Southern Africa, is also part of the regional Southern African Power Pool. Electricity from any of Mozambique's plants, including Temane, will likely be exported to regional neighbours at some points, and at other times Mozambique will import electricity. The Power Pool is vital for meeting the needs of businesses and consumers across the region who suffer from acute peak-period power shortages and load shedding today.
The HMG fossil fuel policy prohibition on exports relates to the infrastructure for export of fossil fuels into global markets (such as liquified natural gas (LNG) export terminals for gas exported to European or Asian markets).
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what assessment her Department has made of the environmental, social and governance risks associated with CDC Group’s commitment to finance the Temane gas project in Mozambique, via its subsidiary Globeleq.
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what assessment her Department has made of the environmental, social and governance risks associated with CDC Group’s commitment to finance the Temane gas project in Mozambique, via its subsidiary Globeleq.
BII (formerly CDC) is wholly owned by the UK Government through its shareholder FCDO. FCDO's shareholder interest is represented via the BII Board, which is accountable for all business and operational decisions. In line with best practice governance arrangements, FCDO is not involved in BII's individual investment decision-making.
Globeleq is not a subsidiary of BII but an independent company with two shareholders (of which BII is the majority shareholder), a fully constituted board, an Environmental, Social and Governance (ESG) committee and investment committee which examine the risks of any investments, including from ESG perspectives. The Temane gas project is a project developed and invested in by Globeleq, and ESG aspects and risks were discussed at the various boards and committees of Globeleq.
BII conducts business integrity and environmental, social and governance assessments for its direct investments. As part of its new strategy, BII has further enhanced its Policy of Responsible Investing applicable to future investments, available here: https://assets.cdcgroup.com/wp-content/uploads/2021/12/14074359/Policy-on-Responsible-Investing.pdf.
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what proportion of the energy from the CDC Group-funded Temane gas power plant in Mozambique will supply the regional energy market; and what assessment she has made of whether that proportion is consistent with Government policy not to...
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what proportion of the energy from the CDC Group-funded Temane gas power plant in Mozambique will supply the regional energy market; and what assessment she has made of whether that proportion is consistent with Government policy not to...
7 out of 10 people in Mozambique are without power. When operational, the Temane project is expected to meet the electricity needs of 1.5 million Mozambicans and support the creation of 14,000 jobs.
The project has been assessed as Paris aligned and meets the criteria for limited exclusions of HMG's fossil fuel policy for selective gas investments. Temane's power is fully contracted with the Mozambican state utility company, Electricidade de Moçambique (EdM), which supplies electricity to users across Mozambique.
EdM, like seventeen other utilities in Southern Africa, is also part of the regional Southern African Power Pool. Electricity from any of Mozambique's plants, including Temane, will likely be exported to regional neighbours at some points, and at other times Mozambique will import electricity. The Power Pool is vital for meeting the needs of businesses and consumers across the region who suffer from acute peak-period power shortages and load shedding today.
The HMG fossil fuel policy prohibition on exports relates to the infrastructure for export of fossil fuels into global markets (such as LNG export terminals for gas exported to European or Asian markets).
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what the value was of CDC Group’s financial contribution towards Globeleq’s December 2020 acquisition of Globeleq Power Solutions Nigeria Limited, formerly CPGNL Limited.
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what the value was of CDC Group’s financial contribution towards Globeleq’s December 2020 acquisition of Globeleq Power Solutions Nigeria Limited, formerly CPGNL Limited.
Globeleq acquired a 74% stake in CPGNL Limited on 24 December 2020. Globeleq is an independent company which funds new investments from a combination of its own resources and, where required, from its two shareholders.
Information relating to Globeleq's investments including those related to the acquisition of CPGNL Limited is available on its website (https://www.globeleq.com/).
Further details, including the value of Globeleq's investment, are commercially confidential.
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what assessment was conducted by (a) her Department and (b) CDC Group of the potential for renewable hydropower to meet Mozambique’s energy needs in advance of CDC Group deciding to provide equity financing for a new gas fired...
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what assessment was conducted by (a) her Department and (b) CDC Group of the potential for renewable hydropower to meet Mozambique’s energy needs in advance of CDC Group deciding to provide equity financing for a new gas fired...
As sole Shareholder of BII (formerly CDC), FCDO appoints the Chair, sets BII's strategic objectives and also maintains oversight of BII. Decisions on the delivery of BII's strategy and its investments are delegated to the Board who are held accountable.
BII has stopped investment in the vast majority of fossil fuel projects and will only pursue investments in gas-fired power stations if they meet the criteria for exclusions in HMG's fossil fuel policy and fulfil the requirements in BII's Guidance on Natural Gas Power Plants, published in December 2020.
Temane meets the conditions for Paris-aligned gas power as per HMG's fossil fuel policy and has been assessed in detail as per BII's gas guidance which is consistent with those conditions. This included an assessment of whether the project could be viably replaced by renewable alternatives, including hydropower. Fuller details of the criteria used in such assessments is available here: https://assets.cdcgroup.com/wp-content/uploads/2020/12/12145227/CDC_GasGuidance_December2020.pdf
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what assessment she has made of the compliance of CDC Group’s commitment to finance the Temane gas project in Mozambique with Government commitments to end overseas fossil fuel finance.
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what assessment she has made of the compliance of CDC Group’s commitment to finance the Temane gas project in Mozambique with Government commitments to end overseas fossil fuel finance.
In July 2020, CDC launched its new Climate Strategy. Subsequently, in December 2020, CDC launched its Fossil Fuel Policy and Gas Guidance Tool, which is fully aligned with the UK Government's fossil fuel policy. The policy excludes investment in the vast majority of fossil fuel types with very limited exclusions.
Temane meets the conditions for Paris-aligned gas power as per HMG's fossil fuel policy and has been assessed in detail as per CDC's gas guidance which is consistent with those conditions. When operational, the Temane project is expected to meet the electricity needs of 1.5 million Mozambicans and support the creation of 14,000 jobs. It will support the energy transition and decarbonisation in Mozambique by allowing greater installations of renewables, as well as itself being technologically ready from inception to run on green hydrogen in future as and when that fuel source becomes available.
In Mozambique, in addition to Temane, Globeleq is developing solar (and battery storage) and wind projects, such as the ground-breaking Cuamba solar (plus battery) storage project which reached financial close in December 2021.
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what the value is of CDC Group’s commitment to provide equity financing for the Temane gas project in Mozambique, developed by its subsidiary Globeleq.
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what the value is of CDC Group’s commitment to provide equity financing for the Temane gas project in Mozambique, developed by its subsidiary Globeleq.
CDC is a majority shareholder of Globeleq. Globeleq's commitments are funded by shareholder support and Globeleq's own resources.
In the past two years, Globeleq has supported the financing of a number of African power projects, including the Cuamba solar and storage project in Mozambique, the Temane gas fired power project in Mozambique and the ARC solar project in Egypt.
Gloebleq has reported its total commitment to Temane as approximately $170 million.
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, if she will take steps to ensure that CDC Group’s partnership with DP World leads to the creation and protection of good quality jobs in Africa following the recent dismissal of 800 workers at DP World-owned P&O Ferries.
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, if she will take steps to ensure that CDC Group’s partnership with DP World leads to the creation and protection of good quality jobs in Africa following the recent dismissal of 800 workers at DP World-owned P&O Ferries.
CDC Group partnered with DP World to modernise and expand ports and logistics across Africa starting with three ports in Dakar, Sokhna and Berbera. Trade enabled through the three initial ports will improve access to vital goods for 35 million people and support 5 million jobs (138,000 created). By 2035, an estimated $51 billion in additional trade is forecast to pass through the ports, equivalent to 3 per cent of Senegal's GDP, 3 per cent of Egypt's GDP and 6 per cent of Somaliland's GDP.
CDC invests in accordance with its Policy on Responsible Investing which is aligned to international best practice and sets out the approach to environment, social and governance (ESG) matters. The Policy on Responsible Investing includes a focus on job quality, including the rights of workers and employees. All investments - including CDC's investment partnership with DP World in Africa - are subject to these standards.
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, whether CDC Group has plans to divest from New Globe Schools, formerly Bridge International Academies.
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, whether CDC Group has plans to divest from New Globe Schools, formerly Bridge International Academies.
CDC does not disclose investment plans for individual investments as this is commercially sensitive.
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, pursuant to the Answer of 23 July 2021 to Question 35598 on Fossil Fuels: Overseas Investment, if she will publish the projects in CDC Group’s energy portfolio as at December 2020.
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, pursuant to the Answer of 23 July 2021 to Question 35598 on Fossil Fuels: Overseas Investment, if she will publish the projects in CDC Group’s energy portfolio as at December 2020.
In July 2020, CDC launched its new Climate Strategy. Subsequently, in December 2020, CDC launched its Fossil Fuel Policy and Gas Guidance Tool, which is fully aligned with the UK Government's fossil fuel policy. The policy excludes investment in the vast majority of fossil fuel types with very limited exclusions.
CDC has published its full energy portfolio data for 2020 as at December 2020. Data for 2020 is available on CDC's website: https://www.cdcgroup.com/en/news-insight/insight/articles/the-transition-to-net-zero-explaining-our-current-energy-portfolio/.
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, for what reason the CDC Group are not consulting with (a) civil society and (b) the public on its Code of Responsible Investing.
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, for what reason the CDC Group are not consulting with (a) civil society and (b) the public on its Code of Responsible Investing.
CDC drives up environmental, social and governance standards in the markets where it invests. It has a published Code of Responsible Investment which sets out these standards. With input from FCDO and other external technical experts, CDC is updating the code. As a Public Limited Company, CDC is not required to undertake formal public consultations on its policies.
My Lords, I am pleased to introduce our report The UK and Sub-Saharan Africa: Prosperity, Peace and Development Co-operation. I thank the members of the committee and our staff, including our specialist adviser Dr Julia Gallagher, professor of African studies at SOAS, for all their hard work in producing the...
My Lords, I am pleased to introduce our report The UK and Sub-Saharan Africa: Prosperity, Peace and Development Co-operation. I thank the members of the committee and our staff, including our specialist adviser Dr Julia Gallagher, professor of African studies at SOAS, for all their hard work in producing the...
My Lords, I had begun to explain that, during the course of our inquiry, it became clear that aspects of the UK’s
domestic policy have a direct effect on our reputation in Africa. The first of those is visa policies. We received overwhelming evidence that the way in which the...
My Lords, I had begun to explain that, during the course of our inquiry, it became clear that aspects of the UK’s
domestic policy have a direct effect on our reputation in Africa. The first of those is visa policies. We received overwhelming evidence that the way in which the...
My Lords, it is a privilege to follow the noble Baroness, who chairs the committee with great distinction, following in the footsteps of the distinguished noble Lord, Lord Howell, who will be contributing shortly himself. I begin by paying tribute to our late and much-missed colleague, Lord Judd. Frank had...
My Lords, it is a privilege to follow the noble Baroness, who chairs the committee with great distinction, following in the footsteps of the distinguished noble Lord, Lord Howell, who will be contributing shortly himself. I begin by paying tribute to our late and much-missed colleague, Lord Judd. Frank had...
My Lords, I, too, served on this committee. I do so no longer but I begin by paying tribute to the noble Baroness, Lady Anelay, who did a remarkable job after all of us, I think, had some initial hesitations, both about taking on such a huge subject that involved...
My Lords, I, too, served on this committee. I do so no longer but I begin by paying tribute to the noble Baroness, Lady Anelay, who did a remarkable job after all of us, I think, had some initial hesitations, both about taking on such a huge subject that involved...
My Lords, it gives me great pleasure to follow the noble Lord, Lord Hannay, not least because it gives me a rare opportunity to agree with two things that he said: first, that the Government should spell out sooner rather than later a post-Brexit trade framework ambition for our relationships...
My Lords, it gives me great pleasure to follow the noble Lord, Lord Hannay, not least because it gives me a rare opportunity to agree with two things that he said: first, that the Government should spell out sooner rather than later a post-Brexit trade framework ambition for our relationships...
My Lords, I very much welcome the opportunity to debate this report, but I have to say: better late than never. A couple of speakers have mentioned that the report was published in July 2020, and here we are debating it in September 2021.
The good news is that the report...
My Lords, I very much welcome the opportunity to debate this report, but I have to say: better late than never. A couple of speakers have mentioned that the report was published in July 2020, and here we are debating it in September 2021.
The good news is that the report...
My Lords, I declare my interest as co-chair of the All-Party Groups on Zimbabwe and on South Africa. I join other noble Lords in commending the noble Baroness, Lady Anelay, and her committee
for an excellent and comprehensive report, although I must admit that when I read it I felt...
My Lords, I declare my interest as co-chair of the All-Party Groups on Zimbabwe and on South Africa. I join other noble Lords in commending the noble Baroness, Lady Anelay, and her committee
for an excellent and comprehensive report, although I must admit that when I read it I felt...