🔅 Nigeria's Uber Stylish Football Statement & The Carbon Credits Controversy
Plus, Zambia's Debt Deal Breakthrough & Cocoa's Record Price Surge
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We're hitting the pause button and will be off the grid from Friday to Monday. Just taking a tiny holiday. We'll be sliding back into your inbox on Tuesday morning.
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Spotlight Stories
Carbon Credits: A Tale of Missing Millions
Welcome to Lake Kariba, Zimbabwe, a vast expanse almost as grand as Puerto Rico, in the heart of which lies the Kariba conservation project, a heavyweight champion in forest offsetting, certified by Verra, the big boss of certifiers.
Since 2011, this eco-endeavor has raked in over €100 million by selling carbon credits to Western companies looking to spruce their environmental image. On paper, it sounds like a green dream come true, funnelling billions in climate finance from the developed world's deep pockets to those most in need.
Yet, you'll find a different story on the ground:
Here, in districts like Hurungwe, the carbon credit scheme windfall is more myth than reality. Locals, whose lives are intertwined with the land, have seen little of the promised prosperity, and the anticipated projects and infrastructure improvements are elusive.
All of this raises the curtain on a significant dilemma: Can carbon credit schemes truly marry the noble goals of environmental conservation with tangible benefits for local communities? Or are they merely a modern-day gold rush, where the real treasures seldom trickle down to those whose lives are most impacted?
You can read more on this here.
Nigeria's 2024 Away Kit Is, Of Course, A Fashion Statement on the Football Field
Let's talk fashion, but make it football.
Nigeria's 2024 away kit has dropped, and even though the Super Eagles won't be gracing any international tournaments this summer, Nike decided to bless the national team with kits that make a strong case for the best-dressed team on the field.
Nike's knack for crafting visually stunning Nigeria kits isn't news, and this time again, its away kit is stealing the spotlight. Sophistication meets innovation in a design so eye-catching that it's sure to turn heads whether you're a football fanatic or a fashion aficionado.
Nigeria will flaunt this sartorial masterpiece in the upcoming World Cup qualifiers against Benin and Mali. Both games are away, providing the perfect runway for Nigeria to showcase its latest high-fashion-worthy ensemble.
Zambia's $3 Billion Eurobond Makeover
Big news for Zambia as it finally gets the green light to give its $3 billion Eurobonds a makeover, breaking through a three-year marathon of debt default negotiations.
This is a big win, not just for Zambia, but as a beacon of hope for other countries with their wallets turned inside out, like Ghana, who's eyeing this success while juggling a hefty $13 billion plea to bondholders. Zambian President Hakainde Hichilema couldn’t contain his excitement, taking to X to proclaim, “History has been made!”
Terms of the agreement include bondholders forgoing about $840 million of their claims.
Cocoa's Sky-High Leap: $10,000 per Ton
In the world of commodities, cocoa has just made a jump for the record books, soaring past the $10,000 per ton mark. This is a double-take-worthy surge that's seen cocoa prices double this year. Chocolate lovers, brace yourselves: this historic rally is set to make that sweet, sweet chocolate even pricier throughout 2024.
So, who are the culprits?
A combo of poor harvests plagued by lousy weather and crop diseases in West Africa, the epicentre of cocoa cultivation.
As a result, here's a fun fact to chew on: cocoa is now pricier than the industrial heavyweight, copper. That's right, the stuff of chocolate dreams is outvaluing a cornerstone of the global economy.
Food for Thought
“When the shepherd comes home in peace, the milk is sweet."
— Ethiopian Proverb