Ivory Coast tourism attracts $5bn from Arab investors

A man walks in front of a flooded farm in the village of Yaou near Bonoua, in southern Ivory Coast on October 17, 2019 after heavy rains. (AFP)
Updated 22 October 2019

Ivory Coast tourism attracts $5bn from Arab investors

  • The tourism ministry said “a round table of investors in Dubai” expressed interest In Ivory Coast
  • The initiative, dubbed “Sublime Cote d’Ivoire” (Magnificent Ivory Coast), was launched in May

ABIDJAN: Ivory Coast announced Tuesday that Arab investors had pledged $5 billion to support its program to attract foreign tourists to the West African nation.
The tourism ministry said “a round table of investors in Dubai” on Sunday and Monday expressed interest In Ivory Coast and in total, the minister for tourism and leisure, Siandou Fofana, “enlisted from them pledges worth just over $5 billion” (4.49 billion euros).
Ivory Coast’s charm offensive in the United Arab Emirates included a delegation with recently retired star footballer Didier Drogba and A’Salfo, lead singer with the pop group Magic System, who gave two concerts.
The initiative, dubbed “Sublime Cote d’Ivoire” (Magnificent Ivory Coast), was launched in May.
“Our goal is to become the fifth biggest destination for tourism in Africa by 2025,” Fofana said in the ministry’s statement.
If objectives are reached, tourism would account for 12 percent of GDP compared with 5.5 percent today, and jobs in the tourism sector would grow from 270,000, as of 2016, to 365,000.
The economy today is hugely dependent on rural earnings, especially cacao and coffee.
The plan is to attract tourists to the remote west of the country, a region of unspoiled mountains and beaches.


Investors, scientists urge IEA to take bolder climate stance

Updated 30 May 2020

Investors, scientists urge IEA to take bolder climate stance

  • The energy agency’s head is under pressure to align its policies with the 2015 Paris accord goals

LONDON: Fatih Birol, the head of the International Energy Agency (IEA), faced renewed calls to take a bolder stance on climate change on Friday from investors concerned the organization’s reports enable damaging levels of investment in fossil fuels.

In an open letter, investor groups said an IEA report on options for green economic recoveries from the coronavirus pandemic, due out in June, should be aligned with the 2015 Paris accord goal of capping the rise in global temperatures at 1.5C.

The more than 60 signatories included the Institutional Investors Group on Climate Change, whose members have €30 trillion ($33.42 trillion) of assets under management, scientists and advocacy group Oil Change International.

“Bold, not incremental, action is required,” the letter said.

The Paris-based IEA said it appreciated feedback and would bear the letter’s suggestions in mind. It also said it had been recognized for leading calls on governments to put clean energy at the heart of their economic stimulus packages.

“We have backed up that call with a wide range of analysis, policy recommendations and high-level events with government ministers, CEOs, leading investors and thought leaders,” the IEA said.

Birol has faced mounting pressure in the past year from critics who say oil, gas and coal companies use the IEA’s flagship World Energy Outlook (WEO) annual report to justify further investment — undermining the Paris goals.

Birol has dismissed the criticism, saying the WEO helps governments understand the potential climate implications of their energy policies, and downplaying its influence on investment decisions.

FASTFACT

1.5°C

The 2015 Paris accord aims to cap the rise in global temperatures at 1.5C.

But campaigners want Birol to overhaul the WEO to chart a more reliable 1.5C path. The world is on track for more than double that level of heating, which would render the planet increasingly uninhabitable, scientists say.

The joint letter followed similar demands last year, and was published by Mission 2020, an initiative backed by former UN climate chief Christiana Figueres.