Climate Change Cancels Christmas in Zim

www.ozy.com [OZY]( OZY A Modern Media Company Share This Sh*t November 30, 2022 Share This Sh*t [The drop]( BUSINESS ROUND-UP Erratic rainfall in southern Africa upends hydropower, while an economist asks Spain to use COVID recovery funds to assist factories, and Indian fishermen block a billionaire’s seaport. Sponsored by [Cariuma]( Africa Tatira Zwinoira from Harare, Zimbabwe [@tati_tatira]( 1 Erratic Rainfall Disrupts Hydropower Christmas will be dark for Zimbabweans. The hydropower station that supplies over 70% of Zimbabwe’s electricity will be turned off imminently and remain off until Jan. 1, 2023, owing to low water levels. With climate change, reduced flows into the dam are going to be prevalent. - Byron Zamasiya of the Zimbabwe Environmental Law Association This news broke in a letter [leaked]( from the Zambezi River Authority, a corporation jointly owned by the Zambian and Zimbabwean governments, which supplies power to both countries. (Zambia’s power supply will continue undisrupted.) Although the Zambezi River’s Kariba Dam is one of the [largest]( human-made dams in the world, the Zambezi River Authority’s own statistics [show]( that declining dam levels — already dwindling over the past several months — have worsened in recent weeks. “The Lake level has been decreasing steadily on account of low inflows from the mainstream Zambezi River and its tributaries,” the authority said in the leaked letter. Byron Zamasiya of the Zimbabwe Environmental Law Association noted, “With climate change, reduced flows into the dam are going to be prevalent.” Declining inflows have led to massive utility cutbacks in which the average Zimbabwean consumer has spent several hours without power daily for the past three months. This has also negatively impacted the country’s [mining]( and manufacturing sectors. 2 Lagos to See Major Infrastructure Upgrade Nigeria's Lagos state is set to choose Portuguese contractor Mota-Engil and two Chinese firms to construct a $2.5 billion bridge that is expected to ease heavy traffic in the West African nation’s most populous city. The Fourth Mainland Bridge will span 23 miles and include three toll plazas and nine interchanges, says Jubril Gawat, a senior spokesperson for the governor of Lagos state. (Source: [Reuters]() ADVERTISEMENT [They’re All The Rage]( Picture this: a sneaker so versatile that it’ll have you bopping around town in the summer in style to picking apples at the orchard in the fall. 🍎 Having a sturdy sneaker that can take you from season to season and place to place is a big win in OZY’s book. That’s why we love [Cariuma’s]( OCA Low-Suede sneakers so much. 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(Source: [Bloomberg]() 2 Latinos Are Fastest-Growing Part of US Economy Research by global management firm McKinsey & Company has found that Latinos' household spending increased by 6% annually over the past decade, reaching a total market size of $1 trillion in 2021, and that Latinos are the fastest-growing demographic in the country’s economy. “Our research estimates that the Latino consumer base has unmet needs of more than $100 billion currently,” said the company. “Companies that support Latino consumers by optimizing value propositions and tailoring their marketing and sales strategies have a singular opportunity to capture the potential this growing market represents.” (Source: [McKinsey & Company]() Companies that support Latino consumers by optimizing value propositions and tailoring their marketing and sales strategies have a singular opportunity to capture the potential this growing market represents. - McKinsey & Company ADVERTISEMENT [A 77,000-PERSON WAITLIST!?]( We’re always telling you the next big thing in names, trends, and ideas, so listen up: The OCA Low and High Top sneakers from [Cariuma]( are the next big thing. Made from natural rubber, organic cotton, and premium suede, they’re lightweight and breathable – handcrafted for comfort. 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According to The Wall Street Journal, “Widespread protests in China are rare, and some economists are predicting they could lead to stronger Covid measures rather than more relaxed policy as the Chinese government aims for greater control.” (Sources: [The Wall Street Journal](, [The Economist]() 2 Indian Fishermen Block $900 Million Seaport Construction Protesters have halted the construction of a $900 million port planned for the southern Indian state of Kerala, claiming that the project has contributed to coastal degradation while robbing fishermen of their livelihood. Demonstrations have prompted the port and logistics corporation owned by billionaire industrialist [Gautam Adani]( to pause its work on the proposed Vizhinjam seaport, which is slated to compete with ports in Dubai, Singapore and Sri Lanka. Over the weekend, police arrested some protesters who prevented construction vehicles from accessing the port; on Sunday night, hundreds of protesters, led by Catholic priests, marched on a police station. (Source: [Reuters]() Protesters have halted the construction of a $900 million port planned for the southern Indian state of Kerala, claiming that the project has contributed to coastal degradation while robbing fishermen of their livelihood. //link.ozy.com/click/29847904.82106/aHR0cHM6Ly93d3cub3p5LmNvbS90cnVlLWFuZC1zdG9yaWVzL3RvbW15LW1vdHRvbGEtbGl2ZXMtb24tdGhlLXJvYWQvNDM0MzExLz91dG1fdGVybT1PWlkmdXRtX2NhbXBhaWduPWRhaWx5LWRvc2UmdXRtX2NvbnRlbnQ9V2VkbmVzZGF5XzExLjMwLjIy/5cc372683f92a4331dae6934Bf8e84df0 Europe 1 Catalonia to Spain: Use Recovery Funds to Halt Deindustrialization Catalonia has requested that Spain’s government utilize its $145 billion in EU recovery funds to support areas where factories have closed, stating that failure to do so risks economic growth. This comes as the Spanish central government has moved slowly in distributing the EU funds, which were part of a [larger package]( for the European bloc. The autonomous community of Catalonia, located in Spain's northeast, is an export-driven industrial zone that accounts for nearly 20% of Spain’s economic activity. Natà lia Mas, the Catalan administration’s top economist, said Spain should concentrate recovery fund spending in areas left vacant by closures. “If you chop up the resources excessively, if you don’t support big transformational projects, it’s doubtful that you’ll achieve a permanent impact,” said Mas. (Source: [Financial Times]() If you don’t support big transformational projects, it’s doubtful that you’ll achieve a permanent impact. - Natà lia Mas 2 Weighed Down by Debt, Italian Companies ‘On Very Thin Ice’ Italian firms have $127 billion in government-backed COVID-19 credit lines as of June 30, Bloomberg reports, drawing on a report published by the European Banking Authority last month. Such loans were made to firms when the pandemic abruptly disrupted commercial operations, but many Italian companies are now struggling to honor those loan obligations, due to rising interest rates and sluggish growth. “We are on very thin ice,” said Stefano Caselli, dean of the SDA Bocconi School of Management in Milan. “If the system enters a recession and tensions on energy prices stay high, the debt of companies will become a problem.” (Source: [Bloomberg]() Factories are closing in Spain and elsewhere. Can COVID recovery funds prevent such closures, and if so, how? 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