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Governments often use direct subsidies or tax credits to encourage
investment and promote economic growth and other development
objectives. Properly designed and implemented, these incentives can
advance a wide range of policy objectives (increasing employment,
promoting sustainability, and reducing inequality). Yet since
design and implementation are complicated, incentives have been
associated with rent-seeking and wasteful public spending. This
collection illustrates the different types and uses of these
initiatives worldwide and examines the institutional steps that
extend their value. By combining economic analysis with development
impacts, regulatory issues, and policy options, these essays show
not only how to increase the mobility of capital so that cities,
states, nations, and regions can better attract, direct, and retain
investments but also how to craft policy and compromise to ensure
incentives endure.
Sovereign wealth funds (SWFs) can be effective tools for national
resources revenue management. These state-owned investments, funded
by commodity exports, foreign exchange reserves, or other national
assets, are adaptable to the challenges posed by financial shocks
and have been successfully employed in an increasing number of
countries. The number of SWFs continues to grow, with the largest
funds managing trillions of dollars in assets among them. However,
given the significant variations among SWFs, it can be difficult to
compare funds that differ in size, scope, and mandate. This book
provides a sorely needed practical look at how these funds work-and
how they should work. The New Frontiers of Sovereign Investment
combines the insights and experience of academic economists and
practitioners from several funds to survey a diverse financial
landscape and establish the challenging topical questions facing a
broad range of SWFs today: Should they serve both economic
development and financial returns, and how? Will responsible
investment enhance long-term returns? How can fiscal rules for SWFs
be improved to meet emerging economic challenges? The book
considers these questions as they apply to both long-established
and newer SWFs. Featuring contributions from sovereign wealth
practitioners from Alberta's AIMCo, the Nigerian Sovereign
Investment Authority, and the New Zealand Superannuation Fund, as
well as analysis by scholars at the forefront of sovereign
investment, this volume provides timely and much-needed information
on these rapidly evolving institutions.
Africa needs power - to grow its economies and enhance the welfare
of its people. Power for all is still a long distance away - two
thirds of the population remains without electricity and
enterprises rank electricity as a top constraint to doing business.
This sub-optimal situation coexists while vast energy resources
remain untapped. One solution to harness these resources could be
to tap into the concept of anchor load. Mining industry lends
itself to the concept of anchor load as it needs power in large
quantity and reliable quality to run its processes. Underpinned by
a comprehensive database of mining projects between 2000 and 2020,
this report explores the potential and challenges of using mining
demand for power as anchor load for national power system
development and expansion of electrification. This report finds
that mining demand can indeed be a game-changer - an opportunity
where policymakers and international community can make a
difference in tapping the enormous mineral wealth of Africa for the
benefit of so many people. The utilities would benefit from having
mining companies as creditworthy consumers that facilitate
generation and transmission investments producing economies of
scale needed for large infrastructure projects, benefiting all
consumers in the system. The mines would benefit from grid
supply-typically priced much lower than self-supply-which allows
them to focus on their core business, greatly enhancing their
competitiveness. The country would benefit from more exports and
tax revenues from mines, more job opportunities in local firms
selling goods and services to the mines, and a higher GDP. The
report estimates that mining demand for power can triple since 2000
going upto 23 GW in 2030. While South Africa will continue to be
the dominant presence in mining landscape, its importance will
reduce and other countries, primarily in Southern African region,
will emerge as important contributers of mining demand for power.
Simulations in countries with minimal power-mining interface
suggests that bringing this demand explicitly into the power
planning process can ensure more investments in both grid and
off-grid power systems and potentially superior service delivery
outcomes for mines as well as communities. These opportunities can
also be attractive investment destinations for private sector.
However, there are also risks and institutional roadblocks in
power-mining integration - addressing many of them and employing
risk mitigation mechanism are within the control of policymakers.
The mining industry could play a key role in Africa's energy
sector, since it requires power in large quantity and reliable
quality to run its processes. The integration of mining with power
system development, with appropriate risk mitigation mechanisms,
could bring a win-win solution to utilities, mines, and people at
large.
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