THE TOP-DOWN MODEL: A DISCUSSION OF CORPORATE SOCIAL RESPONSIBILITY POLICY IN CHINA

Shu Li 1

Paul Appiah-Konadu 2

INTRODUCTION

Corporate Social Responsibility (CSR) has gained significant prominence in China in the period after the reforms and opening-up of the Chinese economy which ushered in the separation of corporate management and state administration as well as the integration of the Chinese economy with the global economy. Since then, the Chinese government and citizens have realized the need to hold enterprises responsible for the effects of their activities on society; and hence began to formulate CSR policies, and to integrate relevant laws, incentives, supervision and control mechanisms in corporate regulations. In 2001, China’s accession to the WTO provided a platform for international reference and exchanges for the development of CSR policies. In 2006, CSR was recognized by the country’s highest authority in legal form for the first time, which also meant that CSR became a national economic development strategy and policy. Unlike the private sectorled CSR in Europe and North America, this study shows that CSR in China is mainly a government-guided phenomenon and more popular among state-owned enterprises (SOE).In this light, we opine that the improvement of CSR policy and practice in China requires reforms designed with special consideration of the unique characteristics of the Chinese society to encourage stakeholder involvement in the policy formulation and participation in the implementation process.

Keywords: China, CSR Policy, Corporate Social Responsibility, TopDown Model

DOI: https://dx.doi.org/10.4314/jsdlp.v12i1.7

1 Shu Li works at Department of Law, University of Brescia, Italy

2 Paul Appiah-Konadu works Department of Law, University of Brescia, Italy; and Sustainability Center, Lagos Business School, Nigeria

LEGAL AND ECONOMIC PERSPECTIVES TO SUSTAINABLE SOVEREIGN DEBT MANAGEMENT IN NIGERIA: ENERGY POVERTY IN PERSPECTIVE

Daniel Olika

INTRODUCTION

In recent times, Nigeria’s total debt stock and its debt management strategies have been a thorny fiscal policy issue in the academia and the media. This is made worse by the fact that the debt profile continues to increase with no infrastructure to show for the increasing debt profile. With contrasting views being canvassed in different circles as to the economic impact of these loans, it has been difficult to state what the exact impact Nigeria’s debt stock has on its economy and how effective the debt management strategies put in place have been. The debates notwithstanding, the fall in oil prices and the impact of the novel corona virus pandemic on the economy leaves the government with extraordinarily little options to address its budget deficit. Despite the dire economic situation, the energy poverty level in the country continues to rise; thereby increasing the need to deploy resources to address energy access in Nigeria. This article therefore undertakes a legal and economic analysis of Nigeria’s debt profile and the debt management strategies. The article does so by comprehensively analysing the economic implications of Nigeria’s debt profile, the impact of its debt management strategies on its economy, and a legal analysis of its debt management strategies and policies. The article also analyses the impact of the total debt stock and the sovereign debt management strategies on energy poverty in the country. The article concludes by arguing that although available data suggests that Nigeria’s public debt is sustainably managed given the low debt to GDP ratio, the high cost of servicing these debts have adverse economic implications on development generally (and energy poverty in particular) and necessitates a thorough review of its legal and policy foundations for managing sovereign debt.

Keywords: Debt Management Strategy, Sovereign Debt, Debt Crisis, Sustainable Debt Management, Debt Servicing, Energy Poverty

DOI: https://dx.doi.org/10.4314/jsdlp.v12i1.6

LL.B (Lagos). Currently an Associate at Kenna Partners and can be reached at; daniel_olika@yahoo.com

UNLOCKING OPPORTUNITIES IN RENEWABLE ENERGY TECHNOLOGIES IN AFRICA: THE ROLE OF DEVELOPMENT FINANCIAL INSTITUTIONS

Oluwaseun Viyon Ojo

INTRODUCTION

Climate change and global warming are undeniably undermining global development with developing or emerging economies being the worse hit in this unfortunate development. In recent times, it has become necessary to adopt effective adaptation measures that mitigate the impact of climate change on the social, political, and economic environment. A global shift to low-carbon energy technologies through the gradual integration of renewable energy resources in the global energy mix has been generally proposed. Whilst legal and regulatory initiatives are indeed crucial in driving this global energy transition, it is equally imperative that the necessary capital is unlocked to finance the construction, development, and expansion of renewable energy projects in Africa. This paper focused on examining the impact of renewable energy technologies on climate change mitigation, and analysed the role of Development Financial Institutions (DFIs) in unlocking the vast opportunities associated with renewable energy technologies or projects, with a view to driving the clean energy transition in Africa.

Keywords: Climate Change, Global Warming, Renewable Energy Technologies, Development Financial Institutions, Financing.

DOI: https://dx.doi.org/10.4314/jsdlp.v12i1.5

Oluwaseun Viyon Ojo,LLB(Hons). BL, Associate, Duale, Ovia and Alex-Adedipe Law Firm, and is experienced in all aspects of corporate finance, project finance, project development and mergers and acquisitions in the power, oil and gas and telecommunications, media and technology sector. I am grateful to the reviewers for their comments and revisions on this article and I fully accept responsibility for all errors and mistake in this paper. The author can be contacted atojoviyon2010@yahoo.com orojoviyon2010@gmail.com. (Received 10 February 2021; final version received 30 May 2021

EQUATOR PRINCIPLES 4-REVISED CLIMATE CHANGE RISK: WHAT DOES THIS MEAN FOR PROJECT FINANCING IN AFRICA AMIDST THE ONGOING ENERGY TRANSITION?

Ailly P.G Sheehama

INTRODUCTION

Since its inception, the Equator Principles Association introduced a risk management framework in response to the ever-changing environmental and social risk in projects. The Equator Principles (EPs) result from minimum standards for risk management to stop the race to the bottom. In June 2013, EP3 was introduced, and climate change requirements were added to address the 'transition towards an ethical and lowcarbon economy.'1 This eventually led to the newly revised Equator Principles 4 (EP4s), 'Climate Change Risk Assessment' (transition risk), in July 2020. This article analyses the effect of the transition risk of EP4 to determine whether this new addition will support or inhibit oil and gas project financing in Africa amidst the ongoing energy transition by questioning the underlying assumptions upon which the policy design was developed. The article concluded that consideration for project financing in Africa could be expected to address the energy needs in Africa while at the same time essentially pushing governments to take into consideration climate change by putting in place processes, policies, and systems to manage these risks.'2 Furthermore, the transition risks definition and implementing standards of EP4 are broadly worded, allowing adapting the principles to a wide range of regimes that positively contribute to these domains. This essentially enables consideration of ethical transition and provides for coordination and coherence across different policy domains.

Keywords: Climate change; Equator principles; Corporate social responsibility; Business and human rights; Risk assessment.

DOI: https://dx.doi.org/10.4314/jsdlp.v12i1.4

Ailly Sheehama, BA Law (Namibia), MA International Oil and Gas Law and Policy (Scotland), Deputy Country Director (Namibia), African Energy & Minerals Management Initiative (AEMI). Email: aillysheehama@gmail.com

ENSURING UNIVERSAL ACCESS TO MODERN ENERGY SERVICES IN TIMES OF PANDEMIC RELATED DISRUPTIONS: LEGAL CHALLENGES AND POTENTIAL RESPONSES

Damilola Olawuyi 1

Victoria R. Nalule 2

INTRODUCTION

The significant disruptions to global energy markets across the world, in light of the COVID-19 pandemic, has shown that without robust law and governance frameworks to mitigate and manage pandemic-related disruptions to energy supply, global efforts to achieve the United Nations Sustainable Development Goals may be stifled. This article examines legal and governance aspects of designing and implementing disaster risk reduction and resilience (DRRR) frameworks to ensure the security of energy supply in times of pandemic related disruptions. Various legal and institutional challenges that arise with extant DRRR frameworks, such as weak conceptualization of pandemic related risks in extant legislation; preexisting patterns of uneven energy access; gaps in data collection and sharing with respect to pandemic risks; inadequate crosssectoral coordination amongst institutional actors, and resource limitations are examined in order to identify the ways in which an integrative legal framework on disaster management and resilience planning can help close these gaps. The study suggests that clear and comprehensive legislation that recalibrate the scope of energy disruptions and improves data collection and cross-sectoral knowledge sharing by relevant institutional actors are significant steps towards protecting the integrity and resilience of modern energy systems in times of disruptive events such as pandemics.

Keywords: COVID-19 pandemic; Disaster; Resilience; Sustainable Development; Multi-Level Governance; Energy Security.

DOI: https://dx.doi.org/10.4314/jsdlp.v12i1.3

1 Damilola Olawuyi, SAN, Professor of Law at HBKU and Director of the Institute for Oil, Gas, Energy, Environment and Sustainable Development (OGEES Institute), Afe Babalola University, Nigeria. Email, dolawuyi@hbku.edu.qa

2 Victoria Nalule is a holder of a PhD in International Energy Law from the University of Dundee, UK. She is a Senior Fellow at OGEES; and visiting lecturer at East African University. She is also the Executive Director of the African Energy and Minerals Management Initiative (AEMI); and CEO of Nalule Energy and Minerals Consultants. Email, v.nalule@nemenergyco.com

ENERGY TRANSITION INDICATORS IN AFRICAN COUNTRIES: MANAGING THE POSSIBLE DECLINE OF FOSSIL FUELS AND TACKLING ENERGY ACCESS CHALLENGES

Victoria Nalule 1

Theophilus Acheampong 2

INTRODUCTION

The global move to tackle climate change as envisaged in the 2015 Paris Agreement has necessitated debates and action geared towards transitioning to a low carbon economy. Although there is no agreed international definition of energy transition, the focus has been put to a shift from fossil fuels to renewables. This paper is intended to contribute to the global debate on energy transition with a focus on the initiatives taking place in a few selected countries. The argument in this paper is to the effect that many developing countries still need fossil fuels to tackle energy access challenges and ensure economic growth. Nevertheless, this does not in any way mean that these countries are climate change deniers. In this respect, the question to be addressed in this article is how can we measure energy transition efforts in developing countries? In responding to this question, the article attempts to develop and analyse some key energy transition indicators.

Keywords: Energy Transitions; Energy Security; Energy Poverty; Africa; SDGs

DOI: https://dx.doi.org/10.4314/jsdlp.v12i1.2

1 Victoria Nalule is a holder of a PhD in International Energy Law from the University of Dundee, UK. She is a Senior Fellow at OGEES; and visiting lecturer at East African University. She is also the Executive Director of the African Energy and Minerals Management Initiative (AEMI); and CEO of Nalule Energy and Minerals Consultants. Email, v.nalule@nemenergyco.com

2 Theophilus Acheampong a holder of a PhD in Petroleum Economics from the University of Aberdeen. He is an Associate Lecturer and Honorary Research Fellow at the University of Aberdeen. He is also an Associate Lecturer at the University of Dundee.