IVZ
Click for more information
4.55% 6.9¢ invictus energy ltd

Thanks for this HHT !!Motion put and agreed to. Yippee !!...

  1. oilfarmer
    1,187 Posts.
    lightbulb Created with Sketch. 114
    clock Created with Sketch.
    24/05/24
    11:19
    Post #: 73991019
    Thanks for this HHT !!

    Motion put and agreed to. Yippee !!

    https://parlzim.gov.zw/download/national-assembly-hansard-21-may-2024-vol-50-no-52/Motion%20put%20and%20agreed%20to.

    MOTION

    APPROVAL FOR THE ACCESSION OF THE AGREEMENT TO

    AMENDING SADC PROTOCOL ON ENERGY

    THE DEPUTY MINISTER OF ENERGY AND POWER DEVELOPMENT (HON. SIMBANEGAVI): I move the motion standing in my name that:

    WHEREAS section 327 (2) of the Constitution of Zimbabwe provides that any convention, treaty or agreement acceded to, concluded or executed by or under the authority of the President with one or more foreign states or governments or international organisations shall be subject to approval by Parliament;

    WHEREAS the Agreement to Amending the SADC Protocol on Energy as well as the Amendment Annex 1 to the Protocol was adopted at the 41st Summit of Heads of State and Government held in Lilongwe, Malawi in August 2021;

    WHEREAS the Republic of Zimbabwe is not a signatory to the aforesaid Agreement;

    WHEREAS article 20 (3) of the Agreement provides for ratification of the Agreement by any SADC member after its adoption;

    AND WHEREAS the Republic of Zimbabwe is desirous of becoming a Party to the Agreement;

    NOW, THEREFORE, in terms of section 327 (2) of the Constitution of Zimbabwe, this House resolves that the aforesaid Protocol be and is hereby approved for accession.

    HON. TIMBURWA: Thank you Mr. Speaker Sir. Distinguished Hon. Members of this august House, I rise to address the esteemed Assembly on a matter of critical national and regional importance - the ratification of the amended SADC Protocol on Energy. It is common cause that Section 327 (2) of the Constitution of Zimbabwe stipulates that any convention, treaty or agreement concluded by the President with foreign states or international organisations requires Parliamentary approval. Today, I present the case for our nation’s accession to this significant protocol, which aligns with our collective aspirations under Vision 2030.

    The agreement to amend the SADC Protocol on Energy, as well as the Amendment to Annex 1 of the Protocol, was adopted at the 41st Summit of Heads of State and Government held in Lilongwe, Malawi in August 2021. It is noteworthy that while Zimbabwe is not currently a signatory to the SADC Protocol on Energy, our nation is eager to become a party to this agreement. Accordingly, in terms of section 327 (2) of the Constitution of Zimbabwe, this House resolves that the aforementioned Protocol be approved for accession. This august House further resolves that the SADC Protocol on Energy, as amended in August 2021, be approved for ratification. It is evident that the Republic of Zimbabwe aspires to join this Agreement, thereby aligning with the objectives set forth in the Southern African Development Community (SADC) Treaty, which has been in force since April 17, 1998. The utilisation of energy is integral to economic growth and development, the alleviation of poverty, and the improvement of living standards and quality of life throughout our region. Our region has undertaken various policy reforms aimed at:

    Promoting market based and private sector led infrastructure and service provision.Segmentation of energy supply systems.Introduction of regulatory reforms.PrivatisationMigration towards cost reflective tariffs and energy prices.Increased regional cooperation and coordination of operations.

    Our region is endowed with diverse energy resources, including gas, biomass, petroleum, hydro and wind. The institutional changes within SADC must necessarily respond to the ongoing policy reforms in the energy sector. Therefore, in my capacity as a fellow legislator and an energy expert with extensive corporate experience, I support the resolution of this august House that the amended SADC Protocol on Energy be approved for ratification.

    Reasons for Ratification

    I will summarise the reasons for my support of this ratification as follows:

    Promotion of Citizen Participation – The ratification will promote and encourage the direct participation of citizens and communities in the development and efficient use of energy resources. For example, in my own constituency of Chegutu West, we have remote communities such as John Bhinya and Tiverton which will greatly benefit from this initiative.Development and Efficient Use of Energy Resources - The provided amendments will support national and regional industrialisation, skill development and the creation of employment opportunities.Social, Economic and Environment Benefits – The protocol will ensure the social, economic and environment use of energy resources in a sound and safe manner.Management and Coordination – Management and Coordination structures will be established, defining functions to assist the implementation of regional energy programmes and projects.Adoption of New Technologies – The ratification will help us achieve harmonisation and the adoption of new energy technologies that are low emission and environmentally friendly.Energy Security – Ensuring energy security within the region is crucial. With member states like Angola and Tanzania having excess generational capacity, the amendments will enhance infrastructure development for transmission capabilities. Zimbabwe, with its central position in the Southern African Power Pool (SAPP), stands to benefit significantly.Investment Promotion – Creating risk mitigation instruments will attract investors to the energy sector. Investors such as Invictus in Muzarabani, are already creating employment and increasing our asset portfolio. These mitigations will ensure secure investments in the SADC region.Gender Equality and Youth Involvement – the protocol aims to harmonise national and regional energy policies while promoting gender equality and involving youth in planning, programming and executing energy projects

    In conclusion, for those Hon. Members concerned about checks and balances, Article 4 of the agreement to amend the protocol establishes a Committee of Ministers and Senior Officials responsible for facilitating the development and implementation of a balanced electricity generation mix. This Committee will also develop a regional data bank and assist member states in creating an enabling legal and fiscal environment for cross-border energy trade and transmission within the region. For all these reasons, I reiterate that this House must approve the amended Protocol on Energy for ratification by the Republic of Zimbabwe.

    HON. MUSHORIWA: Madam Speaker, the decision by the Executive to bring this Protocol for approval by this august House is noble but Madam Speaker, my only challenge which I believe we need to deal with as this august House is that you are aware that as a country, we have been facing energy crisis for some time. Madam Speaker, you are also aware of the challenge that we have had at Hwange and the breakdowns that are there. You are also aware Madam Speaker, of the challenge that we have had with our rainfall pattern which has made the generation of energy at Kariba a little bit unreliable and there are also other challenges even in respect to our failure as a country to make sure that the small mini hydro power stations in Zimbabwe are not fully functional. Madam Speaker, what I would have wanted the Hon. Minister to explain to this august House is why, as a country, it took us three years to seek ratification from Parliament. Why were we not one of the first countries to ensure that we seek the approval of this august House, given the nature and extent of the energy crisis that we face as a country?

    Today Madam Speaker, if you go into Harare, a number of industries - the small businesses that we have in our constituencies are failing to perform primarily because of the challenges that we have on the question of energy. Whilst we support and want this House to approve this protocol, I think in future and even now, it is imperative that when there is a delay of this nature, the Hon. Minister should also be pressed with the burden to come and explain to this august House why it took us this long for us to seek approval because unless there are other things that the Government would then say no, we did not do this timeously because we wanted to do a, b, c, z. I also believe that it is imperative that when a country is faced with an energy crisis and an opportunity arises within the SADC region, there is a mechanism that can allow us then to tap into those countries that have got access to energy. I think it should have been something that we should actually be quick to grab and bring to this august House.

    Madam Speaker, we support this protocol but we just urge that the Executive needs to be speedier in terms of dealing with matters that affect us as a nation. I thank you.

    HON. HAMAUSWA: Thank you Madam Speaker Ma’am. I also want to add my voice in support of the ratification of the amended SADC Protocol on Energy. It brings or it promotes harmonious development of National Energy Policies, something that is important and crucial, considering the importance of energy in terms of promoting development, especially industrial development in the region. It also deals with matters of common interest within the SADC region and if there is a protocol that outlines the guidelines on how these matters of common interest are going to be managed, it reduces conflict within the region. Therefore, Madam Speaker, it is also my view that this is a good move by the Executive to bring this protocol for ratification by Parliament.

    The Protocol also seeks to promote equitable development of energy within the SADC region and if this protocol is signed, it also shows the commitment of the Zimbabwean Government to abide by SADC rules and protocols. We are equally worried that the delay by the Government to sign such important protocols not only for this particular one on energy but all other protocols, shows reluctance of the Government to abide by the rules of the game. Therefore, when it comes to Parliament, it brings confidence that our Government is ready to also be bound by multi-lateral regulations, protocols and principles.

    It is also important because there is a move across the world towards cleaner fuels which I think if our country participates fully within the region, it will also indicate its willingness to participate fully in international agreements which then binds countries from different continents. I believe that when it comes to regional or financing on energy development, the Government of Zimbabwe benefits because it is showing the willingness to be bound by such protocols. If it fails to ratify such protocols, then no one will be willing to give funding and energy in Zimbabwe is a critical issue. We have load shedding, we believe that signing of this protocol is going to open doors for investment in the energy sector. I so submit Madam Speaker.

    Motion put and agreed to.

    IVZ Price at posting: 6.8¢ Sentiment: Buy Disclosure: Held
    Likes Created with Sketch. 16  Upvote
    lightbulb Created with Sketch. 4  Great analysis
    Stroke 3 Created with Sketch. Comments Created with Sketch. Reply

  2. Top Stories

 

Featured News

HAR Haranga resource upgrade builds confidence in Saraya uranium project
right-arrow Created with Sketch.
FHE Frontier Energy achieves key milestone for Waroona energy project
right-arrow Created with Sketch.
AL8 "What is the focus of AL8 and how is management going to attract shareholders to the registry?"
right-arrow Created with Sketch.
NEWS From the Floor: Perth conference highlights
right-arrow Created with Sketch.
NEWS Microcap Madness: 5 junior explorers with news out on Thursday 20 June
right-arrow Created with Sketch.
NEWS Hillcrest Partners with Ocean Batteries to Deploy ZVS Invert
right-arrow Created with Sketch.
watchlist Created with Sketch. Add IVZ (ASX) to my watchlist
(20min delay)
Last
6.9¢ 		Change
0.003(4.55%) 		Mkt cap ! $97.83M
Open High Low Value Volume
6.8¢ 6.9¢ 6.6¢ $269.3K 3.995M

Buyers (Bids)

No. Vol. Price($)
4 482259 6.6¢
 

Sellers (Offers)

Price($) Vol. No.
6.9¢ 421552 2
View Market Depth
Last trade - 16.10pm 21/06/2024 (20 minute delay) ?
IVZ (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.