A study commissioned by Greenpeace said on Wednesday that oil companies have been making more than EUR 80 million a day in “war profits” in the European Union since the start of the war in the Middle East.
“If this level persists, the oil companies can expect additional operating profits of approximately EUR 2.5 billion (USD 2.9 billion) for the month of March alone,” the study said.
The study examined the difference between the price of crude oil and the price of fuel at the pump between January and February 2026, and the first three weeks of the war in March.
“The report shows that the rise in prices at the pump is far greater than that of underlying crude oil prices,” Greenpeace said in a statement.
The increase in margins was much greater for diesel fuel than for petrol.
“Compared with the pre-war months, the oil companies earned a daily excess profit of 75.3 million euros from the sale of diesel fuel to cars and trucks,” the report said.
“Petrol sales contributed EUR 6.1 million per day.”
Margins were expanded predominantly in countries with high purchasing power such as the Netherlands, Sweden, Denmark, Austria and Germany, the report said.
In Germany, excess profits stood at EUR 23.8 million per day, followed by France, at EUR 11.6 million per day.
“Greenpeace France is calling on European governments to introduce permanent additional taxes on the profits of oil and gas companies, the proceeds of which would be used to reduce energy bills and accelerate European energy independence,” the environmental group said.
The United States and Israel launched strikes against Iran on February 28, triggering a regional conflict that has caused global oil and gas prices to surge and sparked fears of fuel shortages, especially in import-reliant Asia.
Last week, the price of diesel in France hit its highest level since 1985, surpassing the peaks reached after Russia’s invasion of Ukraine in 2022.
Under increasing pressure, many governments have rolled out measures to limit the impact of supply difficulties and soaring energy prices.
(AFP)
Wingu Cloud Exchange Launch Boosts Data Localization Drive
Efforts to secure digital sovereignty gained a boost this week with the launch of the Wingu Cloud Exchange (WCX).
“WCX is a game-changer for African businesses,” said Demos Kyriacou, deputy CEO and co-founder of Wingu Africa, at the launch event in Addis Ababa. “We are delivering secure, compliant, and scalable cloud solutions built specifically for local needs. With this platform, we are setting a new standard for digital infrastructure in the region and accelerating Ethiopia’s transformation into a digitally enabled economy.”
Balcha Reba, director-general of the Ethiopian Communications Authority, lauded the launch as an important step in the government’s Digital Ethiopia 2030 Strategy.
“As Ethiopia moves toward Digital Ethiopia 2030, the ambition is to move from connectivity to capability, from access to value creation, and from dependency to digital sovereignty,” Balcha said.
He emphasized that initiatives such as the Wingu Cloud Exchange are vital because they strengthen data localization and sovereignty, improve service quality and resilience, reduce the cost of international bandwidth, reduce reliance on external infrastructure, and position Ethiopia as a regional digital hub in Africa.
Erkan Satik, director of cloud ecosystem and alliances at Wingu Africa, noted that local hosting allows companies to operate with unprecedented efficiency.
“Local hosting services will allow companies to provide services quicker and more reliably, without relying on international internet or foreign cloud services,” Satik explained. “Everything stays local, speeding up processes and enabling services to run natively in the country. It also allows businesses to innovate faster.”
Satik added that WCX prioritizes security and compliance through robust features such as built-in firewalls, row-based access controls, and comprehensive logging to track all user activity. He highlighted that Wingu’s carrier-neutral data center offers companies’ flexibility in connectivity, with services delivered through a partner-led model.
“This is about enabling cloud adoption in Ethiopia, feeding demand for cloud services as it grows, and supporting innovation across all sectors,” he said. While acknowledging that finding skilled talent remains a challenge, Satik noted that Ethiopia has a growing pool of professionals and that Wingu plans to introduce incubation programs to support new developers and startups.
Teshome Worku, a director at Wingu Africa, said that the platform operates firmly within Ethiopia’s regulatory framework, including the Personal Data Protection Law of 2024.
“Ethiopian data must stay in Ethiopia,” Teshome emphasized. “Previously, data was often stored in other countries, which posed risks to national data security. WCX ensures that processing happens locally, protecting the country’s data sovereignty.”
Teshome also highlighted the financial benefits for financial institutions, particularly banks that traditionally manage expensive in-house data centers. The launch comes at a pivotal time for Ethiopia’s evolving digital landscape.
“E-commerce hasn’t even started here yet,” Satik told The Reporter. “As it grows, the demand for cloud services will grow too.” .
Wingu Africa is East Africa’s first specialist carrier-neutral data center operator and cloud solutions provider, with strategic locations in Djibouti, Ethiopia, and Tanzania. WCX was initially launched in Tanzania in November of last year before expanding to Ethiopia.
(Reporter)
Ethiopia Launches Legal Framework for Forest Carbon Trading
Ethiopia has formally introduced a domestic legal framework for forest carbon trading, paving the way for the generation, verification, and sale of carbon credits linked to forest conservation and reforestation projects.
The new rules establish clear procedures for creating tradable carbon credits, providing guidance on project registration, monitoring, verification, and credit transfer. By defining these standards, Ethiopia aims to attract climate finance, encourage sustainable forest management, and create economic opportunities for local communities involved in conservation efforts.
“This framework marks a significant step in Ethiopia’s commitment to climate action and green economy development,” said a senior official at the Environment, Forest and Climate Change Commission. “It provides the legal certainty needed to engage both domestic and international investors in carbon markets.”
Experts note that forest carbon markets are increasingly recognized worldwide as a tool to both curb deforestation and provide sustainable income streams. Ethiopia, with its ambitious reforestation campaigns and expanding forest cover, is now well-positioned to participate in global voluntary carbon markets.
Analysts say the framework could serve as a model for other countries in the region seeking to integrate environmental conservation with economic incentives.
(Reporter)
Ethiopia Eyes Renminbi Reserves as China Offers Digital Finance Support
Ethiopia is exploring ways to expand its renminbi reserves and deepen financial cooperation with China following a meeting between the National Bank of Ethiopia (NBE) and the People’s Bank of China (PBOC).
Governor Eyob Tekalign and PBOC Governor Pan Gongsheng discussed bilateral currency swap lines, trade financing facilities, and the potential for key Ethiopian exports to settle in renminbi. The initiative is aimed at supporting Chinese businesses operating in Ethiopia and attracting new foreign direct investment.
The discussion also focused on modernising cross-border payments, including linking national payment systems, joining the Cross-Border Interbank Payment System (CIPS), and expanding China UnionPay for retail and commercial transactions. Central Bank Digital Currencies (CBDCs) were another point of focus, with China offering technical support and capacity-building to accelerate Ethiopia’s digital finance infrastructure.
Governor Pan praised Ethiopia’s recent macroeconomic reforms and proactive debt management. Both sides reaffirmed a long-term partnership designed to facilitate trade, investment, and digital payments.
China’s broader push to internationalise the renminbi is part of a strategy that combines currency-settlement networks, selective capital account integration, and digital currency innovation. Governor Pan has previously warned of the financial risks stemming from global dependence on a single national currency and promoted China’s digital RMB as a step toward a more diversified monetary system.
Last year, Ethiopia entered preliminary talks with Chinese lenders, including the Export‑Import Bank of China and the PBOC, to convert portions of its dollar-denominated loans into yuan, following Kenya’s precedent. Analysts note such swaps can reduce interest costs and extend maturities, though they expose borrowers to currency risk if the local unit weakens against the yuan and may complicate coordination with multilateral creditors.
On the same day as the NBE‑PBOC meeting, Ethiopia’s finance officials also engaged with China’s international development agency to explore expanded concessional financing, technical assistance, and capacity building across infrastructure, agriculture, and digital development, signalling coordinated alignment across policy and development priorities.
(Birrmetrics)
