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  • MIL-OSI: Societe Generale: Managerial changes within the Group

    Source: GlobeNewswire (MIL-OSI)

    SOCIETE GENERALE: MANAGERIAL CHANGES WITHIN THE GROUP

    Press release
    Paris, 31 October 2024

    Societe Generale announces managerial changes within the Group.

    Within General Management:

    Following a proposal by Slawomir Krupa, Chief Executive Officer, the Societe Generale Board of Directors, under the chairmanship of Lorenzo Bini Smaghi, approved on 30 October 2024 the reduction of the number of General Management executive officers to two: Slawomir Krupa, Chief Executive Officer, and Pierre Palmieri, Deputy Chief Executive Officer.

    Philippe Aymerich, Deputy Chief Executive Officer, will step down from his role on 31 October 2024. 

    As part of this change, Slawomir Krupa will assume direct supervision of Retail Banking activities in France (SG Network and BoursoBank), Private Banking, and Insurance.

    Within Retail Banking and Private Banking:

    Bertrand Cozzarolo and Thierry Le Marre are appointed Co-Heads of the SG Retail Banking network in France, effective 1 November 2024. They have been serving Societe Generale and its clients since 2004 and 1998, respectively. Their extensive experience in retail banking activities in France and abroad, as well as their direct contribution to the development of SG Retail Banking, will be essential assets in implementing our ambitious commercial roadmap to deliver sustainable performance.

    They replace Marie-Christine Ducholet, who will pursue projects outside the Group, effective 31 October 2024.

    Mathieu Vedrenne is appointed Head of Private Banking activities, effective 1 November 2024, replacing Bertrand Cozzarolo. At the service of the Group and its clients since 2001, he is currently Deputy Head of Private Banking, with particular responsibility for Private Banking in France, where he has successfully led its many years of sustainable growth.

    Within Financial Management:

    Leopoldo Alvear is appointed Chief Financial Officer of the Group, effective 7 January 2025. He will also become a member of the Group Executive Committee. With over 27 years of banking experience, including 12 years as head of financial departments at banking institutions (successively at Bankia and currently at Banco Sabadell), Leopoldo Alvear has demonstrated outstanding professional and leadership qualities.

    He will succeed Claire Dumas, who will ensure a seamless transition of the Chief Financial Officer duties until the end of January 2025, before pursuing professional opportunities outside the Group.

    The role of the Chief Financial Officer remains a direct report to Slawomir Krupa.

    Slawomir Krupa, Chief Executive Officer, comments: “Over the past 18 months, we have initiated numerous transformation, development and efficiency initiatives to strengthen our Group and increase the sustainability of our performance. We are already realizing the tangible benefits in our results. The trajectory of our improvement is clear, and our determination is unwavering.
    I would like to warmly thank Philippe and Marie-Christine for their commitment throughout the many years they have served our Group, and I wish them every success in their new projects.
    I am proud to promote our internal talents, Bertrand, Thierry and Mathieu, to continue building the new model of our SG Network in France while also developing our Private Banking activities, and strengthening commercial dynamics, synergies, and financial performance of our retail banking activities in France.
    I would also like to thank Claire for all the work she has done for Societe Generale over the past two decades, which she will continue during the transition period until the end of January.
    I am delighted to welcome Leopoldo to our team starting 7 January. His experience as a chief financial officer of other banking institutions, as well as his professional and personal qualities, will be valuable assets in ensuring the flawless execution of our strategic plan.
    Our ambition remains the same: to build a stronger and more profitable bank and create more long-term value for all our stakeholders.”

    Press contact:
    Jean-Baptiste Froville_+33 1 58 98 68 00_ jean-baptiste.froville@socgen.com

    Biographies

      Bertrand Cozzarolo began his career in 2000 in the General Inspection teams of the Ministry of Finance before joining Societe Generale in 2004 as a financial analyst. He subsequently held several management positions within retail banking subsidiaries in Egypt and Bulgaria before returning to France in 2011 as Executive Management Chief of Staff. In 2015, he joined Retail Banking in France, where he held various key positions in commercial management and customer relations before being appointed as the Commercial and Marketing Director in 2021. In December 2022, he was appointed as the Head of Societe Generale Private Banking.
    He is a graduate of the Paris Institute of Political Studies and a former student of the National School of Administration.

     
      Thierry Le Marre began his career in 1990 as a consultant at Coopers & Lybrand before joining the Societe Generale Group in 1998 in the Organization department. In 2002, he became the Chief of Staff of the Chairman and Secretary of the Board of Directors. From 2007 to 2014, he held various management positions in international consumer credit activities. In 2014, he joined retail banking in France, where he successively led two regional delegations. In January 2021, he was appointed co-responsible for the “Clients and network organization” project within the merger project between Credit du Nord and Societe Generale. He has been the Regional Director of SG Societe Generale Ile-de-France Sud since 2023.
    He is a graduate of the Paris Institute of Political Studies.

     
      Mathieu Vedrenne began his career as a consultant at PriceWaterhouseCoopers in 1998 before joining the General Inspection of Societe Generale in 2001, and then the Strategy Department in 2005. In 2008, he was appointed as Executive Management Chief of Staff. He joined Private Banking in 2011, where he held several positions in Switzerland and France and contributed to the commercial development of the activities. He has been Head of Societe Generale Private Banking France since 2019 and Deputy Head of Private Banking since 2023.
    He is a graduate of the Swiss Federal Institute of Technology Lausanne (EPFL).

     

     
      Leopoldo Alvear has over 27 years of experience in financial services. Since 2021, he has been the General Manager and Chief Financial Officer of Banco Sabadell. Previously, he spent 11 years at Bankia, where he successively held the positions of first Head of Financial Management & Rating, and then, since 2012 Group CFO. He began his career at PWC in Corporate Finance before joining Caja Madrid as head of Equity Capital Markets.
    He is a graduate of the Complutense University of Madrid.

     

    Societe Generale

    Societe Generale is a top tier European Bank with more than 126,000 employees serving about 25 million clients in 65 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.

    The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:

    • French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
    • Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
    • Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.

    Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

    In case of doubt regarding the authenticity of this press release, please go to the end of the Group News page on societegenerale.com website where official Press Releases sent by Societe Generale can be certified using blockchain technology. A link will allow you to check the document’s legitimacy directly on the web page.

    For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.

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    The MIL Network –

  • MIL-OSI Europe: Christine Lagarde: Interview with Le Monde

    Source: European Central Bank

    Interview with Christine Lagarde, President of the ECB, conducted by Eric Albert, Philippe Escande and Béatrice Madeline on 28 October 2024

    31 October 2024

    In September, former ECB President Mario Draghi published an alarming report on how the European economy is falling behind. Do you agree with this assessment?

    Europe is falling behind. It’s true. And so is France. Mario Draghi’s report highlights the productivity gap, which is largely due to the tech sector. Tech players in Europe and the United States believe that the gap first emerged during the digital revolution that began in the mid-1990s.

    The question now is whether the boost that the United States got from the mid-1990s will continue with artificial intelligence, the accumulation of data centres and the exploitation of these data. This is the key issue. In Europe we need to roll up our sleeves and make an effort to keep those companies that start out here and then develop themselves elsewhere. We need to try to make them stay.

    So what is the solution? Do you think the gap will remain?

    We need to look at why Europe is falling behind. The energy component is key, especially as regards data centres. Labour is also important, with mobility being much greater in the United States. And regulation is a crucial issue, too. In overly simple terms, the United States is developing AI very quickly, and already has a number of major players. In the meantime, not only is Europe lacking such big players, but it has also become a pioneer in AI regulation. This causes players in this sector to say “OK, let’s do this elsewhere. It’ll be easier and we’ll have fewer obstacles and fewer restrictions”.

    What about the public funding provided to businesses in the United States?

    The fourth factor that is contributing to Europe falling behind is the “light” industrial policy pursued by the United States. It’s not light in terms of money because the Inflation Reduction Act of August 2022 is very large, but there are relatively few criteria to qualify for funding to start a company on US soil. When I ask manufacturers, they pretty much all agree that in Europe, the process is complicated and unwieldy. And on top of the multi-layered European system, you then have those of the Member States.

    The final factor is private funding. In the United States there are pension fund plans and other financial instruments that make it possible to channel savings and get savers (employees or retirees) interested in the future of the economy or the evolution of the stock market. In many European countries, these plans are still a long way off of those mechanisms, especially share participation and company profit sharing. Hence the need to develop a capital markets union.

    But we have been talking about this project for the past 15 years. And when Mario Draghi’s report was published, Germany immediately opposed common borrowing. Is Europe really capable of reacting?

    You’re right. We have been talking about a capital markets union since the time of Jean-Claude Juncker (President of the European Commission from 2014 to 2019), and little progress has been made. The Letta and Draghi reports are a wake-up call for Europeans, a warning. The assessment is severe but fair and provides specific recommendations. It suggests that all Europeans should gear up and be ready to give up a bit of sovereignty to ‘combine the best,’ to paraphrase what Paul Valéry once said. But what gives me hope is the engagement of all European institutions on the capital markets union. The ECB’s Governing Council is firmly engaged as well. We must use this momentum.

    In 2020, the plan for a collective European loan of €750 billion was a major step forward. Four years later, less than half of the loan has been allocated. Should we see this as another example of European slowness?

    We had exactly the same problem during the Greek crisis. The administrations of the different countries are not always able to quickly manage the incoming funds. The finance ministers of countries receiving a lot of funds tell you that they have of course identified what bridge or railway line should be constructed, but that they need to obtain local authorisations as well as permissions to expropriate property, and that environmental organisations are taking court actions. All of this takes a lot of time.

    In this context, what consequences could the US elections on Tuesday 5 November have for Europe?

    I do not want to give an opinion on any particular candidate. But US international trade policy will of course have an impact on economic activity in the rest of the world, and primarily on China. Whoever wins, if trade fragmentation worsens, the effect on global GDP will be negative, with losses reaching 9% in a severe scenario of full decoupling according to ECB simulations. But remember: when Joe Biden was elected, everyone thought that he would remove the customs barriers erected by his predecessor (Donald Trump). Nothing came of that.

    Between China, which is withdrawing towards Asia, and the United States, which is closing up again, isn’t Europe, as a partner to both powers, the big loser?

    That’s why we need to act and roll up our sleeves. Will Europe need to undergo another crisis for it to bring about reforms? It’s always in times of crisis that we are able to make things happen. That may be why Mario Draghi speaks of “agony”, it’s a way of saying “the crisis is here, now, do something!”.

    There is talk of a European decoupling. But isn’t there a French decoupling within Europe?

    If you compare today’s GDP figures with those of 2019, the United States has grown by 10.7%, the European average by 4.8% and France by 3.7%. France is lagging behind the European average.

    What is your view of the surge in the French deficit?

    The prospect of returning in line with European standards by applying European fiscal rules should serve as a binding guideline.

    And are the French promises to restore public finances credible?

    As I said, applying European fiscal rules should serve as a binding guideline.

    Will we be heading towards a recession in Europe in 2025?

    Based on the information now available and our current assessment, we don’t see a recession in 2024, nor in 2025, nor in 2026.

    What will drive this growth, given the weakness in demand?

    The two levers are exports and domestic demand, which is set to pick up. Today, with wages rising and inflation falling, disposable income is increasing. For the moment, this benefits savings more than consumption. But we are convinced, and economic history shows us, that this additional disposable income will ultimately flow towards consumption.

    How do you explain the fact that it is proving so difficult for consumption to recover?

    We can indeed ask why households are choosing to save their money instead of spending it. It could be that people are reluctant to make major purchases owing to geopolitical uncertainty. A second explanation could be related to the return on their savings, which is still fairly high in the euro area. A third could be that people are deciding it’s better to save rather than spend when they expect their taxes or other contributions to go up.

    Euro area inflation was at 1.7% in September, below your 2% target. Is it now under control?

    The target is in sight but I’m not going to tell you that inflation is defeated yet. Inflation stood at 1.7% in September. Excluding energy and food, it was still at 2.7%. We are pleased about the 1.7% figure, but we also know that inflation is going to rise again in the coming months simply because of base effects. In September energy prices were 6.1% lower than a year earlier, bringing down the cost of the consumption basket. Besides, inflation in the services sector – which is highly dependent on wages – is still at 3.9%. So, prudence is warranted.

    How do you respond to those who say the ECB was too late in reacting to the rise in inflation?

    I tell them we should look at the facts. Don’t forget that inflation was at 10.6% two years ago. It has fallen back to 1.7%. Perhaps we could have started a few months earlier. But we raised rates at the fastest pace ever and we managed to bring down inflation considerably in a short period of time. I now want to see inflation reach the 2% target on a sustained and durable basis. Unless there is a major shock, this will happen during the course of 2025.

    And what do you say to those who now accuse you of cutting rates too late and not quickly enough?

    The pace at which interest rates are cut will be determined by the economic data we receive in the coming weeks and months – based on our updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. And to revitalise growth, urgent action is needed in the area of structural reforms.

    The spread between France and Germany has increased from 0.5% to 0.8% since the French National Assembly was dissolved. The ECB has an instrument that it can use to intervene and calm the markets. Are you ready to use it?

    We have clearly outlined the conditions under which we will use this instrument. And that is not an issue today.

    A number of emerging countries brought together by the BRICS (Brazil, Russia, India, China and South Africa) are thinking about a payments system to circumvent the dollar. Is dedollarisation happening?

    That would require another country to be able to take on the role of reserve currency. China is preparing for that, but it isn’t ready yet. I won’t see the renminbi take the place of the dollar in my lifetime.

    MIL OSI Europe News –

  • MIL-OSI: RUBIS: Rubis revises 2024 financial guidance

    Source: GlobeNewswire (MIL-OSI)

    Paris, 31 October 2024, 7:00am

    Today, Rubis has revised its 2024 financial guidance as follows:

    • EBITDA: €[675-725]m from €[725-775]m
    • Net income Group share (including a €83m net capital gain from Rubis Terminal disposal): €[340-375]m from “stable” vs €354m in FY 2023
    • Dividend per share: unchanged ie growing vs 2023, in addition to the €0.75 interim dividend related to Rubis Terminal divestment

    The downward revision of the EBITDA guidance stems from a highly volatile macro-environment combined with specific operational headwinds:

    • The recent escalation of conflicts and subsequent regional turmoil in the Middle East over the past months have created a highly volatile environment, with strong upwards and downwards fluctuations and an overall downward trend in oil prices. These evolutions have a direct short-term impact on the value of Rubis inventory in the fuel distribution business.
    • An adjustment in the pricing formula for retail distribution in Kenya was expected to take place in the second half of 2024 and has not happened to date. This revision is taking more time than expected and generates a gap with Rubis initial forecast.
    • Shipping activity stands at a lower level than anticipated. This underperformance comes from the bitumen shipping business where the opportunities for third parties trading are limited, notably in North America.

    Net income Group share guidance is updated with a mid-range in line with what was previously communicated. It includes a higher Rubis Terminal capital gain due to the ticking fee reflecting the delayed closing of the operation.

    The financial result is expected above previous estimates, partially offsetting the EBITDA underperformance:

    • Due to more efficient currency balance sheet management in Nigeria and Kenya, along with more stable currencies, FX losses for H2 2024 are expected to be lower than Rubis’ initial forecast, positively impacting overall financial performance
    • In Kenya, the cost of debt should be lower in H2 2024 when compared to H1 2024 after the debt in local currency has been reduced.

    Dividend remains a priority for the Group and its growth for 2024 is confirmed.

    More details on Q3 & 9M 2024 trading update will be disclosed on 5 November 2024 (after market close), followed by a conference call for analysts and investors.

    Upcoming events

    Q3 & 9M 2024 Trading Update: 5 November 2024 (after market close)

    FY 2024 results: 13 March 2025 (after market close)

    Press Contact Analyst Contact
    RUBIS – Communication department RUBIS – Clémence Mignot-Dupeyrot, Head of IR
    Tel: +33 (0)1 44 17 95 95

    presse@rubis.fr

    		 Tel: +33 (0)1 45 01 87 44

    investors@rubis.fr

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    The MIL Network –

  • MIL-OSI: Bitget Named Among Top 12 Finalists for Digital Currency Exchange of the Year at Australia’s 2024 Blockies Awards

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Oct. 31, 2024 (GLOBE NEWSWIRE) — Bitget, the leading crypto exchange and Web3 company has been selected as a finalist in the Digital Currency Exchange (DCE) of the Year category at Australia’s 2024 Blockies Awards. Only 12 finalists were announced for this competitive category among more than 400 registered crypto exchanges in Australia’s $552 million DCE market.

    The Blockies Awards, officially known as the Australian Blockchain Industry Awards, is an annual event celebrating achievements in blockchain and digital technology across Australia. It was established by Blockchain Australia and the Digital Economy Council of Australia (DECA) to recognize individuals, startups, and organizations contributing to blockchain adoption.

    The Digital Currency Exchange of the Year award recognizes platforms that prioritize seamless transactions, security, compliance, and community engagement. Winners and shortlists are selected based on major developments in user experience and security standards. Bitget has achieved several feats over the past year within this criteria to address the expanding needs of Australia’s crypto market.

    The exchange currently offers over 1,000 trading pairs across spot, futures, and margin trading options in Australia. It also provides a $300+ million protection fund to safeguard users in the case of any unforeseen threats and security breaches.

    Bitget further maintains a high proof-of-reserves ratio to ensure that the platform is able to serve the market even during major liquidations. These high-standard security features demonstrate a strong commitment to user safety – a primary reason why the exchange was shortlisted in this category.

    “Australia is an important market for us, and it’s gratifying to see Bitget’s efforts being recognized at The Blockies.” said Gracy Chen, CEO of Bitget. “There’s immense potential to grow the blockchain industry in the region by dialogue and collaboration. The country already has a booming financial infrastructure, and blockchain can only make it better. We at Bitget are happy to be part of Australia’s crypto story.”

    In terms of user experience, Bitget has emphasized its focus on both newcomers and advanced traders in the Australian market, making sure that there are tangible trading options for everyone. The exchange offers a range of advanced trading tools, such as risk management features and round-the-clock customer support in multiple languages. It also has a Pre-Market Trading Platform, where users can gain early access to new popular tokens and projects before public listing.

    The platform is also making crypto trading simple for the continent’s growing userbase through its signature copy trading feature. Bitget currently has over 180,000 elite traders with 800,000+ followers on its copy trading platform.

    Beyond its business operations, Bitget has made key contributions to increasing blockchain literacy across the market. The platform has launched exclusive blockchain educational projects like the Bitget Academy, Blockchain4Her, and Blockchain4Youth, with substantial investments in lectures and scholarships. These programs issued over 2,000 certificates and facilitated on-campus learning at over 50 universities.

    All of these developments have driven Bitget to be one of the key contenders in the Digital Currency Exchange of the Year category. The award is set to take place in Sydney on the 21st of November, where the final winner will be announced.

    The exchange’s operations have excelled globally throughout the year. As of October 2024, the exchange is serving a whopping of 45 million user base from 150+ countries and regions, with an average daily trading volume of $10 billion, and Bitget also ranked globally the 4th largest crypto exchange by Market Share.

    About The Blockies

    The Digital Economy Council of Australia warmly invites crypto and blockchain enthusiasts to the most prestigious night in the Australian Blockchain calendar. Hundreds of industry professionals from the Australian blockchain, digital assets, and Web3 industry will convene on Thursday, November 21st, 2024, at the stunning Watersedge overlooking the Sydney Opera House.

    This illustrious evening recognizes the exceptional achievements in the blockchain industry and creates a grand platform for networking. There will be plenty of collaboration opportunities between community members, entrepreneurs, and industry leaders to celebrate the transformative impact of blockchain technology on shaping Australia’s digital future.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features, including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/22f29c78-2861-4097-af07-62b5148d8f28

    The MIL Network –

  • MIL-OSI: BW Energy: Final agreements signed for Niosi and Guduma Marin Exploration Blocks Offshore Gabon

    Source: GlobeNewswire (MIL-OSI)

    BW Energy: Final agreements signed for Niosi and Guduma Marin Exploration Blocks Offshore Gabon 

    BW Energy is pleased to announce its signing of production sharing contracts (PSCs) for the exploration blocks Niosi Marin and Guduma Marin (formerly named G12-13 and H12-13) with Gabon’s Petroleum Minister and Minister of Economy. BW Energy holds 37.5% working interest and is the operator of the blocks, which significantly expands the resource base for infrastructure-led exploration in Gabon.    

    The blocks are adjacent to BW Energy’s Dussafu Marin licence offshore southern Gabon, covering a combined area of 4,918 km2. 

    “Most of the Niosi Marin and Guduma Marin acreage is within tie-back distance to existing infrastructure, enabling fast-track, low-cost development of future discoveries. We have proven our ability to create significant value in the Dussafu licence, where we are close to completing the first phase of Hibiscus / Ruche to bring production to nameplate capacity of 40,000 barrels per day. These licence awards further underpin BW Energy’s commitment to Gabon and clear ambition of growing production and cash flow generation,” said Carl K. Arnet, the CEO of BW Energy. 

    VAALCO Energy (37.5%) and Panoro Energy (25%) are non-operating joint venture partners in the PSCs, which have an eight-year exploration period with option to extend for two additional years. The partners have committed to drilling one well on Niosi Marin during the exploration period and intend to carry out a 3D seismic acquisition campaign. 

    The consortium is uniquely positioned with BW Energy and Panoro Energy as joint venture partners in the Dussafu PSC, and with VAALCO Energy as the operator of the adjacent Etame PSC. Together, the partners will jointly implement safe, efficient, and cost-effective operations whilst leveraging subsurface and production learnings from Dussafu and Etame to accelerate value creation.

    For further information, please contact: 

    Brice Morlot, CFO BW Energy, +33.7.81.11.41.16 

    ir@bwenergy.no 

    About BW Energy: 

    BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company’s assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, a 95% interest in the Kudu field in Namibia, all operated by BW Energy. In addition, BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy Africa Ltd. and a 20% non-operating interest in the onshore Petroleum Exploration Licence 73 (“PEL 73”) in Namibia. Total net 2P+2C reserves and resources were 580 million barrels of oil equivalent at the start of 2024. 

    This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. 

    The MIL Network –

  • MIL-OSI: SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

    Source: GlobeNewswire (MIL-OSI)

                                 
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS    		        
                                                         
     
    SUMMARY OF UNAUDITED RESULTS
    Quarters $ million   Nine months
    Q3 2024 Q2 2024 Q3 2023 %¹   Reference 2024 2023 %
    4,291    3,517    7,044    +22 Income/(loss) attributable to Shell plc shareholders   15,166    18,887    -20
    6,028    6,293    6,224    -4 Adjusted Earnings A 20,055    20,944    -4
    16,005    16,806    16,336    -5 Adjusted EBITDA A 51,523    52,204    -1
    14,684    13,508    12,332    +9 Cash flow from operating activities   41,522    41,622    —
    (3,857)   (3,338)   (4,827)     Cash flow from investing activities   (10,723)   (12,080)    
    10,827    10,170    7,505      Free cash flow G 30,799    29,542     
    4,950    4,719    5,649      Cash capital expenditure C 14,161    17,280     
    9,570    8,950    10,097    +7 Operating expenses F 27,517    29,062    -5
    8,864    8,651    9,735    +2 Underlying operating expenses F 26,569    28,635    -7
    12.8% 12.8% 13.9%   ROACE2 D 12.8% 13.9%  
    76,613    75,468    82,147      Total debt E 76,613    82,147     
    35,234    38,314    40,470      Net debt E 35,234    40,470     
    15.7% 17.0% 17.3%   Gearing E 15.7% 17.3%  
    2,801    2,817    2,706    -1 Oil and gas production available for sale (thousand boe/d)   2,843    2,779    +2
    0.69    0.55    1.06 +25 Basic earnings per share ($)   2.39    2.78    -14
    0.96    0.99    0.93    -3 Adjusted Earnings per share ($) B 3.16    3.08    +3
    0.3440    0.3440    0.3310    — Dividend per share ($)   1.0320    0.9495    +9

    1.Q3 on Q2 change

    2.Effective first quarter 2024, the definition has been amended and comparative information has been revised. See Reference D.

    Quarter Analysis1

    Income attributable to Shell plc shareholders, compared with the second quarter 2024, reflected lower refining margins, lower realised oil prices and higher operating expenses partly offset by favourable tax movements, and higher Integrated Gas volumes.

    Third quarter 2024 income attributable to Shell plc shareholders also included unfavourable movements relating to an accounting mismatch due to fair value accounting of commodity derivatives, charges related to redundancy and restructuring, and net impairment charges and reversals. These items are included in identified items amounting to a net loss of $1.3 billion in the quarter. This compares with identified items in the second quarter 2024 which amounted to a net loss of $2.7 billion.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for the above identified items and the cost of supplies adjustment of positive $0.5 billion.

    Cash flow from operating activities for the third quarter 2024 was $14.7 billion, and primarily driven by Adjusted EBITDA, and working capital inflows of $2.7 billion partly offset by tax payments of $3.0 billion. The working capital inflow mainly reflected inventory movements due to lower oil prices and lower volumes.

    Cash flow from investing activities for the quarter was an outflow of $3.9 billion, and included cash capital expenditure of $4.9 billion.

    Net debt and Gearing: At the end of the third quarter 2024, net debt was $35.2 billion, compared with $38.3 billion at the end of the second quarter 2024, mainly reflecting free cash flow, partly offset by share buybacks, cash dividends paid to Shell plc shareholders, lease additions and interest payments. Gearing was 15.7% at the end of the third quarter 2024, compared with 17.0% at the end of the second quarter 2024, mainly driven by lower net debt.

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    Shareholder distributions

    Total shareholder distributions in the quarter amounted to $5.7 billion comprising repurchases of shares of $3.5 billion and cash dividends paid to Shell plc shareholders of $2.2 billion. Dividends declared to Shell plc shareholders for the third quarter 2024 amount to $0.3440 per share. Shell has now completed $3.5 billion of share buybacks announced in the second quarter 2024 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the fourth quarter 2024 results announcement.

    Nine Months Analysis1

    Income attributable to Shell plc shareholders, compared with the first nine months 2023, reflected lower refining margins, lower LNG trading and optimisation margins, lower realised LNG and gas prices as well as lower trading and optimisation margins of power and pipeline gas in Renewables and Energy Solutions, partly offset by lower operating expenses, higher Marketing margins and volumes, higher realised Chemicals margins, and higher Integrated Gas and Upstream volumes.

    First nine months 2024 income attributable to Shell plc shareholders also included net impairment charges and reversals, reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures, unfavourable movements relating to an accounting mismatch due to fair value accounting of commodity derivatives, and charges related to redundancy and restructuring, partly offset by favourable differences in exchange rates and inflationary adjustments on deferred tax. These charges, reclassifications and movements are included in identified items amounting to a net loss of $4.6 billion. This compares with identified items in the first nine months 2023 which amounted to a net loss of $2.2 billion.

    Adjusted Earnings and Adjusted EBITDA2 for the first nine months 2024 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for identified items and the cost of supplies adjustment of positive $0.3 billion.

    Cash flow from operating activities for the first nine months 2024 was $41.5 billion, and primarily driven by Adjusted EBITDA, the timing impact of payments relating to emission certificates and biofuel programmes of $1.2 billion and cash inflows relating to commodity derivatives of $1.2 billion, partly offset by tax payments of $9.1 billion, and working capital outflow of $0.3 billion.

    Cash flow from investing activities for the first nine months 2024 was an outflow of $10.7 billion and included cash capital expenditure of $14.2 billion, partly offset by divestment proceeds of $2.0 billion, and interest received of $1.8 billion.

    This Unaudited Condensed Interim Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors 3 .

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without taxation.

    3.Not incorporated by reference.

    THIRD QUARTER 2024 PORTFOLIO DEVELOPMENTS

    Integrated Gas

    In July 2024, we announced the final investment decision (FID) on the Manatee project, an undeveloped gas field in the East Coast Marine Area (ECMA) in Trinidad and Tobago.

    In July 2024, we signed an agreement to invest in the Abu Dhabi National Oil Company’s (ADNOC) Ruwais LNG project in Abu Dhabi through a 10% participating interest. The Ruwais LNG project will consist of two 4.8 mtpa LNG liquefaction trains with a total capacity of 9.6 mtpa.

    In August 2024, Arrow Energy, an incorporated joint venture between Shell (50%) and PetroChina (50%), announced plans to develop Phase 2 of Arrow Energy’s Surat Gas Project in Queensland, Australia. The gas from the project will flow to the Shell-operated QCLNG LNG (joint venture between Shell (73.75%), CNOOC (25%) and MidOcean Energy (1.25%)) facility on Curtis Island, near Gladstone.

    Upstream

    In July 2024, the operator of the Jerun field in Malaysia, SapuraOMV Upstream Sdn Bhd, announced that first gas has been achieved. Jerun is operated by SapuraOMV Upstream (40%) in partnership with Sarawak Shell Berhad (30%) and PETRONAS Carigali Sdn Bhd (30%).

    In August 2024, we announced the FID on a ‘waterflood’ project at our Vito asset in the US Gulf of Mexico. Water will be injected into the reservoir formation to displace additional oil.

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    3rd QUARTER 2024 UNAUDITED RESULTS

    Marketing

    In July 2024, we announced that we are temporarily pausing on-site construction work at our 820,000 tonnes a year biofuels facility at the Shell Energy and Chemicals Park Rotterdam in the Netherlands to address project delivery and ensure future competitiveness given current market conditions.

    Renewables and Energy Solutions

    In October 2024, we signed an agreement to acquire a 100% equity stake in RISEC Holdings, LLC (RISEC), which owns a 609-megawatt (MW) two-unit combined-cycle gas turbine power plant in Rhode Island, USA. The transaction is subject to regulatory approvals and is expected to close in the first quarter 2025.

             Page 2

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    PERFORMANCE BY SEGMENT

                                                         
     
    INTEGRATED GAS        
    Quarters $ million   Nine months
    Q3 2024 Q2 2024 Q3 2023 %¹   Reference 2024 2023 %
    2,631    2,454    2,156    +7 Segment earnings   7,846    5,325    +47
    (240)   (220)   (375)     Of which: Identified items A (1,379)   (4,625)    
    2,871    2,675    2,531    +7 Adjusted Earnings A 9,225    9,951    -7
    5,234    5,039    4,874    +4 Adjusted EBITDA A 16,410    17,189    -5
    3,623    4,183    4,009    -13 Cash flow from operating activities A 12,518    13,923    -10
    1,236    1,151    1,099      Cash capital expenditure C 3,429    3,000     
    136    137    122    -1 Liquids production available for sale (thousand b/d)   137    134    +2
    4,669    4,885    4,517    -4 Natural gas production available for sale (million scf/d)   4,835    4,744    +2
    941    980    900    -4 Total production available for sale (thousand boe/d)   971    952    +2
    7.50    6.95    6.88    +8 LNG liquefaction volumes (million tonnes)   22.03    21.23    +4
    17.04    16.41    16.01    +4 LNG sales volumes (million tonnes)   50.32    49.01    +3

    1.Q3 on Q2 change

    Integrated Gas includes liquefied natural gas (LNG), conversion of natural gas into gas-to-liquids (GTL) fuels and other products. It includes natural gas and liquids exploration and extraction, and the operation of the upstream and midstream infrastructure necessary to deliver these to market. Integrated Gas also includes the marketing, trading and optimisation of LNG.

    Quarter Analysis1

    Segment earnings, compared with the second quarter 2024, reflected higher LNG liquefaction volumes (increase of $237 million).

    Third quarter 2024 segment earnings also included unfavourable movements of $213 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These unfavourable movements are part of identified items and compare with the second quarter 2024 which included a charge of $122 million due to unrecoverable indirect tax receivables, and unfavourable movements of $98 million due to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, partly offset by tax payments of $814 million, net cash outflows related to derivatives of $373 million and working capital outflows of $247 million.

    Total oil and gas production, compared with the second quarter 2024, decreased by 4% mainly due to production-sharing contract effects, and higher maintenance in Trinidad and Tobago. LNG liquefaction volumes increased by 8% mainly due to higher feedgas supply in Nigeria, and Trinidad and Tobago.

    Nine Months Analysis1

    Segment earnings, compared with the first nine months 2023, reflected the combined effect of lower contributions from trading and optimisation and lower realised prices (decrease of $1,787 million), partly offset by higher volumes (increase of $513 million), lower operating expenses (decrease of $171 million), and favourable deferred tax movements ($168 million).

    First nine months 2024 segment earnings also included unfavourable movements of $1,198 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These unfavourable movements are part of identified items and compare with the first nine months 2023 which included unfavourable movements of $2,821 million due to the fair value accounting of commodity derivatives, and net impairment charges and reversals of $1,700 million. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

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    3rd QUARTER 2024 UNAUDITED RESULTS

    Cash flow from operating activities for the first nine months 2024 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $2,320 million and net cash outflows related to derivatives of $1,586 million.

    Total oil and gas production, compared with the first nine months 2023, increased by 2% mainly due to ramp-up of fields in Oman and Australia, and lower maintenance in Australia. LNG liquefaction volumes increased by 4% mainly due to lower unplanned maintenance in Australia.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without taxation.

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    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                                         
     
    UPSTREAM          
    Quarters $ million   Nine months
    Q3 2024 Q2 2024 Q3 2023 %¹   Reference 2024 2023 %
    2,289    2,179    1,999    +5 Segment earnings   6,741    6,388    +6
    (153)   (157)   (238)     Of which: Identified items A 28    (357)    
    2,443    2,336    2,237    +5 Adjusted Earnings A 6,712    6,746    —
    7,871    7,829    7,433    +1 Adjusted EBITDA A 23,588    22,750    +4
    5,268    5,739    5,336    -8 Cash flow from operating activities A 16,734    15,663    +7
    1,974    1,829    2,007      Cash capital expenditure C 5,813    5,906     
    1,321    1,297    1,311    +2 Liquids production available for sale (thousand b/d)   1,316    1,313    —
    2,844    2,818    2,564    +1 Natural gas production available for sale (million scf/d)   2,933    2,687    +9
    1,811    1,783    1,753    +2 Total production available for sale (thousand boe/d)   1,822    1,776    +3

    1.Q3 on Q2 change

    The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil and gas, and operates the infrastructure necessary to deliver them to the market.

    Quarter Analysis1

    Segment earnings, compared with the second quarter 2024, reflected lower well write-offs (decrease of $139 million), favourable tax movements ($96 million), lower operating expenses (decrease of $63 million), and lower depreciation charges (decrease of $57 million), partly offset by lower realised liquids prices (decrease of $304 million).

    Third quarter 2024 segment earnings also included charges of $138 million related to redundancy and restructuring and charges of $104 million related to decommissioning provisions. These charges are part of identified items, and compare with the second quarter 2024 which included a loss of $143 million related to the impact of the weakening Brazilian real on a deferred tax position, and a loss of $122 million related to a tax settlement in Brazil, partly offset by a gain of $139 million related to the impact of inflationary adjustments in Argentina on a deferred tax position.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, partly offset by tax payments of $2,074 million.

    Total production, compared with the second quarter 2024, increased mainly due to new oil production.

    Nine Months Analysis1

    Segment earnings, compared with the first nine months 2023, reflected unfavourable tax movements ($351 million), higher well write-offs (increase of $327 million) and the net impact of lower realised gas and higher realised liquids prices (decrease of $278 million), partly offset by the comparative favourable impact of $910 million mainly relating to gas storage effects.

    First nine months 2024 segment earnings also included gains of $676 million related to the impact of inflationary adjustments in Argentina on a deferred tax position, partly offset by charges of $179 million related to redundancy and restructuring, net impairment charges and reversals of $171 million and a loss of $164 million related to the impact of the weakening Brazilian real on a deferred tax position. These gains and charges are part of identified items, and compare with the first nine months 2023 which included charges of $188 million from impairments, legal provisions of $169 million and deferred tax charges of $132 million due to amendments to IAS 12, partly offset by favourable movements of $106 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the first nine months 2024 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $5,832 million.

    Total production, compared with the first nine months 2023, increased mainly due to new oil production, partly offset by field decline.

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    3rd QUARTER 2024 UNAUDITED RESULTS

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without taxation.

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    3rd QUARTER 2024 UNAUDITED RESULTS
                                                         
     
    MARKETING        
    Quarters $ million   Nine months
    Q3 2024 Q2 2024 Q3 2023 %¹   Reference 2024 2023 %
    760    257    629    +196 Segment earnings2   1,791    2,832    -37
    (422)   (825)   (12)     Of which: Identified items2 A (1,255)   314     
    1,182    1,082    641    +9 Adjusted Earnings2 A 3,046    2,518    +21
    2,081    1,999    1,453    +4 Adjusted EBITDA2 A 5,767    4,837    +19
    2,722    1,958    397    +39 Cash flow from operating activities2 A 5,999    3,794    +58
    525    644    959      Cash capital expenditure2 C 1,634    4,406     
    2,945    2,868    3,138    +3 Marketing sales volumes (thousand b/d)2   2,859    3,062    -7

    1.Q3 on Q2 change

    2.Wholesale commercial fuels, previously reported in the Chemicals and Products segment, is reported in the Marketing segment (Mobility) with effect from Q1 2024. Comparative information for the Marketing segment and the Chemicals and Products segment has been revised.

    The Marketing segment comprises the Mobility, Lubricants, and Sectors and Decarbonisation businesses. The Mobility business operates Shell’s retail network including electric vehicle charging services and the Wholesale commercial fuels business which provides fuels for transport, industry and heating. The Lubricants business produces, markets and sells lubricants for road transport, and machinery used in manufacturing, mining, power generation, agriculture and construction. The Sectors and Decarbonisation business sells fuels, speciality products and services including low-carbon energy solutions to a broad range of commercial customers including the aviation, marine, and agricultural sectors.

    Quarter Analysis1

    Segment earnings, compared with the second quarter 2024, reflected higher Marketing margins (increase of $139 million) mainly driven by improved Mobility unit margins and impact of seasonally higher volumes partly offset by lower lubricants and Sectors and Decarbonisation margins. Segment earnings also reflected favourable tax movements ($55 million). These were partly offset by higher operating expenses (increase of $63 million).

    Third quarter 2024 segment earnings also included impairment charges of $179 million, charges of $98 million related to redundancy and restructuring, and net losses of $84 million related to sale of assets. These charges and unfavourable movements are part of identified items, and compare with the second quarter 2024 impairment charges of $783 million mainly relating to an asset in the Netherlands, and charges of $50 million related to redundancy and restructuring.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, working capital inflows of $792 million, and the timing impact of payments relating to emission certificates and biofuel programmes of $427 million. These inflows were partly offset by non-cash cost of supplies adjustment of $334 million and tax payments of $241 million.

    Marketing sales volumes (comprising hydrocarbon sales), compared with the second quarter 2024, increased mainly due to seasonality.

    Nine Months Analysis1

    Segment earnings, compared with the first nine months 2023, reflected higher Marketing margins (increase of $582 million) including higher unit margins in Mobility, Lubricants and higher Sectors and Decarbonisation margins. Segment earnings also reflected lower operating expenses (decrease of $170 million). These were partly offset by higher depreciation charges (increase of $128 million) mainly due to asset acquisitions, and unfavourable tax movements ($94 million).

    First nine months 2024 segment earnings also included impairment charges of $965 million mainly relating to an asset in the Netherlands, charges of $163 million related to redundancy and restructuring, and net losses of $140 million related to the sale of assets. These charges are part of identified items and compare with the first nine months 2023 which included gains of $298 million related to indirect tax credits, and favourable movements of $60 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

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    3rd QUARTER 2024 UNAUDITED RESULTS

    Cash flow from operating activities for the first nine months 2024 was primarily driven by Adjusted EBITDA, the timing impact of payments relating to emission certificates and biofuel programmes of $966 million, and working capital inflows of $153 million. These inflows were partly offset by tax payments of $432 million, and non-cash cost of supplies adjustment of $256 million.

    Marketing sales volumes (comprising hydrocarbon sales), compared with the first nine months 2023, decreased mainly in Mobility including increased focus on value over volume.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without taxation.

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    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                                         
     
    CHEMICALS AND PRODUCTS        
    Quarters $ million   Nine months
    Q3 2024 Q2 2024 Q3 2023 %¹   Reference 2024 2023 %
    341    587    1,250    -42 Segment earnings2   2,085    3,310    -37
    (122)   (499)   (213)     Of which: Identified items2 A (1,078)   (278)    
    463    1,085    1,463    -57 Adjusted Earnings2 A 3,163    3,588    -12
    1,240    2,242    2,661    -45 Adjusted EBITDA2 A 6,308    6,819    -7
    3,321    2,249    2,862    +48 Cash flow from operating activities2 A 5,221    6,364    -18
    761    638    837      Cash capital expenditure2 C 1,898    2,027     
    1,305    1,429    1,334    -9 Refinery processing intake (thousand b/d)   1,388    1,360    +2
    3,015    3,052    2,998    -1 Chemicals sales volumes (thousand tonnes)   8,950    8,656    +3

    1.Q3 on Q2 change

    2.Wholesale commercial fuels, previously reported in the Chemicals and Products segment, is reported in the Marketing segment (Mobility) with effect from Q1 2024. Comparative information for the Marketing segment and the Chemicals and Products segment has been revised.

    The Chemicals and Products segment includes chemicals manufacturing plants with their own marketing network, and refineries which turn crude oil and other feedstocks into a range of oil products which are moved and marketed around the world for domestic, industrial and transport use. The segment also includes the pipeline business, trading and optimisation of crude oil, oil products and petrochemicals, and Oil Sands activities (the extraction of bitumen from mined oil sands and its conversion into synthetic crude oil).

    Quarter Analysis1

    Segment earnings, compared with the second quarter 2024, reflected lower Products margins (decrease of $492 million) mainly driven by lower refining margins and lower margins from trading and optimisation. Segment earnings also reflected lower Chemicals margins (decrease of $189 million) mainly due to lower utilisation and lower realised prices. In addition, the third quarter 2024 reflected higher operating expenses (increase of $88 million). These were partly offset by favourable tax movements ($133 million).

    Third quarter 2024 segment earnings also included charges of $101 million related to redundancy and restructuring, and net impairment charges and reversals of $92 million, partly offset by favourable movements of $95 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These charges and favourable movements are part of identified items, and compare with the second quarter 2024 which included net impairment charges and reversals of $708 million mainly relating to assets in Singapore, partly offset by favourable movements of $156 million due to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. In the third quarter 2024, Chemicals had negative Adjusted Earnings of $111 million and Products had positive Adjusted Earnings of $573 million.

    Cash flow from operating activities for the quarter was primarily driven by working capital inflows of $2,131 million, Adjusted EBITDA, cash inflows relating to commodity derivatives of $88 million and dividends (net of profits) from joint ventures and associates of $63 million. These inflows were partly offset by non-cash cost of supplies adjustment of $331 million.

    Chemicals manufacturing plant utilisation was 76% compared with 80% in the second quarter 2024, due to higher planned and unplanned maintenance.

    Refinery utilisation was 81% compared with 92% in the second quarter 2024, due to higher planned and unplanned maintenance.

    Nine Months Analysis1

    Segment earnings, compared with the first nine months 2023, reflected lower Products margins (decrease of $1,458 million) mainly driven by lower refining margins and lower margins from trading and optimisation. Segment earnings also included unfavourable tax movements ($106 million). These were partly offset by higher Chemicals margins (increase of $516 million) due to higher realised prices and higher utilisation. In addition, the first nine months 2024 reflected lower operating expenses (decrease of $658 million).

    First nine months 2024 segment earnings also included net impairment charges and reversals of $952 million mainly relating to assets in Singapore, charges of $139 million related to redundancy and restructuring, and unfavourable

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    3rd QUARTER 2024 UNAUDITED RESULTS

    movements of $69 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These charges and unfavourable movements are part of identified items, and compare with the first nine months 2023 which included losses of $227 million from net impairments and reversals, legal provisions of $74 million and favourable movements of $75 million related to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. In the first nine months 2024, Chemicals had negative Adjusted Earnings of $174 million and Products had positive Adjusted Earnings of $3,337 million.

    Cash flow from operating activities for the first nine months 2024 was primarily driven by Adjusted EBITDA, the timing impact of payments relating to emission certificates and biofuel programmes of $257 million, and dividends (net of profits) from joint ventures and associates of $165 million. These inflows were partly offset by working capital outflows of $869 million, cash outflows relating to legal provisions of $203 million, tax payments of $182 million, and non-cash cost of supplies adjustment of $182 million.

    Chemicals manufacturing plant utilisation was 77% compared with 70% in the first nine months 2023, mainly due to economic optimisation in the first nine months 2023. The increase was also driven by ramp-up of Shell Polymers Monaca and lower unplanned maintenance in the first nine months 2024.

    Refinery utilisation was 88% compared with 87% in the first nine months 2023.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without taxation.

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    3rd QUARTER 2024 UNAUDITED RESULTS
                                                         
     
    RENEWABLES AND ENERGY SOLUTIONS        
    Quarters $ million   Nine months
    Q3 2024 Q2 2024 Q3 2023 %¹   Reference 2024 2023 %
    (481)   (75)   616    -538 Segment earnings   (3)   3,361    -100
    (319)   112    667      Of which: Identified items A 183    2,778     
    (162)   (187)   (51)   +13 Adjusted Earnings A (186)   583    -132
    (75)   (91)   101    +18 Adjusted EBITDA A 101    1,229    -92
    (364)   847    (34)   -143 Cash flow from operating activities A 2,948    4,249    -31
    409    425    659      Cash capital expenditure C 1,272    1,655     
    79    74    76    +7 External power sales (terawatt hours)2   230    211    +9
    148    148    170    0 Sales of pipeline gas to end-use customers (terawatt hours)3   487    563    -14

    1.Q3 on Q2 change

    2.Physical power sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders.

    3.Physical natural gas sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders. Excluding sales of natural gas by other segments and LNG sales.

    Renewables and Energy Solutions includes activities such as renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.

    Quarter Analysis1

    Segment earnings, compared with the second quarter 2024, reflected lower margins (decrease of $86 million) mainly due to lower trading and optimisation in the Americas, partly offset by slightly higher trading and optimisation in Europe.

    Third quarter 2024 segment earnings also included unfavourable movements of $279 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These unfavourable movements are part of identified items and compare with the second quarter 2024 which included favourable movements of $223 million due to the fair value accounting of commodity derivatives and impairment charges of $155 million. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the quarter was primarily driven by working capital outflows of $136 million, net cash outflows related to derivatives of $107 million, and Adjusted EBITDA.

    Nine Months Analysis1

    Segment earnings, compared with the first nine months 2023, reflected lower margins (decrease of $1,236 million) mainly from trading and optimisation primarily in Europe due to lower volatility and lower prices, partly offset by lower operating expenses (decrease of $427 million).

    First nine months 2024 segment earnings also included favourable movements of $250 million relating to an accounting mismatch due to fair value accounting of commodity derivatives, partly offset by net impairment charges and reversals of $89 million. These favourable movements and charges are part of identified items and compare with the first nine months 2023 which included favourable movements of $2,632 million due to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. Most Renewables and Energy Solutions activities were loss-making for the first nine months 2024, which was partly offset by positive Adjusted Earnings from trading and optimisation.

    Cash flow from operating activities for the first nine months 2024 was primarily driven by net cash inflows related to derivatives of $2,479 million, working capital inflows of $570 million, and Adjusted EBITDA, partly offset by tax payments of $415 million.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

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    3rd QUARTER 2024 UNAUDITED RESULTS

    2.Adjusted EBITDA is without taxation.

    Additional Growth Measures

                                                         
    Quarters     Nine months
    Q3 2024 Q2 2024 Q3 2023 %¹     2024 2023 %
            Renewable power generation capacity (gigawatt):        
    3.4    3.3    2.5    +2 – In operation2   3.4    2.5    +37
    3.9    3.8    4.9    +3 – Under construction and/or committed for sale3   3.9    4.9    -20

    1.Q3 on Q2 change

    2.Shell’s equity share of renewable generation capacity post commercial operation date. It excludes Shell’s equity share of associates where information cannot be obtained.

    3.Shell’s equity share of renewable generation capacity under construction and/or committed for sale under long-term offtake agreements (PPA). It excludes Shell’s equity share of associates where information cannot be obtained.

                                             
     
    CORPORATE      
    Quarters $ million   Nine months
    Q3 2024 Q2 2024 Q3 2023   Reference 2024 2023
    (647)   (1,656)   (497)   Segment earnings1   (2,656)   (2,315)  
    (3)   (1,080)   22    Of which: Identified items A (1,069)   (50)  
    (643)   (576)   (519)   Adjusted Earnings1 A (1,588)   (2,266)  
    (346)   (213)   (186)   Adjusted EBITDA1 A (650)   (619)  
    115    (1,468)   (238)   Cash flow from operating activities A (1,898)   (2,372)  

    1.From the first quarter 2024, Shell’s longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments.

    The Corporate segment covers the non-operating activities supporting Shell. It comprises Shell’s holdings and treasury organisation, headquarters and central functions, self-insurance activities and centrally managed longer-term innovation portfolio. All finance expense, income and related taxes are included in Corporate segment earnings rather than in the earnings of business segments.

    Quarter Analysis1

    Segment earnings, compared with the second quarter 2024, reflected unfavourable movements in currency exchange rate effects, partly offset by favourable tax movements.

    Second quarter 2024 segment earnings also included reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These currency translation differences were previously recognised in other comprehensive income and accumulated in equity as part of accumulated other comprehensive income. This non-cash reclassification is part of identified items.

    Adjusted EBITDA2 was mainly driven by unfavourable currency exchange rate effects and higher operating expenses.

    Nine Months Analysis1

    Segment earnings, compared with the first nine months 2023, were primarily driven by favourable tax movements and favourable net interest movements.

    First nine months 2024 segment earnings also included reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These reclassifications are included in identified items.

    Adjusted EBITDA2 was mainly driven by unfavourable currency exchange rate effects.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without taxation.

    OUTLOOK FOR THE FOURTH QUARTER 2024

    For Full year 2023 cash capital expenditure was $24 billion. Cash capital expenditure for full year 2024 is expected to be below $22 billion.

    Integrated Gas production is expected to be approximately 900 – 960 thousand boe/d. Fourth quarter 2024 outlook reflects scheduled maintenance at Pearl GTL in Qatar. LNG liquefaction volumes are expected to be approximately 6.9 – 7.5 million tonnes.

             Page 12

         
     
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    3rd QUARTER 2024 UNAUDITED RESULTS

    Upstream production is expected to be approximately 1,750 – 1,950 thousand boe/d.

    Marketing sales volumes are expected to be approximately 2,550 – 3,050 thousand b/d.

    Refinery utilisation is expected to be approximately 75% – 83%. Chemicals manufacturing plant utilisation is expected to be approximately 72% – 80%.

    In the fourth quarter 2023, Corporate Adjusted Earnings were a net expense of $609 million1. Corporate Adjusted Earnings2 are expected to be a net expense of approximately $600 – $800 million in the fourth quarter 2024.

    1.From the first quarter 2024, Shell’s longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments.

    2.For the definition of Adjusted Earnings and the most comparable GAAP measure please see reference A.

    FORTHCOMING EVENTS

               
     
    Date Event
    January 30, 2025 Fourth quarter 2024 results and dividends
    March 13, 2025 Publication of Annual Report and Accounts and filing of Form 20-F for the year ended December 31, 2024
    May 2, 2025 First quarter 2025 results and dividends
    July 31, 2025 Second quarter 2025 results and dividends
    October 30, 2025 Third quarter 2025 results and dividends

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    3rd QUARTER 2024 UNAUDITED RESULTS

    UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

                                       
     
    CONSOLIDATED STATEMENT OF INCOME    
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    71,089    74,463    76,350    Revenue1 218,031    237,888   
    933    898    747    Share of profit/(loss) of joint ventures and associates 3,150    2,957   
    440    (305)   913    Interest and other income/(expenses)2 1,042    2,207   
    72,462    75,057    78,011    Total revenue and other income/(expenses) 222,222    243,052   
    48,225    49,417    49,144    Purchases 144,509    158,138   
    6,138    5,593    6,384    Production and manufacturing expenses 17,541    18,433   
    3,139    3,094    3,447    Selling, distribution and administrative expenses 9,208    9,811   
    294    263    267    Research and development 768    817   
    305    496    436    Exploration 1,551    1,283   
    5,916    7,555    5,911    Depreciation, depletion and amortisation2 19,352    20,069   
    1,174    1,235    1,131    Interest expense 3,573    3,507   
    65,190    67,653    66,720    Total expenditure 196,502    212,058   
    7,270    7,404    11,291    Income/(loss) before taxation 25,717    30,993   
    2,879    3,754    4,115    Taxation charge/(credit)2 10,237    11,891   
    4,391    3,650    7,176    Income/(loss) for the period 15,480    19,102   
    100    133    132    Income/(loss) attributable to non-controlling interest 314    215   
    4,291    3,517    7,044    Income/(loss) attributable to Shell plc shareholders 15,166    18,887   
    0.69    0.55    1.06    Basic earnings per share ($)3 2.39    2.78   
    0.68    0.55    1.05    Diluted earnings per share ($)3 2.36    2.75   

    1.See Note 2 “Segment information”.

    2.See Note 8 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

    3.See Note 4 “Earnings per share”.

                                       
     
    CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME    
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    4,391    3,650    7,176    Income/(loss) for the period 15,480    19,102   
          Other comprehensive income/(loss) net of tax:    
          Items that may be reclassified to income in later periods:    
    2,947    698    (1,460)   – Currency translation differences1 1,651    (1,174)  
    35    (12)   1    – Debt instruments remeasurements 16    13   
    (75)   14    141    – Cash flow hedging gains/(losses) (7)   61   
    —    —    —    – Net investment hedging gains/(losses) —    (44)  
    (2)   (6)   (39)   – Deferred cost of hedging (22)   (94)  
    35    (50)   (72)   – Share of other comprehensive income/(loss) of joint ventures and associates (27)   (118)  
    2,940    644    (1,429)   Total 1,610    (1,357)  
          Items that are not reclassified to income in later periods:    
    419    310    180    – Retirement benefits remeasurements 1,169    125   
    80    (81)   (38)   – Equity instruments remeasurements 77    (15)  
    (53)   44    17    – Share of other comprehensive income/(loss) of joint ventures and associates 1    (15)  
    446    273    159    Total 1,247    95   
    3,386    917    (1,270)   Other comprehensive income/(loss) for the period 2,857    (1,262)  
    7,777    4,567    5,906    Comprehensive income/(loss) for the period 18,337    17,840   
    177    123    149    Comprehensive income/(loss) attributable to non-controlling interest 357    217   
    7,600    4,443    5,757    Comprehensive income/(loss) attributable to Shell plc shareholders 17,981    17,622   

    1.See Note 8 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

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    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                     
     
    CONDENSED CONSOLIDATED BALANCE SHEET
    $ million    
      September 30, 2024 December 31, 2023
    Assets    
    Non-current assets    
    Goodwill 16,600    16,660   
    Other intangible assets 8,188    10,253   
    Property, plant and equipment 191,721    194,835   
    Joint ventures and associates 25,764    24,457   
    Investments in securities 3,062    3,246   
    Deferred tax 6,114    6,454   
    Retirement benefits1 10,564    9,151   
    Trade and other receivables 6,883    6,298   
    Derivative financial instruments² 498    801   
      269,394    272,155   
    Current assets    
    Inventories 24,143    26,019   
    Trade and other receivables 46,782    53,273   
    Derivative financial instruments² 10,233    15,098   
    Cash and cash equivalents 42,252    38,774   
      123,411    133,164   
    Assets classified as held for sale1 2,144    951   
      125,555    134,115   
    Total assets 394,949    406,270   
    Liabilities    
    Non-current liabilities    
    Debt 64,597    71,610   
    Trade and other payables 3,864    3,103   
    Derivative financial instruments² 1,749    2,301   
    Deferred tax 15,487    15,347   
    Retirement benefits1 7,110    7,549   
    Decommissioning and other provisions 22,979    22,531   
      115,786    122,441   
    Current liabilities    
    Debt 12,015    9,931   
    Trade and other payables 61,076    68,237   
    Derivative financial instruments² 6,775    9,529   
    Income taxes payable 4,289    3,422   
    Decommissioning and other provisions 4,171    4,041   
      88,327    95,160   
    Liabilities directly associated with assets classified as held for sale1 1,298    307   
      89,625    95,467   
    Total liabilities 205,411    217,908   
    Equity attributable to Shell plc shareholders 187,673    186,607   
    Non-controlling interest 1,865    1,755   
    Total equity 189,538    188,362   
    Total liabilities and equity 394,949    406,270   

    1.    See Note 8 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

    2.    See Note 7 “Derivative financial instruments and debt excluding lease liabilities”.

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    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                                         
     
    CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
      Equity attributable to Shell plc shareholders      
    $ million Share capital1 Shares held in trust Other reserves² Retained earnings Total Non-controlling interest   Total equity
    At January 1, 2024 544    (997)   21,145    165,915    186,607    1,755      188,362   
    Comprehensive income/(loss) for the period —    —    2,815    15,166    17,981    357      18,337   
    Transfer from other comprehensive income —    —    166    (166)   —    —      —   
    Dividends³ —    —    —    (6,556)   (6,556)   (242)     (6,798)  
    Repurchases of shares4 (25)   —    25    (10,536)   (10,536)   —      (10,536)  
    Share-based compensation —    542    (24)   (400)   119    —      119   
    Other changes —    —    —    60    60    (5)     55   
    At September 30, 2024 519    (456)   24,127    163,482    187,673    1,865      189,538   
    At January 1, 2023 584    (726)   21,132    169,482    190,472    2,125      192,597   
    Comprehensive income/(loss) for the period —    —    (1,263)   18,886    17,622    217      17,840   
    Transfer from other comprehensive income —    —    (111)   111    —    —      —   
    Dividends3 —    —    —    (6,193)   (6,193)   (636)     (6,829)  
    Repurchases of shares4 (30)   —    30    (11,058)   (11,058)   —      (11,058)  
    Share-based compensation —    466    (18)   (100)   349    —      349   
    Other changes —    —    —    8    8    37      45   
    At September 30, 2023 555    (261)   19,769    171,136    191,199    1,745      192,943   

    1.    See Note 5 “Share capital”.

    2.    See Note 6 “Other reserves”.

    3.    The amount charged to retained earnings is based on prevailing exchange rates on payment date.

    4.     Includes shares committed to repurchase under an irrevocable contract and repurchases subject to settlement at the end of the quarter.

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    3rd QUARTER 2024 UNAUDITED RESULTS
                                             
     
    CONSOLIDATED STATEMENT OF CASH FLOWS    
    Quarters $ million Nine months
    Q3 2024   Q2 2024 Q3 2023   2024 2023
    7,270      7,404    11,291    Income before taxation for the period 25,717    30,993   
            Adjustment for:    
    554      619    513    – Interest expense (net) 1,749    1,789   
    5,916      7,555    5,911    – Depreciation, depletion and amortisation1 19,352    20,069   
    150      269    186    – Exploration well write-offs 973    626   
    154      (143)   74    – Net (gains)/losses on sale and revaluation of non-current assets and businesses —    (24)  
    (933)     (898)   (747)   – Share of (profit)/loss of joint ventures and associates (3,150)   (2,957)  
    860      792    749    – Dividends received from joint ventures and associates 2,390    2,529   
    2,705      (954)   (3,151)   – (Increase)/decrease in inventories 1,143    2,237   
    4,057      1,965    (1,126)   – (Increase)/decrease in current receivables 5,827    13,105   
    (4,096)     (1,269)   4,498    – Increase/(decrease) in current payables2 (7,314)   (10,881)  
    735      253    (2,807)   – Derivative financial instruments 2,373    (6,050)  
    125      (332)   1    – Retirement benefits (267)   31   
    359      (332)   282    – Decommissioning and other provisions2 (572)   (210)  
    (144)     2,027    (150)   – Other1 2,392    474   
    (3,028)     (3,448)   (3,191)   Tax paid (9,092)   (10,108)  
    14,684      13,508    12,332    Cash flow from operating activities 41,522    41,622   
    (4,690)     (4,445)   (5,259)      Capital expenditure (13,114)   (16,033)  
    (222)     (261)   (350)      Investments in joint ventures and associates (983)   (1,093)  
    (38)     (13)   (40)      Investments in equity securities (63)   (154)  
    (4,950)     (4,719)   (5,649)   Cash capital expenditure (14,161)   (17,280)  
    94      710    184    Proceeds from sale of property, plant and equipment and businesses 1,128    2,024   
    94      57    68    Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans 284    425   
    6      2    7    Proceeds from sale of equity securities 576    28   
    593      648    586    Interest received 1,818    1,555   
    1,074      883    701    Other investing cash inflows 2,814    3,308   
    (769)     (920)   (724)   Other investing cash outflows (3,183)   (2,141)  
    (3,857)     (3,338)   (4,827)   Cash flow from investing activities (10,723)   (12,080)  
    (89)     (179)   88    Net increase/(decrease) in debt with maturity period within three months (375)   (185)  
            Other debt:    
    78      132    187    – New borrowings 377    964   
    (1,322)     (4,154)   (3,368)   – Repayments (7,008)   (6,596)  
    (979)     (1,287)   (1,049)   Interest paid (3,177)   (3,076)  
    652      (115)   (26)   Derivative financial instruments 239    22   
    —      (1)   6    Change in non-controlling interest (5)   (22)  
            Cash dividends paid to:    
    (2,167)     (2,177)   (2,179)   – Shell plc shareholders (6,554)   (6,192)  
    (92)     (82)   (51)   – Non-controlling interest (242)   (636)  
    (3,537)     (3,958)   (2,725)   Repurchases of shares (10,319)   (10,640)  
    6      (24)   (30)   Shares held in trust: net sales/(purchases) and dividends received (480)   (176)  
    (7,452)     (11,846)   (9,147)   Cash flow from financing activities (27,545)   (26,535)  
    729      (126)   (421)   Effects of exchange rate changes on cash and cash equivalents 224    (222)  
    4,105      (1,801)   (2,063)   Increase/(decrease) in cash and cash equivalents 3,478    2,785   
    38,148      39,949    45,094    Cash and cash equivalents at beginning of period 38,774    40,246   
    42,252      38,148    43,031    Cash and cash equivalents at end of period 42,252    43,031   

    1.See Note 8 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

    2.To further enhance consistency between working capital and the Balance Sheet and the Statement of Cash Flows, from January 1, 2024, onwards movements in current other provisions are recognised in ‘Decommissioning and other provisions’ instead of ‘Increase/(decrease) in current payables’. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly by $212 million and $40 million respectively to conform with current period presentation.

             Page 17

         
     
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    3rd QUARTER 2024 UNAUDITED RESULTS

    NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

    1. Basis of preparation

    These unaudited Condensed Consolidated Interim Financial Statements of Shell plc (“the Company”) and its subsidiaries (collectively referred to as “Shell”) have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”) and adopted by the UK, and on the basis of the same accounting principles as those used in the Company’s Annual Report and Accounts (pages 244 to 316) for the year ended December 31, 2023, as filed with the Registrar of Companies for England and Wales and as filed with the Autoriteit Financiële Markten (the Netherlands) and Form 20-F (pages 217 to 290) for the year ended December 31, 2023 as filed with the US Securities and Exchange Commission, and should be read in conjunction with these filings.

    The financial information presented in the unaudited Condensed Consolidated Interim Financial Statements does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2023, were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales, and in Shell’s Form 20-F. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.

    2. Segment information

    Segment earnings are presented on a current cost of supplies basis (CCS earnings), which is the earnings measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance. On this basis, the purchase price of volumes sold during the period is based on the current cost of supplies during the same period after making allowance for the tax effect. CCS earnings therefore exclude the effect of changes in the oil price on inventory carrying amounts. Sales between segments are based on prices generally equivalent to commercially available prices.

    From the first quarter 2024, Wholesale commercial fuels forms part of Mobility with inclusion in the Marketing segment (previously Chemicals and Products segment). The change in segmentation reflects the increasing alignment between the economic characteristics of wholesale commercial fuels and other Mobility businesses, and is consistent with changes in the information provided to the Chief Operating Decision Maker. Prior period comparatives have been revised to conform with current year presentation with an offsetting impact between the Marketing and the Chemicals and Products segment (see below). Also, from the first quarter 2024, Shell’s longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments (see below).

             Page 18

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                       
     
    REVENUE AND CCS EARNINGS BY SEGMENT    
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
          Third-party revenue    
    9,748    9,052    8,338    Integrated Gas 27,996    27,208   
    1,605    1,590    1,617    Upstream 4,954    5,212   
    30,519    32,005    35,236    Marketing2 92,564    98,799   
    22,608    24,583    22,119    Chemicals and Products2 70,926    72,121   
    6,599    7,222    9,032    Renewables and Energy Solutions 21,558    34,517   
    10    11    7    Corporate 33    31   
    71,089    74,463    76,350    Total third-party revenue1 218,031    237,888   
          Inter-segment revenue    
    2,131    2,157    2,472    Integrated Gas 6,691    8,946   
    9,618    10,102    10,277    Upstream 30,008    30,282   
    1,235    1,363    1,456    Marketing2 3,953    4,056   
    9,564    9,849    11,942    Chemicals and Products2 29,725    32,653   
    1,131    957    894    Renewables and Energy Solutions 3,093    3,140   
    —    —    —    Corporate —    —   
          CCS earnings    
    2,631    2,454    2,156    Integrated Gas 7,846    5,325   
    2,289    2,179    1,999    Upstream 6,741    6,388   
    760    257    629    Marketing2 1,791    2,832   
    341    587    1,250    Chemicals and Products2 2,085    3,310   
    (481)   (75)   616    Renewables and Energy Solutions (3)   3,361   
    (647)   (1,656)   (497)   Corporate3 (2,656)   (2,315)  
    4,894    3,747    6,152    Total CCS earnings4 15,804    18,901   

    1.Includes revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives.

    2.From January 1, 2024, onwards Wholesale commercial fuels has been reallocated from the Chemicals and Products segment to the Marketing segment. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly, by $5,659 million and $16,369 million respectively for Third-party revenue and by $(73) million and $22 million respectively for CCS earnings to conform with current period presentation. For Inter-segment revenue the reallocation and revision of comparative figures for the third quarter 2023 and the nine months 2023 led to an increase in inter-segment revenue in the Marketing segment of $1,302 million and $3,616 million respectively and an increase in the Chemicals and Products segment of $11,373 million and $31,011 million respectively.

    3.From January 1, 2024, onwards costs for Shell’s centrally managed longer-term innovation portfolio are reported as part of the Corporate segment. Prior period comparatives for Corporate for the third quarter 2023 and the nine months 2023 have been revised by $37 million and $91 million respectively, with a net offsetting impact in all other segments to conform with current period presentation.

    4.See Note 3 “Reconciliation of income for the period to CCS Earnings, Operating expenses and Total Debt”.

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    Cash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance.

                                       
     
    CASH CAPITAL EXPENDITURE BY SEGMENT
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
          Capital expenditure    
    1,090    1,024    958    Integrated Gas 2,971    2,458   
    1,998    1,769    2,013    Upstream 5,533    5,701   
    488    644    935    Marketing1 1,559    4,358   
    748    601    761    Chemicals and Products1 1,822    1,944   
    327    377    523    Renewables and Energy Solutions 1,124    1,382   
    39    30    68    Corporate 104    190   
    4,690    4,445    5,259    Total capital expenditure 13,114    16,033   
          Add: Investments in joint ventures and associates    
    147    127    141    Integrated Gas 457    543   
    (37)   60    (6)   Upstream 268    205   
    37    —    25    Marketing 75    48   
    13    37    76    Chemicals and Products 76    81   
    59    35    114    Renewables and Energy Solutions 103    205   
    3    1    1    Corporate 5    11   
    222    261    350    Total investments in joint ventures and associates 983    1,093   
          Add: Investments in equity securities    
    —    —    —    Integrated Gas —    —   
    12    —    —    Upstream 12    —   
    —    —    —    Marketing —    —   
    —    —    —    Chemicals and Products —    2   
    23    13    21    Renewables and Energy Solutions 45    68   
    3    —    19    Corporate 6    84   
    38    13    40    Total investments in equity securities 63    154   
          Cash capital expenditure    
    1,236    1,151    1,099    Integrated Gas 3,429    3,000   
    1,974    1,829    2,007    Upstream 5,813    5,906   
    525    644    959    Marketing1 1,634    4,406   
    761    638    837    Chemicals and Products1 1,898    2,027   
    409    425    659    Renewables and Energy Solutions 1,272    1,655   
    45    32    87    Corporate 114    285   
    4,950    4,719    5,649    Total Cash capital expenditure 14,161    17,280   

    1.From January 1, 2024, onwards Wholesale commercial fuels has been reallocated from the Chemicals and Products segment to the Marketing segment. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly by $42 million and $133 million respectively for capital expenditure and cash capital expenditure to conform with current period presentation.

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    3. Reconciliation of income for the period to CCS Earnings, Operating expenses and Total Debt

                                       
     
    RECONCILIATION OF INCOME FOR THE PERIOD TO CCS EARNINGS    
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    4,291    3,517    7,044    Income/(loss) attributable to Shell plc shareholders 15,166    18,887   
    100    133    132    Income/(loss) attributable to non-controlling interest 314    215   
    4,391    3,650    7,176    Income/(loss) for the period 15,480    19,102   
          Current cost of supplies adjustment:    
    668    137    (1,304)   Purchases 473    (275)  
    (162)   (36)   327    Taxation (114)   60   
    (2)   (5)   (47)   Share of profit/(loss) of joint ventures and associates (35)   14   
    503    97    (1,024)   Current cost of supplies adjustment 324    (201)  
          Of which:    
    477    89    (969)   Attributable to Shell plc shareholders 302    (162)
    26    7    (55)   Attributable to non-controlling interest 22    (39)
    4,894    3,747    6,152    CCS earnings 15,804    18,901   
          Of which:    
    4,768    3,606    6,075    CCS earnings attributable to Shell plc shareholders 15,468    18,725   
    126    140    77    CCS earnings attributable to non-controlling interest 336    176   
                                       
     
    RECONCILIATION OF OPERATING EXPENSES    
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    6,138    5,593    6,384    Production and manufacturing expenses 17,541    18,433   
    3,139    3,094    3,447    Selling, distribution and administrative expenses 9,208    9,811   
    294    263    267    Research and development 768    817   
    9,570    8,950    10,097    Operating expenses 27,517    29,062   
                                       
     
    RECONCILIATION OF TOTAL DEBT    
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    September 30, 2024 June 30, 2024 September 30, 2023   September 30, 2024 September 30, 2023
    12,015    10,849    10,119    Current debt 12,015    10,119   
    64,597    64,619    72,028    Non-current debt 64,597    72,028   
    76,613    75,468    82,147    Total debt 76,613    82,147   

    4. Earnings per share

                                       
     
    EARNINGS PER SHARE
    Quarters   Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    4,291    3,517    7,044    Income/(loss) attributable to Shell plc shareholders ($ million) 15,166    18,887   
               
          Weighted average number of shares used as the basis for determining:    
    6,256.5    6,355.4    6,668.1    Basic earnings per share (million) 6,350.3    6,792.5   
    6,320.9    6,417.6    6,736.7    Diluted earnings per share (million) 6,414.0    6,856.7   

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    5. Share capital

                             
     
    ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH
      Number of shares   Nominal value
    ($ million)
    At January 1, 2024 6,524,109,049      544     
    Repurchases of shares (299,830,201)     (25)    
    At September 30, 2024 6,224,278,848      519     
    At January 1, 2023 7,003,503,393      584     
    Repurchases of shares (357,368,014)     (30)    
    At September 30, 2023 6,646,135,379      555     

    At Shell plc’s Annual General Meeting on May 21, 2024, the Board was authorised to allot ordinary shares in Shell plc, and to grant rights to subscribe for, or to convert, any security into ordinary shares in Shell plc, up to an aggregate nominal amount of approximately €150 million (representing approximately 2,147 million ordinary shares of €0.07 each), and to list such shares or rights on any stock exchange. This authority expires at the earlier of the close of business on August 20, 2025, or the end of the Annual General Meeting to be held in 2025, unless previously renewed, revoked or varied by Shell plc in a general meeting.

    6. Other reserves

                                             
     
    OTHER RESERVES
    $ million Merger reserve Share premium reserve Capital redemption reserve Share plan reserve Accumulated other comprehensive income Total
    At January 1, 2024 37,298    154    236    1,308    (17,851)   21,145   
    Other comprehensive income/(loss) attributable to Shell plc shareholders —    —    —    —    2,815    2,815   
    Transfer from other comprehensive income —    —    —    —    166    166   
    Repurchases of shares —    —    25    —    —    25   
    Share-based compensation —    —    —    (24)   —    (24)  
    At September 30, 2024 37,298    154    261    1,284    (14,870)   24,127   
    At January 1, 2023 37,298    154    196    1,140    (17,656)   21,132   
    Other comprehensive income/(loss) attributable to Shell plc shareholders —    —    —    —    (1,263)   (1,263)  
    Transfer from other comprehensive income —    —    —    —    (111)   (111)  
    Repurchases of shares —    —    30    —    —    30   
    Share-based compensation —    —    —    (18)   —    (18)  
    At September 30, 2023 37,298    154    227    1,121    (19,029)   19,769   

    The merger reserve and share premium reserve were established as a consequence of Shell plc (formerly Royal Dutch Shell plc) becoming the single parent company of Royal Dutch Petroleum Company and The “Shell” Transport and Trading Company, p.l.c., now The Shell Transport and Trading Company Limited, in 2005. The merger reserve increased in 2016 following the issuance of shares for the acquisition of BG Group plc. The capital redemption reserve was established in connection with repurchases of shares of Shell plc. The share plan reserve is in respect of equity-settled share-based compensation plans.

    7. Derivative financial instruments and debt excluding lease liabilities

    As disclosed in the Consolidated Financial Statements for the year ended December 31, 2023, presented in the Annual Report and Accounts and Form 20-F for that year, Shell is exposed to the risks of changes in fair value of its financial assets and liabilities. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values at September 30, 2024, are consistent with those used in the year ended December 31, 2023, though the carrying amounts of derivative financial instruments have changed since that

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    date. The movement of the derivative financial instruments between December 31, 2023 and September 30, 2024 is a decrease of $4,865 million for the current assets and a decrease of $2,754 million for the current liabilities.

    The table below provides the comparison of the fair value with the carrying amount of debt excluding lease liabilities, disclosed in accordance with IFRS 7 Financial Instruments: Disclosures.

                     
     
    DEBT EXCLUDING LEASE LIABILITIES
    $ million September 30, 2024 December 31, 2023
    Carrying amount 51,022    53,832   
    Fair value¹ 48,489    50,866   

    1.    Mainly determined from the prices quoted for these securities.

    8. Other notes to the unaudited Condensed Consolidated Interim Financial Statements

    Consolidated Statement of Income

    Interest and other income

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    440    (305)   913    Interest and other income/(expenses) 1,042    2,207   
          Of which:    
    619    616    618    Interest income 1,824    1,718   
    4    30    7    Dividend income (from investments in equity securities) 58    36   
    (154)   143    (75)   Net gains/(losses) on sales and revaluation of non-current assets and businesses 0    35   
    (189)   (1,169)   168    Net foreign exchange gains/(losses) on financing activities (1,292)   (60)  
    159    74    195    Other 452    478   

    Net foreign exchange gains/(losses) on financing activities in the second quarter 2024 includes a loss of $1,104 million related to cumulative currency translation differences that were reclassified to profit and loss. The reclassification of these cumulative currency translation differences was principally triggered by changes in the funding structure of some of Shell’s businesses in the United Kingdom. These currency translation differences were previously directly recognised in equity as part of accumulated other comprehensive income.

    Depreciation, depletion and amortisation

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    5,916    7,555    5,911    Depreciation, depletion and amortisation 19,352    20,069   
          Of which:    
    5,578 5,642 5,716 Depreciation 16,874    17,120   
    340 1,984 359 Impairments 2,706    3,438   
    (2) (71) (163) Impairment reversals (228)   (489)  

    Impairments recognised in the third quarter 2024 of $340 million pre-tax ($290 million post-tax) mainly relate to various assets in Marketing and Chemicals and Products. Impairments recognised in the second quarter 2024 of $1,984 million pre-tax ($1,778 million post-tax) mainly relate to Marketing ($1,055 million), Chemicals and Products ($690 million) and Renewables and Energy Solutions ($141 million). The impairment in Marketing principally relates to a biofuels facility located in the Netherlands, triggered by a temporary pause of on-site construction work. The impairment in Chemicals and Products relates to an Energy and Chemicals Park located in Singapore, due to remeasurement of the fair value less costs of disposal triggered by a sales agreement reached. Impairments recognised in the third quarter 2023 of $359 million pre-tax ($299 million post-tax) mainly relate to various assets in Renewables and Energy Solutions and Chemicals and Products.

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    Taxation charge/credit

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    2,879    3,754    4,115    Taxation charge/(credit) 10,237    11,891   
          Of which:    
    2,834 3,666 4,115 Income tax excluding Pillar Two income tax 10,026    11,891   
    45 88 — Income tax related to Pillar Two income tax 212    —

    On June 20, 2023, the UK substantively enacted Pillar Two Model Rules, effective as from January 1, 2024.

    As required by IAS 12 Income Taxes, Shell has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

    Consolidated Statement of Comprehensive Income

    Currency translation differences

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    2,947    698    (1,460)   Currency translation differences 1,651    (1,174)  
          Of which:    
    2,912 (406) (1,469) Recognised in Other comprehensive income 524    (1,181)  
    35 1,104 9 (Gain)/loss reclassified to profit or loss 1,127    7

    Amounts reclassified to profit and loss in the second quarter 2024 relate to cumulative currency translation differences that were reclassified to income (refer to Interest and other income above).

    Condensed Consolidated Balance Sheet

    Retirement benefits

                     
     
    $ million    
      September 30, 2024 December 31, 2023
    Non-current assets    
    Retirement benefits 10,564    9,151   
    Non-current liabilities    
    Retirement benefits 7,110    7,549   
    Surplus/(deficit) 3,454    1,602   

    Amounts recognised in the Balance Sheet in relation to defined benefit plans include both plan assets and obligations that are presented on a net basis on a plan-by-plan basis. The change in the net retirement benefit asset as at September 30, 2024, is mainly driven by an increase of the market yield on high-quality corporate bonds in the USA, the UK and Eurozone since December 31, 2023, partly offset by losses on plan assets.

    Assets classified as held for sale

                       
       
    $ million      
      September 30, 2024 December 31, 2023  
    Assets classified as held for sale 2,144    951     
    Liabilities directly associated with assets classified as held for sale 1,298    307     

    Assets classified as held for sale and associated liabilities at September 30, 2024 relate to an energy and chemicals park asset in Chemicals and Products in Singapore and various smaller assets. The major classes of assets and liabilities classified as held for sale at September 30, 2024, are Inventories ($1,273 million; December 31, 2023: $463 million), Property, plant and equipment ($544 million; December 31, 2023: $250 million), Decommissioning and other provisions ($634 million; December 31, 2023: $75 million) and Debt ($425 million; December 31, 2023: $84 million).

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    Consolidated Statement of Cash Flows

    Cash flow from operating activities – Other

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    (144)   2,027    (150)   Other 2,392    474   

    ‘Cash flow from operating activities – Other’ for the third quarter 2024 includes $432 million of net inflows (second quarter 2024: $620 million net inflows; third quarter 2023: $630 million net outflows) due to the timing of payments relating to emission certificates and biofuel programmes in Europe and North America and $539 million in relation to reversal of currency exchange gains on Cash and cash equivalents (second quarter 2024: $96 million losses; third quarter 2023: $336 million losses). For the second quarter 2024 ‘Cash flow from operating activities – Other’ also includes $1,104 million inflow representing reversal of the non-cash recycling of currency translation losses from other comprehensive income (refer to Interest and other income above).

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    ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

    A.Adjusted Earnings, Adjusted earnings before interest, taxes, depreciation and amortisation (“Adjusted EBITDA”) and Cash flow from operating activities

    The “Adjusted Earnings” measure aims to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. These items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell’s financial results from period to period. This measure excludes earnings attributable to non-controlling interest.

    We define “Adjusted EBITDA” as “Income/(loss) for the period” adjusted for current cost of supplies; identified items; tax charge/(credit); depreciation, amortisation and depletion; exploration well write-offs and net interest expense. All items include the non-controlling interest component. Management uses this measure to evaluate Shell’s performance in the period and over time.

                                       
         
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    4,291    3,517    7,044    Income/(loss) attributable to Shell plc shareholders 15,166    18,887   
    100    133    132    Income/(loss) attributable to non-controlling interest 314    215   
    477    89    (969)   Add: Current cost of supplies adjustment attributable to Shell plc shareholders 302    (162)  
    26    7    (55)   Add: Current cost of supplies adjustment attributable to non-controlling interest 22    (39)  
    4,894    3,747    6,152    CCS earnings 15,804    18,901   
                                                   
     
    Q3 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 4,894 2,631 2,289 760 341 (481) (647)
    Less: Identified items (1,259) (240) (153) (422) (122) (319) (3)
    Less: CCS earnings attributable to non-controlling interest 126            
    Add: Identified items attributable to non-controlling interest —            
    Adjusted Earnings 6,028            
    Add: Non-controlling interest 126            
    Adjusted Earnings plus non-controlling interest 6,153 2,871 2,443 1,182 463 (162) (643)
    Add: Taxation charge/(credit) excluding tax impact of identified items 3,571 949 2,413 322 (73) (1) (39)
    Add: Depreciation, depletion and amortisation excluding impairments 5,578 1,369 2,691 564 862 86 6
    Add: Exploration well write-offs 150 2 148        
    Add: Interest expense excluding identified items 1,173 49 183 13 14 2 912
    Less: Interest income 619 5 8 — 25 — 581
    Adjusted EBITDA 16,005 5,234 7,871 2,081 1,240 (75) (346)
    Less: Current cost of supplies adjustment before taxation 665     334 331    
    Joint ventures and associates (dividends received less profit) (62) (146) (90) 51 63 61 —
    Derivative financial instruments 133 (373) 47 98 88 (106) 380
    Taxation paid (3,028) (814) (2,074) (241) 23 (33) 112
    Other (365) (32) (406) 275 107 (75) (234)
    (Increase)/decrease in working capital 2,665 (247) (78) 792 2,131 (136) 204
    Cash flow from operating activities 14,684 3,623 5,268 2,722 3,321 (364) 115

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    Q2 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 3,747 2,454 2,179 257 587 (75) (1,656)
    Less: Identified items (2,669) (220) (157) (825) (499) 112 (1,080)
    Less: CCS earnings attributable to non-controlling interest 140            
    Add: Identified items attributable to non-controlling interest 18            
    Adjusted Earnings 6,293            
    Add: Non-controlling interest 122            
    Adjusted Earnings plus non-controlling interest 6,415 2,675 2,336 1,082 1,085 (187) (576)
    Add: Taxation charge/(credit) excluding tax impact of identified items 3,947 940 2,312 359 297 (10) 49
    Add: Depreciation, depletion and amortisation excluding impairments 5,642 1,375 2,750 548 867 95 6
    Add: Exploration well write-offs 269 5 264 — — — —
    Add: Interest expense excluding identified items 1,149 44 166 10 23 1 904
    Less: Interest income 616 — (1) — 30 (9) 595
    Adjusted EBITDA 16,806 5,039 7,829 1,999 2,242 (91) (213)
    Less: Current cost of supplies adjustment before taxation 133     74 59    
    Joint ventures and associates (dividends received less profit) (135) 96 (288) (54) 46 64 —
    Derivative financial instruments 713 (133) 9 7 304 607 (79)
    Taxation paid (3,448) (1,039) (1,955) (17) (186) (138) (113)
    Other (38) (104) (341) (57) 263 180 20
    (Increase)/decrease in working capital (258) 324 484 153 (361) 225 (1,083)
    Cash flow from operating activities 13,508 4,183 5,739 1,958 2,249 847 (1,468)
                                                   
     
    Q3 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 6,152 2,156 1,999 629 1,250 616 (497)
    Less: Identified items (149) (375) (238) (12) (213) 667 22
    Less: CCS earnings attributable to non-controlling interest 77            
    Add: Identified items attributable to non-controlling interest —            
    Adjusted Earnings 6,224            
    Add: Non-controlling interest 77            
    Adjusted Earnings plus non-controlling interest 6,302 2,531 2,237 641 1,463 (51) (519)
    Add: Taxation charge/(credit) excluding tax impact of identified items 3,621 845 2,160 269 253 70 24
    Add: Depreciation, depletion and amortisation excluding impairments 5,716 1,413 2,771 528 918 82 4
    Add: Exploration well write-offs 186 35 151 — — — —
    Add: Interest expense excluding identified items 1,130 51 119 23 41 1 895
    Less: Interest income 618 1 5 8 13 1 590
    Adjusted EBITDA 16,336 4,874 7,433 1,453 2,661 101 (186)
    Less: Current cost of supplies adjustment before taxation (1,351)     (624) (727)    
    Joint ventures and associates (dividends received less profit) (13) (40) 43 (19) (19) 21 —
    Derivative financial instruments (2,549) (454) (20) 10 (375) (1,407) (304)
    Taxation paid (3,191) (679) (2,090) (226) 54 (258) 8
    Other 177 (44) (57) (485) 167 327 269
    (Increase)/decrease in working capital 221 352 28 (960) (354) 1,182 (27)
    Cash flow from operating activities 12,332 4,009 5,336 397 2,862 (34) (238)

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    Nine months 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 15,804 7,846 6,741 1,791 2,085 (3) (2,656)
    Less: Identified items (4,569) (1,379) 28 (1,255) (1,078) 183 (1,069)
    Less: CCS earnings attributable to non-controlling interest 336            
    Add: Identified items attributable to non-controlling interest 18            
    Adjusted Earnings 20,055            
    Add: Non-controlling interest 318            
    Adjusted Earnings plus non-controlling interest 20,373 9,225 6,712 3,046 3,163 (186) (1,588)
    Add: Taxation charge/(credit) excluding tax impact of identified items 11,642 2,885 7,247 1,039 562 (10) (81)
    Add: Depreciation, depletion and amortisation excluding impairments 16,874 4,154 8,169 1,647 2,599 287 18
    Add: Exploration well write-offs 973 14 959        
    Add: Interest expense excluding identified items 3,485 136 518 35 54 4 2,737
    Less: Interest income 1,824 5 17 1 69 (5) 1,736
    Adjusted EBITDA 51,523 16,410 23,588 5,767 6,308 101 (650)
    Less: Current cost of supplies adjustment before taxation 438     256 182    
    Joint ventures and associates (dividends received less profit) (779) (247) (924) 89 165 138 —
    Derivative financial instruments 1,153 (1,586) 53 66 (10) 2,479 152
    Taxation paid (9,092) (2,320) (5,832) (432) (182) (415) 89
    Other (500) (90) (978) 612 (8) 75 (111)
    (Increase)/decrease in working capital (344) 352 827 153 (869) 570 (1,377)
    Cash flow from operating activities 41,522 12,518 16,734 5,999 5,221 2,948 (1,898)
                                                   
     
    Nine months 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 18,901 5,325 6,388 2,832 3,310 3,361 (2,315)
    Less: Identified items (2,219) (4,625) (357) 314 (278) 2,778 (50)
    Less: CCS earnings attributable to non-controlling interest 176            
    Add: Identified items attributable to non-controlling interest —            
    Adjusted Earnings 20,944            
    Add: Non-controlling interest 176            
    Adjusted Earnings plus non-controlling interest 21,120 9,951 6,746 2,518 3,588 583 (2,266)
    Add: Taxation charge/(credit) excluding tax impact of identified items 11,553 2,773 6,720 808 558 345 349
    Add: Depreciation, depletion and amortisation excluding impairments 17,120 4,300 8,358 1,479 2,667 303 13
    Add: Exploration well write-offs 625 59 566 — — — —
    Add: Interest expense excluding identified items 3,504 110 372 40 39 3 2,941
    Less: Interest income 1,718 2 13 8 33 5 1,657
    Adjusted EBITDA 52,204 17,189 22,750 4,837 6,819 1,229 (619)
    Less: Current cost of supplies adjustment before taxation (261)     (94) (167)    
    Joint ventures and associates (dividends received less profit) (167) 32 (443) 85 85 72 2
    Derivative financial instruments (5,112) (3,071) — (18) 225 (1,719) (528)
    Taxation paid (10,108) (2,843) (6,455) (478) (197) (350) 214
    Other 82 (84) (530) 23 284 304 85
    (Increase)/decrease in working capital 4,462 2,700 342 (748) (1,019) 4,713 (1,526)
    Cash flow from operating activities 41,622 13,923 15,663 3,794 6,364 4,249 (2,372)

    Identified Items

    Identified items comprise: divestment gains and losses, impairments, redundancy and restructuring, provisions for onerous contracts, fair value accounting of commodity derivatives and certain gas contracts and the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items. Identified items in the tables below are presented on a net basis.

             Page 28

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                                   
     
    Q3 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) (154) 1 (2) (110) (19) (20) (3)
    Impairment reversals/(impairments) (338) (6) (3) (195) (120) (14) —
    Redundancy and restructuring (552) (69) (189) (136) (141) (26) 10
    Provisions for onerous contracts (7) — — (7) — — —
    Fair value accounting of commodity derivatives and certain gas contracts (602) (252) (13) (78) 126 (385) —
    Other (136) — (141) (1) (11) 16 —
    Total identified items included in Income/(loss) before taxation (1,789) (327) (348) (526) (165) (430) 7
    Less: total identified items included in Taxation charge/(credit) (530) (87) (195) (104) (43) (111) 10
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) (129) 1 (6) (84) (15) (23) (2)
    Impairment reversals/(impairments) (288) (4) (2) (179) (92) (10) —
    Redundancy and restructuring (397) (48) (138) (98) (101) (19) 7
    Provisions for onerous contracts (5) — — (5) — — —
    Fair value accounting of commodity derivatives and certain gas contracts (456) (213) (3) (56) 95 (279) —
    Impact of exchange rate movements and inflationary adjustments on tax balances 120 24 104 — — — (8)
    Other (105) — (108) — (8) 12 —
    Impact on CCS earnings (1,259) (240) (153) (422) (122) (319) (3)
    Impact on CCS earnings attributable to non-controlling interest — — — — — — —
    Impact on CCS earnings attributable to Shell plc shareholders (1,259) (240) (153) (422) (122) (319) (3)

             Page 29

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                                   
     
    Q2 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) 143 2 131 (60) (8) 79 —
    Impairment reversals/(impairments) (1,932) (18) (80) (1,055) (619) (161) —
    Redundancy and restructuring (211) (9) (56) (69) (30) (45) (2)
    Provisions for onerous contracts (17) (3) (14) — — — —
    Fair value accounting of commodity derivatives and certain gas contracts 461 (102) (29) 63 211 318 —
    Other1 (1,271) (130) (168) 10 113 7 (1,103)
    Total identified items included in Income/(loss) before taxation (2,826) (260) (215) (1,111) (333) 198 (1,105)
    Less: total identified items included in Taxation charge/(credit) (157) (40) (58) (286) 165 87 (25)
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) 135 1 114 (45) (6) 71 —
    Impairment reversals/(impairments) (1,728) (15) (67) (783) (708) (155) —
    Redundancy and restructuring (147) (6) (33) (50) (23) (33) (1)
    Provisions for onerous contracts (14) (3) (11) — — — —
    Fair value accounting of commodity derivatives and certain gas contracts 319 (98) (7) 45 156 223 —
    Impact of exchange rate movements and inflationary adjustments on tax balances 49 10 (4) — — — 43
    Other1 (1,284) (111) (148) 7 83 5 (1,122)
    Impact on CCS earnings (2,669) (220) (157) (825) (499) 112 (1,080)
    Impact on CCS earnings attributable to non-controlling interest 18 — — — 18 — —
    Impact on CCS earnings attributable to Shell plc shareholders (2,687) (220) (157) (825) (517) 112 (1,080)

    1.Corporate includes reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These currency translation differences were previously recognised in other comprehensive income and accumulated in equity as part of accumulated other comprehensive income.

             Page 30

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                                   
     
    Q3 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) (75) 6 23 (10) 3 (98) —
    Impairment reversals/(impairments) (196) — (15) (2) (103) (76) —
    Redundancy and restructuring (20) (3) (4) (5) (4) (2) (3)
    Provisions for onerous contracts — — — — — — —
    Fair value accounting of commodity derivatives and certain gas contracts 258 (350) 38 (2) (88) 659 —
    Other 50 (25) (236) — (97) 408 —
    Total identified items included in Income/(loss) before taxation 17 (371) (194) (18) (288) 891 (3)
    Less: total identified items included in Taxation charge/(credit) 166 4 44 (6) (75) 225 (25)
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) (68) 4 8 (7) 2 (76) —
    Impairment reversals/(impairments) (167) — (12) (1) (79) (75) —
    Redundancy and restructuring (14) (2) (2) (4) (3) (1) (2)
    Provisions for onerous contracts — — — — — — —
    Fair value accounting of commodity derivatives and certain gas contracts 121 (340) 13 — (59) 506 —
    Impact of exchange rate movements and inflationary adjustments on tax balances (51) (13) (62) — — — 24
    Other 29 (25) (184) — (74) 312 —
    Impact on CCS earnings (149) (375) (238) (12) (213) 667 22
    Impact on CCS earnings attributable to non-controlling interest — — — — — — —
    Impact on CCS earnings attributable to Shell plc shareholders (149) (375) (238) (12) (213) 667 22

             Page 31

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                                   
     
    Nine months 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) — — 155 (185) (35) 68 (3)
    Impairment reversals/(impairments) (2,498) (32) (179) (1,254) (917) (116) —
    Redundancy and restructuring (837) (79) (258) (226) (190) (86) 3
    Provisions for onerous contracts (24) (3) (14) (7) — — —
    Fair value accounting of commodity derivatives and certain gas contracts (1,221) (1,421) (44) (9) (79) 332 —
    Other1 (1,281) (126) (271) 32 148 39 (1,103)
    Total identified items included in Income/(loss) before taxation (5,859) (1,663) (609) (1,649) (1,073) 238 (1,104)
    Less: total identified items included in Taxation charge/(credit) (1,290) (284) (638) (394) 5 55 (35)
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) 2 — 118 (140) (28) 54 (2)
    Impairment reversals/(impairments) (2,201) (24) (171) (965) (952) (89) —
    Redundancy and restructuring (597) (55) (179) (163) (139) (63) 2
    Provisions for onerous contracts (19) (3) (11) (5) — — —
    Fair value accounting of commodity derivatives and certain gas contracts (1,032) (1,198) (11) (6) (69) 250 —
    Impact of exchange rate movements and inflationary adjustments on tax balances 573 8 512 — — — 53
    Other1 (1,293) (107) (228) 24 110 30 (1,122)
    Impact on CCS earnings (4,569) (1,379) 28 (1,255) (1,078) 183 (1,069)
    Impact on CCS earnings attributable to non-controlling interest 18 — — — 18 — —
    Impact on CCS earnings attributable to Shell plc shareholders (4,587) (1,379) 28 (1,255) (1,096) 183 (1,069)

    1.Corporate includes reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These currency translation differences were previously recognised in other comprehensive income and accumulated in equity as part of accumulated other comprehensive income.

             Page 32

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                                   
     
    Nine months 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) 35 (1) 76 32 (12) (59) —
    Impairment reversals/(impairments) (2,952) (2,274) (199) (49) (300) (130) —
    Redundancy and restructuring (54) — (10) (22) (4) (1) (16)
    Provisions for onerous contracts (24) — — — (24) — —
    Fair value accounting of commodity derivatives and certain gas contracts 939 (3,047) 387 66 77 3,455 —
    Other 116 (25) (445) 298 (119) 408 —
    Total identified items included in Income/(loss) before taxation (1,941) (5,347) (192) 324 (382) 3,672 (16)
    Less: total identified items included in Taxation charge/(credit) 278 (722) 165 11 (104) 894 34
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) 50 — 80 24 (9) (45) —
    Impairment reversals/(impairments) (2,284) (1,700) (188) (50) (227) (119) —
    Redundancy and restructuring (35) — (3) (17) (3) (1) (11)
    Provisions for onerous contracts (18) — — — (18) — —
    Fair value accounting of commodity derivatives and certain gas contracts 52 (2,821) 106 60 75 2,632 —
    Impact of exchange rate movements and inflationary adjustments on tax balances 8 (31) 78 — — — (39)
    Other 7 (74) (431) 297 (96) 312 —
    Impact on CCS earnings (2,219) (4,625) (357) 314 (278) 2,778 (50)
    Impact on CCS earnings attributable to non-controlling interest — — — — — — —
    Impact on CCS earnings attributable to Shell plc shareholders (2,219) (4,625) (357) 314 (278) 2,778 (50)

    The identified items categories above may include after-tax impacts of identified items of joint ventures and associates which are fully reported within “Share of profit/(loss) of joint ventures and associates” in the Consolidated Statement of Income, and fully reported as identified items included in Income/(loss) before taxation in the table above. Identified items related to subsidiaries are consolidated and reported across appropriate lines of the Consolidated Statement of Income. Only pre-tax identified items reported by subsidiaries are taken into account in the calculation of underlying operating expenses (Reference F).

    Provisions for onerous contracts: Provisions for onerous contracts that relate to businesses that Shell has exited or to redundant assets or assets that cannot be used.

    Fair value accounting of commodity derivatives and certain gas contracts: In the ordinary course of business, Shell enters into contracts to supply or purchase oil and gas products, as well as power and environmental products. Shell also enters into contracts for tolling, pipeline and storage capacity. Derivative contracts are entered into for mitigation of resulting economic exposures (generally price exposure) and these derivative contracts are carried at period-end market price (fair value), with movements in fair value recognised in income for the period. Supply and purchase contracts entered into for operational purposes, as well as contracts for tolling, pipeline and storage capacity, are, by contrast, recognised when the transaction occurs; furthermore, inventory is carried at historical cost or net realisable value, whichever is lower. As a consequence, accounting mismatches occur because: (a) the supply or purchase transaction is recognised in a different period, or (b) the inventory is measured on a different basis. In addition, certain contracts are, due to pricing or delivery conditions, deemed to contain embedded derivatives or written options and are also required to be carried at fair value even though they are entered into for operational purposes. The accounting impacts are reported as identified items.

    Impact of exchange rate movements and inflationary adjustments on tax balances represents the impact on tax balances of exchange rate movements and inflationary adjustments arising on (a) the conversion to dollars of the local currency tax base of non-monetary assets and liabilities, as well as losses (this primarily impacts the Upstream and Integrated Gas segments) and (b) the conversion of dollar-denominated inter-segment loans to local currency, leading to taxable exchange rate gains or losses (this primarily impacts the Corporate segment).

    Other identified items represent other credits or charges that based on Shell management’s assessment hinder the comparative understanding of Shell’s financial results from period to period.

             Page 33

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    B.    Adjusted Earnings per share

    Adjusted Earnings per share is calculated as Adjusted Earnings (see Reference A), divided by the weighted average number of shares used as the basis for basic earnings per share (see Note 4).

    C.    Cash capital expenditure

    Cash capital expenditure represents cash spent on maintaining and developing assets as well as on investments in the period. Management regularly monitors this measure as a key lever to delivering sustainable cash flows. Cash capital expenditure is the sum of the following lines from the Consolidated Statement of Cash Flows: Capital expenditure, Investments in joint ventures and associates and Investments in equity securities.

    See Note 2 “Segment information” for the reconciliation of cash capital expenditure.

    D.    Capital employed and Return on average capital employed

    Return on average capital employed (“ROACE”) measures the efficiency of Shell’s utilisation of the capital that it employs. Effective first quarter 2024, the definition of capital employed has been amended to reflect the deduction of cash and cash equivalents. In addition, the numerator applied to ROACE on an Adjusted Earnings plus non-controlling interest basis has been amended to remove interest on cash and cash equivalents for consistency with the revised capital employed definition. Comparative information has been revised to reflect the updated definition. Also, the presentation of ROACE on a net income basis has been discontinued, as this measure is not routinely used by management in assessing the efficiency of capital employed.

    The measure refers to Capital employed which consists of total equity, current debt, and non-current debt reduced by cash and cash equivalents.

    Management believes that the updated methodology better reflects Shell’s approach to managing capital employed, including the management of cash and cash equivalents alongside total debt and equity as part of the financial framework.

    In this calculation, the sum of Adjusted Earnings (see Reference A) plus non-controlling interest (NCI) excluding identified items for the current and previous three quarters, adjusted for after-tax interest expense and after-tax interest income, is expressed as a percentage of the average capital employed excluding cash and cash equivalents for the same period.

                           
     
    $ million Quarters
      Q3 2024 Q2 2024 Q3 2023
    Current debt 10,119 12,114 8,046
    Non-current debt 72,028 72,252 73,944
    Total equity 192,943 192,094 190,237
    Less: Cash and cash equivalents (43,031) (45,094) (35,978)
    Capital employed – opening 232,059 231,366 236,250
    Current debt 12,015 10,849 10,119
    Non-current debt 64,597 64,619 72,028
    Total equity 189,538 187,190 192,943
    Less: Cash and cash equivalents (42,252) (38,148) (43,031)
    Capital employed – closing 223,898 224,511 232,059
    Capital employed – average 227,979 227,939 234,154

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    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                           
     
    $ million Quarters
      Q3 2024 Q2 2024 Q3 2023
    Adjusted Earnings – current and previous three quarters (Reference A) 27,361 27,558 30,758
    Add: Income/(loss) attributable to NCI – current and previous three quarters 376 409 275
    Add: Current cost of supplies adjustment attributable to NCI – current and previous three quarters 56 (25) (12)
    Less: Identified items attributable to NCI (Reference A) – current and previous three quarters 7 7 13
    Adjusted Earnings plus NCI excluding identified items – current and previous three quarters 27,787 27,935 31,008
    Add: Interest expense after tax – current and previous three quarters 2,698 2,650 2,685
    Less: Interest income after tax on cash and cash equivalents – current and previous three quarters 1,392 1,395 1,179
    Adjusted Earnings plus NCI excluding identified items before interest expense and interest income – current and previous three quarters 29,093 29,190 32,514
    Capital employed – average 227,979 227,939 234,154
    ROACE on an Adjusted Earnings plus NCI basis 12.8% 12.8% 13.9%

    E.    Net debt and gearing

    Net debt is defined as the sum of current and non-current debt, less cash and cash equivalents, adjusted for the fair value of derivative financial instruments used to hedge foreign exchange and interest rate risk relating to debt, and associated collateral balances. Management considers this adjustment useful because it reduces the volatility of net debt caused by fluctuations in foreign exchange and interest rates, and eliminates the potential impact of related collateral payments or receipts. Debt-related derivative financial instruments are a subset of the derivative financial instrument assets and liabilities presented on the balance sheet. Collateral balances are reported under “Trade and other receivables” or “Trade and other payables” as appropriate.

    Gearing is a measure of Shell’s capital structure and is defined as net debt (total debt less cash and cash equivalents) as a percentage of total capital (net debt plus total equity).

                           
     
    $ million  
      September 30, 2024 June 30, 2024 September 30, 2023
    Current debt 12,015    10,849    10,119   
    Non-current debt 64,597    64,619    72,028   
    Total debt 76,613    75,468    82,147   
    Of which lease liabilities 25,590    25,600    27,854   
    Add: Debt-related derivative financial instruments: net liability/(asset) 1,694    2,460    3,116   
    Add: Collateral on debt-related derivatives: net liability/(asset) (821)   (1,466)   (1,762)  
    Less: Cash and cash equivalents (42,252)   (38,148)   (43,031)  
    Net debt 35,234    38,314    40,470   
    Total equity 189,538    187,190    192,943   
    Total capital 224,772    225,505    233,414   
    Gearing 15.7  % 17.0  % 17.3  %

    F.    Operating expenses and Underlying operating expenses

    Operating expenses

    Operating expenses is a measure of Shell’s cost management performance, comprising the following items from the Consolidated Statement of Income: production and manufacturing expenses; selling, distribution and administrative expenses; and research and development expenses.

             Page 35

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                                   
     
    Q3 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 6,138 1,164 2,394 367 1,766 453 (6)
    Selling, distribution and administrative expenses 3,139 (1) (39) 2,408 453 209 110
    Research and development 294 27 75 55 34 22 81
    Operating expenses 9,570 1,190 2,430 2,830 2,253 684 185
                                                   
     
    Q2 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 5,593 1,050 2,219 320 1,573 422 10
    Selling, distribution and administrative expenses 3,094 64 62 2,295 293 279 101
    Research and development 263 32 61 47 37 24 62
    Operating expenses 8,950 1,146 2,341 2,662 1,902 725 173
                                                   
     
    Q3 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 6,384 1,125 2,266 335 1,900 760 (1)
    Selling, distribution and administrative expenses1 3,447 50 42 2,448 501 286 121
    Research and development1 267 30 77 60 44 (26) 81
    Operating expenses 10,097 1,204 2,384 2,843 2,444 1,021 201
                                                   
     
    Nine months 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 17,541 3,170 6,881 1,052 4,973 1,454 10
    Selling, distribution and administrative expenses 9,208 125 80 6,891 1,166 646 300
    Research and development 768 85 194 136 104 58 192
    Operating expenses 27,517 3,380 7,156 8,079 6,243 2,158 501
                                                   
     
    Nine months 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 18,433 3,341 6,591 1,030 5,579 1,878 14
    Selling, distribution and administrative expenses1 9,811 114 217 6,906 1,494 787 293
    Research and development1 817 84 216 184 129 2 202
    Operating expenses 29,062 3,540 7,024 8,120 7,201 2,667 509

    1.From the first quarter 2024, Wholesale commercial fuels forms part of Mobility with inclusion in the Marketing segment (previously Chemicals and Products segment). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact between Marketing and Chemicals and Products segments (see Note 2). Also, from the first quarter 2024, Shell’s longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments (see Note 2).

    Underlying operating expenses

    Underlying operating expenses is a measure aimed at facilitating a comparative understanding of performance from period to period by removing the effects of identified items, which, either individually or collectively, can cause volatility, in some cases driven by external factors.

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    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS
                                       
         
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    9,570    8,950    10,097    Operating expenses 27,517    29,062   
    (552)   (210)   (19)   Redundancy and restructuring (charges)/reversal (834)   (51)  
    (154)   (212)   (343)   (Provisions)/reversal (366)   (376)  
    —    123    —    Other 252    —   
    (706)   (299)   (362)   Total identified items (948)   (426)  
    8,864    8,651    9,735    Underlying operating expenses 26,569    28,635   

    G.    Free cash flow and Organic free cash flow

    Free cash flow is used to evaluate cash available for financing activities, including dividend payments and debt servicing, after investment in maintaining and growing the business. It is defined as the sum of “Cash flow from operating activities” and “Cash flow from investing activities”.

    Cash flows from acquisition and divestment activities are removed from Free cash flow to arrive at the Organic free cash flow, a measure used by management to evaluate the generation of free cash flow without these activities.

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    14,684    13,508    12,332    Cash flow from operating activities 41,522    41,622   
    (3,857)   (3,338)   (4,827)   Cash flow from investing activities (10,723)   (12,080)  
    10,827    10,170    7,505    Free cash flow 30,799    29,542   
    194    769    259    Less: Divestment proceeds (Reference I) 1,988    2,477   
    —    —    (3)   Add: Tax paid on divestments (reported under “Other investing cash outflows”) —    —   
    —    189    3    Add: Cash outflows related to inorganic capital expenditure1 251    2,316   
    10,633    9,590    7,246    Organic free cash flow2 29,062    29,381   

    1.Cash outflows related to inorganic capital expenditure includes portfolio actions which expand Shell’s activities through acquisitions and restructuring activities as reported in capital expenditure lines in the Consolidated Statement of Cash Flows.

    2.Free cash flow less divestment proceeds, adding back outflows related to inorganic expenditure.

    H.    Cash flow from operating activities and cash flow from operating activities excluding working capital movements

    Working capital movements are defined as the sum of the following items in the Consolidated Statement of Cash Flows: (i) (increase)/decrease in inventories, (ii) (increase)/decrease in current receivables, and (iii) increase/(decrease) in current payables.

    Cash flow from operating activities excluding working capital movements is a measure used by Shell to analyse its operating cash generation over time excluding the timing effects of changes in inventories and operating receivables and payables from period to period.

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    14,684    13,508    12,332    Cash flow from operating activities 41,522    41,622   
    2,705    (954)   (3,151)   (Increase)/decrease in inventories 1,143    2,237   
    4,057    1,965    (1,126)   (Increase)/decrease in current receivables 5,827    13,105   
    (4,096)   (1,269)   4,498    Increase/(decrease) in current payables1 (7,314)   (10,881)  
    2,665    (258)   221    (Increase)/decrease in working capital (344)   4,462   
    12,019    13,766    12,111    Cash flow from operating activities excluding working capital movements 41,867    37,160   

    1.To further enhance consistency between working capital and the Balance Sheet and the Statement of Cash Flows, from January 1, 2024, onwards movements in current other provisions are recognised in ‘Decommissioning and other provisions’ instead of ‘Increase/(decrease) in current payables’. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly by $212 million and $40 million respectively to conform with current period presentation.

             Page 37

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    I.    Divestment proceeds

    Divestment proceeds represent cash received from divestment activities in the period. Management regularly monitors this measure as a key lever to deliver free cash flow.

                                       
     
    Quarters $ million Nine months
    Q3 2024 Q2 2024 Q3 2023   2024 2023
    94    710 184 Proceeds from sale of property, plant and equipment and businesses 1,128 2,024
    94    57 68 Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans 284 425
    6    2 7 Proceeds from sale of equity securities 576 28
    194    769 259 Divestment proceeds 1,988 2,477

             Page 38

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    CAUTIONARY STATEMENT

    All amounts shown throughout this Unaudited Condensed Interim Financial Report are unaudited. All peak production figures in Portfolio Developments are quoted at 100% expected production. The numbers presented throughout this Unaudited Condensed Interim Financial Report may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.

    The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this Unaudited Condensed Interim Financial Report, “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this Unaudited Condensed Interim Financial Report, refer to entities over which Shell plc either directly or indirectly has control. The term “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

    Forward-Looking Statements

    This Unaudited Condensed Interim Financial Report contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Unaudited Condensed Interim Financial Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cybersecurity breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this Unaudited Condensed Interim Financial Report are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2023 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this Unaudited Condensed Interim Financial Report and should be considered by the reader. Each forward-looking statement speaks only as of the date of this Unaudited Condensed Interim Financial Report, October 31, 2024. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this Unaudited Condensed Interim Financial Report.

    Shell’s Net Carbon Intensity

    Also, in this Unaudited Condensed Interim Financial Report we may refer to Shell’s “Net Carbon Intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “Net Carbon Intensity” or NCI are for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

    Shell’s Net-Zero Emissions Target

    Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target, as this target is currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

    Forward-Looking Non-GAAP measures

    This Unaudited Condensed Interim Financial Report may contain certain forward-looking non-GAAP measures such as cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

    The contents of websites referred to in this Unaudited Condensed Interim Financial Report do not form part of this Unaudited Condensed Interim Financial Report.

    We may have used certain terms, such as resources, in this Unaudited Condensed Interim Financial Report that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

    This Unaudited Condensed Interim Financial Report contains inside information.

             Page 39

         
     
    SHELL PLC
    3rd QUARTER 2024 UNAUDITED RESULTS

    October 31, 2024

         
    The information in this Unaudited Condensed Interim Financial Report reflects the unaudited consolidated interim financial position and results of Shell plc. Company No. 4366849, Registered Office: Shell Centre, London, SE1 7NA, England, UK.

    Contacts:

    – Sean Ashley, Company Secretary

    – Media: International +44 (0) 207 934 5550; USA +1 832 337 4355

    LEI number of Shell plc: 21380068P1DRHMJ8KU70

    Classification: Inside Information

             Page 40

    The MIL Network –

  • MIL-OSI New Zealand: Surveys – New Zealand outranks Australia as the country that Americans want to relocate to the most, according to new research

    Source: Journo Research

    New Zealand ranks in eighth place with 11,866 average monthly searches, beating Australia with 10,919 searches.
    Canada is the country that Americans want to relocate to the most, with 28,722 average monthly relocation-related searches.
    The study analysed Google search data for keywords related to relocation inquiries to rank the countries Americans are most interested in moving to.

    New research reveals that Canada is the country Americans want to relocate to the most.
     
    Experts at QR Code Generator ranked countries by the average number of monthly Google searches for relocation-related terms, such as “move to Canada” and “Brazil visa.” The findings identified which countries Americans would like to relocate to the most.
     
    Canada ranks in first place with 28,722 average monthly searches. The country is the most searched in every state except California and Hawaii, where Japan holds the top spot.
     
    Vermont has the highest average monthly searches for Canada-related relocation terms per 100,000 of its population, at 20.34 searches.
     
    With 21,584 average monthly searches, Japan places second. Hawaii searches for Japan the most, with 26.36 average monthly searches per 100,000 locals. This search volume is also the highest out of any state’s interest in any country.
     
    Third place goes to Costa Rica with 15,511 average monthly searches. Montana has the highest average monthly searches for Costa Rica, with 8.90 searches per 100,000 residents.
     
    Brazil ranks in fourth place with 14,613 average monthly searches. With 7.64 average monthly searches per 100,000 locals, Massachusetts is the most interested in moving to Brazil.
     
    Earning fifth place, Mexico has 13,221 average monthly searches. South Dakota is the most interested in moving to Mexico, with 8.52 average monthly searches per 100,000 residents.

    Countries that Americans want to relocate to the most

     

    Ranking 

    Country 

    Average Monthly Google Searches  

    1 

    Canada 

    28,722 

    2 

    Japan 

    21,584 

    3 

    Costa Rica 

    15,511 

    4 

    Brazil 

    14,613 

    5 

    Mexico 

    13,221 

    6 

    Switzerland 

    12,963 

    7 

    Spain 

    12,592 

    8 

    New Zealand 

    11,866 

    9 

    Ireland 

    11,732 

    10 

    Italy 

    11,711 

     
    Switzerland ranks sixth, with 12,963 average monthly searches. With 5.08 average monthly searches per 100,000 locals, Massachusetts is the state that is the most interested in moving to the Central European country.
     
    With 12,592 average monthly searches, Spain takes seventh place. Even though Spain reaches its highest rank of fourth-most searched in New York, the state that has the highest volume of Spain-related searches is Rhode Island, with 7.98 searches per 100,000 residents.
     
    In eighth place, New Zealand has 11,866 average monthly searches. The country in Oceania was the second-most popular in Wyoming, Montana, and Hawaii, with 13.27, 9.42, and 11.85 average monthly searches per 100,000 locals, respectively.
     
    Ireland ranks in ninth place with 11,732 average monthly searches. Ireland was the second-most popular country with Vermont, Maine and West Virginia, receiving 13.77, 8.42, and 5.08 average monthly searches per 100,000 residents, respectively.
     
    Italy just makes the list in tenth place, with 11,711 searches. Alaska, Delaware, and Rhode Island had Italy as their second-most searched destination, with 12.84, 8.80, and 9.88 average monthly searches per 100,000 locals, respectively.  
     
    Marc Porcar, CEO of QR Code Generator PRO S.L, commented on the findings:
     
    “With its proximity and cultural similarities, Canada has emerged as the clear favorite for Americans considering a move abroad.

    “Yet some of the other top choices, like Japan, Costa Rica, and Brazil, are surprising, given the language barriers, unique cuisines, and distinct cultural landscapes they offer.

    “These findings reveal that many Americans aren’t just looking for an easy transition, but are drawn to the adventure of a richer, more diverse experience overseas.”

    If you publish these insights, please credit and link to QR Code Generator, as they conducted this research.
     
    Methodology
     
    To determine which countries have the highest interest for Americans looking to relocate, data from Google Keyword Planner was examined.  
     
    Terms like “move to [country]” and “visa [country]” were searched, and the average monthly search volume over the past 12 months was analysed to rank countries by the frequency of relocation searches.
     
    State data was compared to its respective populations.

    The 193 countries were taken from this United Nations source:

    https://www.un.org/en/about-us/member-states

    The combined search volume for each country’s 22 terms was calculated and used to rank the countries from highest to lowest average monthly searches.

    Full ranking: The countries Americans want to relocate to the most

     

    Ranking 

    Country 

    Average Monthly Google Searches  

    1 

    Canada 

    28,722 

    2 

    Japan 

    21,584 

    3 

    Costa Rica 

    15,511 

    4 

    Brazil 

    14,613 

    5 

    Mexico 

    13,221 

    6 

    Switzerland 

    12,963 

    7 

    Spain 

    12,592 

    8 

    New Zealand 

    11,866 

    9 

    Ireland 

    11,732 

    10 

    Italy 

    11,711 

    11 

    Portugal 

    11,057 

    12 

    Australia 

    10,919 

    13 

    Thailand 

    9,228 

    14 

    Germany 

    9,193 

    15 

    Turkey 

    9,089 

    16 

    Iceland 

    8,557 

    17 

    Norway 

    8,274 

    18 

    Sweden 

    7,696 

    19 

    France 

    7,685 

    20 

    United Kingdom 

    7,523 

    21 

    Greece 

    6,957 

    22 

    Netherlands 

    6,705 

    23 

    Kenya 

    6,632 

    24 

    Philippines 

    6,309 

    25 

    Finland 

    6,079 

    26 

    Denmark 

    6,013 

    27 

    Vietnam 

    6,005 

    28 

    Belize 

    5,838 

    29 

    Ghana 

    5,756 

    30 

    Panama 

    5,647 

    31 

    North Korea 

    5,441 

    32 

    South Korea 

    5,133 

    33 

    Dominican Republic 

    5,098 

    34 

    Russia 

    4,947 

    35 

    The Bahamas 

    4,851 

    36 

    South Africa 

    4,813 

    37 

    Argentina 

    4,769 

    38 

    Singapore 

    4,753 

    39 

    China 

    4,482 

    40 

    Taiwan 

    4,283 

    41 

    Poland 

    4,168 

    42 

    Israel 

    3,913 

    43 

    Colombia 

    3,910 

    44 

    India 

    3,906 

    45 

    Ecuador 

    3,885 

    46 

    Austria 

    3,648 

    47 

    Malaysia 

    3,633 

    48 

    Uruguay 

    3,510 

    49 

    Jamaica 

    3,386 

    50 

    Chile 

    3,356 

    MIL OSI New Zealand News –

  • MIL-OSI NGOs: Mozambique: Authorities must end post-election assault on protests now  

    Source: Amnesty International –

    Responding to attacks on protesters and journalists during nationwide demonstrations following Mozambique’s disputed election, Amnesty International’s Deputy Regional Director for East and Southern Africa, Khanyo Farisè, said:   

    “Mozambique’s authorities must immediately halt their escalating assault on the rights to freedom of expression and peaceful assembly. Across the country, police have cracked down on opposition protests with live bullets, tear gas and arbitrary arrests. Medical groups report at least ten people killed and dozens wounded. Hundreds have been arbitrarily arrested. 

    “With more protests planned from 31 October, the government and security forces must respect and uphold everyone’s right to protest, express themselves and access information in Mozambique. Attempts to crush peaceful dissent with force risk exacerbating an already dire human rights situation. 

    Mozambique’s authorities must immediately halt their escalating assault on the rights to freedom of expression and peaceful assembly.

    Khanyo Farisè, Amnesty International Deputy Regional Director for East and Southern Africa

    “No one should be detained, injured or killed simply for peacefully protesting. Authorities must immediately release all those detained simply for the peaceful exercise of their human rights. Authorities must credibly and effectively investigate allegations of killings, bring perpetrators to justice and ensure effective remedies for victims’ families. 

    “Authorities have directly targeted journalists covering protests and cut off internet access in clear attacks on free expression and access to information. It is crucial that people can speak freely online and offline. The authorities must let journalists do their work and keep the internet on.” 

    MIL OSI NGO –

  • MIL-OSI Economics: This summer, Samsung Announces Blockbuster Black Friday Deals for Shoppers

    Source: Samsung

    Samsung is thrilled to announce the launch of its highly anticipated 2024 Black Friday campaign, bringing shoppers a season filled with Blockbuster Deals on premium products. This year, the tech giant is rolling out the red carpet for South Africans, and redefining the Black Friday narrative as an opportunity for every shopper to become the leading character in their own shopping story.
     
    It is going to be “ifilim”, as South Africans would say, as everyone gears up for this iconic annual shopping bonanza. Samsung will play its role and stick to the script by bringing its A-game with premium products at low prices, ensuring that every deal is a plot twist that leaves shoppers cheering for more. With incredible markdowns on a wide range of products, shoppers can access these deals from 1 November – 2 December, both online and at participating retailers nationwide. Read on to get a preview of what’s coming up.
     
    Unmissable Electronics and Home Appliance Deals
    Be prepared to get more this summer as Samsung has an impressive line-up of blockbuster deals for electronics and home appliances too. Elevate your kitchen with the RS64 Side by Side fridge, Non-plumbed Water & Ice dispenser, Gentle Black, 617L, now just R24,999*, offering a remarkable R6,000 saving, or the RB30 Bottom Freezer with Water Dispenser and Cool Pack, Metal Graphite, 303L, which is available for R9,999*, saving you R3,500.
     

     
    You can do your laundry like the main character with the WW11CGP44DSB AI 11kg Front Loader with Eco bubble washing machine, which is a steal at R12,999*, saving you R500 plus you score Buy & Get rewards worth R4,000, or you could opt for the WD70TA046BX 7/5kg Front Load Washer / Dryer Combo with Eco Bubble Technology, yours for only R10,999*, saving you R1,000.
     
    Work, watch and play with the 32″ Smart Monitor M7, available for R7,999*, saving you R3,000. For film aficionados who enjoy feeling like part of the action, the 98” Q80C 4K TV is available for R99,999* plus get R32 000 worth of gifts and enjoy hassle free signature service. While the 85” Crystal UHD DU8000 4K TV can find a new home in your lounge for only R22,999*, saving you a joy-inducing R10,000. To complement the viewing experience with great audio, you could get the Q600C Q-Series soundbar at R5,499*, giving you a saving of R2,500.
     
    “Get more this summer with Samsung, our range of electronics and home appliances are designed to elevate your lifestyle and transform your home into a connected smart home. Through our SmartThings ecosystem, we empower families to not just get more from their devices, but to truly live more. Imagine seamlessly controlling your home environment—from optimising AI energy savings, to automating daily tasks—making life easier and more enjoyable. Our products work together to enhance your everyday experiences, creating a network of products that adapt to your needs. We believe in helping you create your dream home while providing exceptional value for your spend. Embrace the summer season with technology that simplifies your life and enriches your moments, allowing you to focus on what truly matters—making memories with loved ones,” said Mike van Lier, Vice President: Consumer Experience at Samsung Electronics.
     
    For more Blockbuster Deals, visit www.samsung.com/za and https://samsungair.co.za/shop/[1]
     
    [1]Recommended retail price
     

    MIL OSI Economics –

  • MIL-OSI Africa: Malawi Accedes to the Establishment Agreement for Afreximbank’s Fund for Export Development in Africa (FEDA)

    Source: Africa Press Organisation – English (2) – Report:

    KIGALI, Rwanda, October 31, 2024/APO Group/ —

    The Fund for Export Development in Africa (FEDA), the development impact investment arm of African Export-Import Bank (Afreximbank) (www.Afreximbank.com), has announced the Republic of Malawi’s accession to the FEDA Establishment Agreement.

    This key milestone reflects the Fund’s growing support across Africa, bringing the total number of participating countries in FEDA to eighteen. Malawi’s accession to FEDA highlights the Fund’s growing momentum, following the recent accession of Benin, Nigeria, Ghana, the Arab Republic of Egypt and Equatorial Guinea among others, to its membership.

    New memberships are crucial to broadening the scope of FEDA’s interventions and advancing its mission of delivering long-term capital to African economies with a focus on industrialization, intra-African trade and value-added exports. The rapid growth of FEDA reflects the strong support and confidence African states have in its mandate.

     Professor Benedict Oramah, President of Afreximbank and Chairman of the Boards of both Afreximbank and FEDA, commented: “We welcome the Republic of Malawi to the growing FEDA family. This step lays the groundwork for an enhanced and more effective cooperation and gives the country better access to the full range of interventions offered by Afreximbank Group. The dividends of Malawi’s accession are best illustrated by the launch of the Magwero Industrial Park project, being developed by Arise IIP in collaboration with Afreximbank and FEDA. The project which aims to unlock Malawi’s manufacturing export potential represents a significant investment in the country.”

    Marlène Ngoyi, Chief Executive Officer of FEDA, said: “The signing of the FEDA Establishment Agreement builds on FEDA’s investment in strategic projects in Malawi, through Arise IIP, that aim to promote industrialisation, intra-African trade and value-added exports. FEDA will continue supporting Malawi to foster an environment that promotes economic diversification and enhances value-added production.”

    FEDA’s recent key strategic investments across the continent, include a further USD300 million capital injection in Arise Integrated Industrial Platforms (Arise IIP) in October 2024, its strategic investment in Team Drogba, competing in the inaugural E1 Series, the world’s first-ever all-electric boat racing championship and the partnership with the Republic of Malawi in June 2024 to develop the Magwero Industrial Park to expedite Malawi’s industrialization process.

    MIL OSI Africa –

  • MIL-OSI Russia: Rosneft Day was held at Ufa State Petroleum Technological University

    Translation. Region: Russian Federation –

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    Rosneft Day was held at the Company’s key partner university in the Republic of Bashkortostan, Ufa State Petroleum Technological University (USPTU). 34 subsidiaries, including 10 enterprises of Bashneft, Rosneft’s largest asset in the region, took part in the job fair and presentations.

    During the Rosneft Day, vacancies for students and graduates of universities and colleges were presented. Today, the most popular vacancies among blue-collar jobs are: oil and gas production operator, chemical analysis laboratory assistant, process unit operator, instrument operator, repairman, process unit repairman, process pump operator, commodity operator, general machine operator, electrician for repair and maintenance of electrical equipment, electric and gas welder.

    Oil refiners from Bashneft-Novoil held a quiz for students on the topic of “Oil refining and more”, the winners won tickets to the cinema. Orenburgneft held a game of “oil monopoly”. Guests of the fair could also attend a lecture on “Hydraulic fracturing – a discipline at the intersection of sciences” from RN-GRP. The master class “Career roasting” and a meeting with foreign students were held by RN-Service employees. All participants of the events received memorable souvenirs.

    Rosneft, as part of the corporate continuous education program “school – college/university – enterprise”, is implementing projects to attract talented youth and form an external personnel reserve. In the Republic of Bashkortostan, the program has been implemented for several years. This year, 49 schoolchildren entered the 10th “Rosneft-classes”. In addition, in Ufa, in pilot mode, 25 9th-grade students were enrolled in the “Rosneft-class”. The Ufa Fuel and Energy College (UTEK) acted as a partner of the pilot.

    There are six Bashneft corporate groups in Ufa State Petroleum Technical University and Ufa Energy Company in various training areas, including: oil and gas geology and geophysics, solid fuel, oil and gas processing technology, design and operation of oil and gas processing equipment, etc. In specialized groups, students combine work in production with training according to an individual schedule. Training in specialized subjects is carried out with the involvement of expert teachers from among Bashneft employees. Students also participate in career guidance and corporate events of the Company.

    In partnership with Bashneft enterprises, the following basic departments were created at USPTU: “Technologies of Petrochemical Processes”, “Welding of Oil and Gas Structures”, “Bashneft Processing”, and “Bashneft – Environmental Engineering”.

    The scientific institute “RN-BashNIPIneft” supervises 7 basic and graduating departments at USPTU. This year, the institute opened two new basic departments at the university: “Lean Technologies and Innovations in the Oil and Gas Complex” and “Oil and Gas Field Equipment for Well Operation and Repair”. Also in 2024, a new master’s program MPE Petroleum Engineering in the direction of “Oil and Gas Engineering” was opened for foreign students at the Department of “Field Pipeline Systems” of USPTU. RN-BashNIPIneft specialists teach master’s students the design, development and production of oil and gas fields on land and offshore, work in Rosneft software products, introduce innovative well drilling technologies, etc. The first students of the program were 10 applicants from Egypt, Nigeria and Cameroon.

    Ufaorgsintez annually holds the Unified Oil Refinery Cup in Oil Refining Olympiad and the Petrochemistry, Chemical Technology and Automation Olympiad for senior students at the University. In addition to certificates and gifts, winners and prize winners receive additional points that are taken into account when applying for a master’s degree at USPTU, and are also invited to interviews at Bashneft enterprises for possible employment.

    Reference:

    Ufa State Petroleum Technological University is one of the leading technical universities in Russia. With the support of the Company, a unique scientific and educational center “NK Rosneft – Ufa State Petroleum Technological University” was created there.

    Since 2001, Rosneft and USPTU have been partners in the field of training qualified personnel, scientific and innovative activities, as well as the implementation of international educational projects of the Company with Tsinghua University (PRC) and Qatar University.

    Department of Information and Advertising of PJSC NK Rosneft October 31, 2024

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Video: | Finance Minister Enoch Godongwana presents the Medium Term Budget Policy Statement

    Source: Republic of South Africa (video statements)

    Finance Minister Enoch Godongwana presents the Medium Term Budget Policy Statement

    Stay updated, South Africa! Subscribe to The Presidency’s Channel here: https://www.youtube.com/@PresidencyZA/?sub_confirmation=1.

    Checkout more: http://www.thepresidency.gov.za

    Get Social
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    https://www.youtube.com/watch?v=n3nQKxTcvxY

    MIL OSI Video –

  • MIL-OSI Europe: AMERICA/USA – Electoral campaign between Harris and Trump is challenged on foreign policy and ‘World War in pieces’

    Source: Agenzia Fides – MIL OSI

    Washington (Agenzia Fides) – The war in the Middle East has entered the race for the White House especially in those States like Michigan where there is a large percentage of the population of Arab origin (Palestinian, Lebanese and Iraqi in particular).Foreign policy is not traditionally among the key factors that guide the US electorate’s choices inside the ballot box. Nonetheless, the outcome of the US presidential election (voting takes place on Tuesday 5 November) is bound to have a significant impact on the tensions that cross the global geopolitical scenarios and the wars that bloody the world.The Democratic candidate is in a difficult position because she is part of the current administration that granted at least $18 billion in military aid to Israel after the attack unleashed by Hamas on 7 October 2023, fuelling criticism from those who see America as complicit in the massacres committed against civilians in Gaza. Kamala Harris has not been spared criticism from the more left-wing part of her party and the Arab electorate, despite being as Vice-President one of the first people in the Biden administration to call for an ‘immediate ceasefire’, and to express concern about the ‘humanitarian catastrophe for the Palestinians’ urging Israel to end the conflict. However, she did not support an arms embargo against Israel, which some on the US left would like. At the party convention, she said she would ‘always stand up for Israel’s right to defend itself’.In her support, the 2016 nominee of the most left-wing part of the Democratic Party, Bernie Sanders recently promised his supporters: ‘I promise you, after Kamala wins, we will together do everything that we can to change US policy toward Netanyahu’.But the Democratic candidate aroused the ire of the Arab-origin electorate when she received the endorsement of Liz Cheney, daughter of Goerge W. Bush’s former vice-president Dick Cheney, who is considered a hawk who promoted the invasion of Iraq in 2003 and is not well regarded by Americans of Iraqi origin.Donald Trump did not miss the opportunity to ridicule in the eyes of the electorate of Arab origin the proximity offered by the former Republican congresswoman to the Democratic candidate, saying: ‘Liz Cheney, who, like her father, the man that pushed Bush to ridiculously go to War in the Middle East, also wants to go to War with every Muslim Country known to mankind’. Trump for his part has to make amends for inflammatory statements towards Arabs and Muslims, especially with regard to immigration to the US, but he is now trying to get closer to the Arab electorate (and more generally those who are critical of the war in Gaza) by promising to be the one who will bring peace back to the Middle East and Ukraine. ‘If Kamala gets four more years, the Middle East will spend the next four decades going up in flames, and your kids will be going off to War, maybe even a Third World War, something that will never happen with President Donald J. Trump in charge,’ he said. But beyond rhetorical proclamations what is Trump’s position on the Middle East? Trump has repeatedly stated that the war between Israel and Hamas would never have broken out had he been in power, although he has offered few details on how he would have handled the situation differently from Biden. During his time in office, he promoted the so-called Abraham Accords that led to the opening of diplomatic relations between Israel and a number of Arab states (the UAE, Bahrain, Morocco and Sudan) and with the prospect of reaching a regional understanding extended to Saudi Arabia, the other pillar of American policy in the Middle East. The aim was to create a regional security system centred on Israel and Saudi Arabia of which the US would act as external guarantor, allowing it to withdraw some of its troops deployed in the area.The logic behind the Abraham Accords was explained by Trump’s vice presidential candidate, JD Vance. ‘America doesn’t have to constantly police every region of the world,’ he said in a television interview. ‘We should empower people to police their own regions of the world.’ Vance while recognizing Israel’s right to defend itself stated that a war with Iran is not in the US interest.The Abraham Accords, however, do not offer a real solution to the Palestinian issue even though Trump in early 2020 had proposed an American-funded Israeli-Palestinian peace plan aimed at making Gaza an international tourism hub. The Trump administration had also recognized Jerusalem as the capital of Israel where it had transferred the embassy from Tel Aviv and closed the US consulate in East Jerusalem that mainly served Palestinians. (L.M.) (Agenzia Fides, 31/10/2024)
    Share:

    MIL OSI Europe News –

  • MIL-OSI Security: United States Delivers Second United Nations Level 2 Hospital to Uganda for Peacekeeping and Humanitarian Efforts

    Source: United States AFRICOM

    Gallery contains 4 images

    United States Delivers Second United Nations Level 2 Hospital to Uganda for Peacekeeping and Humanitarian Efforts

    The U.S. provided $5.5 million state-of-the-art U.N. Level 2 hospital As to help support the Ugandan military.

    United States Delivers Second United Nations Level 2 Hospital to Uganda for Peacekeeping and Humanitarian Efforts

    The U.S. provided $5.5 million state-of-the-art U.N. Level 2 hospital As to help support the Ugandan military.

    United States Delivers Second United Nations Level 2 Hospital to Uganda for Peacekeeping and Humanitarian Efforts

    The U.S. provided $5.5 million state-of-the-art U.N. Level 2 hospital As to help support the Ugandan military.

    United States Delivers Second United Nations Level 2 Hospital to Uganda for Peacekeeping and Humanitarian Efforts

    The U.S. provided $5.5 million state-of-the-art U.N. Level 2 hospital As to help support the Ugandan military.

    The U.S.  provided $5.5 million  state-of-the-art U.N. Level 2 hospital As to help support the Ugandan military. The 22-bed facility, equipped with specialized suites for dental and surgical care, is designed for rapid deployment in response to regional peacekeeping, humanitarian emergencies, and medical crises. 

    The donation marks the second U.N. Level 2 hospital delivered from the U.S. to Uganda. The first donated hospital played a crucial role during the COVID-19 pandemic, significantly contributing to the Ugandan response and saving thousands of lives, including civilians.

    As part of the transfer, soldiers from the Uganda People’s Defence Force participated in intensive training at the Uganda Rapid Deployment Capabilities Center in Jinja, Oct. 14-29. During training, they learned essential skills in setting up, operating, and dismantling the hospital to ensure effective deployment when needed.

    “This initiative reflects the United States’ dedication to enhancing health care and humanitarian response capabilities as part of the more than 60-year partnership with the Ugandan people,” U.S. Ambassador William Popp to Uganda said. 

    The majority of U.S. defense and security cooperation in Uganda supports health programs with a direct impact on Ugandan citizens. While less than 3% of the nearly $1 billion in total U.S. government development and humanitarian assistance to Uganda in 2023, nearly two-thirds of all U.S. security cooperation funds went to health programs, with the rest supporting human rights and legal training as well as peacekeeping efforts in Somalia. 

    MIL Security OSI –

  • MIL-OSI Africa: Adesina and Banga lead the charge to end hunger in Africa at 2024 Borlaug Dialogue

    Source: Africa Press Organisation – English (2) – Report:

    DES MOINES, United States of America, October 31, 2024/APO Group/ —

    In a powerful opening to the 2024 Norman E. Borlaug International Dialogue, the president of the African Development Bank Group (www.AfDB.org) Dr. Akinwumi Adesina and his counterpart at the World Bank Ajay Banga, stressed the need for more global action against hunger, a goal slipping further away due to the combined effects of conflict, economic challenges and climate change.

    The two leaders were guest speakers at the opening plenary on Tuesday 29 October, entitled “Achieving a Hunger-Free World,” at which they reiterated their institutions’ commitments to ending food insecurity in Africa, highlighting innovative partnerships and financial solutions.

    “There is nothing more important than feeding the world. Multilateral Development Banks (MDBs) play an important role in that,” Adesina declared. He stressed the crucial role of international financial institutions in helping achieve this task. 

    Interviewed by Roger Thurow, senior fellow for global agriculture at the Chicago Council on Global Affairs, Adesina and Banga discussed the transformative actions from MDBs in meeting Africa’s annual $1.3 trillion development needs.

    Giving examples of innovative instruments to stretch balance sheets, Adesina said International Monetary Fund (IMF) Special Drawing Rights or SDRs, if channeled through MDBs, could enable them to become leveraging machines, multiplying resources up to eight times.

    “And that’s how you recycle capital to do all the things you need. Think of that,” he said.

    Banga praised Adesina’s leadership and expressed confidence in joint initiatives like “Mission 300,” an ambitious project to connect 300 million Africans to electricity by 2030.

    “When you want to solve a problem, you work in partnership,” Adesina stated, lauding Banga’s collaborative spirit.

    Both leaders highlighted the urgency of engaging Africa’s youth in agriculture. The African Development Bank’s “Enable Youth” program and the World Bank’s focus on youth employment initiatives, reflect a shared commitment to harnessing Africa’s demographic dividend for agricultural transformation and economic prosperity.

    “If we don’t put finance behind young people’s ideas, that’s the biggest risk,” Adesina warned.

    The 2024 Borlaug Dialogue, hosted by the World Food Prize Foundation, gathers experts worldwide to inspire innovative solutions to global hunger. With this year’s theme, “Seeds of Opportunity, Bridging Generations and Cultivating Diplomacy,” the event champions collaboration, legacy, and hope in the fight for food security.

    Adesina also underlined the importance of partnerships such as the G20’s Global Alliance against Hunger and Poverty of which the African Development Bank and the World Bank are partnering. The campaign will see SDRs channeled through MDBs to fight hunger. He cited Mission 300, a joint initiative by the World Bank and the African Development Bank to connect 300 million people in Africa to electricity by 2030, as another example of MDB cooperation.

    Banga stated his confidence in Adesina’s leadership for initiatives like M300: “We have six years to get it done,” he said.

    Scale and ecosystems to address climate change and improve farmers’ livelihoods

    Addressing the topic of climate change and farmers’ livelihoods Banga noted that in Africa, only 4% of global climate financing goes to agriculture.  

    He stressed the need for scalable solutions to support Africa’s small farmers. “The focus must be on scale and ecosystems,” he said, pointing to the World Bank’s efforts to enhance farmers’ access to energy, internet, and credit guarantees, creating a comprehensive support network.

    The World Bank is putting the demographic dividend of Africa’s youth population to the fore by making job creation a specific outcome of all its development work, along six specific pillars, Banga said.

    Earlier, Mashal Husain, Chief Operating Officer for the World Food Prize Foundation said the theme for this year’s Borlaug dialogue: “Seeds of Opportunity, Bridging generations and cultivating diplomacy,” pointed to a world of potential to achieve the goal of ending hunger worldwide.

    “That seed represents hope, innovation and courage to dream. This week at the Borlaug Dialogue we are not just talking about the seeds of opportunity. We are planting them,” Husain said.

    Adesina’s engagements at the Borlaug Dialogue include the Africa Agriculture Dialogue, engagements with the presidents of Sierra Leone and Tanzania and addressing Global Youth Institute Students and Youth Program Alumni on Wednesday 30 October. He will also moderate a high-Level panel Discussion on Thursday 31st October entitled: Bold Measures to Feed Africa.

    To learn more about the Norman E Borlaug Dialogue, click here (https://apo-opa.co/3YmL8yW). Follow the conversation on X (https://apo-opa.co/3Us9KFi).

    MIL OSI Africa –

  • MIL-OSI Africa: TB in Africa: global report shows successes, but Nigeria and DRC remain important hotspots

    Source: The Conversation – Africa – By Tom Nyirenda, Extraordinary Senior Lecture in the Department of Global Health, Stellenbosch University

    The World Health Organization’s 2024 Global Tuberculosis report reveals a sobering reality. Formidable challenges remain in the fight against the world’s most infectious disease: persistent poverty in high burden countries; increased rates of infection among vulnerable populations; the inability to find and treat all missing cases; and funding shortfalls.

    The WHO’s report measures progress in two ways: the number of TB-related deaths, and the number of people who become ill. There is still a long battle ahead to eradicate a disease that results in over 10 million patients among those already infected and claims around 1.5 million lives each year. This even though it is preventable and curable.

    The good news is that some countries in Africa have made significant progress in reducing infection rates and TB-related deaths.

    Global health specialist Tom Nyirenda assesses some of the report’s key findings and messages.

    Tackling poverty beats TB

    In 2023, an estimated 10.8 million people fell ill with TB worldwide, including 6.0 million men, 3.6 million women and 1.3 million children. This is slightly more than the 10.6 million people recorded in 2022.

    TB can be defeated because we have good diagnostic tools and effective treatment for the commonest forms of the disease. Global funding, which is critical in fighting TB, is not yet up to the scale that is required to stop the disease. Only 26% of the funding committed by global partners to TB prevention, diagnostic and treatment services has materialised so far.

    Good diagnostic tools and treatment aren’t the panacea. Almost 87% of TB cases are from 30 high burden poor countries of the world. Slow or lack of economic progress of affected populations is one of the greatest challenges the world continues to face.

    Read more: New TB skin test could offer cheaper and easier way to detect the disease

    TB-related deaths

    On the positive side, progress has been made in reducing TB related deaths in the Africa region. The continent saw the biggest drop in TB related deaths since 2015 of all six regions – 42%. The European region came next with TB deaths down by 38% in the same period.

    When it comes to TB infections the WHO African and European regions have made the most progress: a reduction of 24% in Africa and 27% in Europe.

    One of the main reasons for the success in Africa has been progress in treating HIV patients. This is because TB is one of the most common opportunistic infections among patients with HIV. (Opportunistic infections occur more often or are more severe in people with weakened immune systems.)

    Before antiretrovirals transformed treatment for HIV patients, the African continent had the highest TB-HIV co-infection rates in the world. High mortality was experienced among co-infected patients.

    At one stage HIV prevalence among TB patients was estimated to be as high as 90% in some areas of sub-Saharan Africa.

    Treating co-infected patients with antiretrovirals has contributed significantly to the drop in TB-related cases and deaths on the continent.

    Some countries have increased TB screening among vulnerable groups such as children and those who live in confined areas, such as prisoners and displaced people.

    Mixed bag of infection rates

    Successes within the African region vary from country to country.

    For example Nigeria and the Democratic Republic of Congo are among eight countries that accounted for about two-thirds of the global number of people estimated to have developed TB in 2023. Nigeria has 4.6% of the global new cases and the DRC has 3.1%.

    It’s noteworthy that both countries have high levels of poverty; they are vast, with huge populations; and their health services are limited compared to the scale of disease burdens they face.

    Read more: Medical science has made great strides in fighting TB, but reducing poverty is the best way to end this disease

    Sometimes increases in reported cases are not a bad thing. They can be due to improved case finding or better diagnostic procedures. But vigilance is required to maintain the drive towards achievement of global targets.

    Barriers to seeking treatment

    Families of TB sufferers often have to bear costs such as for medications, special foods, transport, and a loss of income.

    Such expenses sometimes discourage TB sufferers from seeking treatment.

    The WHO global report estimates families in many countries in Africa are among those facing “catastrophic total costs” as a result of members becoming ill with TB. This is when direct and indirect costs account for more than 20% of a family’s annual household income. The countries where this is the case include Niger, Ghana, Burkina Faso, Tanzania and South Africa.

    A billboard warns locals about the dangers of tuberculosis in Dire Dawa, Ethiopia. Getty Images.

    Vaccine race

    The only vaccine against TB, the Bacillus Calmette-Guérin vaccine, has been used for more than 100 years. It is largely effective for children under five, but less so in older people. And it can’t be used on patients who have certain medical conditions.

    Development of vaccines is a lengthy and costly exercise. Only one-fifth of the finance necessary for research has been forthcoming to date.

    Read more: TB: gene editing could add new power to a 100-year-old vaccine

    The good news is that of all infectious diseases TB is probably the one that has the most vaccine candidates in the pipeline (about 17). There are currently six vaccine candidates for adults in phase III trials. They could be available within the next five years.

    Beating the disease will require an effective primary or recurrent TB prevention vaccine or a therapeutic vaccine for those already infected with the TB bacteria but who have not yet developed the disease.

    Future threats

    Climate change will affect food security and nutrition, essential for recovery from TB, and also diverting TB resources to epidemics and pandemics associated with it.

    Human conflict, migration and displacement are other threats that world faces that will hinder TB infection control and treatment.

    There is also the urgent need to tackle drug-resistant tuberculosis.

    These dangers strengthen the case for multi-sectoral collaboration to share rare resources and strive for a meaningful impact. The speed at which COVID-19 vaccines were developed in the middle of a pandemic and global lockdowns shows this is possible in better and worse times.

    What needs to be done

    Without government support the war against TB will never be won. Every country and every community is different. It is therefore essential that locally relevant economic research is conducted in every situation to guide policies that reduce the economic burden of TB on communities. Generated evidence should guide policy and practice. Above all good financing should be mobilised, with governments leading the course.

    – TB in Africa: global report shows successes, but Nigeria and DRC remain important hotspots
    – https://theconversation.com/tb-in-africa-global-report-shows-successes-but-nigeria-and-drc-remain-important-hotspots-242489

    MIL OSI Africa –

  • MIL-OSI Global: TB in Africa: global report shows successes, but Nigeria and DRC remain important hotspots

    Source: The Conversation – Africa – By Tom Nyirenda, Extraordinary Senior Lecture in the Department of Global Health, Stellenbosch University

    The World Health Organization’s 2024 Global Tuberculosis report reveals a sobering reality. Formidable challenges remain in the fight against the world’s most infectious disease: persistent poverty in high burden countries; increased rates of infection among vulnerable populations; the inability to find and treat all missing cases; and funding shortfalls.

    The WHO’s report measures progress in two ways: the number of TB-related deaths, and the number of people who become ill. There is still a long battle ahead to eradicate a disease that results in over 10 million patients among those already infected and claims around 1.5 million lives each year. This even though it is preventable and curable.

    The good news is that some countries in Africa have made significant progress in reducing infection rates and TB-related deaths.

    Global health specialist Tom Nyirenda assesses some of the report’s key findings and messages.

    Tackling poverty beats TB

    In 2023, an estimated 10.8 million people fell ill with TB worldwide, including 6.0 million men, 3.6 million women and 1.3 million children. This is slightly more than the 10.6 million people recorded in 2022.

    TB can be defeated because we have good diagnostic tools and effective treatment for the commonest forms of the disease. Global funding, which is critical in fighting TB, is not yet up to the scale that is required to stop the disease. Only 26% of the funding committed by global partners to TB prevention, diagnostic and treatment services has materialised so far.

    Good diagnostic tools and treatment aren’t the panacea. Almost 87% of TB cases are from 30 high burden poor countries of the world. Slow or lack of economic progress of affected populations is one of the greatest challenges the world continues to face.



    Read more:
    New TB skin test could offer cheaper and easier way to detect the disease

    TB-related deaths

    On the positive side, progress has been made in reducing TB related deaths in the Africa region. The continent saw the biggest drop in TB related deaths since 2015 of all six regions – 42%. The European region came next with TB deaths down by 38% in the same period.

    When it comes to TB infections the WHO African and European regions have made the most progress: a reduction of 24% in Africa and 27% in Europe.

    One of the main reasons for the success in Africa has been progress in treating HIV patients. This is because TB is one of the most common opportunistic infections among patients with HIV. (Opportunistic infections occur more often or are more severe in people with weakened immune systems.)

    Before antiretrovirals transformed treatment for HIV patients, the African continent had the highest TB-HIV co-infection rates in the world. High mortality was experienced among co-infected patients.

    At one stage HIV prevalence among TB patients was estimated to be as high as 90% in some areas of sub-Saharan Africa.

    Treating co-infected patients with antiretrovirals has contributed significantly to the drop in TB-related cases and deaths on the continent.

    Some countries have increased TB screening among vulnerable groups such as children and those who live in confined areas, such as prisoners and displaced people.

    Mixed bag of infection rates

    Successes within the African region vary from country to country.

    For example Nigeria and the Democratic Republic of Congo are among eight countries that accounted for about two-thirds of the global number of people estimated to have developed TB in 2023. Nigeria has 4.6% of the global new cases and the DRC has 3.1%.

    It’s noteworthy that both countries have high levels of poverty; they are vast, with huge populations; and their health services are limited compared to the scale of disease burdens they face.



    Read more:
    Medical science has made great strides in fighting TB, but reducing poverty is the best way to end this disease

    Sometimes increases in reported cases are not a bad thing. They can be due to improved case finding or better diagnostic procedures. But vigilance is required to maintain the drive towards achievement of global targets.

    Barriers to seeking treatment

    Families of TB sufferers often have to bear costs such as for medications, special foods, transport, and a loss of income.

    Such expenses sometimes discourage TB sufferers from seeking treatment.

    The WHO global report estimates families in many countries in Africa are among those facing “catastrophic total costs” as a result of members becoming ill with TB. This is when direct and indirect costs account for more than 20% of a family’s annual household income. The countries where this is the case include Niger, Ghana, Burkina Faso, Tanzania and South Africa.

    Vaccine race

    The only vaccine against TB, the Bacillus Calmette-Guérin vaccine, has been used for more than 100 years. It is largely effective for children under five, but less so in older people. And it can’t be used on patients who have certain medical conditions.

    Development of vaccines is a lengthy and costly exercise. Only one-fifth of the finance necessary for research has been forthcoming to date.



    Read more:
    TB: gene editing could add new power to a 100-year-old vaccine

    The good news is that of all infectious diseases TB is probably the one that has the most vaccine candidates in the pipeline (about 17). There are currently six vaccine candidates for adults in phase III trials. They could be available within the next five years.

    Beating the disease will require an effective primary or recurrent TB prevention vaccine or a therapeutic vaccine for those already infected with the TB bacteria but who have not yet developed the disease.

    Future threats

    Climate change will affect food security and nutrition, essential for recovery from TB, and also diverting TB resources to epidemics and pandemics associated with it.

    Human conflict, migration and displacement are other threats that world faces that will hinder TB infection control and treatment.

    There is also the urgent need to tackle drug-resistant tuberculosis.

    These dangers strengthen the case for multi-sectoral collaboration to share rare resources and strive for a meaningful impact. The speed at which COVID-19 vaccines were developed in the middle of a pandemic and global lockdowns shows this is possible in better and worse times.

    What needs to be done

    Without government support the war against TB will never be won. Every country and every community is different. It is therefore essential that locally relevant economic research is conducted in every situation to guide policies that reduce the economic burden of TB on communities. Generated evidence should guide policy and practice. Above all good financing should be mobilised, with governments leading the course.

    Tom Nyirenda is affiliated with European and Developing Countries Clinical Trials Partnership -EDCTP.

    – ref. TB in Africa: global report shows successes, but Nigeria and DRC remain important hotspots – https://theconversation.com/tb-in-africa-global-report-shows-successes-but-nigeria-and-drc-remain-important-hotspots-242489

    MIL OSI – Global Reports –

  • MIL-OSI Video: Spain, Palestine, Lebanon & other topics – Daily Press Briefing (30 Oct 2024) | United Nations

    Source: United Nations (Video News)

    Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

    Highlights:
    – Secretary-General/Colombia
    – Lebanon
    – Occupied Palestinian Territory
    – Haiti
    – Sudan
    – Floods in Spain
    – Security Council
    – Mpox
    – Noon Briefing Guest
    – Briefings Today
    – Briefings Tomorrow

    FLOODS IN SPAIN
    Images of the torrential rains that have caused severe floods in and around Valencia, in the south of Spain are devastating.
    The Secretary-General extends his condolences to the families of those who have lost their lives and expresses his full solidarity with the Government and the people of Spain.
    The UN stands ready to assist in whichever way it can.
    Valencia is hosts the UN Global Service Center base, which is an important logistics hub for the entire UN system.

    OCCUPIED PALESTINIAN TERRITORY
    Moving to Gaza, further to that situation, the Office for the Coordination of Humanitarian Affairs (OCHA) is urging the Israeli authorities to urgently grant access for critical humanitarian activities in Jabalya, Beit Lahia and Beit Hanoun in North Gaza. OCHA emphasizes the need for secure conditions to deliver aid and conduct rescue operations safely, given the ongoing military operations there.
    The UN and the humanitarian partners are set to urgently implement critical activities in those areas as soon as Israeli authorities reopen North Gaza.
    The Secretary-General is deeply shocked by reports of an Israeli air strike in Beit Lahia, in North Gaza that took place early yesterday reportedly left at least 90 Palestinians killed or missing, including at least 25 children. This tragic loss of life, he said particularly among vulnerable people, yet again underscores the devastating human impact of the ongoing conflict, which is intensifying in the north of Gaza.
    The Secretary-General unequivocally condemns the widespread killing and injury of civilians in Gaza and the ongoing displacement of the population. All parties to the conflict must comply with their obligations under international law, including the obligation to respect and protect civilians. This includes humanitarian workers and first responders, who play a vital role in mitigating suffering and providing life-saving assistance.
    The obstruction of their work only deepens the suffering of the population. Aid must flow freely and safely.
    The toll of the violence in Gaza is unconscionable. There must be an immediate ceasefire. And he reiterates once again his call for the immediate and unconditional release of all hostages. The time to stop the bloodshed is now.
    Also throughout October, we’ve noted that North Gaza governorate has been largely inaccessible, with very few exceptions, amid reports of high casualties, direct hits on overwhelmed medical facilities, and widespread family displacement and separation.
    OCHA also emphasizes the need for direct supply routes from Erez West to these areas, rather than routing all aid through Gaza City, which is the current imposed practice.
    Meanwhile, in the south, OCHA today visited two locations in Absan, east of Khan Younis, to assess the situation of displaced families. One was the Saudi Centre for Cultural and Heritage in Abasan Al Kabira, which provides mental health support for children, internet access for students, and operates a community kitchen for more than 500 families. The second location was in the Al Mharaba site, which hosts 2,000 people. At this site there are no health services, limited power and insufficient water facilities.

    LEBANON
    On the humanitarian front in Lebanon, a joint OCHA-UNICEF mission today delivered essential supplies to approximately 800 households in the village of Sarafand, in southern Lebanon. The supplies include water bottles, hygiene and dignity kits, water testers, children’s clothes and first aid kits.
    Also, today, a convoy by UNRWA delivered 5,000 liters of fuel for generators to ensure the operation of water wells and sanitation facilities in the Burj Shemali Palestinian Refugee Camp along the South Litani River.
    The situation continues to deteriorate amid escalating hostilities and displacement orders. Today, the Israeli army issued displacement orders for all residents of Baalbek city in the east of the country, to evacuate the entire city immediately.
    This prompted mass displacement and panic among residents. Strikes subsequently began after several hours. Displacement orders were also issued in several localities in Nabatieh, in the south.
    The Humanitarian Coordinator in Lebanon, Imran Riza, deplored the extensive harm inflicted on civilians and the destruction of critical infrastructure. He called for the violence to end immediately and reminded parties to the conflict that they must take all feasible precautions to avoid and minimize harm to civilians and civilian objects.

    Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=30%20October%202024

    https://www.youtube.com/watch?v=aCahJGvkgeo

    MIL OSI Video –

  • MIL-OSI Security: Military Leaders from the US and Morocco Strengthen Partnerships at the Marrakech Airshow 2024

    Source: United States AFRICOM

    U.S. Air Force aircraft arrived at the Marrakech Airshow 2024 (MAS), Tuesday, Oct. 29.

    The trade show features static and aerial displays of military and civilian aircraft and is an opportunity for international aerospace industry representatives to showcase their capabilities at the Marrakech Royal Moroccan Air Force Base from Oct. 30 to Nov. 2, 2024. The air show is also an opportunity for high level military officials to meet with their Moroccan Royal Armed Forces counterparts and the Ministry of Industry and Trade.

    This year, the United States is participating with several aircraft platforms including a C-130J Super Hercules from Ramstein Air Base, Germany, and a Utah Air National Guard KC-135 Stratotanker. U.S. Air Force participation in this international exhibition is intended to strengthen U.S. and international security assistance efforts as well as U.S. strategic partnerships with African countries.

    We are glad to be back in Morocco,” said Brig. Gen. Ricky Mills, Assistant Deputy Under Secretary of the Air Force, International Affairs. “The interactions and exchanges we have with our partners at MAS 2024 allow us to learn from and leverage the strengths of other nations.”

    Also attending is U.S. Air Force Brig. Gen. Shawn Holtz, Deputy Director of Strategy, Engagement and Programs for U.S. Africa Command.

    “The United States and the Royal Armed Forces of Morocco share a longstanding partnership, with Morocco hosting AFRICOM’s largest exercise, African Lion, and partnering with the Utah National Guard for more than 20 years,” said Holtz. “The Marrakech Air Show is one more opportunity to strengthen our relationship, exchange ideas, promote trust, and bolster security cooperation in the region.”

    The two generals are taking part in bilateral discussions with senior leaders from the Royal Armed Forces and other African military leaders.

    U.S. Ambassador to Morocco Puneet Talwar is also attending the air show.

    “Congratulations to Morocco on the success of this world-class event!” said Ambassador Talwar. “The United States has been a part of each Marrakech Air Show since its first edition, and we welcome the opportunity for U.S. companies to showcase the breadth of cutting edge technology that exemplifies American innovation.  Morocco’s rapidly growing role as regional economic hub, and investments in aerospace infrastructure make this an exciting time to grow our partnership.

    The air show and discussions highlight the strategic partnership between the United States and Morocco which is rooted in hundreds of years of shared interests in regional peace, security, and prosperity, and a longstanding commitment to continued cooperation.

    The Utah National Guard has also held an active partnership with Morocco since 2003 through the State Partnership Program, fostering strong, trust-based relationship focused on security cooperation. Through joint training and humanitarian missions, both forces exchange knowledge, refine tactics, and enhance operational capabilities.

    The Marrakech Airshow is held every two years since 2008, but has been on hiatus since 2018 due to the COVID-19 pandemic.

    MIL Security OSI –

  • MIL-OSI Economics: Christine Lagarde: Interview with Le Monde

    Source: European Central Bank

    Interview with Christine Lagarde, President of the ECB, conducted by Eric Albert, Philippe Escande and Béatrice Madeline on 28 October 2024

    31 October 2024

    In September, former ECB President Mario Draghi published an alarming report on how the European economy is falling behind. Do you agree with this assessment?

    Europe is falling behind. It’s true. And so is France. Mario Draghi’s report highlights the productivity gap, which is largely due to the tech sector. Tech players in Europe and the United States believe that the gap first emerged during the digital revolution that began in the mid-1990s.

    The question now is whether the boost that the United States got from the mid-1990s will continue with artificial intelligence, the accumulation of data centres and the exploitation of these data. This is the key issue. In Europe we need to roll up our sleeves and make an effort to keep those companies that start out here and then develop themselves elsewhere. We need to try to make them stay.

    So what is the solution? Do you think the gap will remain?

    We need to look at why Europe is falling behind. The energy component is key, especially as regards data centres. Labour is also important, with mobility being much greater in the United States. And regulation is a crucial issue, too. In overly simple terms, the United States is developing AI very quickly, and already has a number of major players. In the meantime, not only is Europe lacking such big players, but it has also become a pioneer in AI regulation. This causes players in this sector to say “OK, let’s do this elsewhere. It’ll be easier and we’ll have fewer obstacles and fewer restrictions”.

    What about the public funding provided to businesses in the United States?

    The fourth factor that is contributing to Europe falling behind is the “light” industrial policy pursued by the United States. It’s not light in terms of money because the Inflation Reduction Act of August 2022 is very large, but there are relatively few criteria to qualify for funding to start a company on US soil. When I ask manufacturers, they pretty much all agree that in Europe, the process is complicated and unwieldy. And on top of the multi-layered European system, you then have those of the Member States.

    The final factor is private funding. In the United States there are pension fund plans and other financial instruments that make it possible to channel savings and get savers (employees or retirees) interested in the future of the economy or the evolution of the stock market. In many European countries, these plans are still a long way off of those mechanisms, especially share participation and company profit sharing. Hence the need to develop a capital markets union.

    But we have been talking about this project for the past 15 years. And when Mario Draghi’s report was published, Germany immediately opposed common borrowing. Is Europe really capable of reacting?

    You’re right. We have been talking about a capital markets union since the time of Jean-Claude Juncker (President of the European Commission from 2014 to 2019), and little progress has been made. The Letta and Draghi reports are a wake-up call for Europeans, a warning. The assessment is severe but fair and provides specific recommendations. It suggests that all Europeans should gear up and be ready to give up a bit of sovereignty to ‘combine the best,’ to paraphrase what Paul Valéry once said. But what gives me hope is the engagement of all European institutions on the capital markets union. The ECB’s Governing Council is firmly engaged as well. We must use this momentum.

    In 2020, the plan for a collective European loan of €750 billion was a major step forward. Four years later, less than half of the loan has been allocated. Should we see this as another example of European slowness?

    We had exactly the same problem during the Greek crisis. The administrations of the different countries are not always able to quickly manage the incoming funds. The finance ministers of countries receiving a lot of funds tell you that they have of course identified what bridge or railway line should be constructed, but that they need to obtain local authorisations as well as permissions to expropriate property, and that environmental organisations are taking court actions. All of this takes a lot of time.

    In this context, what consequences could the US elections on Tuesday 5 November have for Europe?

    I do not want to give an opinion on any particular candidate. But US international trade policy will of course have an impact on economic activity in the rest of the world, and primarily on China. Whoever wins, if trade fragmentation worsens, the effect on global GDP will be negative, with losses reaching 9% in a severe scenario of full decoupling according to ECB simulations. But remember: when Joe Biden was elected, everyone thought that he would remove the customs barriers erected by his predecessor (Donald Trump). Nothing came of that.

    Between China, which is withdrawing towards Asia, and the United States, which is closing up again, isn’t Europe, as a partner to both powers, the big loser?

    That’s why we need to act and roll up our sleeves. Will Europe need to undergo another crisis for it to bring about reforms? It’s always in times of crisis that we are able to make things happen. That may be why Mario Draghi speaks of “agony”, it’s a way of saying “the crisis is here, now, do something!”.

    There is talk of a European decoupling. But isn’t there a French decoupling within Europe?

    If you compare today’s GDP figures with those of 2019, the United States has grown by 10.7%, the European average by 4.8% and France by 3.7%. France is lagging behind the European average.

    What is your view of the surge in the French deficit?

    The prospect of returning in line with European standards by applying European fiscal rules should serve as a binding guideline.

    And are the French promises to restore public finances credible?

    As I said, applying European fiscal rules should serve as a binding guideline.

    Will we be heading towards a recession in Europe in 2025?

    Based on the information now available and our current assessment, we don’t see a recession in 2024, nor in 2025, nor in 2026.

    What will drive this growth, given the weakness in demand?

    The two levers are exports and domestic demand, which is set to pick up. Today, with wages rising and inflation falling, disposable income is increasing. For the moment, this benefits savings more than consumption. But we are convinced, and economic history shows us, that this additional disposable income will ultimately flow towards consumption.

    How do you explain the fact that it is proving so difficult for consumption to recover?

    We can indeed ask why households are choosing to save their money instead of spending it. It could be that people are reluctant to make major purchases owing to geopolitical uncertainty. A second explanation could be related to the return on their savings, which is still fairly high in the euro area. A third could be that people are deciding it’s better to save rather than spend when they expect their taxes or other contributions to go up.

    Euro area inflation was at 1.7% in September, below your 2% target. Is it now under control?

    The target is in sight but I’m not going to tell you that inflation is defeated yet. Inflation stood at 1.7% in September. Excluding energy and food, it was still at 2.7%. We are pleased about the 1.7% figure, but we also know that inflation is going to rise again in the coming months simply because of base effects. In September energy prices were 6.1% lower than a year earlier, bringing down the cost of the consumption basket. Besides, inflation in the services sector – which is highly dependent on wages – is still at 3.9%. So, prudence is warranted.

    How do you respond to those who say the ECB was too late in reacting to the rise in inflation?

    I tell them we should look at the facts. Don’t forget that inflation was at 10.6% two years ago. It has fallen back to 1.7%. Perhaps we could have started a few months earlier. But we raised rates at the fastest pace ever and we managed to bring down inflation considerably in a short period of time. I now want to see inflation reach the 2% target on a sustained and durable basis. Unless there is a major shock, this will happen during the course of 2025.

    And what do you say to those who now accuse you of cutting rates too late and not quickly enough?

    The pace at which interest rates are cut will be determined by the economic data we receive in the coming weeks and months – based on our updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. And to revitalise growth, urgent action is needed in the area of structural reforms.

    The spread between France and Germany has increased from 0.5% to 0.8% since the French National Assembly was dissolved. The ECB has an instrument that it can use to intervene and calm the markets. Are you ready to use it?

    We have clearly outlined the conditions under which we will use this instrument. And that is not an issue today.

    A number of emerging countries brought together by the BRICS (Brazil, Russia, India, China and South Africa) are thinking about a payments system to circumvent the dollar. Is dedollarisation happening?

    That would require another country to be able to take on the role of reserve currency. China is preparing for that, but it isn’t ready yet. I won’t see the renminbi take the place of the dollar in my lifetime.

    MIL OSI Economics –

  • MIL-OSI: AppFolio Unleashes Realm-X AI Capabilities, Previews FolioSpace, and Unveils Cutting-Edge Property Management Solutions at FUTURE 2024

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Oct. 30, 2024 (GLOBE NEWSWIRE) — AppFolio (NASDAQ: APPF), the technology leader powering the future of the real estate industry, today concludes FUTURE: The Real Estate Conference by AppFolio, capping off three days of industry-leading innovation and customer impact. During the conference, AppFolio announced the general availability of its embedded generative AI AppFolio Realm-X capabilities to its customers. Attendees also explored innovations in automating property operations, student and affordable housing, and resident experience, while connecting with industry leaders and discovering new solutions to transform their team’s productivity, elevate the resident experience, and increase performance.

    AppFolio Realm-X Revolutionizes Property Management
    Since its beta launch in June, Realm-X’s AI-powered solutions have created significant value for property managers, enabling them to automate routine tasks, streamline communication, and enable property managers to focus on improving performance. On average, Realm-X users save over 10 hours per week on tasks on their to-do lists. And in the last 30 days, customers have sent almost half a million Realm-X-generated messages, saving 26 seconds on average compared to a message composed without its help — equivalent to three full work weeks every year.

    • Realm-X Assistant is a modern co-pilot experience that handles ad hoc tasks like generating reports, managing vendor interactions, and drafting personalized emails and text messages for streamlined communication.
    • Realm-X Messages is a reimagined inbox that helps property managers sort through resident communications, offering quick, clear, personalized responses.
    • Realm-X Flows is a workflow automation engine that helps teams standardize processes and increase the speed, efficiency, and consistency of how they are executed.

    “The impact of Realm-X on our day-to-day operations has been remarkable. What used to take my team over 18 hours weekly—manually combing through data and responding to resident communications—now feels effortless, like we’ve been handed a magic wand,” said Maliyah Williams, Property Operations Specialist at Fairlawn. “It’s given us more time to focus on what truly matters—enhancing the resident experience and driving our business forward.”

    AppFolio Realm-X Assistant and Messages are now available to all customers, and Realm-X Flows is available to customers on AppFolio Property Manager Plus and Max plans.

    FolioSpace Is About to Transform the Resident Experience
    Last week, AppFolio announced FolioSpace™, the next-generation resident experience that redefines how property managers and residents connect throughout the entire resident journey. FolioSpace will enable AppFolio’s 20,000 property management customers to create a unified and elevated experience for the millions of residents they serve — from application through renewal. Learn more about FolioSpace.

    Additional Innovations Unveiled at FUTURE
    AppFolio introduced a host of key product innovations designed to streamline property management operations and enhance flexibility for customers managing mixed portfolios. These new features provide property managers with enhanced tools to improve efficiency, drive revenue, and better serve residents.

    • For accounting, the new Bill Approval Flows process allows customizable workflows for approvals based on vendor type, GL account, or amount. Additionally, the Budgeting Leasing Assumptions tool helps users input projected leasing metrics to better inform property budgets.
    • In maintenance, Smart Maintenance Billing empowers in-house maintenance teams to improve profitability, save hours of manual work, and ensure consistency. Smart Maintenance Scheduling reduces the hassle of coordinating maintenance technicians through integrated scheduling features, enhancing operational efficiency and boosting profitability.
    • For leasing management, Box Score Report provides at-a-glance visibility into leasing and occupancy activity across unit types, properties, and portfolios, so managers can identify areas of friction and make smarter performance optimization decisions.
    • Within student housing, Flexible Leasing capabilities, announced earlier this year, enable operators to lease by the bed or for groups (joint & several), allowing them to fill vacancies during pre-leasing. For affordable housing, Waitlist facilitates oversight of critical waitlist requirements and key application details in Property Manager, essential for managing HUD units.
    • In reporting and budgeting, Modern Reports Interface makes it easier to customize, analyze, and share data reports – ranging from standard features, such as sorting, multi-sorting and row filters, to advanced features, such as pivot tables and charts, available with Plus and Max plans. All new customers will gain access to this feature during FUTURE.
    • With the rise of fraud cases, Document Verification detects content tampering and tests the authenticity of the pay stubs applicants submit. Additionally, ID Verification authenticates an applicant’s identity in real time.

    During FUTURE, nearly 2,000 attendees gathered to feel confident in the future, better their business, and be inspired by transformative keynotes from New York Times #1 Best-Selling Author Daniel Pink and Three-Time Olympic Gold Medalist Kerri Walsh Jennings. To watch a replay of the opening mainstage session click here.

    “Our FUTURE conference has been an incredible journey, bringing together the most forward-thinking leaders in real estate,” said Lisa Horner, SVP of Marketing at AppFolio. “From our immersive training and certification sessions to insightful presentations from our AppFolio Stack Partners, we’ve seen firsthand how innovation is shaping the industry today. We’re deeply grateful to our long-time customers, our Customer Advisory Board, and industry advocates like NAA, NMHC, and IREM for making this event unforgettable. Together, we’re not just envisioning the future of real estate—we’re building it.”

    About AppFolio
    AppFolio is the technology leader powering the future of the real estate industry. Our innovative platform and trusted partnership enable our customers to connect communities, increase operational efficiency, and grow their business. For more information about AppFolio, visit appfolio.com.

    For more information, please contact:
    Mission North for AppFolio
    appfolio@missionnorth.com

    The MIL Network –

  • MIL-OSI Africa: Secretary-General’s remarks at the Ministerial Breakfast on the Intergovernmental Negotiating Committee to end Plastic Pollution [as delivered]

    Source: United Nations – English

    xcellencies, Friends,

    We are here today as we enter the last stretch of a crucial negotiation.

    Next month, Member States will meet in Busan, Republic of Korea to negotiate a multilateral solution to end plastic pollution.

    A solution that is vital for people, planet and prosperity alike.

    My thanks to the Government of Colombia for bringing us together today.

    And I commend you for leading by example – with ambitious national measures to reduce single-use plastics.

    Excellencies, dear Friends,

    We are here because we know the obvious.

    Plastic pollution is everywhere – all around us and even inside us – from our seas to our blood, to our brains.

    We are choking on plastic.

    Every year, people may ingest the equivalent of up to 50 plastic bags due to microplastics in food.

    Each year, humanity produces over 460 million metric tonnes of plastic.

    Half of it is designed for single-use purposes – used once and tossed away.

    By 2050, there could be more plastic in the ocean than fish.

    And so, it is clear that we need action, and fortunately, people are now demanding it.

    Excellencies, dear Friends,

    We would not be here today but for the historic step taken by Peru and Rwanda in introducing a joint proposal that paved the way for the adoption, in 2022, at the UN Environment Assembly, of a landmark resolution to begin the process to end plastic pollution.

    Since then, solidarity has been the hallmark of these negotiations.

    We see this solidarity enshrined in the Kunming-Montreal Global Biodiversity Framework that has reinforced the importance of addressing pollution from all sources to reduce the impacts of pollution on ecosystems and biodiversity.

    And we see this solidarity in the Pact for the Future, through which Member States recommitted to work towards the conclusion of a plastics agreement “with the ambition of completing negotiations by the end of 2024”.

    In Busan, Member States will have the chance to deliver on these promises and agree on a global treaty to end plastic pollution – once and for all.

    This has not been a road without challenges, but it has been a journey of progress.

    I thank the Chair of the International Negotiating Committee, Luis Vayas Valdivieso, as well as his predecessor Gustavo Meza-Cuadra, for getting us through five rounds of complex negotiations.

    This is an opportunity to demonstrate that multilateralism, while not always easy, can deliver for people, health and the environment.

    The ball is now in the court of Member States to land an agreement that is ambitious, credible and just.  

    An agreement that addresses the life cycle of plastic – tackling single-use and short-lived plastics;

    An agreement that responds to the needs of people and communities and that unleashes a just transition for all – including 20 million waste pickers around the world. 

    Excellencies, dear Friends,

    As the Montreal Protocol demonstrated almost forty years ago, international cooperation underpinned by meaningful legally binding agreements remains the most fruitful avenue to address global environmental challenges.

    I urge you to step up for human health, equity and justice.

    To step up for the future of people and planet.

    An ambitious agreement is the only way to end plastic pollution.

    Thank you.

    MIL OSI Africa –

  • MIL-OSI Security: A study in tropical disease prevention for this Navy Medicine physician

    Source: United States Navy (Medical)

    In the bitter fighting that raged across the jungle island of Guadalcanal during World War II, more Marines were lost to disease – malaria, dengue fever, dysentery – than enemy bullets.

    Lt. Cmdr. Lauren Kalodner, MD, MPH, is doing her best to ensure such a casualty count won’t happen again.

    Kalodner, a Rose Valley, Pennsylvania native, was part of a Uniformed Service University educational assignment to the equatorial West Africa nation of Ghana for two weeks of in-depth field work. The Military Tropical Medicine field mission provided an ideal natural environment for increasing her knowledge to confront and prevent endemic, infectious diseases prevalent in a tropical setting.

    “Participating on a field mission in Ghana is crucial for the understanding of tropical diseases because it allows for direct observation of the conditions that facilitate their spread. Local ecosystems, climate, animal and human behaviors plays a significant role in disease transmission. Immersing in the community helps healthcare workers understand cultural practices, health beliefs, and the social determinants of health that influence disease prevalence and management. The firsthand experience is crucial for developing effective prevention and treatment strategies tailored to the context from which the disease arises,” said Kalodner, stationed with 2nd Medical Battalion, 2nd Marine Logistics Group, as an emergency medicine physician.

    Kalodner and others went to Accra, capital and largest city of Ghana, as well as Kumasi, the second largest city. They received instruction on how to recognize, diagnose and treat disease agents, understand mitigation strategies to help control and limit disease transmission, identify transmission modes, and understand the overlapping connection of the natural and animal environments and human disease.

    Being able to help stop the spread of infectious tropical diseases which continue to cause untold casualties as well as fatalities – there were 608,000 malaria deaths in 2022 alone estimated by the World Health Organization – is significant in the light of Rear Adm. Darin Via, Navy Surgeon General and chief, BUMED recently affirming that Navy Medicine’s focus is readiness, especially with expeditionary medicine capabilities. Those capabilities call for a ready medical force ensuring there is a medically ready force.

    Kalodner noted that there were several key lessons which emerged relevant to Navy Medicine’s expeditionary medicine emphasis, such as “Adaptability, the ability to quickly adjust to vary environments and resource limitations is crucial for effective medical care in the field,” she explained.

    Other valuable insight gained included being culturally knowledgeable by “understanding local customs and health practices enhances trust and improves patient outcomes to function as part of a multi-national medical force. Collaboration [with] working closely with a diverse healthcare team is essential for a successful mission. Preventive care emphasizes education and preventive measures which can significantly reduce the burden of tropical diseases. Logistics management for effective planning for supply chain challenges is vital for maintaining readiness and ensuring the medical teams can operative efficiently in remote areas,” stressed Kalodner.

    “These lessons enhance the Navy’s expeditionary medicine capabilities and promote a more holistic and integrated approach to healthcare in diverse environments,” continued Kalodner, adding that the training proved to be invaluable. “Unmatched. This is the best training opportunity offered to prepare military healthcare workers to prepare for tropical disease and DNBI [disease and non-battle injury].”

    Her interest in Navy Medicine was fostered by the opportunity to combine her passion for healthcare with a commitment to put service before self. After completing Strath Haven High School in 2003, Kalodner graduated from Davidson College in 2007, followed by George Washington University Milken School of Public Health in 2012 and the Uniformed Services University, F Edward Herbet School of Medicine in 2018. She then completed her four-year residency in emergency medicine at Naval Medical Center Portsmouth in 2022.

    “The chance to work in diverse environments, address unique medical challenges, and contribute to global health initiative was particularly appealing,” Kalodner said. “The emphasis that Navy Medicine puts on teamwork and the ability to make a tangible difference in the lives of service members and communities inspired my decision to join the Navy.”

    Fast forward to the summer of 2024. When the prospect of traveling to Ghana for the Military Tropical Medicine mission became known, it was easy for Kalodner to make the commitment.

    “While I was studying at Davidson College, I started taking French classes. I knew I wanted to study abroad in a unique place where I could grow my French language skills and experience a new culture,” she related. “I selected to go to Dakar, Senegal, where I studied and lived for eight months of my sophomore year of college. I loved the people and culture of West Africa. I thought doing my tropical medicine field mission in Ghana would be a great way to experience new cultures within West Africa while also furthering my knowledge of tropical medicine and international medicine.”

    Before being immersed in the field, Kalodner and other students had four-weeks of virtual instruction to help prep their knowledge.

    “The knowledge of disease processes and skills earned through hard work and study during the classroom allowed you to become an active participant in patient care,” said Kalodner. “The field experience helps solidify the classroom lessons through patient interaction.”

    From coastal rainforest to rural village, the itinerary of Kalodner and others had them conducting water and environmental sampling and field collecting of mosquito and tick vectors. They met with Ghanian Armed Forces 37 Military Hospital physicians and medical residents to discuss treating patients with diverse illnesses from cerebral malaria to tuberculosis, as well as reviewing parasitology and microscopy of infectious diseases at the Ghana Entomology Center of Excellence. There was valued time also spent with the Ghana Military Police National Dog Academy to learn about dealing with canine-related disease transmission(s) and veterinarian services in their country.

    Kalodner and others worked with Navy Medical Research Unit 3 Accra staff and U.S. embassy. They met with representatives from a host of organizations including U.S. Centers for Disease Control and Prevention, U.S. Peace Corps and U.S. Agency for International Development to learn about interagency cooperation and partnership as it relates to global health engagement.

    There were challenges, which provided an instructive framework for future planning and problem solving.

    “I think the elegant part of this experience was that many of the challenges I faced during my field mission in Ghana are similar to those I will face in a deployed environment. One of the biggest challenges was limited access to resources, including medical supplies and equipment. There were logistical issues, such as patient transportation difficulties and infrastructure limitations that hinder the delivery of healthcare. Additionally, navigating cultural differences and ensuring effective communication are barriers to overcome,” exclaimed Kalodner.

    Yet there was fulfillment in encountering and coping with the trials.

    “The most gratifying aspect was seeing the direct impact our work had on the local community and knowing that the knowledge, skill, and abilities I learned from my time in the field could have the same direct impact on American servicemembers and allies in future combats zones,” stated Kalodner.

    When asked to sum up her experience Navy Medicine – which also includes having her conduct clinical sustainment shifts at NMC Portsmouth – in one sentence, Kalodner replied, “My experience with Navy Medicine has been a profound journey of service, learning, and collaboration, dedicated to enhancing health outcomes in diverse and challenging environments.”

    MIL Security OSI –

  • MIL-OSI USA: Cole Leads National Security Trip to Middle East

    Source: United States House of Representatives – Congressman Tom Cole (OK-04)

    FOR IMMEDIATE RELEASE | CONTACT: Olivia Porcaro 202-225-6165

    Washington, D.C. – Amid rising threats and instability, House Appropriations Chairman Tom Cole (R-OK) led a bipartisan delegation to the Middle East in support of strengthening America’s defense and reinforcing partnerships with allies. Cole and his colleagues met with heads of state and other leaders from Egypt, Jordan, Saudi Arabia, and Israel to enhance their tactical understanding of ongoing conflicts caused by Iran’s proxies and discuss mutual objectives to achieve peace and security in the region.

    Cole was joined by House Appropriations Ranking Member Rosa DeLauro (D-CT) and Representatives John Rutherford (R-FL), Ed Case (D-HI), and Mark Alford (R-MO).

    During visits with Egyptian President Abdel Fattah El-Sisi, King of Jordan Abdullah II bin Al-Hussein, and Saudi officials, the U.S. lawmakers held productive, high-level meetings on reinforcing strategic alliances, the importance of increased regional cooperation, and our shared commitments to supporting global security and the safety of our citizens.

    Diplomacy is crucial to protecting American interests around the world, and the deepening of our engagement and security partnerships through these visits is a key element to that objective. The group agreed to unite to bolster peace and security during this difficult time.

    In Israel, Congressman Cole and the rest of the group reiterated the unbreakable bond the United States shares with our friend and ally. While meeting with Israeli Prime Minister Benjamin Netanyahu, Defense Minister Yoav Gallant, and Foreign Minister Israel Katz, the Members received briefings on military operations, continued efforts to rescue hostages, including American citizens, and the malign activities of Hamas, Hezbollah, and other Iranian-regime proxies. Just over a year after the deadliest attack on the Jewish people since the Holocaust, the Members concluded their time in Israel with a visit to Mount Herzl to honor the tremendous stories of heroism and tragedy. On behalf of the U.S. House of Representatives, they laid a wreath at the cemetery in solemn remembrance of those lost.

    Their final stop of the trip was to visit with officers and crew of a U.S. warship doing dangerous and heroic work in the eastern Mediterranean. These outstanding sailors defend our country and allies and make all Americans proud every day.

    ###

    MIL OSI USA News –

  • MIL-OSI Economics: Fiscal Affairs Department’s 60th Anniversary Conference: “60 Years of FAD: The Fiscal Affair Continues”

    Source: International Monetary Fund

    The Fiscal Affairs Department (FAD) of the IMF will celebrate 60 years since it was formed in 1964 with a one-day conference, “60 Years of FAD: The Fiscal Affair Continues,“ on November 4, 2024, in Washington D.C., USA.

    Even as prospects for a global soft landing have improved, fiscal policy continues to struggle with legacies of high debt and deficits, while facing new challenges. Risks to public finances are acute, reflecting the pressures of aging societies, industrial policies, geopolitical tensions, the needs of a greener and more equitable society and now, the threat to labor from AI technologies. Lower medium-term growth prospects have worsened debt dynamics and compounded the risks to fiscal sustainability. Fiscal policy challenges are especially acute in low-income countries, where financing is scarce and limits the ability of governments to support economic and human development.

    In this context, the conference will bring together fiscal policy experts, senior policy makers, and former and current IMF staff. They will look back at the contributions of FAD to the global fiscal policy discourse and its service to the membership. They will discuss the likely evolution of sovereign debt market and the role that public policy can play in making AI beneficial for workers and growth. And they will look ahead to the challenges that will emerge for fiscal policy in the future, and the choices fiscal policymakers will face, especially in low-income and fragile countries. The conference will also be an occasion to celebrate the evolution and impact of FAD’s capacity development (CD) from serving a small section of the membership to covering nearly every corner of the world.

    Agenda

    8:30 A.M. Coffee and refreshments
    9:00 A.M. Opening remarks. Gita Gopinath, First Deputy Managing Director of the IMF, introduced by Vítor Gaspar, Director, Fiscal Affairs Department, IMF.
    9:15 – 10:30 A.M. Sovereign Debt
     Moderator: Ceyla Pazarbasioglu, Director, Strategy, Policy and Review Department, IMF
    Panelists:

    S. Ali Abbas  (Deputy Director, Fiscal Affairs Department, IMF)

    S. Ali Abbas is a deputy director in the IMF’s Fiscal Affairs Department where he supervises the sovereign debt and governance workstreams, and oversees the department’s review of Fund programs in emerging and developing economies, with a focus on Sub-Saharan Africa. He was previously IMF mission chief for the United Kingdom and Jordan, and deputy chief of the Debt Policy Division in the IMF’s Strategy Policy and Review Department. He has been closely involved in several complex Fund programs, and has led reforms to the IMF’s exceptional access lending and debt sustainability frameworks. In 2019, he co-edited Sovereign Debt: A Guide for Economists and Practitioners (OUP), with Alex Pienkowski and Kenneth Rogoff, adding to his earlier published work on post-GFC fiscal policy, the euro area sovereign debt crisis, international tax competition, state contingent debt instruments, fiscal policy and the current account, and government securities markets. Ali is a Rhodes scholar from Pakistan and holds a doctorate in economics from Oxford. He also served as an Overseas Development Institute fellow to the Tanzanian Treasury during 2000–02.

    Carlo Cottarelli (Former Director Fiscal Affairs Department, IMF)

    Carlo Cottarelli, a citizen of Italy, after receiving degrees in economics from the University of Siena and the London School of Economics, worked at the Bank of Italy, ENI and the IMF. He was FAD Director in 2008-13, Commissioner for Public Spending in Italy in 2013-14, IMF Executive Director in 2014-17. He taught at Bocconi University and he is currently Director of the Observatory on the Italian Public Accounts of the Catholic University of Milan, where he also teaches a course of Fiscal Macroeconomics In 2021 he was awarded the honor of First Class Knight Grand Cross of the Order of Merit of the Italian Republic.

    Christoph Trebesch (Professor, Kiel University)

    Christoph Trebesch is a professor at the Kiel Institute for the World Economy and the University of Kiel. His research focuses on international finance and macroeconomics as well as political economy and geopolitics. His research has been published in leading economic journals such as the American Economic Review, the Quarterly Journal of Economics, and the Journal of Political Economy, and is regularly cited in international media, including the New York Times, the Financial Times, and the Wall Street Journal. He directs the CEPR Policy Network on “International Lending and Sovereign Debt” and co-directs the CEPR Network on “Geoeconomics”, for which he organizes an annual high-level conference on geopolitics and economics. He is also the creator of the widely referenced “Ukraine Support Tracker” on military and financial aid flows to Ukraine. In 2023, he was awarded an ERC Consolidator Grant, one of the most prestigious research recognitions in Europe.
    10:30 – 11:00 AM The Surge in FAD’s Capacity Development Delivery (A/V) Moderators:

    Katherine Baer (Deputy Director, Fiscal Affairs Department, IMF)

    Katherine Baer is a Deputy Director in the IMF’s Fiscal Affairs Department (FAD). She oversees FAD’s work in the areas of taxation and public financial management, supervises Capacity Development (CD) delivery in all fiscal areas to countries in the Middle East, North Africa and Centra Asia, oversees FAD’s strategy to strengthen fiscal policies and institutions in the Fragile and Conflict-Affected States, and manages the department’s work on fiscal issues from a gender perspective. Her career at the IMF has focused on strengthening fiscal policies and institutions in member countries across all regions and income levels, and in countries experiencing economic crises. She has been an economist in the U.S. Treasury and an assistant commissioner in the Mexican Tax Administration. She also worked at the World Bank on public finance reforms in Latin America and the Caribbean at the height of the region’s debt crisis in the 1980s. Ms. Baer has many publications relating to public finance and holds a Ph.D. from Cornell University.

    Juan Toro (Deputy Director, Fiscal Affairs Department, IMF)

    Juan Toro is Deputy Director of the IMF’s Fiscal Affairs Department (FAD), in charge of: managing FAD budget, relationship with development partners, overseeing governance and operations of FAD’s capacity development (CD), coordinating FAD’s CD to Europe, and coordinating FAD TA on sustainable development goals. He previously was Assistant Director in charge of the IMF’s revenue administration CD to Europe, Asia, Middle East, and Central Asia.

    He has led and participated in IMF TA missions in taxation in more than 40 countries and has authored and contributed to several analytical papers in taxation. Before joining the IMF in 2007, he was the Commissioner of the Chilean Tax Administration (Servicio de Impuestos Internos, SII) from 2002 to 2006.
    11.00 – 11:30 A.M. Coffee break
    11:30 A.M. – 12:45 P.M. FAD in the Global Discourse
    Moderator: Ruud De Mooij , Deputy Director, Fiscal Affairs Department, IMF
    Panelists:

    Zainab Ahmed (Alternate Executive Director, World Bank)

    Alternate Executive Director from Nigeria from July 2023 to October 2024. A Nigerian national representing – Angola, Nigeria, and South Africa (EDS25). Prior to joining the WBG, Ms. Ahmed has served a:- Minister of Finance, Budget and National Planning (2018- 2023); Minister of State, Ministry of Budget and National Planning (2015 – 2018); Chair of the board of Trustees of the African Union Peace Fund (2019 – 2023). Member of the International Board, Extractive Industries Transparency Initiative (EITI) (2016 – 2019); Executive Secretary and National Coordinator, Nigeria Extractive Industries Transparency Initiative (NEITI) (2010 – 2015); and Managing Director, Kaduna Investment Company Ltd (2009 – 2010).

    Abdulelah Alrasheedy (Deputy Minister of Macro-Fiscal Policies, Ministry of Finance, Saudi Arabia)

    Dr. Abdulelah AlRasheedy is the Deputy Minister for Macro-Fiscal Policies at Ministry of Finance (MOF). Before being named Deputy Minister in March 2024, Dr. AlRasheedy was Assistant Deputy Minister for Macroeconomic Policies Analysis and Acting as General Supervisor of Policy and Consultation Assistant Deputyship.
    Prior to joining Ministry of Finance, Dr. Abdulelah spent 12 years with Saudi Central Bank (SAMA) most recently as Manager of Economic Modeling Division and was SAMA Representative at The International Financial Architecture Working Group.
    Dr. Abdulelah earned a Ph.D.  in economics and statistics from University of Missouri, where he was a Research Scholar at the Global Institute for Sustainable Prosperity.
    In addition to being a Deputy Minister, he is a board member of King Abdullah City for Atomic and Renewable Energy. Also a Ministry of Finance Representative for Financial Sustainability Board. 

    Adam Posen (President, Peterson Institute of International Economics)
    Mark Sobel (U.S. Chairman, OMFIF)

    Mark Sobel is currently US Chair at OMFIF.  He served  nearly four decades at the US Treasury, including as Deputy Assistant Secretary for International and Monetary Affairs from 2000-2015, a position in which he led the Department’s work in preparing G7 and G20 Finance Minister and Central Bank Governor meetings, formulating US positions in the IMF, and coordinating the work of Treasury and regulatory agencies in the Financial Stability Board.  He was also chief US financial negotiator in the G20 from 2008-2015, including for the 2009 London Economic Summit.  From 2015 through early 2018, he was US representative at the IMF. 
    12:45 – 1:00 P.M. FAD Montage (A/V)
    A look back at FAD through the decades.
    1:00 – 2:15 P.M. Lunch (by invitation)
    2:15 – 3:30 P.M. Public Policy for AI
    Moderator: Era Dabla-Norris, Deputy Director, Fiscal Affairs Department, IMF
    Panelists:

    Simon Johnson (Professor, MIT Sloan School of Management & 2024  Nobel Prize Winner in Economics )

    Simon Johnson is the Ronald A. Kurtz (1954) Professor of Entrepreneurship the MIT Sloan School of Management, where he is head of the Global Economics and Management group. At MIT, he is also co-director of the Shaping the Future of Work Initiative and a Research Affiliate at Blueprint Labs. In 2007-08, Johnson was chief economist and director of the Research Department at the International Monetary Fund. He currently co-chairs the CFA Institute Systemic Risk Council with Erkki Liikanen. In February 2021, Johnson joined the board of directors of Fannie Mae, where he is vice chair of the audit committee and a member of the risk and capital committee. Johnson’s most recent book, with Daron Acemoglu, Power and Progress: Our 1000-Year Struggle Over Technology and Prosperity, explores the history and economics of major technological transformations up to and including the latest developments in Artificial Intelligence.
    2024 Nobel prize laureate in economic sciences “for studies of how institutions are formed and affect prosperity”

    Branko Milanovic (Professor, City University of New York)

    Research professor at the Graduate Center, City University of New York and senior scholar at The Stone Center on Socio-economic Inequality; Visiting Professor at the Institute for International Inequalities at LSE; was lead economist in World Bank Research Department for almost 20 years and senior associate at the Carnegie Endowment for International Peace in Washington. Milanovic’s main area of work is income inequality, in individual countries and globally, as well as historically among pre-industrial societies. His most recent books are Global inequality: a new approach for the age of globalization which deals with economic and political issues of globalization, and Capitalism, Alone that contrasts inequality and class formation in societies of liberal and political capitalism. In October 2023, he published Visions of Inequality that looks at how income distribution was studied by the most famous economists over the past 200 years. Milanovic was awarded (jointly with Mariana Mazzucato) the 2018 Leontieff Prize.

    Christine Qiang (Global Director, Digital Transformation Global Department, World Bank)
    3.30 – 4:00 P.M. Coffee break
    4:00 – 5:15 P.M. The Future of Fiscal Policy
    Moderator: Vítor Gaspar Director, Fiscal Affairs Department, IMF
    Panelists:

    Jason Furman (Professor, Kennedy School of Government, Harvard University)

    Jason Furman is the Aetna Professor of the Practice of Economic Policy jointly at Harvard Kennedy School (HKS) and the Department of Economics at Harvard University. Furman engages in public policy through research, writing and teaching in a wide range of areas including U.S. and international macroeconomics, fiscal policy, labor markets and competition policy. Previously Furman served eight years as a top economic adviser to President Obama, including serving as the 28th Chairman of the Council of Economic Advisers from August 2013 to January 2017, acting as both President Obama’s chief economist and a member of the cabinet. In addition to articles in scholarly journals and periodicals, Furman is a regular contributor to the Wall Street Journal and Project Syndicate and the editor of two books on economic policy. Furman holds a Ph.D. in economics from Harvard University.

    Ilan Goldfajn (President, Inter-American Development Bank)

    He was elected president of the IDB in November 2022, after serving as director of the Western Hemisphere Department at the International Monetary Fund. Previously, he was governor of the Banco Central do Brasil (2016-2019), where he led several modernization reforms, including promoting financial inclusion through Brazil’s fast digital payment system. He has also held several academic positions and high-ranking roles in Brazil’s financial sector.  In 2017, he was elected Central Banker of the Year by The Banker magazine.  Mr. Goldfajn holds a doctorate in economics from MIT, and master’s degree in economics from the Pontificia Universidade and has taught economics at universities in Brazil and the U.S. He is fluent in four languages.

    Mick Keen (Professor, Tokyo University)

    Michael Keen was formerly Deputy Director of the Fiscal Affairs Department at the International Monetary Fund. He is now Ushioda Fellow at the University of Tokyo. Michael was President of the International Institute of Public Finance from 2003 to 2006, awarded the CESifo Musgrave Prize in 2010, and in 2018 received from the National Tax Association of the United States its most prestigious award, the Daniel M. Holland Medal for distinguished lifetime contributions to the study and practice of public finance. His most recent book, Rebellion, Rascals and Revenues (with Joel Slemrod), aims to use history and humor to convey basic tax principles to a wider audience.
    5:15 P.M. Closing remarks
    Vítor Gaspar (Director, Fiscal Affairs Department )
    6:00 P.M. Adjourn

    Conference Organizing Committee: Katherine Baer (Deputy Director, FAD), Mitali Das (Advisor, FAD), and Andrew Okello (Deputy Division Chief, FAD).

    Conference Coordinators: Agnese de Leo (Administrative Coordinator), Harsha Padaruth (Administrative Coordinator), Luciana Marcelino (Administrative Coordinator) Martha Gaytan Frettlohr (Administrative Coordinator), Sahara De la Torre (Administrative Coordinator), and Sheetal Prasad (Senior Administrative Coordinator) – all FAD.

    The conference (which is in-person only) is open to all Fund employees and invited external guests (registration is required of external guests who will all receive a link to the registration form). Please note that the deadline for registration for this conference is October 25th, 2024. Registered external guests will be required to present photo identification on entering the IMF at 1900 Pennsylvania Avenue, N.W., Washington D.C. For questions regarding the conference, please email FAD_60th_anniversary@imf.org

    MIL OSI Economics –

  • MIL-OSI Africa: Africa Investment Forum welcomes Arab Bank for Economic Development in Africa (BADEA) as new partner ahead of the December Market Days in Rabat

    Source: Africa Press Organisation – English (2) – Report:

    WASHINGTON D.C., United States of America, October 30, 2024/APO Group/ —

    The Arab Bank for Economic Development in Africa (BADEA) has joined the Africa Investment Forum (www.AfricaInvestmentForum.com) as a founding partner, marking a new phase in the Forum’s expansion and influence as a catalyst for mega investments into the continent.

    The official announcement came during a breakfast meeting of heads of the Africa Investment Forum Founding Partner institutions, convened by the African Development Bank in Washington, DC on the sidelines of the International Monetary Fund and World Bank’s annual meetings. During the meeting, the partners examined and adopted a new strategic framework to govern the forum. The meeting took place on Friday 25 October.

    In welcoming BADEA as a new partner, African Development Bank President Akinwumi Adesina said: “Since 2018, BADEA has been a steadfast supporter of the Africa Investment Forum, consistently contributing to the growth and success of this platform.”

    The Arab Bank for Economic Development in Africa is a multilateral development financial institution owned by 18 Arab countries. Its operations cover the entire Sub-Saharan African region.

    BADEA group president Dr. Sidi Ould Tah said the main shareholders of his bank had been working on a new mechanism to support investment flows to Africa. The group has sovereign funds under management with assets in the trillions of dollars, of which they had pledged to channel a part for Africa’s infrastructure needs.

    “The role of BADEA is to catalyse resources for Africa. BADEA will work with all the member countries of AIF to make this pledge a reality,” Tah said.                                 

    The addition of BADEA brings the AIF’s founding partners to nine:  the African Development Bank, Afreximbank, Africa Finance Corporation, Africa50, Development Bank of Southern Africa, European Investment Bank, Islamic Development Bank, and Trade and Development Bank.

    Heads and representatives of each of the partners who attended the meeting included included Trade and Development Bank President and CEO Admassu Tadesse, Africa Finance Corporation’s CEO  Samaila Zubairu, Africa50  President Alain Ebobissé, European Investment Bank Vice President Ambroise Fayolle,  Hani Salem Sonbol  Chief Executive Officer of the International Islamic Trade Finance Corporation representing Islamic Development Bank President Dr. Muhammad Sulaiman Al Jasser, and Afreximbank’s Director for Export Development Oluranti Doherty, who represented its president.

    Adesina also commended the founding partners for their energy, drive and momentum which he described as a testament to their confidence in the Forum.

    The AIF’s Market Days events, held annually, have drawn sovereign and non-sovereign investors from around the world, enabling a shift in risk perception and fostering confidence in Africa’s investment landscape.

    The platform has actively supported women-led businesses under its Women as Investment Champions pillar with examples such as Mobihealth International Ltd (Healthcare, Nigeria) which was supported to access grant and loan funding for feasibility studies and pan-African expansion.

    From the African Development Bank, Senior Vice President Marie Laure Akin-Olugbade, several vice presidents and directors and the Senior Director of Syndications, the Africa Investment Forum and Client Solutions, Max Magor Ndiaye, and the Special Representative of President Adesina, Yacine Fall also attended the meeting.

    The 2024 Market Days will take place from 4-6 December 2024 in Rabat, Morocco, under the theme: “Leveraging Innovative Partnerships for Scale.”

    MIL OSI Africa –

  • MIL-OSI United Nations: Secretary-General’s press encounter at the end of his visit in Colombia [bilingual, scroll down for Q+A]

    Source: United Nations secretary general

    Ladies and gentlemen of the media.

    I thank President Petro for hosting the United Nations Biodiversity Conference in Cali. 

    I congratulate Colombia on the excellent organization of this COP.

    I also thank the people of Colombia for their warm welcome, we all felt very much at home.

    The world has come to Cali to make peace with nature. 

    Let me be clear: we are facing an existential crisis.

    Temperatures are climbing higher and higher. 

    We are losing more and more species – forever. 

    We are poisoning our waters. 

    And treating nature as a disposable asset.

    Human activities have already altered three-quarters of Earth’s land surface and two-thirds of its waters.

    And no country, rich or poor, is immune to this devastation. 

    To survive, humanity must make peace with nature. 

    We must transform our economic models – shifting our production and consumption to nature-positive practices. 

    Renewable energy, sustainable supply chains and zero-waste policies are not optional. 

    They must become the default option for both governments and businesses.

    Dear friends,

    The good news is that we have a plan: 
    The Kunming-Montreal Global Biodiversity Framework, adopted two years ago.

    But nature cannot wait for its implementation any longer. 

    This is what this COP is about:

    Turning promises into action. 

    We have seen good progress, and I want to thank everyone for their efforts. 

    But with less than two days of negotiations left to go, we need to accelerate. 

    I want to highlight three priorities.

    First – Cali must spark a new era for ambitious national biodiversity plans.

    As of today, a majority of countries have national targets that align with the Global Biodiversity Framework.

    I urge every Member State to follow suit and align these national plans with their adaptation plans and updated climate Nationally Determined Contributions – due early next year.

    We must also reach an agreement on a strengthened monitoring and transparency framework to ensure accountability and move forward together.

    Second – we must leave Cali with concrete plans to unlock new funding and share the benefits from the use of genetic resources.

    This means capitalizing the Global Biodiversity Framework Fund.

    I thank the countries and regions that pledged an additional 163 million US dollars this week.

    But if we are to deliver the Global Biodiversity Framework in full, we need much more. 

    We must make sure we are able to mobilize 200 billion dollars annually by 2030 from all sources – domestic, international, public and private.

    Developed countries must lead the way and provide at least 20 billion dollars per year – by next year – to support developing countries, in particular the Least Developed Countries and Small Island States, in their conservation and restoration efforts.

    Businesses profiting from nature must also contribute to its protection and restoration.
    This includes operationalizing a mechanism for sharing the benefits from the use of the Digital Sequence Information on Genetic Resources – in a clear, fair and efficient way.

    Third – we must recognize, involve, and protect those who guard our natural heritage. 

    Indigenous Peoples and local communities possess vital knowledge of biodiversity conservation. 

    And in this region, People of African descent are key custodians of natural resources. 

    They must all be at the center of our decisions, not on the sidelines.

    In Cali, we must agree on the proposal to establish a new permanent body for Indigenous peoples and local communities within the Convention on Biological Diversity – ensuring their voices are heard at every step across the work of the Convention.

    The clock is ticking.

    The survival of our planet’s biodiversity – and our own survival – are on the line.

    We don’t have a moment to lose.  

    Señoras y señores de la prensa, 

    Mientras el mundo se reúne en este hermoso país para comprometerse a hacer la paz con la naturaleza, aprovecho la oportunidad para reafirmar nuestro compromiso con la paz en Colombia.  

    Me complace estar de nuevo en Colombia en este momento propicio para cerrar los dolorosos capítulos de guerra y consolidar este ejemplo de paz ante el país y el mundo.

    Saludo los esfuerzos renovados del Presidente Petro y su gobierno para acelerar la implementación del Acuerdo Final de Paz – incluso mediante el Plan de Choque que se enfoca en aspectos concretos para mejorar la calidad de vida en los territorios priorizados.

    Asimismo, reconozco el compromiso firme de la otra parte firmante – los que fueron combatientes de las FARC-EP.  

    Estos antiguos adversarios trabajan hoy como socios en la construcción de la paz.   

    Llegando con avances y desafíos a su octavo aniversario, este histórico Acuerdo debe de mantenerse en el centro de los esfuerzos de consolidación de la paz.   

    El Acuerdo sigue siendo la hoja de ruta principal para romper con los ciclos de violencia en Colombia. 

    Y también para enfrentar las causas estructurales de esta violencia mediante el compromiso de llevar la presencia integral del Estado a las regiones históricamente olvidadas. 

    Una presencia que conlleva seguridad, oportunidades de desarrollo y gobernanza inclusiva.  

    No debe haber más demora para que los dividendos de paz lleguen a todos los territorios. A todos aquellos pueblos que todavía esperan que se concrete la promesa de paz. 

    Asegurar la justicia para las víctimas también es impostergable. 

    Reconozco la noble y valiente labor del sistema pionero de justicia transicional creado por el Acuerdo. Y animo a que avance.  

    La Paz Total impulsada por el gobierno nacional es un objetivo loable. 

    Las iniciativas de diálogo, a pesar de los desafíos, buscan ampliar la paz en el país de manera complementaria al Acuerdo de Paz. 

    Aconsejo no dejarse desviar del camino del diálogo.

    Estos diálogos son oportunidades para acabar con la violencia que sigue azotando a las poblaciones de regiones que también son claves para la implementación del Acuerdo de Paz. 

    Especialmente a las comunidades Indígenas y Afrocolombianas, a los desplazados y confinados por los grupos armados, a las mujeres víctimas de la violencia sexual y a los niños y niñas reclutados en la guerra.

    Hoy, mi llamado al pueblo colombiano es de perseverar. 

    Que trabajen juntos para que sea un esfuerzo nacional, compartido.  

    Les quiero recordar que Colombia nunca estará sola en sus esfuerzos por la paz. 

    Será un honor seguir acompañando a Colombia en su camino hacia la paz, a través de la Misión de Verificación de la ONU y las agencias y programas del equipo de país.

    Cuenten siempre con mi apoyo y mi solidaridad con Colombia, así como con mi profunda gratitud por la confianza que han otorgado a las Naciones Unidas. 

    Estaremos siempre al lado de Colombia. 
     
    Question: Muchas gracias Secretario. Quiero trasladarle una pregunta de muchas delegaciones acá y es ¿Cómo vio usted la presencia en la COP16 del Canciller venezolano Yván Gil, lo cuestionan muchas delegaciones -más de la mitad- incluso usted, que le ha exigido que publique las actas de las elecciones y esto no cayó nada bien aquí su presencia. Lo vimos incluso a usted distante del Canciller Gil. Si bien la diversidad y la protección de la naturaleza debe abarcar la mayor cantidad de actores posibles, ¿Cómo vio usted la presencia de Venezuela aquí en la COP16?
     
    Answer: Hay dos aspectos distintos. En primer lugar, la opinión que formamos sobre la forma como se transcurrieron las elecciones, la ausencia de una transparencia adecuada y el hecho que hay muchos gobiernos que aún no han reconocido el gobierno de Venezuela. La otra parte es el mecanismo del funcionamiento de las organizaciones multilaterales y en particular de las COPs. Y en las COPs hay una acreditación en que los que están, participan desde que la misión del país los acredite. Esta es una práctica que no podemos cambiar porque es la práctica establecida estatutariamente, pero eso no invalida la opinión que podemos tener sobre lo que pasó en Venezuela.

    Question: [Inaudible] – AFP. There are five years left to achieve the coming Montreal Objective Framework – to have them reversed by biodiversity laws by 2030.  Here the focus is mainly on resource mobilization. Is that the correct approach? Is it really the fight over finance that will determine the success of the [Global Biodiversity Framework Fund] GBF.  Is it the fight over finance that is key to determine the success of GBF? Or is it something else? 

    Answer: I think the most important thing in it – and that is the reason my presence in this COP – is to change what has been the permanent neglect of biodiversity, namely when compared with our efforts in relations to climate change. 

    We need, first of all, to accept the concept that we are facing three existential crises: climate change, biodiversity and pollution, namely plastics. 

    But they are all interlinked and indivisible.  So, the central question is to make sure that we are able to put biodiversity as the center of our concerns in all aspects of policy and strategy and financing as we are putting climate change.

    Obviously, finance is essential, but finance is not enough. What we need is a political priority at government levels. Political priorities at multilateral institution levels, and the clear commitment of the Private Sector to be involved in order to make sure that we understand that without defeating the biodiversity crisis, we will not defeat the climate crisis, we will not defeat the pollution crisis, and we will condemn our world to a situation of extreme poverty in the natural environments and this is totally unacceptable. 

    So, we must bring the attention of the people of the government, the institutions, and the Private Sector to the centrality of biodiversity in the context of our environmental processes.

    Question: Sir, this is Stella Paul from IPS news (Inter Press Service News).  Our overarching theme here is making peace with nature, but at the time, when we are seeing increasing impact of war and conflict on biodiversity across the world, starting from Ukraine to all the way to Palestine and we are not seeing enough discussion of that in a formal way, even at the COP, how do you think that we can make peace with nature? Thank you. 

    Answer: Well, we need peace with nature, and we need peace among ourselves. That is the reason I’ve been asking for in line with the Charter, in line with international law, and in line with the General Assembly resolutions. That is why we have been asking for an immediate ceasefire in Gaza, releasing all hostages and massive humanitarian aid to Gaza. That is why we have been asking for peace in Lebanon and peace that respects Lebanese sovereignty and Lebanese territorial integrity and paves the way for a political solution. That is why we have been asking for peace in Sudan, where an enormous tragedy exists. And, obviously, we need to make peace in nature, but we need to make peace among ourselves because wars have one of the most devastating impacts – wars have some of the most devastating impacts on biodiversity on climate and on pollution. 

    Thank you so much. At the back there, Le Monde.  Thank you.

    Question: Hi [inaudible] for Le Monde. Many issues of the negotiations are still unresolved, and many Ministers are leaving tonight. Are you worried this COP could fail or at least not be as successful as is should?

    Secretary-General: I have to say that I met with the five groups. And I heard a large number of ministers talk. And I felt that there was a huge will to find a successful result and a huge will to compromise on the pending issues. So, I’m quite optimistic that it will be possible to reach a consensus and not a consensus on the consensus, but the consensus that paves the way for progress after the COP in the implementation of the Kunming-Montreal Framework

    Question: Secretario, Silvia Patiño de W Radio Colombia. Usted estuvo ayer reunido con el Presidente Gustavo Petro y el presidente le planteó la posibilidad de cambiar el mecanismo a través del cual la ONU mide la cantidad de hectáreas de cultivos de coca en Colombia. ¿La ONU está dispuesta a eso? Porque el Presiente además planteó hace algunas semanas la posibilidad de comprar los cultivos de coca a los campesinos para tratar de enfrentar el tema de narcotráfico. A la ONU ¿le suena, le gusta, le parece esta idea en torno al tráfico de drogas?
     
    Answer: Hay convenciones sobre drogas y la ONU está vinculada a esas convenciones. Pero creo que es importante abrir la puerta a una reflexión muy seria en un mundo donde vemos que desafortunadamente el tráfico de drogas es simultáneo con el tráfico de armas, de muchos otras formas incluso de tráfico de mujeres, hombres y niños. Y que ese tráfico está minando en muchos países la estructura del Estado, por la corrupción generada.
     
    Entonces creo que el apelo del Presidente Petro a una reflexión sobre los mecanismos que hoy tenemos en relación con el combate al narcotráfico y en relación con la droga, creo que el apelo que es hecho a una reflexión sobre la eficacia sobre los mecanismos que tenemos es un apelo que debe ser escuchado. Yo no conozco en detalle el proyecto, pero si la compra es hecha para después ser utilizada de una forma positiva, ¿puede impedir el tráfico no?

    Si eso puede garantizar que haya una neutralización de esa producción y que esa producción no alimente al tráfico. Pero naturalmente el objetivo nuestro tiene que ser un objetivo de preservar la salud de la gente de todo el mundo. Muchas gracias.

    MIL OSI United Nations News –

  • MIL-OSI USA: NASA’s Perseverance Captures ‘Googly Eye’ During Solar Eclipse

    Source: NASA

    [embedded content]
    NASA’s Perseverance rover captured the silhouette of the Martian moon Phobos as it passed in front of the Sun on Sept. 30, 2024. The video shows the transit speeded up by four times, followed by the eclipse in real time. NASA/JPL-Caltech/ASU/MSSS/SSI

    The tiny, potato-shaped moon Phobos, one of two Martian moons, cast a silhouette as it passed in front of the Sun, creating an eye in Mars’ sky.
    From its perch on the western wall of Mars’ Jezero Crater, NASA’s Perseverance rover recently spied a “googly eye” peering down from space. The pupil in this celestial gaze is the Martian moon Phobos, and the iris is our Sun.
    Captured by the rover’s Mastcam-Z on Sept. 30, the 1,285th Martian day of Perseverance’s mission, the event took place when the potato-shaped moon passed directly between the Sun and a point on the surface of Mars, obscuring a large part of the Sun’s disc. At the same time that Phobos appeared as a large black disc rapidly moving across the face of the Sun, its shadow, or antumbra, moved across the planet’s surface.
    Astronomer Asaph Hall named the potato-shaped moon in 1877, after the god of fear and panic in Greek mythology; the word “phobia” comes from Phobos. (And the word for fear of potatoes, and perhaps potato-shaped moons, is potnonomicaphobia.) He named Mars’ other moon Deimos, after Phobos’ mythological twin brother.
    Roughly 157 times smaller in diameter than Earth’s Moon, Phobos is only about 17 miles (27 kilometers) at its widest point. Deimos is even smaller.
    Rapid Transit
    Because Phobos’ orbit is almost perfectly in line with the Martian equator and relatively close to the planet’s surface, transits of the moon occur on most days of the Martian year. Due to its quick orbit (about 7.6 hours to do a full loop around Mars), a transit of Phobos usually lasts only 30 seconds or so.
    This is not the first time that a NASA rover has witnessed Phobos blocking the Sun’s rays. Perseverance has captured several Phobos transits since landing at Mars’ Jezero Crater in February 2021. Curiosity captured a video in 2019. And Opportunity captured an image in 2004.
    By comparing the various images, scientists can refine their understanding of the moon’s orbit to learn how it’s changing. Phobos is getting closer to Mars and is predicted to collide with it in about 50 million years.
    More About Perseverance
    Arizona State University leads the operations of the Mastcam-Z instrument, working in collaboration with Malin Space Science Systems in San Diego, on the design, fabrication, testing, and operation of the cameras, and in collaboration with the Niels Bohr Institute of the University of Copenhagen on the design, fabrication, and testing of the calibration targets.
    A key objective for Perseverance’s mission on Mars is astrobiology, including the search for signs of ancient microbial life. The rover will characterize the planet’s geology and past climate, pave the way for human exploration of the Red Planet, and be the first mission to collect and cache Martian rock and regolith (broken rock and dust).
    Subsequent NASA missions, in cooperation with ESA (European Space Agency), would send spacecraft to Mars to collect these sealed samples from the surface and return them to Earth for in-depth analysis.
    The Mars 2020 Perseverance mission is part of NASA’s Moon to Mars exploration approach, which includes Artemis missions to the Moon that will help prepare for human exploration of the Red Planet.
    NASA’s Jet Propulsion Laboratory, which is managed for the agency by Caltech in Pasadena, California, built and manages operations of the Perseverance rover.
    Space Science Institute produced this video.
    For more about Perseverance:
    https://mars.nasa.gov/mars2020
    News Media Contacts
    Karen Fox / Molly WasserNASA Headquarters, Washington202-358-1600karen.c.fox@nasa.gov / molly.l.wasser@nasa.gov
    DC Agle Jet Propulsion Laboratory, Pasadena, Calif.818-393-9011agle@jpl.nasa.gov
    2024-150

    MIL OSI USA News –

  • MIL-OSI Global: Can a superstar hippo help save Africa’s rainforests?

    Source: The Conversation – UK – By Will de Freitas, Environment + Energy Editor, UK edition

    The world’s first superstar hippo lives in a zoo in Thailand. Moo Deng shot to fame soon after she was born in July this year, thanks to viral videos that showed off her cute expressions and chirpy demeanour. Yet the story of her species is less happy, and reveals the close links between the extinction and climate change crises.

    Moo Deng is a pygmy hippo, a species native to the forests of west Africa. Unlike their bigger and significantly scarier cousins (regular hippos), the pygmys are secretive creatures, who like to conceal themselves in swamps and dense vegetation.

    Today, pygmy hippos are officially listed as endangered. Huanyuan Zhang-Zheng and Sulemana Bawa, conservationists at the University of Oxford, point out that 80% of their native forests have been lost. Just 2,500 remain in the wild.



    Read more:
    Moo Deng: the celebrated hippo’s real home has disappeared – will the world restore it?

    “Cocoa production is probably the biggest cause of forest loss,” they write, “then gold mining and unsustainable logging. These activities now encroach on forest reserves and other supposedly protected areas.”


    This roundup of The Conversation’s climate coverage comes from our award-winning weekly climate action newsletter. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 35,000+ readers who’ve subscribed.

    You probably didn’t want to hear this (I certainly didn’t) but it seems chocolate is helping wipe out the pygmy hippo. This pressure is unlikely to let up any time soon: the Ivory Coast, home of most of these hippos, is also the world’s number one cocoa exporter.

    But it was another passage in their article which really caught my eye. Zhang-Zheng and Bawa wrote: “West Africa’s forest loss is particularly heartbreaking as research shows that a remaining patch may be the most productive on Earth, surpassing even the Amazon rainforest.” (Productive, in this context, refers to how much plant growth there is).

    Before extensive fieldwork beginning in 2016, researchers had underestimated the value of west African forests, particularly their capacity to store carbon and thereby offset global warming. This oversight was partly the result of these forests being hidden by clouds, which makes satellite observation difficult, and their relative neglect by western researchers compared with other ecosystems elsewhere.

    This made me wince. Has The Conversation been part of this neglect? After all, Jack and I have edited dozens of articles on the Amazon and its role in the climate system, but relatively few on forests in Africa.

    Researchers are doing their best to highlight how important these forests are for the climate. Here’s one of them, Michele Francis of Stellenbosch University in South Africa, writing about her research on a “sacred forest” in Togo, west Africa: “My calculations showed that one hectare of forest [about two and a half football pitches] is able to permanently remove as much carbon dioxide from the atmosphere as is released by a power station burning nearly 16 tonnes of coal.”



    Read more:
    ‘Sacred forests’ in West Africa capture carbon and keep soil healthy

    African forest elephants, like this one in the Republic of Congo, are smaller than their cousins on the savanna.
    Roger de la Harpe / shutterstock

    But Africa’s biggest forest by far is found a thousand miles to the south east, in the Congo Basin. The world’s second largest rainforest is almost half the size of the Amazon yet has only a small portion of its global fame.

    As the forest is underresearched, there are still huge discoveries to be made. Back in 2017, Simon Lewis and Greta Dargie of the University of Leeds lead a UK-Congolese team who first mapped out an England-sized tropical peatland – the world’s largest – under marshy wetlands deep in the jungles of Congo. They wrote about this for The Conversation at the time:

    After 17 days, covering just 1.5km a day, we finally reached the centre of the swamp between two of the major rivers. Our reward was not only the knowledge that these peatlands are indeed vast. We also found ever-deeper peat, reaching up to 5.9m, roughly the height of a two-storey building.



    Read more:
    How we discovered the world’s largest tropical peatland, deep in the jungles of Congo

    Peat is made of partially-decomposed plant matter and can store extraordinary amounts of carbon. Lewis and Dargie “found 30 billion metric tonnes of carbon stored in this new ecosystem that nobody knew existed. That’s equivalent to 20 years of current US fossil fuel emissions.”

    This rainforest, and its huge carbon stores, are under threat. In 2022, Lewis, writing with his Leeds colleague Bart Crezee, warned that plans to drill for oil in the Democratic Republic of Congo could be “the beginning of the end for these peatlands”.



    Read more:
    Congo peat swamps store three years of global carbon emissions – imminent oil drilling could release it

    They updated their map of Congolese peatlands and overlayed it on a map of proposed oil concessions. They discovered:

    The upcoming sale of rights to explore for fossil fuels includes close to 1 million hectares of peat swamp forest. If destroyed by the construction of roads, pipelines and other infrastructure needed to extract the oil, we estimate that up to 6 billion tonnes of CO₂ could be released, equivalent to 14 years’ worth of current UK greenhouse gas emissions.

    In late 2023, DR Congo postponed its plans to drill for oil. It seems the scientists really were listened to – for the time being at least.

    Yet oil drilling is only one threat, in one corner of a vast forest. Researchers lead by Judith Verweijen of the University of Antwerp have written about the armed conflicts and industrial mining affecting the eastern end of the same Congo Basin.



    Read more:
    Mining and armed conflict threaten eastern DRC’s biodiversity in a complex web

    The mines, for instance, degrade the soil and pollute the water, and trees must be cleared to make way for them.

    But Verweijen and colleagues say there are also indirect effects that “stem from the construction of new roads to make mining sites accessible, and population growth in the vicinity of mines. This leads to further natural resource exploitation, such as fuel and construction wood extraction, bushmeat hunting and shifting agriculture.”

    None of this has caused the same global outcry as fires in the Amazon or palm oil deforestation in Indonesia. What might fix that?

    Back to Moo Deng. Many conservation academics will tell you that a single well-known species can be the key to saving an entire ecosystem and its often boring-but-crucial biodiversity. Protect the tigers, pandas or pygmy hippos, and you’ll also ensure the survival of the worms, ants and peat bogs.

    If it takes a viral hippo to at least cast some attention on the disappearing rainforests of Africa, then so be it.

    – ref. Can a superstar hippo help save Africa’s rainforests? – https://theconversation.com/can-a-superstar-hippo-help-save-africas-rainforests-242481

    MIL OSI – Global Reports –

  • MIL-OSI Asia-Pac: CDS Gen Anil Chauhan embarks on an official visit to Algeria

    Source: Government of India (2)

    Posted On: 30 OCT 2024 7:05PM by PIB Delhi

    Chief of Defence Staff (CDS) Gen Anil Chauhan will embark on an official visit to Algeria from 31st October to 4th November 2024, reflecting the deepening ties between India and Algeria in the realm of defence cooperation. This visit underscores the growing engagement between the two nations, which share a commitment towards strengthening diplomatic and military cooperation.

    During his visit, Gen Chauhan is scheduled to call on the General of Army Said Chanegriha, Chief of Staff of the People’s National Army, and engage in wide-ranging discussions with senior officials from the Ministry of National Defence (MoND) of Algeria. The discussions would focus on enhancing military cooperation, with emphasis on securing strategic interests, capacity building, training, technology exchange and ‘Make In India’ initiatives. In a significant step, the Chief of Defence Staff will also be signing a Memorandum of Understanding on Defence Cooperation, reaffirming the military collaboration between both nations.

    A key highlight of the visit will be the Military Parade and Ceremony commemorating Algeria’s 70th Anniversary of the Glorious revolution of 01 Nov 1954, where General Chauhan has been invited as the Guest of Honour. In furtherance to India’s commitment to professional military training and education, the CDS is set to visit the prestigious Higher War School in Algeria, a premier institution known for training Algeria’s military leadership, where he will address senior officers.

    This visit is expected to elevate the defence partnership between India and Algeria, and foster mutual trust and understanding. The visit follows in close steps with the recently concluded visit of the President of India to Algeria, eralier in October 2024.

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    VK/SR/Anand

    (Release ID: 2069661) Visitor Counter : 17

    MIL OSI Asia Pacific News –