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Paris Climate Agreement to Enter into Force Next Month

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  • Paris Climate Agreement to Enter into Force Next Month

The Paris Agreement, adopted on December 12, last year in Paris, marks a watershed moment in global efforts to address climate change. Adopted by 196 parties to the UN Framework Convention on Climate Change (UNFCCC) last December in Paris, the Paris Agreement’s central aim is to strengthen the global response to the threat of climate change by keeping the global temperature rise this century well below 2 degrees Celsius above pre-industrial levels and to pursue efforts to limit it to 1.5 degrees Celsius.

The Agreement’s milestone…

The Paris Agreement’s entry into force was extremely swift, particularly for an agreement that required a large number of ratifications and two specific thresholds, according to those in the system.

The Agreement provides that it shall enter into force 30 days after 55 countries, representing 55 percent of global emissions, have deposited their instruments of ratification, acceptance or accession with the Secretary-General. As of now, 73 countries and the European Union have joined the Agreement, exceeding the 55 per cent threshold for emissions.

Nigeria’s percentage greenhouse gases for ratification is 0.57% and President Muhammadu Buhari signed it on September 22, this year at the United Nations General Assembly.

The requirements for entry into force were satisfied recently when Austria, Bolivia, Canada, France, Germany, Hungary, Malta, Nepal, Portugal and Slovakia, as well as the European Union, deposited their instruments of ratification with the Secretary-General.

These countries were the latest to join the Agreement this week, following New Zealand and India, and the 31 countries, including Nigeria, which joined at a special event at the UN on 21 September during the General Assembly high-level week. In early September, the world’s two largest emitters, China and the United States, joined the Agreement, providing the impetus for other countries to quickly complete their domestic ratification or approval processes.

The Agreement will now enter into force in time for the Marrakech Climate Conference (COP 22) in Morocco on November 6, where countries will convene the first Meeting of the Parties to the Agreement. Countries that have not yet joined may participate as observers.

UN’s reaction…

“This is a momentous occasion,” said UN Secretary-General Ban Ki-moon as the latest instruments of ratification were accepted in deposit. “What once seemed unthinkable, is now unstoppable. Strong international support for the Paris Agreement entering into force is a testament to the urgency for action, and reflects the consensus of governments that robust global cooperation, grounded in national action, is essential to meet the climate challenge.”

But he cautioned that the work of implementing the agreement still lay ahead. “Now we must move from words to deeds and put Paris into action. We need all hands on deck – every part of society must be mobilised to reduce emissions and help communities adapt to inevitable climate impacts.”

The Executive Secretary of the UN Framework Convention on Climate Change, Patricia Espinosa said, “Above all, entry into force bodes well for the urgent, accelerated implementation of climate action that is now needed to realise a better, more secure world and to support also the realisation of the Sustainable Development Goals.”

Espinosa noted that “It also brings a renewed urgency to the many issues governments are advancing to ensure full implementation of the Agreement,” she added. “This includes development of a rule book to operationalise the agreement and how international cooperation and much bigger flows of finance can speed up and scale up national climate action plans,” she added.

National commitment…

The Agreement calls on countries to combat climate change and to accelerate and intensify the actions and investments needed for a sustainable low carbon future, and to adapt to the increasing impacts of climate change. Additionally, the Agreement aims to strengthen the ability of countries to deal with the impacts of climate change. It calls for scaled up financial flows, a new technology framework and an enhanced capacity-building framework to support action by developing countries and the most vulnerable countries in line with their own national objectives. The Agreement also provides for enhanced transparency of action and support through a more robust transparency framework and a stocktaking mechanism to ramp up ambition over time.

Additionally, many countries have announced they are committed to joining the agreement this year. For a country that joins the Agreement after it enters into force, the Agreement will become binding 30 days after it deposits its instrument of ratification, acceptance, approval or accession with the Secretary-General. 191 countries have signed the Agreement, signifying their intention to join.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Netanyahu Stands Firm as US Halts Bomb Shipment Over Rafah Invasion Warning

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Netanyahu

Amidst escalating tensions between Israel and the United States, Israeli Prime Minister Benjamin Netanyahu has adopted a defiant stance following the US decision to halt a shipment of bombs and warned against Israel’s potential invasion of the southern Gaza city of Rafah.

In a bold statement, Netanyahu declared, “If we have to stand alone, we will stand alone,” emphasizing Israel’s resolve to pursue its objectives despite opposition.

The Prime Minister’s comments, delivered via social media and a subsequent interview with American talk show host Dr. Phil, underscore Israel’s determination to address security threats posed by the Gaza Strip, particularly by Hamas militants operating in Rafah.

Netanyahu reiterated the necessity of military action in Rafah to eliminate the remaining Hamas battalions, condemned Hamas’s history of violence and reiterated Israel’s commitment to achieving victory and ensuring the safety of its citizens.

The US administration, led by President Joe Biden, expressed concerns over the potential humanitarian impact of an Israeli invasion of Rafah, prompting the decision to withhold additional offensive weapons shipments to Israel.

Biden’s statement echoed broader international apprehensions about the escalation of violence and civilian casualties in the conflict-stricken region.

However, Netanyahu remained resolute in Israel’s approach, asserting the country’s right to defend itself against security threats. He emphasized Israel’s efforts to minimize civilian casualties and facilitate the evacuation of civilians from Rafah before any military action.

Despite the US’s decision to pause the bomb shipment, Netanyahu affirmed Israel’s commitment to its longstanding alliance with the US. He acknowledged past disagreements between the two nations but expressed optimism about resolving current tensions through dialogue and cooperation.

In response, White House officials reiterated the US’s support for Israel’s security while urging restraint and emphasizing the need to avoid actions that could exacerbate the humanitarian crisis in Gaza.

The administration clarified that the decision to halt the bomb shipment was aimed at preventing potential civilian casualties in Rafah.

The confrontation between Israel and the US underscores the complexity of navigating regional conflicts and balancing strategic interests. As tensions persist, both nations face the challenge of reconciling their respective security imperatives with broader humanitarian concerns, seeking to avert further escalation while addressing the root causes of the conflict in the Middle East.

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EFCC Declares Former Kogi Governor, Yahaya Bello, Wanted Over N80.2 Billion Money Laundering Allegations

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Yahaya Bello

The Economic and Financial Crimes Commission (EFCC) has escalated its pursuit of justice by declaring former Kogi State Governor, Yahaya Bello, wanted over alleged money laundering amounting to N80.2 billion.

In a first-of-its-kind action, the EFCC announced Bello’s wanted status in connection with the alleged embezzlement of funds during his tenure as governor.

The commission, armed with a 19-count criminal charge, accused Bello and his cohorts of conspiring to launder the hefty sum, which was purportedly diverted from state coffers for personal gain.

The declaration of Bello as a wanted fugitive came after a series of failed attempts by the EFCC to effect his arrest.

Despite an ex-parte order from Justice Emeka Nwite of the Federal High Court, Abuja, mandating the EFCC to apprehend and produce Bello in court for arraignment, the former governor managed to evade capture with the reported assistance of his successor, Governor Usman Ododo.

This latest development shows the challenges faced by law enforcement agencies in holding powerful individuals accountable for their actions.

However, it also demonstrates the unwavering commitment of the EFCC to uphold the rule of law and ensure that justice is served, irrespective of the status or influence of the accused.

In response to the EFCC’s declaration, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, issued a stern warning to Bello, stating that fleeing from the law would not resolve the allegations against him.

Fagbemi urged Bello to honor the EFCC’s invitation and cooperate with the investigation process, saying it is important to uphold the rule of law and respect the authority of law enforcement agencies.

The EFCC’s pursuit of Bello underscores the agency’s mandate to combat corruption and financial crimes, sending a strong message that individuals implicated in corrupt practices will be held accountable for their actions.

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Concerns Mount Over Security as National Identity Card Issuance Shifts to Banks

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NIMC enrolment

Amidst the National Identity Management Commission’s (NIMC) recent announcement that the issuance of the proposed new national identity card will be facilitated through applicants’ respective banks, concerns are escalating regarding the security implications of involving financial institutions in the distribution process.

The federal government, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), introduced a new identity card with payment functionality, aimed at streamlining access to social and financial services.

However, the decision to utilize banks as distribution channels has sparked apprehension among industry stakeholders.

Mr. Kayode Adegoke, Head of Corporate Communications at NIMC, clarified that applicants would request the card by providing their National Identification Number (NIN) through various channels, including online portals, NIMC offices, or their respective banks.

Adegoke emphasized that the new National ID Card would serve as a single, multipurpose card, encompassing payment functionality, government services, and travel documentation.

Despite NIMC’s assurances, concerns have been raised regarding the necessity and security implications of introducing a new identity card system when an operational one already exists.

Chief Deolu Ogunbanjo, President of the National Association of Telecoms Subscribers, questioned the rationale behind the new General Multipurpose Card (GMPC), citing NIMC’s existing mandate to issue such cards under Act No. 23 of 2007.

Ogunbanjo highlighted the successful implementation of MobileID by NIMC, which has provided identity verification for over 15 million individuals.

He expressed apprehension about integrating the new ID card with existing MobileID systems and raised concerns about data privacy and unauthorized duplication of ID cards.

Moreover, stakeholders are seeking clarification on the responsibilities for card blocking, replacement, and delivery in case of loss or theft, given the involvement of multiple parties, including banks, in the issuance process.

The shift towards utilizing banks for identity card issuance raises fundamental questions about data security, privacy, and the integrity of the identification process.

With financial institutions playing a pivotal role in distributing sensitive government documents, there are valid concerns about potential vulnerabilities and risks associated with this approach.

As the debate surrounding the security implications of the new national identity card continues to intensify, stakeholders are calling for greater transparency, accountability, and collaboration between government agencies and financial institutions to address these concerns effectively.

The paramount importance of safeguarding citizens’ personal information and ensuring the integrity of the identity verification process cannot be overstated, especially in an era of increasing digital interconnectedness and heightened cybersecurity threats.

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