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Climate Change Summit Begins in Morocco

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climate change - Investors King
  • Climate Change Summit Begins in Morocco

Countries will gather in Morocco from today for the 22nd Conference of the Parties (COP22) to accelerate work on the rulebook and trigger a definable pathway for developed countries to materialize the flow of $100 billion per year by 2020 in support of climate action by developing ones.

UN estimates show that achieving sustainable development will require USD $5-7 trillion a year, a large slice of which must fund the transition to a low-carbon, resilient world economy. To fulfill these investment needs, we will need to look at creative funding options, beyond the traditional ones and in which both public and private sector flows are aligned and scaled-up.

The World Meteorological Organization has now confirmed that the average global concentration in the atmosphere of the main greenhouse gas, carbon dioxide, reached the symbolic and significant milestone of 400 parts per million for the first time in 2015 and broke new records in 2016.

There are likely to be “process fights” as countries meet in various formations over the two weeks. The Ad Hoc Working Group on the Paris Agreement (APA) will meet as a single “contact group” three times, with informal talks on each substantive agenda item running in two parallel sessions.

About 97 Parties including Nigeria will attend the Marrakech meeting. Nigeria delegates comprises Minister of Environment, Amina Mohammed, experts, senior government officials and civil society groups. The first Meeting of the Parties to the Paris Agreement (CMA) will open on November 15 with many ministers and some Heads of State expected to attend.

Many countries are concerned that the CMA should not be the body to decide on its own rules-as only 87 of 197 countries have ratified the Paris Agreement, and are therefore not able to actively participate in the CMA. If these concerns are not allayed then difficulties will arise.

The main substantive issues and challenges facing governments in Marrakech therefore, remain largely unchanged.

ONE: Increasing ambition – A critical issue in Marrakech is how the world will achieve the Paris Agreement’s goal pursuing efforts to stay under 1.5°C warming, and the 2016 “facilitative dialogue” could potentially see fiery exchanges between countries over how to ramp up ambition and financial support in the pre-2020 window.

TWO: Dealing with climate reality – In Marrakech, countries will discuss the 2016 review of the “loss and damage” mechanism-which develops policy frameworks to help communities deal with a variety of climate change impacts-with developing countries laying down a moral imperative for developed countries to provide the necessary finance. Though 135 million people are at risk of displacement due to land degradation and tens of millions risk being impoverished as their livelihoods are threatened, climate change institutions which would help-like the loss and damage mechanism and its newly established displacement task force-remain under-resourced and funding for adaptation remains inadequate. Anticipating climate change to exacerbate displacement around the world, civil society groups meeting in Marrakech will mount a call for governments to address the gaps in legal protection for “climate migrants.”

THREE: Supporting the energy transformation – Governments will launch ambitious new efforts such as the Least Developed Country Renewable Energy and Energy Efficiency Initiative, and the Global Programme for Renewable Energy and Energy Access Transformation, building on and expanding the progress made by the Africa Renewable Energy Initiative, which has so far attracted $10 billion in pledges. If the negotiations on implementing the Paris Agreement hit a roadblock, initiatives such as these can offer some good news given their potential for both reducing emissions and improving energy access for the world’s poor-provided the pledges materialise into new projects.

FOUR: Finance roadmap to 2020 – A major conflict among countries is likely to arise in Morocco over finance after developed countries released a “roadmap” to the $100 billion per year which they have committed to find by 2020. Developing countries and civil society groups have already severely criticised the roadmap for “double counting” existing aid flows and exaggerating of the rate at which public money can leverage private funds.

Concerns about the new “roadmap” include that it provides no scope for increased financing from developed countries and multilateral financial institutions over the pledges made in Paris. With the costs of developing countries’ Paris pledges expected to exceed $4 trillion, these criticisms will have to be addressed if countries are to implement the Agreement successfully.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Government

Kaduna State Denies Taking ₦36 Billion Loan, Blames Past Administration for Debt

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Loan - Investors King

The Kaduna State Government has reacted to a viral report alleging that the state borrowed ₦36 billion over the last six months.

The government made the clarification via a statement signed by the Commissioner of Planning and Budget, Mukhtar Ahmed, who labeled the report as inaccurate and misleading.

The commissioner emphasized that no new loans have been taken under Governor Sani’s administration.

Ahmed blamed loan issues on the past administration, noting that all the loans including World Bank programs such as AGILE, SURWASH, and ACReSAL were received by the past administration in the state.

The government stated that the current naira exchange rate to the dollar, which is over ₦1,600 has affected the repayment of these loans as its value has increased.

This means that Governor Sani’s administration is repaying nearly three times the amount of loans acquired by the previous administration, all thanks to the significant devaluation of the Naira.

“The inherited debt burden from the previous administration consisted of long-term loans. These loan commitments, including World Bank programs such as AGILE, SURWASH, and ACReSAL, were all agreed upon during the previous administration,” the statement noted.

“Previous administration’s loan agreements, based on exchange rates of ₦415-₦480 to the dollar, have now seen the Naira plunge to over ₦1,600 to the dollar, effectively tripling the value of these debts in local currency,” he noted.

The Commissioner frowned bitterly at the online platform for not seeking clarification prior to the publication of the report.

However, he echoed the government’s commitment to transparency in debt management and financial discipline, adding that the state government will not spare those responsible for mismanaging the state’s resources.

“Notwithstanding the erroneous reporting, the government is resolute in its dedication to transparency in debt management and financial discipline, prioritizing the enhancement of the state’s economy without imposing additional financial burdens.

“The state government reaffirmed its resolve to hold accountable those responsible for mismanaging the state’s resources, vowing to reposition Kaduna for the benefit of its citizens,” the Commissioner added.

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FG to Evacuate Nigerians in Lebanon as  Iran Threatens to Fire More Missiles at Israel

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The Federal Government is set to evacuate Nigerians living in Lebanon amid the tension between Iran and Israel.

Investors King had reported that Iran’s Military launched 180 missiles at Israel on Tuesday, killing no fewer than eight Israelites and injuring scores of other citizens.

Responding to the tension, Nigerian government directed its citizens living in Lebanon to contact the country’s diplomatic officers and envoys in the Middle-East country for immediate evacuation.

The Special Assistant to the Nigerian President on Social Media, Dada Olusegun, through his X handle, @DOlusegun, alerted all Nigerians in Lebanon to the attacks and asked them to get in touch with the Nigerian mission for profiling and documentation and subsequent evacuation.

Similarly, the Nigerians in Diaspora Commission (NIDCOM) advised Nigerians living in Lebanon to consider moving out of the country now that commercial flights are still in operation.

Nigerians are also urged to liase with the Nigerian Embassy in Lebanon for necessary guidance regarding their safety.

This was made known via a statement by Director of Media, Public Relations and Protocols Unit, NiDCOM, Abdur-Rahman Balogun, on Wednesday.

Meanwhile, Iran authorities have explained the reason for attacking Israel, saying that the barrage of missiles was in response to the killings of Iran-backed militant leaders, sending Israelis to shelters and prompting alarm across the region.

Reports have it that the Israel Defence Forces said it intercepted the 180 ballistic missiles launched by Iran at Israel on Tuesday evening.

Iranian government has threatened to launch more fierce missiles against Israel if it retaliates the Tuesday attack.

According to the Iranian mission to the United Nations in a message on its X account, “Iran’s legal, rational, and legitimate response to the terrorist acts of the Zionist regime—which involved targeting Iranian nationals and interests and infringing upon the national sovereignty of the Islamic Republic of Iran—has been duly carried out.

Nigerian government said the evacuation of its citizens is necessary following the Israeli government’s warning to residents of 24 more villages in southern Lebanon to evacuate amid increasing tensions.

It was reported that the villages fall within a United Nations buffer zone, created after the 2006 war between Israel and Hezbollah.

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Government

Eight Killed, Several Injured as Iran Launches Missiles Towards Israel 

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No fewer than eight people have lost their lives in a devastating terror attack in Israel.

Israel’s national emergency medical service, Magen David Adom, confirmed that the attack occurred on Tuesday.

The service reported that several others were injured after missiles were fired in Jaffa, south of Tel Aviv.

The two terrorists who carried out the attack were “neutralized,” according to police.

Medics are currently treating several casualties, including unconscious victims.

Reports indicate that emergency services are responding to a shooting incident on Jerusalem (Quds) Street in Jaffa, near a light rail station.

Magen David Adom ambulance service confirmed that multiple people were injured in what appears to be an attack.

Earlier, the President of the United States, Joe Biden, stated that he had convened a national security team, alongside the Vice President, to discuss Iranian plans to launch an imminent missile attack against Israel.

“We discussed how the United States is prepared to help Israel defend against these attacks and protect American personnel in the region,” Biden said.

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