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Climate Change Summit Begins in Morocco

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  • 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/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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