- IFAD Wants $265b Investment to Fight Poverty
At least $265 billion annual investment is required to end poverty and hunger by 2030, International Fund for Agricultural Development (IFAD), says.
Mr. Kanayo Nwanze, President of IFAD, said at a UN International Conference on ‘Investing in Inclusive Rural Transformation: Innovative Approaches to Financing,”.
The conference is holding in Rome from Jan. 26 to 27.
He said the world should take urgent action to mobilise the estimated 265 billion dollars a year needed to achieve the first two Sustainable Development Goals (SDGs) to end poverty and hunger by 2030.
“The need is urgent.
“Despite decades of commitments and considerable effort to end poverty and hunger, nearly 800 million children, women and men still go hungry every day and an almost equal number live in extreme poverty.’’
Nwanze stressed the need to be more creative in using public resources and mobilise financing.
He emphasised the need to make it easier for the private sector and philanthropists to invest in rural areas, where rates of poverty and hunger was highest.
Nwanze stressed that the financing needs for development were enormous, but so were the opportunities.
“Agri-food is already a five trillion dollars sector, and it is growing. It holds tremendous promise for the private sector and for producers in developing countries,” he said.
He said the conference came at a critical time with political changes and humanitarian crises such as war, migration and natural disasters which were reshaping global priorities and potentially diverting money away from development.
According to him, the majority of these poor and hungry people lived in rural areas of developing countries.
“Investments need to be targeted to transform rural areas into vibrant places that offer all people the opportunity to have decent jobs and lead dignified lives free of poverty and hunger.”
NIPC Remits N5.4B in 5 Years
The Nigerian Investment Promotion Commission says it has remitted a total of N5.36 billion into the consolidated revenue fund from 2016 to the first quarter of 2021.
This represents 46 percent of its total revenue for the period.
Asides from monitoring all investment promotion activities in the country, the commission also assists incoming and existing investors by providing support services.
Part of these services is the pioneer incentive status which was aimed at encouraging investors.
According to the commission’s financial summary, it spent N6.16 billion and reserved N1.09 billion.
The law allows the NIPC to apply fees charged for services rendered by it towards the discharge of its functions.
In the past five years, the commission has generated more in 2018 (N5.6 billion) and in 2020 (N3 billion).
In 2019, it generated N1.6 billion; 2016, N425 million; and 2017, N409 million.
In a previous interview, the Executive Secretary, Nigerian Investment Promotion Commission (NIPC), Yewande Sadiku, said the investment inflow to Nigeria has been under pressure for a few years, even prior to COVID-19.
“Looking at FDI flows to Nigeria in the last 20 years, we had a peak around 2011-2012 when the country recorded FDI of about $8.9billion. That was about the time the government sold oil assets to indigenous companies,” she said.
“Since then, FDI has been under serious pressure. There might have been a spike in one of the years. But, the trend has been downwards since then.
“When FDI in Nigeria was high, what we see is because the government policies or economic reforms stimulated the flow of the FDIs. So, when banking reforms, which required higher capital raising, led to consolidation, and when the reforms of the telecoms industry were done, and GSM licenses were issued, not only did the government sell licenses to make some money, those who bought those licenses created a completely new investment ecosystem, with a ripple effect in many sectors of the economy.”
The Time is Now for Global ESG Regulation: deVere CEO
A global regulatory framework for environmental, social and governance (ESG) investing is now urgently required, affirms the CEO of one of the world’s largest independent financial advisory and fintech organisations.
The ‘call to action’ from Nigel Green, the chief executive and founder of deVere Group, comes as major financial institutions are handling a massive uptick of inflows into the sector but at the same time facing accusations of inconsistency in their approach to sustainable impactful investments.
Mr Green says: “Environmental, social and governance investing is this decade’s ultimate investment megatrend – and it has been accelerated since the pandemic began.
“There’s been a dramatic increase of inflows into the sector from both retail and institutional investors as it has become clearer than ever that human health is reliant upon healthy ecosystems; that we need to ensure the sustainability of supply chains; and that those companies with robust corporate governance and good business practice fare better in difficult times and are ultimately best-positioned for the future.”
He continues: “The trend is unlikely to slow down in a post-pandemic world. Millennials, who are statistically more likely to seek responsible investment options, are set to become the major beneficiaries of the largest inter-generational transfer of wealth – an estimated $30trillion over the next few years.
“In addition, recent research reveals that the majority of environmental, social and governance investments have outperformed their non-sustainable counterparts over the last year and have had lower volatility.
“This will only serve to attract more investors.”
Given the continuing and increasing demand, Mr Green says that the regulatory landscape must reflect the situation.
“Regulators need to catch-up. Initiatives that began in the EU are now spreading worldwide, but much more needs to be done, at a faster pace and with a joined-up approach. There remains a startling lack of consistency in definitions and data.
“Considering the momentum of the sector, the time is now for the establishment of a global regulatory framework for ESG investing.”
This, he says, will provide greater protections for those investors who are looking for profits with purpose. It will also help to reduce ‘greenwashing’, which is where an investment or company gives an inaccurate impression over its green, socially responsible or corporate credentials.
The deVere CEO concludes: “A robust standardised regulatory framework would make the sector even more attractive, which will then help investors reach their financial goals whilst proactively protecting people and the planet.”
BMW and Ford Invest in Solid Power to Secure All Solid-State Batteries for Future Electric Vehicles
Solid Power, an industry-leading producer of all solid-state batteries for electric vehicles, yesterday announced a $130 million Series B investment round led by the BMW Group, Ford Motor Company and Volta Energy Technologies.
Ford and the BMW Group have also expanded existing joint development agreements with Solid Power to secure all solid-state batteries for future electric vehicles.
The investment positions Solid Power to produce full-scale automotive batteries, increase associated material output and expand in-house production capabilities for future vehicle integration. The BMW Group and Ford aim to utilize Solid Power’s low-cost, high-energy all solid-state battery technology in forthcoming electric vehicles.
“BMW and Ford now share leading positions in the race for all solid-state battery-powered electric vehicles,” said Doug Campbell, CEO and co-founder of Solid Power. “Solid Power now plans to begin producing automotive-scale batteries on the company’s pilot production line in early 2022 as a result of our partners’ continued commitment to Solid Power’s commercialization efforts.”
Solid Power has demonstrated its ability to produce and scale next-generation all solid-state batteries that are designed to power longer range, lower cost and safer electric vehicles using existing lithium-ion battery manufacturing infrastructure.
Solid Power’s leadership in all solid-state battery development and manufacturing has been confirmed with the delivery of hundreds of production line-produced battery cells that were validated by Ford and the BMW Group late last year, formalizing Solid Power’s commercialization plans with its two long-standing automotive partners.
“Solid-state battery technology is important to the future of electric vehicles, and that’s why we’re investing directly,” said Ted Miller, Ford’s manager of Electrification Subsystems and Power Supply Research. “By simplifying the design of solid-state versus lithium-ion batteries, we’ll be able to increase vehicle range, improve interior space and cargo volume, deliver lower costs and better value for customers and more efficiently integrate this kind of solid-state battery cell technology into existing lithium-ion cell production processes.”
“Being a leader in advanced battery technology is of the utmost importance for BMW. The development of all solid-state batteries is one of the most promising and important steps towards more efficient, sustainable, and safer electric vehicles. We now have taken our next step on this path with Solid Power,” said Frank Weber, Member of the Board of Management BMW AG, Development. “Together we have developed a 20 Ah all solid-state cell that is absolutely outstanding in this field. Over the past 10 years, BMW has continuously increased the battery cell competence– important partners like Solid Power share our vision of zero-emission mobility.”
Solid Power is currently producing 20-ampere hour (Ah) multi-layer all solid-state batteries on the company’s continuous roll-to-roll production line, which exclusively utilizes industry standard lithium-ion production processes and equipment.
Both Ford and the BMW Group will receive full-scale 100 Ah cells for automotive qualification testing and vehicle integration beginning in 2022. Solid Power’s all solid-state platform technology allows for the production of unique cell designs expected to meet performance requirements for each automotive partner. Solid Power’s truly all-solid cell designs achieve higher energy densities, are safer and are expected to cost less than today’s best-performing lithium-ion battery cells.
“Volta invested early in Solid Power when our team of energy and commercialization experts found they had not only promising technology, but also a fundamental focus on manufacturability. After all, a breakthrough battery will not find a place in the market if it can’t be produced at scale with acceptable costs,” said Dr. Jeff Chamberlain, CEO of Volta Energy Technologies, a venture capital firm spun out of the U.S. Department of Energy’s Argonne National Laboratory focused on investing in breakthrough energy storage and battery innovations.
“The fact that Solid Power is already producing multi-layer all solid-state batteries using industry-standard automated commercial manufacturing equipment is why Volta is excited to ramp up its earlier investment. The company’s partnership with BMW and Ford will further accelerate the full commercialization of Solid Power’s batteries and position both car companies to be among the first to have EVs on the road powered by safer, affordable, high-energy solid-state batteries.” He added.
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