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Climate Finance a “Fundamental Issue of Trust” – Commonwealth Secretary-General

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climate change - Investors King

The Commonwealth Secretary-General Patricia Scotland has called for developed countries to finally honour the decade-long pledge to make $100 billion available each year to fight climate change in developing countries.

During a high level joint event co-organised with the Climate Vulnerable Forum (CVF) on 1 November in Glasgow at the UN Climate Change Conference COP26, the Secretary-General descried the funding as “both to deliver the intended impact on the ground, but also as a fundamental issue of trust.”

She said: “Promises should be kept… Commonwealth diplomacy is about taking our collective determination – and the experiences that leaders, ministers and citizens from across the Commonwealth share with us – into the heart of global climate negotiations.”

The event featured a keynote address by the Prime Minister of Bangladesh Sheikh Hasina, as chair of the Climate Vulnerable Forum, as well as statements from a prominent line up of leaders across the Commonwealth, including the President of Guyana Irfaan Ali, the President of Maldives Ibrahim Mohamed Solih, the Prime Minister of Eswatini Cleopas Dlamini and other ministerial delegates and envoys.

Prime Minister Sheikh Hasina stated: “The 48 members of the CVF account for only 5 per cent of the total global emission. However, the adverse impacts of climate change have posed fundamental threats to our lives and livelihoods.

“Our vulnerability and necessity for adequate climate finance and technology transfer must be recognised by the international community. The major emitting countries need to fulfil their obligations to support us in our efforts to cope with the effects of climate change.”

Both CVF and the Commonwealth expressed their solidarity in support of strengthening climate financing for resilience and prosperity. The event also supported knowledge-sharing and capacity-building collaboration between the two groups of countries.

Prime Minister Sheikh Hasina added: “The Commonwealth countries have a long history of commitment and contributions in addressing the challenges of the climate change. With more than one-third of CVF member states being also the members of the Commonwealth, I firmly believe that the joint efforts of the CVF and the Commonwealth Members can act as a catalyst for implementation of the Paris Agreement.”

The CVF is a diverse partnership of 48 of the world’s most climatically-vulnerable countries from Africa, Asia, the Caribbean, Latin America and the Pacific. They represent 1.2 billion people, but contribute only 5 per cent of total global emissions. A third of the CVF countries are from the Commonwealth, including the majority of Small Island Developing States (SIDS) and low lying littoral countries such as Bangladesh.

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D.Light Launches Solar Products in Nigeria to Transform Lives of Low-Income Individuals

D.Light has officially launched into the Nigerian market to transform the lives of low-income individuals

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Renewable Energy - Investors King

D.Light, a pioneering manufacturer and provider of Solar products has officially launched into the Nigerian market to transform the lives of low-income individuals.

This expansion into Nigeria is coming after the company secured a $50 million investment some months ago to better focus on the renewable energy space and support its expansion in Africa.

Speaking at the launch, Co-founder and President Sam Goldman said “The reality is that we are still so far from where we need to be in terms of our population and their needs.

“Hence our target market is the low-income individuals; not just the rural communities which is why the company adopts the ‘pay-as-you-go” model. Access to sustainable energy will not be possible unless we solve the funding problem.

Also speaking about D.light’s mission in Nigeria and across the globe, the chairman of the board, Mrs. Ibukun Awosika stated that the company seeks to transform the lives of a lot of people on earth, as well as bridge the gap to ensure inclusiveness for everyone.

Her words, “Our vision is to change the lives of billions of people on the face of the earth who are crying for equity to have a chance to live a better life.

“We are in Nigeria to transform Africa one community at a time, and this is our driving force she said”.

The co-founder and CEO, Ned Tozun explained that d.light has employed over 6,000 people across Africa.,

He said, “Our target is lower-income individuals. There is a sun in the village and the cities, so when we just say a rural market, it is not.

“The guy who lives in Lagos, but doesn’t have a generator shouldn’t even use a generator if he can have a solar solution. Why? Because of environmental sustainability.

“So, when you think about all the ESG matters, you will encourage more people to use alternate sources of energy rather than polluting sources of energy and that helps everywhere; whether you are in the city or the village. It is about lower income.

“What we’ve done is to think of the entire problem chain. Firstly, innovate the product. Two, how do you deliver it? Deliver it to them at the most reasonable price. Thirdly, make sure it’s affordable for them”.

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Dangote Cement and Other Top Listed Companies Spent N207 Billion On Power in Six Months

As fuel prices continue to soar globally, top companies in Nigeria spent N207 Billion on energy in the first half of the year (H1).

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Power - Investors King

As fuel prices continue to soar globally, top listed companies in Nigeria spent N207 Billion on energy in the first half of the year (H1). 

Top companies by market capitalisation listed on Nigeria Exchange Limited (NGX) saw their energy cost increase by 33.6 per cent in the first half (H1) of 2022. Unlike in the first half of 2021, the top companies expended N155.86 Billion on energy, leaving a difference of N51.14 Billion between the period. 

Dangote Cement recorded the highest percentage of energy cost in H1 2022 with a  31.32 per cent increase to N129.97 billion. In H1 2021, Dangote Cement spent N98.97 billion. 

It is alarming to note that Dangote Cement’s energy cost made up 40.31per cent of its total production cost of sales in the first half of 2022.

BUA Cement reported a 64.70per cent spike in energy costs in H1 2022 at N43.58 billion. In H1 2021, BUA Cement spent N26.46 billion on energy consumption. The company’s energy consumption accounted for 44.7 per cent of its total cost of production in H1 2022. 

Zenith bank’s energy cost increased by 55.27 per cent while GTCO reported a  58.65 per cent increase in energy cost.

Other companies that saw a significant increase in their energy consumption include BUA Foods, Nascon Allied Industries, Fidson Healthcare Plc, GlaxoSmithKline Consumer Nigeria Plc, Dangote Sugar Refinary, Lafarge Cement, BUA Cement. 

Energy prices have been on the rise since the beginning of the year. Apart from other local factors, the invasion of Ukraine by Russia also contributed to the global energy crisis. 

To mitigate the rising cost of energy, companies are now looking for an alternative source of energy such as solar energy. This however can not guarantee a significant decrease in their energy cost because of the quantity of every they need for production. 

 

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Nigeria Loses N184 Billion to Gas Flaring in H1 2022

Nigeria lost N184 billion to gas flaring in the first half (H1) of 2022, the Nigerian Oil Spill Monitor.

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Oil and Gas

Nigeria, Africa’s largest economy, lost N184 billion to gas flaring in the first half (H1) of 2022, the Nigerian Oil Spill Monitor, a unit under the Nigerian Oil Spill Detection and Response Agency (NOSDRA), reported on Sunday.

Despite Nigeria’s huge gas deposits, Africa’s largest economy continues to struggle with the necessary infrastructure needed to convert gas flaring to useful natural liquified gas. In the last 18 months, Nigeria has lost almost a trillion Naira in gas value.

The report showed that Nigeria lost a total sum of N707 billion in 2021 alone while another N184 billion was lost in the first half of 2022.

NOSDRA report noted that gas companies operating in the country flared 126 billion standard cubic feet (SCF) of gas in the first six months of 2022, resulting in $441.2 million or N188.887 billion (using the I&E exchange rate) lost.

Further analysis of the report showed that oil firms operating in the offshore oilfields flared 62.2 billion SCF of gas valued at $217.6 million in the first half of 2022. However, companies operating onshore flared a total of 63.9 billion SCF, estimated at $223.6 million.

Speaking on the situation, Prof. Olalekan Olafuyi, the Chairman of the Society of Petroleum Engineers (SPE), Nigeria Council, in an interview on Sunday, said the Federal Government is working on raising gas flaring penalties to further compel oil companies operating in the country to comply with the existing gas policy.

He said “We are working closely with the Nigerian Upstream Petroleum Regulatory Commission, and I can categorically say that companies who flare gas will now pay more than those utilising it. So, it will be to their advantage to start thinking of ways to utilise their gas instead of flaring them.”

Presently, the federal government imposed a penalty of $2 on 1000 SCF of gas flared by oil companies producing above 10,000 barrels per day (bpd). While companies producing less than 10,000 bpd are fined $0.5 per 1000 scf of gas flared.

Even though Olafuyi did not state how much increase the new rate would attract, he said the Federal Government is working with the Nigerian Upstream Petroleum Regulatory Commission (BUPRC) to devise a suitable penalty increase.

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