Tag: Climate

  • A researcher linking climate, corn, change to global solutions

    A researcher linking climate, corn, change to global solutions

    Climate change is no longer a distant threat, it is reshaping agriculture in real time. Farmers across the globe face new challenges as shifting temperatures and rainfall patterns disrupt long-standing farming traditions. A crop that sustains millions of households and industries worldwide is Corn and it’s not exempted from this challenge.

    Iowa, the heartland of U.S. corn production, offers a window into this global challenge. Here, corn yields are highly sensitive to changes in weather, making the state an ideal case study for understanding how climate change influences food security.

    Tesleem Ajisafe, a researcher trained in geography and geospatial sciences, has been leading important work in this field. His recent study applied an advanced econometric technique, the Autoregressive Distributed Lag (ARDL) model, to investigate how climate change influences food security.

    The model allowed him to measure both immediate and long-term effects of climate factors such as rainfall, minimum temperature, and maximum temperature. Unlike simple correlations, this approach revealed a deeper and more accurate picture of how weather shifts influence harvests.

    The results were far from uniform. Tesleem discovered that climate change affects corn production differently across regions, some areas experienced positive impacts, others suffered declines, and a few showed little to no effect. This unevenness highlights the complexity of adapting agriculture to climate realities.

    The implications are significant. With global corn demand rising and climate pressures mounting, policy makers and agricultural planners must rely on such evidence to guide investments in resilience. Strategies that work in one region may fail in another, making localized data essential for sustainable planning.

    Tesleem’s work also demonstrates the importance of combining econometric methods with geospatial insights. By doing so, he provides tools that explains past trends and help predict future scenarios. This integration strengthens the ability of governments and farmers to plan ahead.

    Beyond Iowa, the lessons extend to other corn-growing regions in Africa, Asia, and Latin America, where climate variability is already affecting livelihoods. Tesleem’s findings remind the world that solutions developed in one region can offer a blueprint for others facing similar threats.

    By linking climate, corn, and change, Tesleem positions data as the bridge to resilience. “Persistence and hard work turn challenges into achievements,” he says, reflecting the mindset that has fueled his research and its global relevance. As nations seek to secure their food systems against climate shocks, voices like his stand out.

  • Climate tech startups get $1.3 m

    Climate tech startups get $1.3 m

    $1.3 million has been awarded to Israeli climate tech startups as part of the startup track of the Climate Solutions Prize (CSP), an initiative that incentivises climate innovation to address the global climate crisis.

    The startup track was led by Startup Nation Central with the Climate Solutions Prize Organisation. Its prizes include the premier flagship Equity Investment of $1M from Capital Nature as well as a roadshow to Singapore from Temasek Foundation, an investment and incubation process with ESIL, and engagements with corporate business units from Continental, E.ON, Italgas and Takeda to Israeli early-stage startups developing innovative climate tech technologies.

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    In addition, Amazon Web Services and Deloitte offered market access and professional support to the startups in this initiative.

    “With the objective of channelling Israel’s ingenuity to tackle one of the biggest challenges of our times, the Climate Solutions Prize is the largest incentive prize in Israel’s history. It aims to be a catalyst for climate tech innovation in both breakthrough research and the startup ecosystem. It is vital that we mobilize and inspire the best efforts and best minds so that we can proudly leave a better world for future generations to come,” said Jeff Hart, Executive Chair of the Climate Solutions Prize.

  • A Call for Environmental Justice: Amplifying Africa’s Voice in the Global Climate Discourse

    A Call for Environmental Justice: Amplifying Africa’s Voice in the Global Climate Discourse

    • By Dozy Mmobuosi

    In the heart of the Arabian desert, where dreams rise from the sands, the United Arab Emirates welcomed the world to COP28. As we extend our gratitude to the UAE government for illuminating the possibilities born from daring dreams, we find ourselves energized by stimulating speeches, notably from President Dr. Sultan Al Jaber CBE at COP28.

    Dr. Al Jaber’s phrases—’sustainability,’ ‘mitigation,’ ‘adaptation,’ and ‘global stocktake’ —resonate as an urgent call to us all to commit to a greener future. Amid the grandeur of COP28, however, a question lingers—what about Africa?

    The United Nations projects that by 2050, Africa’s population will reach close to 2.5 billion. Such a figure would mean that more than 25 percent of the world’s population will be African. Interestingly, more than half the continent’s population at that time will be under the age of 25. The necessity for Africa not only to have a seat at the table but to wield an influential voice has therefore become unavoidable. If our African children will be the torchbearers of global agendas, Africa’s voice must be heard and heeded.

    Global Stocktake

    In the spirit of Dr. Sultan Al Jaber’s clarion call, a global stocktake becomes our immediate imperative. Transparency in carbon emissions registers worldwide is crucial, but it is equally vital to document the disasters these emissions cause. Our belief is deeply rooted in the conviction that, Africans bears a disproportionate burden of carbon emissions from other continents, although the damage inflicted upon the continent remains underreported and largely invisible.

    But Africans can no longer be relegated to afterthoughts. Consider the paradox: Africans contribute raw materials that we find in most household staples and gadgets used around the world. However, to the average African, the processed products are luxuries they cannot afford. This duality is stark, and the carbon emissions from countries benefitting most from African resources far outweigh those emanating from the African continent itself. To make matters worse, little has been done to address this glaring imbalance.

    Nairobi Declaration

    The inaugural Africa Climate Summit in Nairobi, Kenya, which held from 4th to 6th September 2023, brought African Heads of State and Government together and they signed a declaration, emphasizing the critical challenges posed by climate change to the continent and reaffirming its commitment to the UNFCCC and Paris Agreement.

    The key points from the Nairobi Declaration, ranges from recognizing the severity of climate change to a call for reparations, underscoring Africa’s determination to address the climate crisis head-on.

    Recent climate disasters on the continent further emphasize the urgency of action. For instance, the Horn of Africa drought, Cyclone Freddy in Malawi, and West African floods have left devastating impacts on communities, resulting in loss of lives, displacement, destruction of infrastructure, and significant economic losses. None of these horrific events trended on X (formerly Twitter) and no one had flags of, say, Malawi in their bios on social media.

    Proposed Solutions: Establish an Audit Committee

    It is time for us to dare to dream again as we chart a new path towards a more transparent and fair system. We believe that there can be no climate agenda without Africa, and indeed Africans, in the front seat.

    We propose the establishment of an Audit Committee within the African Union. This committee’s primary objective is to measure, analyze, and quantify the impact of carbon emissions from non-African countries on the continent and to seek reparations for climate disasters on the African continent.

    The Audit Committee will create a register of climate disasters, comparing carbon emissions from Africa and non-African countries, highlighting the disparities, and developing a framework for reparations. The committee will engage with international bodies, negotiate with non-African countries, and integrate its efforts with continental initiatives for a holistic approach to environmental justice.

    Democratizing and Incentivizing Carbon Credits

    Central to our vision is the democratization and incentivization of carbon credits, ensuring that individuals, not just institutions, benefit from these initiatives. The current system often favors large corporations and institutions, thereby leaving individuals on the side-lines. It is time to reshape the narrative, making carbon credits accessible to everyone. By doing so, we empower individuals to actively participate in the fight against climate change. The benefits of carbon credits should therefore extend beyond boardrooms to reach households, creating a collective responsibility for our planet’s well-being.

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    Importance of Improving Infrastructure for Preparedness and Disaster Planning

    Amidst the challenges we face in Africa, a critical aspect demands immediate attention—the glaring lack of weather monitoring infrastructure. Africa’s 37 radar facilities, compared to Europe’s 345 and North America’s 291, underscore a vulnerability that jeopardizes informed decision-making.

    The importance of improving infrastructure in Africa, including radar facilities, satellite data, and surface monitoring, cannot be overstated.

    Enhancing Africa’s weather monitoring capabilities is a transformative investment that directly impacts preparedness and disaster planning. Improved infrastructure empowers nations to make timely decisions about when to plant, when to evacuate, and how to strategically confront climate-induced challenges. It becomes a cornerstone for resilient communities, safeguarding lives, livelihoods, and the very fabric of sustainable development.

    By bridging the infrastructure gap, Africa gains the ability to harness climate data effectively, ensuring accurate forecasts, reliable early-warning systems, and informed policymaking. The benefits ripple through every sector—from agriculture to energy, enabling a proactive approach to climate adaptation and resource management. It becomes an indispensable tool for securing climate finance, demonstrating Africa’s commitment to tackling climate change, and building a foundation for a sustainable future.

    Echoing the spirit of COP28, we must now work towards creating a future, built on fairness, hope and aspirations that will outlive us all.

    Dozy Mmobuosi is a pan-African agri-fintech industrialist, with operations across the continent, Europe, the Middle East, and the United States of America.

  • COP28 climate summit kicks off in Dubai

    COP28 climate summit kicks off in Dubai

    • Early disaster fund breakthrough achieved

    The 28th United Nations climate summit, known as COP28, kicked off in Dubai yesterday with an early breakthrough on a key agenda item: the establishment of a disaster fund for poor countries hit hardest by climate disasters such as flooding, droughts and extreme heat.

    COP28 president Sultan Al Jaber hailed the agreement as “the first time a decision has been adopted on day one of any COP” and announced that host country, the United Arab Emirates, would contribute $100 million to the fund.

    Several other countries announced commitments, including Germany, which also pledged $100 million.

    Dr. Rachel Cleetus, policy director for the Climate and Energy Programme at the Union of Concerned Scientists, called the fund a “significant step forward in the fight for climate justice.”

    “Low- and middle-income nations are suffering from billions of dollars of damage and an immense human toll from increasingly severe climate impacts,” she said in a statement. “There’s simply no time to wait.”

    The urgent need for climate action across a range of areas will be a theme at the two-week COP28, which is expected to be attended by 70,000 participants.

    The event – officially the Conference of Parties – comes at the end of a year that saw scorching heat waves and extreme weather from flooding to wildfires around the globe.

    Yesterday, the United Nations released its latest global climate report, which concluded that 2023 was “virtually certain” to be the warmest year in the 174-year observational record.

    The U.N. World Meteorological Organisation said in its provisional assessment that global temperatures rose 1.4 degrees Celsius above pre-industrial levels.

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    “We are living through climate collapse in real time and the impact is devastating,” United Nations Secretary-General António Guterressaid in a video statement accompanying the launch of the report on COP28’s first day.

    “This year, we have seen communities around the world pounded by fires, floods and searing temperatures,” he said. “Record global heat should send shivers down the spines of world leaders.”

    Guterres called on countries to “triple renewables, double energy efficiency… and phase out fossil fuels.”

    The future of fossil fuels looms as one of the key debates in COP28 discussions, with participants such as the European Union expected to push for a full phaseout, while others — including the United Arab Emirates, one of the world’s largest oil producers — have called for a more gradual “phase down.”

    The controversy around an oil giant hosting the climate meeting was intensified this week whendocuments leaked to the Center for Climate Reporting and the BBC suggested that COP28 president Al Jaber planned to use the summit to lobby for oil and gas deals with foreign government officials.

    Al Jaber, who is head of the Abu Dhabi National Oil Company, denied the allegations on Wednesday, calling them “false, not true, incorrect and not accurate.”

    In his opening remarks after formally accepting the COP28 presidency yesterday, Al Jaber stressed an ambitious but pragmatic approach that included the fossil fuel industry, saying that it is “essential that no issue is left off the table.”

    “We must look for ways [to] ensure the inclusion of the role of fossil fuel,” Al Jaber said.

    “I ask you all to work together,” he said. “Be flexible. Find common ground. Come forward with solutions and achieve consensus.”

    Another key item for this year’s COP28 will be the first ever “global stocktake,” a scorecard for countries and other stakeholders to measure progress toward the goals of the Paris Agreement, which aims to keep global warming well below 2 degrees Celsius (3.6 degrees Fahrenheit) and preferably below 1.5 degrees.

    The U.N.’s Intergovernmental Panel on Climate Change has found that greenhouse gas emissions must peak before 2025 at the latest and decline 43% by 2030 to limit global warming to 1.5 degrees Celsius.

    High-profile attendees at COP28, which runs through Dec. 12, include Britain’s King Charles III and Prime Minister Rishi Sunak, as well as the leaders of France, Germany, Japan, Brazil, India and the European Union.

  • UK supports start-ups in agric, climate, others

    UK supports start-ups in agric, climate, others

    The United Kingdom (UK) government has launched an initiative to support the improvement of Nigeria’s industrial base with  a programme that aims to wsupport start-ups in agriculture, climate and other sectors.

    The Federal Government has been diversifying its economy away from oil as part of its major transformational  strategy.

    To this end,  the UK-Nigeria Tech Hub has entered into a partnership with the Network of Incubators and Innovators in Nigeria (NINE) to launch an impact accelerator, ‘Social Innovation Driven Entrepreneurship’ for social impact entrepreneurs.

    The Accelerator   aims to provide a platform to help existing tech   entrepreneurs  solidify   their projects and boost their success rate.

    Those selected will join the UK-Nigeria Tech Hub founder pipeline and gain access to resources and networks.

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    In addition, they will undergo bespoke 16-week in-person and virtual training from local tech hubs and business leaders, designed to equip them with the expertise needed to scale their impact while remaining profitable.

    In the build-up to the accelerator, NINE and Kaduna Business School developed a challenge brief to identify market- and sector-specific gaps in health, climate change, education, and food security affecting underserved populations in six pilot states in Nigeria, which are: Edo, Adamawa, Kwara, Kaduna, Enugu, and Osun States.

    To become eligible for the programme, startups must be MVP-ready and address challenges within specific sectors, namely education, employment, food, health, climate, and environmental change. Female start-up founders and innovators are highly encouraged to apply.

    According to the Country Director of the UK-Nigeria Tech Hub, Oyinkansola Akintola-Bello, “This collaboration to scale social impact innovations underscores the UK’s commitment to nurturing brilliance in underserved regions, ensuring that every idea, regardless of location, has the resource and support required to scale.”

    The Country Director’s points were further buttressed by the Chairman, Network of Incubators and Innovators in Nigeria (NINE), Bankole Oloruntoba, adding that it is imperative that we stimulate an emerging city-based innovation ecosystem in Nigeria beyond Abuja and Lagos.

    “This programme is focused on these emerging state economies to stimulate entrepreneurial economies as well as create job possibilities using digital technology,” Oloruntoba noted.

    His dream has been to support start-ups expand globally and help them to achieve unicorn status.

  • Firm clinches deal with UK Met office to manage climatedisasters in Nigeria

    Firm clinches deal with UK Met office to manage climatedisasters in Nigeria

    McEnies Global Communications has won a contract with the UK Met Office to develop improved communications practices on weather information and work out meaningful communication strategies to mitigate against perennial flooding in Nigeria.

    The project, sponsored by UK Foreign Commonwealth and Development Office (FCDO) will bring together several relevant government agencies, like NIMET, NASRDA, NIHSA, NEMA, etc while also engaging in some desk-based research and consultations. The team will come together to co-develop improved communications products and protocols to reach the most vulnerable flood-prone states and communities like Bayelsa, Lagos, Kebbi, Oyo, Kogi etc, to allow them make life-changing decisions.

    The project is expected to last for six months and it will cover all the 36 states of Nigeria including FCT, Abuja.

    This upwardly mobile wholly owned Nigerian company, McEnies Global Communications that is known with vast expertise in strategic, integrated marketing services and digital marketing secured this deal with FCDO and UK Met Office in September, 2023 a confirmation from the company has revealed.

    Speaking about its latest feat in blue cheap clientele expansion, the CEO of McEnies Global comms, Omolaraeni Olaosebikan said the latest milestone would enable the firm to continue to create a cohesive creative communications solution and further strengthen the agency’s ability to offer clients in Nigeria and outside Nigeria value for their money with premium and enduring satisfaction.

    She added that sealing a deal with UK FCDO and UK Met Office is a confirmation of her company’s commitment to enhance its communication services offering for clients across the globe.

    “Nigeria is one of the biggest economies in sub-Saharan Africa and creates opportunities for an innovative communications firm such as McEnies Global Communications.

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    “We will not rest on our oars in making use of our global network advantages, coupled with our local professional services experience, to provide strategic communications support to all our clients and of course our fresh contractual agreement with FCDO and UK Met Office to work out communication protocol that can help to mitigate against perennial flooding in Nigeria, and as well create a new conversation and right message with preferred language among vulnerable segments of the society .”

    will no doubt project us to the world as a competent and reliable outfit whose integrity, moral rectitude and Jack for excellence can never be compromised.

    “This meritorious rise for us as a brand at McEnies Global Communications by dint of hardwood validates our strength in doing what we know how to do best and we are also committed to expand frontiers of integrated marketing communication, unlock more opportunities, break barriers and deepen customers’ satisfaction whilst also putting into cognizance industry standards and codes of ethics in tandem with global best practices.”

  • Niger to priotise issues of climate change, seek media collaboration

    Niger to priotise issues of climate change, seek media collaboration

    Niger state governor, Muhammed Umar Bago has said that the state government will prioritise issues of climate change to mitigate natural and man-made disasters in the state.

    Speaking at the opening ceremony of a two-day retreat for members of the House of Representatives Press Corps, the Governor challenges the media to drive the advocacy for climate change which he said is one of the issues affecting the global economy today.

    Represented by his Deputy, Comrade Yakubu Garba, Governor Bago said the realisation of the danger of climate change to the nation explained the decision of the state government to convoke a Green Economy Summit.

    He said: “Since my assumption of office, we have raised the ante of informing the public about preventive measures to save lives and reduce damage to property and infrastructure. We are willing to collaborate with the media to drive this advocacy as well as work out strategies to put climate change issues on the front burner.

    “I have deep regard for the media because I believe that it is indispensable in the institution of the rule of law and good governance in the society. Without the media, the desired checks and balances in government will be a mirage.

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    “Without the media, democracy cannot thrive because the people’s voices will be gagged. Although the legislature carries out the oversight function, the media plays a dual role in oversight and reporting to the public.

    “Climate change is one of the biggest problems confronting nations today. In Nigeria, it is a matter of concern to governments and experts because it is happening at a very frightening level.

    “We have problems of flood, desertification, environmental pollution, etc and despite efforts being made, the devastating effects of climate change are recorded yearly. Even part of the insecurity we face today is attributed to climate change, which deserves priority attention.

    “Unfortunately, it seems some of these disasters are even underreported. Perhaps, the media is not adequately equipped to handle this. I believe that as journalists who report from the parliament, where laws are enacted, it is essential that you acquire the necessary skills and tools to mainstream climate change.

    “This can enable you to set an agenda for the Legislature and indeed the Executive. I hope that at the end of this retreat, you will all be better positioned to inform, educate and enlighten society on the implications of climate change.

    “I, therefore, invite you to show more interest in issues of climate change. Do not concentrate on reporting politics alone but also pay due attention to climate change because it directly affects human welfare and condition of living”.

    The state Commissioner for Environment and Climate Change, Yakubu Kolo said the state was taking steps to address the issues of climate change and has launched a two-day programme to discuss issues of the green economy.

    The chairman of the House of Representatives Press Corps, Ms Grace Ike said climate change has impacted the nation in different ways and has altered the environment and ecosystem.

    She said: “Interestingly, the government is also coming up with various policies to mitigate the effects of climate change not just for Niger State but globally. It is therefore our responsibility as Reporters to communicate and properly disseminate this information. By so doing, we will all be on the same page.

    “The Niger State’s Green Economy is here while other States are lamenting the effects of climate change, you have taken a landscape step to position Niger State.

    “Your innovative ideas in the area of economy and security have caught our attention and it is in view of this that in the course of this programme, we shall be conferring on you the honour of the Most Innovative Governor in Economy and Security Issues.”

  • Climate Change: Balancing debt servicing and disaster response

    Climate Change: Balancing debt servicing and disaster response

    By Samuel Jekeli

    SIR: Climate change is a global crisis that transcends borders, affecting countries in various ways. Nigeria with a diverse ecosystem and a large population, the impacts of climate change are becoming increasingly evident. Rising temperatures, erratic rainfall patterns, and extreme weather events are posing significant challenges to the country’s development. One pressing dilemma that Nigeria faces is how to allocate resources between debt servicing and disaster response in the face of a changing climate.

    Nigeria is no stranger to the adverse effects of climate change. From flooding in urban centres to prolonged droughts in rural areas, the climate crisis is exacerbating existing vulnerabilities, disproportionately affecting the most marginalized communities. This has created a double-edged sword for the Nigerian government: the need to manage its growing debt burden while also responding to climate-related disasters.

    Nigeria, like many other developing countries, carries a significant external debt load. Servicing this debt is a financial obligation that consumes a substantial portion of the national budget. In recent years, the allocation of resources for debt servicing has raised concerns, particularly in light of the pressing climate crisis. Critics argue that dedicating a large portion of the budget to servicing debt hinders the country’s ability to respond effectively to climate-related disasters.

    The changing climate is leading to an increase in the frequency and severity of disasters in Nigeria. Floods, droughts, desertification, and food insecurity are all consequences of climate change that demand immediate attention. Disaster response requires substantial resources, from emergency relief to long-term recovery and adaptation efforts. The government must invest in infrastructure resilience, early warning systems, and climate adaptation strategies to mitigate the impact of these disasters on vulnerable communities.

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    Balancing debt servicing and disaster response in the context of climate change is a complex challenge, but it is not an insurmountable one. Here are some strategies that Nigeria can consider:  Debt Restructuring, Climate-Focused Financing, International Support, Insurance Mechanisms,  Public-Private Partnerships,  Education and Awareness.

    Exploring debt restructuring options, such as extending maturities or renegotiating terms, can help reduce immediate debt servicing obligations. This would free up funds for climate resilience and disaster response.

    Allocating a portion of the national budget specifically for climate adaptation and mitigation efforts can help address the impacts of climate change. This would include investments in infrastructure, agriculture, and disaster risk reduction.

    Nigeria can engage with international financial institutions and climate funds to access additional financing for climate-related projects. These funds often offer favourable terms and grants for climate resilience initiatives.

    Implementing climate risk insurance schemes can help the government manage the financial burden of disaster response. These mechanisms can provide rapid funding in the event of a climate-related disaster, reducing the strain on the budget.

    Collaboration with the private sector can mobilize additional resources for climate adaptation and disaster response. Public-private partnerships can fund and implement projects that strengthen resilience and reduce vulnerability.

    Raising awareness about the impacts of climate change and the need for climate resilience can encourage individual and community-level actions. Education campaigns can help reduce the long-term burden of disaster response.

    Climate change is an undeniable reality that is reshaping the world, and Nigeria is not immune to its effects. Balancing the need for debt servicing with the imperative of disaster response in the face of climate change is a formidable challenge. However, it is essential for the government to adopt a multifaceted approach that considers both short-term financial obligations and long-term climate resilience.

    By restructuring debt, securing international support, and prioritizing climate-focused financing, Nigeria can better allocate resources to address climate-related disasters. Additionally, public-private partnerships and climate risk insurance mechanisms can provide valuable tools to manage the financial burden associated with climate change impacts.

    Ultimately, finding the right balance between debt servicing and disaster response is crucial for Nigeria’s sustainable development and the well-being of its people. Climate change is not a problem that can be deferred; it demands immediate attention and proactive measures to ensure a resilient and sustainable future for the nation.

    • Samuel Jekeli, Centre for Social Justice, Abuja.

  • ‘$3tr needed to address development goals, climate change’

    ‘$3tr needed to address development goals, climate change’

    • ‘Earthquake in Morocco won’t affect annual meeting’

    The International Monetary Fund (IMF) has said that developing economies and emerging markets, including Nigeria, would need a whopping $3 trillion every year for the next six years (2030) to address their development goals and the climate change obligations.

    It said that amount would be equivalent of about seven per cent of these countries’ combined 2022 gross domestic product (GDP), saying raising that money would be an uphill task and poses a formidable challenge, “particularly for low-income countries.”

    The revelation which is the outcome of research findings, indicated that many countries in this bracket, “have the potential to increase their tax-to-GDP ratios,” and that in the long-run, would be enabled to provide critical government services, by as much as nine percentage points through the instrumentality of better tax design and existence stronger public institutions.

    The trio of three IMF senior officials – Vitor Gaspar, Mario Mansour and Charles Vellutini, who unveiled the strategy on how countries can grow revenues through taxation, said “making use of this potential would also contribute to financial development and private sector entrepreneurship,” adding that  easier financing, together with efficient and well-targeted spending, “would go a long way toward delivering sustainable development.”

    They said the concept wasn’t entirely new, saying that some countries, including Brazil, Argentina in South America and others in Eastern Europe, including Georgia, have been remarkably successful in raising revenue of more than five percentage points of GDP.

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    The trio acknowledged the disparity in progress made so far on raising revenue since the early 1990s, stating that half of emerging market economies and two-thirds of low-income countries had a tax-to-GDP ratio in 2020 that was lower than 15 per cent. They said countries that have upped their tax-to-GDP ratio above that threshold, had been found to have experienced accelerated growth.

    They said there is ample room for countries to expand their tax initiatives so as to collect more revenue based on existing tax potentials across board, informing that low-income countries could raise their tax-to-GDP ratio by as much as 6.7 percentage points on the average. The trio said if emerging markets are able to improve on tax collection institutions, “including reducing corruption,” revenues could go up to “an additional 2.3-point increase.”

    They said to build tax capacity, governments will need to take a holistic and institution-based approach that focuses on leveraging core domestic tax policies, suggesting among others, improvement in the design and administration of core domestic taxes, such as Value-Added Taxes (VAT), excises, personal income taxes, and corporate income taxes.

    VAT revenue in low-income countries, for instance, “could be doubled by limiting preferential treatments and improving compliance without increasing standard tax rates. And the widespread adoption of digital technologies would result in higher revenue collection and narrow compliance gaps,” the stated.

    Meanwhile, the World Bank President, Ajay Banga and the IMF Managing Director, Kristalina Georgieva, in a joint statement, said the next Annual Meetings of the group will proceed as planned, despite the unfortunate earthquake that rocked Marrakech, the venue of the gathering.

    “Since the devastating earthquake in Morocco on September 8, the World Bank and the IMF staff have worked in close coordination with the Moroccan authorities and a team of experts to thoroughly assess Marrakech’s capacity to host the 2023 Annual Meetings. In undertaking this assessment, key considerations were that the Meetings would not disrupt vital relief and reconstruction efforts, and that the safety of the participants can be assured. Based on a careful review of the findings, the Managements of the World Bank and IMF, together with the Moroccan authorities, have agreed to proceed with holding the 2023 Annual Meetings in Marrakech from October 9 to 15, adapting the content to the circumstances.

    “As we look ahead to the Meetings, it is of utmost importance that we conduct them in a way that does not hamper the relief efforts under way and that is respectful to the victims and the Moroccan people. At this very difficult time, we believe that the Annual Meetings also provide an opportunity for the international community to stand by Morocco and its people, who have once again shown resilience in the face of tragedy. We also remain committed to ensuring the safety of all participants.”

  • Body partners govt, others on climate crisis

    Body partners govt, others on climate crisis

    Creative Youth Community Development Initiative – Solution 17, climate solutions organisation, has partnered Lagos State, New York University in Abu Dhabi, Nigeria Bottling Company, and PremiumTrust Bank to proffer solutions to rising climate crisis.

    The partnership will inform launch of Artnovation – “Tech Meets ART for Climate Change”, a project which began on August 12.

    Artnovation Housemates of innovators, technologists, artists, entrepreneurs, poets, communicators and storytellers are expected to co-create 17 innovative climate solutions, each of which will be transformed into thought-provoking artworks to promote and spur climate awareness worldwide.

    The first nine of the 17 artworks were created during a live painting marathon at Johnson Jakande Tinubu (JJT) Park in Alausa, Ikeja. The remaining pieces will be created in October, during the 28th United Nations Climate Change Conference (COP28) in Abu Dhabi.

    Chief Executive Officer of Solution17, Foluke Michael, said: “Nine of the 17 solution projets will be completed in Lagos, and others in New York University in Abu Dhabi. And then the final exhibition in Dubai. After the exhibition, the paintings will have a permanent space at JK Randle Centre while the digital paintings will be online. The project is expected to continue till 2030.

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    “It is important to note our artistes have been with us since they were between eight and 13 years old. The project was founded in 2011, in partnership with Lagos State, to amplify the voice of children and youth while driving change by creating solutions to community problems, including climate change.”

    Some notable startups from the hub include Ecoventures by Green Marketplace, which houses innovative ventures as GreenQuest by AgroHusk Wares, Chemotronix by Chemotronic, Greena by Alttene Ventures, ClmAStartup by Artovation, and other creative enterprises committed to social impact and profit,” Michael added.

    Managing Director and Chief Executive Officer of PremiumTrust Bank, Emmanuel Emefienim, reaffirmed the bank’s commitment to supporting Green Startups and Climate Art towards COP28 and beyond.

    “Renowned for its dedication to sustainability and environmental responsibility, the bank is excited to host the innovation hub and contribute to climate change dialogue through art and entrepreneurship development,” he said.