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$2.4 Trillion Investment needed Yearly for Climate Solutions – UN Climate Agency 

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The Executive Secretary of UN Climate Change, Simon Stiell, says a whopping 2.4 trillion dollars is needed yearly for investment in climate issues in developing countries.

Stiell stated this in a speech he delivered in Baku, Azerbaijan, host city of the COP29 UN Climate Conference scheduled for November.

Reports says that speech is previewing the key issues and actions needed in the crucial periods ahead, building on progress at COP28 in Dubai.

The executive secretary of the UN agency noted that the amount is what the High-Level Expert Group on Climate Finance estimates, said is needed for renewable energy, adaptation, and other climate-related issues in developing countries, excluding China.

“Whether on slashing emissions or building climate-resilience, it’s already blazingly obvious that finance is the make-or-break factor in the world’s climate fight – in quantity, quality, and innovation.

“In fact, without far more finance, 2023’s climate wins will quickly fizzle away into more empty promises.

“The New Collective Quantified Goal on Climate Finance must be agreed. Countries must be confident that they will be able to rapidly access sufficient concessional support.

With finance, as with other commitments, transparency is essential for building trust, delivering impact and therefore forging more ambitious commitments.

“Climate finance must not be quietly pilfered from aid budgets. And it must be designed to be leveraged, driving and protecting development gains, whilst delivering concrete implementation of climate action,” he said.

According to him, 2024 is the year multi-lateral development banks must demonstrate – with concrete actions – their centrality in the world’s climate fight, and their determination to deliver impact at scale.

He urged them to take bold steps towards financial innovation that will double, if not triple, their collective financial capacity by 2030 – particularly with respect to grants and concessional finance.

He described 2023 as the hottest year on record by a huge margin, saying it would take an Olympian effort over the next two years to put the world on track to where it is need to be in 2030 and 2050.

“In fact, the action we take in the next two years will shape how much climate-driven destruction we can avoid over the next two decades, and far beyond.

“The Olympic motto ‘faster, higher, stronger’ should be our shared climate mantra.

“UN Climate Change will be stepping up to help coordinate the support available for countries to build the capacity needed to deliver NDCs, NAPs, and BTRs, working with all those active in this space.

“We have already proven we can meet the challenge ahead, having bent the curve of expected global temperature rise from nearly five degrees, to three, closer to 2.5 through UN-convened global cooperation.

“Whilst last year’s agreement on the Global Stocktake at COP28 was far from perfect, it would have been unthinkable just a few years ago, and sends a very strong signal about the inevitability of global decarbonisation.

“But now is no time for victory laps. It’s time to get on with the job,” said the head of the UN agency. (NAN)

NEWS

Tinubu Approves Management Unit for Health Sector Renewal Investment Initiative

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President Bola Tinubu has approved the establishment of the Sector-wide Coordinating Office-Programme Management Unit (SCO-PMU) domiciled in the Office of the Coordinating Minister of Health and Social Welfare.A statement on Friday by his spokesman, Chief Ajuri Ngelale, said the unit would ensure efficient, transparent and accountable management of external grants mobilised towards the implementation of the Nigeria Health Sector Renewal Investment Initiative (NHSRII).

Ngelale said SCO-PMU would report to a Steering Committee/Ministerial Oversight Committee chaired by the Minister, including the Minister of State, Permanent Secretary; Ministry of Finance, Ministry of Budget and Economic Planning and relevant development partners.
“The SCO-PMU will serve as the secretariat and delivery unit for the NHSRII and is to be headed by a national coordinator (NC).“The functions of the SCO-PMU include programme management, monitoring and evaluation, engagement and supervision of Independent Verification Agents (IVAs) for NHSRII programmes and fiduciary management, among others.“Consequently, the President has approved the appointment of Dr. Muntaqa Umar Sadiq as the National Coordinator of SCO-PMU,” he said.

Report says that Sadiq has over 17 years of experience in public health, impact investing, investment banking, energy, and climate financing across the health, finance, climate and energy sectors.He had served as Head of the Performance Management and Delivery Unit at the Federal Ministry of Health and Social Welfare and Chief Executive Officer of the Private Sector Health Alliance of Nigeria.He also served as Head of the Nigeria Energy Transition Office and Private Sector Engagement Adviser at the World Bank. (NAN)

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Education

FG Denies Slash in Students’ Allowances

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The Federal Government says it has no plan to slash scholarship students’ allowances as recently projected in the media.The Minister of Education, Prof. Tahir Mamman, stated this during a meeting with the leadership of the National Association of Nigerian Students (NANS) in Abuja on Friday.

Report says that there was a report that the ministry, through the Federal Scholarship Board, announced a slash in allowances of foreign scholars stranded in Russia, Morocco, and Algeria among others.

The slash in scholars’ allowances under the federal government’s Bilateral Educational Agreement Scholarship (BEA) was attributed to the economic crises.Mamman said that there was no slash in scholars` allowances but rather an adjustment due to Foreign Exchange fluctuations (FOREX).
“We want to clarify what has been in the media on allowances paid to scholars under the Bilateral Scholarship Agreement.“We want to place it on record that the ministry and the Federal Government for that matter have not slashed the allowances due to students.“What happened is some adjustments in the amount due to them because of FOREX fluctuations, and as soon as we get the balance we have applied for, we will pay them.“But for now, what is in the budget is what we can pay. So, there is no slash, we will even be happy to increase, so this is what has led to the adjustments,” he said.(NAN)

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NEWS

Planned Protests: CAN calls for calm and patience

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By Laide Akinboade, Abuja

The Christian Association of Nigeria, CAN, on Friday, has urged Nigerians to calm and patient with Federal Government and should give the the government more time to address these pressing concerns.In a statement issued by CAN and signed by Archbishop Daniel Okoh ,President, CAN and made available to journalists in Abuja.

CAN also urged all Nigerians to consider alternative means of expressing their grievances.
He however said CAN stands in solidarity with the citizens of nation during these challenging times of economic hardship and pervasive hunger. The statement reads in part, “As we navigate this period of crisis, it is imperative to uphold the constitutional rights of every Nigerian to peacefully protest and express their grievances.
The right to assemble and voice discontent is a cornerstone of our democracy and must be protected and respected by all. Peaceful protests are a powerful tool for civic engagement, allowing the populace to communicate their concerns and hold leaders accountable. However, the anxiety related to the impending protests is heightening, especially given the volatile experiences in countries like Kenya and Pakistan.”We must also draw from our recent history. The #ENDSARS and #RevolutionNow protests, though rooted in genuine grievances, were marred by tragic incidents where miscreants hijacked the process. This led to widespread looting, destruction of properties, and unfortunate loss of lives. These experiences have shown us that mass demonstrations can quickly degenerate into chaos if not properly managed and coordinated.” In light of the planned protests scheduled to commence on 1st of August, CAN urges all Nigerians to consider alternative means of expressing their grievances. We recommend giving the government more time to address these pressing concerns. This period should be used to explore other legal avenues that will not easily give hoodlums the opportunity to hijack the exercise to destroy our national assets or endanger lives and properties. Dialogue, petitions, and town hall meetings are viable options that can yield positive results without the risk of disorder.”We call on the government to cut the cost of governance and expedite its efforts to alleviate the hardships in the land. The opulent lifestyle of political office holders must be addressed to demonstrate the sincerity of those in government to improve the living conditions of the people. Likewise, it is imperative that the government implements the newly approved national minimum wage to provide immediate relief to struggling families.”Furthermore, specific measures must be taken to put an end to kidnappings, banditry, and mass killings that have plagued various parts of our country. The security and well-being of every Nigerian should be paramount, and urgent action is required to restore peace and order.”We also call on the government to expedite its efforts to alleviate the hardships in the land. There is an urgent need for more refined and effective policies that address the root causes of the economic challenges we face. The government must deepen its consultations with stakeholders, including religious leaders, to create a more inclusive and comprehensive approach to problem-solving. By working together, we can devise sustainable solutions that reflect the needs and aspirations of the people.”In these trying times, let us all remember the words of our Lord Jesus Christ: “Blessed are the peacemakers, for they shall be called the children of God” (Matthew 5:9). As we seek to bring about positive change, let us do so with a spirit of peace, love, and unity. Our strength lies in our ability to come together, support one another, and work collectively toward a better Nigeria.”We pray for wisdom and discernment for our leaders, resilience and hope for our citizens, and divine intervention to guide us through these difficult times”.

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