All Posts in "Foreign"

Germany: Minister vows swift punishment of perpetrators of New Year’s Eve riots

By Favour Nnabugwu

 

 

Germany’s Minister of the Interior, Nancy Faeser, has called for quick sentences of perpetrators of the New Year’s Eve riots in several German cities, including Berlin, Hamburg, Bonn, Dortmund and Essen.

During a visit to a fire station in the Berlin district of Neukölln, Ms Faeser stated that juvenile offenders should immediately feel a quick legal consequence of their actions and be made to realise that the state was capable of acting.

She also spoke out in favour of improved social work in day-care centres and schools.

Faeser visited the Neukölln fire station with the Governing Mayor of Berlin, Franziska Giffey, and spoke with emergency personnel who were on duty on New Year’s Eve. Faeser called it a “disgusting kind of criminality” by young people when, for example, firefighters were lured into an ambush.

Regarding the debate on failed integration biographies, Faeser said that it must be addressed. “It would not be right to conceal the migration background of perpetrators,” she said. “But it would also be wrong to misuse this for political discussions.”

Germans have expressed outrage following the New Year’s Eve rioting and attacks on emergency personnel in Berlin and other cities. There were reports of rockets, firecrackers and even a starting pistol being fired at emergency vehicles. Forty-one police officers were hurt in Berlin alone, according to media reports.

The majority of the 145 people detained during the Berlin riots, according to the police, were men. Of those detained, 45 were German nationals (mostly of foreign origin), 27 were of Afghan nationality and 21 were Syrians. Leading conservative politician Jens Spahn blamed unregulated migration and poor integration for the riots, sparking a larger discussion.

Meanwhile, an organisation of journalists with a migration background has criticised the German media for the way they are reporting on the incidents.

“We observe with concern how much force the reporting on New Year’s Eve has intensified, with journalistic due diligence sometimes falling by the wayside. The tendency to focus on the (alleged) origin of the perpetrators or their parents fuels prejudices, prevents a proper analysis and obscures the view of possible solutions,” the New German Media Practitioners (Neuen deutschen Medienmacher*innen e.V.) said in a press statement, warning against stigmatisation.

“Of course, the events of New Year’s Eve must be reported and their causes researched. In doing so, allegations and conclusions should be covered by a secure data basis and not be based on speculation,” the organisation said.

“A (supposed) ‘migration background’ as an explanation for crimes or problems leads to the false conclusion of ethnicising crime. In most cases, other factors are decisive, such as age, gender, economic situation, social milieus in which people with a migration history are statistically more strongly represented. If in big cities half of the young men have a so-called migration background and the incidents are predominantly started by young men, it is hardly surprising that among the perpetrators there are often people who are read as migrants. To omit these contexts is a violation of journalistic due diligence.

Patoma Admin by — January 10, 2023 in Foreign 0
Ghana introduces Visa on arrival for all travellers from Dec 22 – January 15

CAPTION
Minister of Transportation, Ghana, Mr Kwaku Ofori Asiamah
By Favour Nnabugwu
Ghanaian Government has introduce visa on arrival for all travellers from December 22, 2022 to January 15, 2023
The Country’s Transport Minister, Kwaku Ofori Asiamah made this known in a circular issued on Thursday and addressed to all airlines.
Asiamah said the move was aimed at advancing the government’s ‘beyond the return’ initiative.
The initiative is a 10-year project of the government of Ghana to promote tourism and homecoming of Africans and Ghanaians in the diaspora and to foster economic relations and investments from the diaspora in Africa and Ghana.
The statement said, “Following consultation between the ministry of foreign affairs, the ministry of interior, the ministry of tourism, art and culture, Ghana immigration service, and the Ghana tourism authority, approval has been given for passengers travelling to Ghana to opt for visa-on-arrival waiving the requirement for prior approval.
“This arrangement is effective from 22nd December 2022 to 15th January 2023.”
Asiamah, therefore, urged airport authorities across the world to honour the arrangement.
He added, “Consequently, it will be appreciated if systems are updated to reflect the new arrangement and all those responsible for checking-in passengers travelling to Ghana advised not to insist on entry visas prior to their boarding.”
Patoma Admin by — December 23, 2022 in Aviation 0
Nigeria joins league of countries to remove Covid-19 restrictions

By Favour Nnabugwu

 

 

 

Nigeria has joined the league of countries that have removed Covid-19 restrictions after than two years after it instituted safety measures to contain the COVID-19 pandemic in the country,

The restriction removed include: No tests before arrivalN; o tests upon or after arrival; No countries banned due to covid-19;N o quarantine periods and No vaccine requirements

Countries that have removed COVID-19 include: Morroco, Egypt, Namibia, South Africa; Benin among othe countries

The President Muhammadu Buhari administration has approved the immediate relaxation of the Safety Measures and Travel Advisory following the recommendations of the Presidential Steering Committee on COVID-19 (PSC).

Secretary to the Government of the Federation and Chairman, Presidential Steering Committee PSC on COVID-19, Mr Boss Mustapha said the decision was based on Clinical and Laboratory evidence of sustained reduction in COVID-19 infection/transmission across the country.

He said; “The relaxed measures include the following:

“Gathering limitations in Public Places: All restrictions with regard to gathering in public places have been lifted. Owners of facilities are strongly encouraged to maintain good environmental/respiratory hygiene, and ventilation.

“Use of Face Mask: The use of facemasks is at individual’s discretion for outdoor and indoor events. However, the elderly, immunocompromised and those with co- morbidities are advised to use facemasks, wash hands with clean water and soap, use hand sanitizers, and avoid large gatherings.

“COVID-19 Travel testing: All pre-departure and post arrival PCR test requirements for all persons who are not fully vaccinated have been suspended. With the suspension of both the preboarding and post-arrival PCR tests, passengers will no longer be required to upload evidence of vaccination on the Nigeria International Travel Portal (NITP). All unvaccinated and partially vaccinated passengers are strongly encouraged to get fully vaccinated.

“Health Declaration Form. A simplified Health Declaration (non-covid-19 specific) shall be completed by all passengers arriving in Nigeria on the Nigeria International Travel Portal (NITP); while provision will be made on arrival for those who were unable to complete this form before departure.

“Finally, the Presidential Steering Committee on COVID-19 (PSC) passionately appeals to Nigerians to ensure that they take their COVID-19 vaccinations as well as booster doses”.

Patoma Admin by — December 13, 2022 in Foreign 0
ECOWAS Commission, Spain sign MOU on €1,49m for agriculture, energy

By Favour Nnabugwu
 President of the ECOWAS Commission, H.E. Dr. Omar Alieu Touray, signed a Memorandum of Understanding (MoU) of (€1,496,000) with the Spanish Agency for International Development Cooperation of the Kingdom of Spain on support to ECOWAS Specialised Agencies
The specialise agencies are the ECOWAS Centre for Gender Development (ECDG), the ECOWAS Agency for Agriculture and Food (RAAF) and the ECOWAS Centre for Renewable Energy and Energy Efficiency (ECREEE)
The Spanish Cooperation will make a voluntary contribution in 2022 directly of 1.498,000 euros to the ECOWAS Specialised Agencies through the ECOWAS Commission as broken down below:
A line of 500,000 euros will go to the RAAF’s Project for the Promotion of Integrated School Feeding Models in West Africa.
A line of 250,000 Euros for ECREEE’s Water and Energy Project for the Increase of Food Security and Socio-Economic Development, corresponding to the first annuity.
A line of 498,000 euros from ACID’s Ecological Transition Program (FONTEC) will support the project Transition to a Clean Energy Circular Economy through the Optimization of High Energy Intensity Value Chains in High Impact Sectors, with ECREEE.
A line of 250,000 euros will go to the Project of institutional support and promotion of the new strategies of the ECGD within ECOWAS on the promotion of gender equality and the fight against gender-based violence.
The Spanish Cooperation has been supporting ECOWAS with programmes across different fields, including Peace and Security
Patoma Admin by — December 9, 2022 in Foreign 0
Nigeria remits over $100m community levied to ECOWAS in 2022

By Favour Nnabugwu 

 

 

The Federal Government of Nigeria has paid over US$100m to the Economic Community of West Africa (ECOWAS) as community levy for 2022.

At the presentation of the Nigeria country report by the Nigerian delegation at the on-going Second Ordinary Session of the ECOWAS Parliament in Abuja revealed

The leader of Nigeria’s Delegation of Parliamentarians to ECOWAS Parliament, Rt. Hon. Ahmed Idris Wase said Nigeria has remitted a total sum of US$100,324,011.33 to the ECOWAS Commission in 2022 and added that the government is committed to fulfilling her financial obligations to ECOWAS, and is making arrangements to pay up the balance for the year.

He said “Nigeria’s commitment to the ECOWAS Protocol on Free Movement of Persons and Goods is completely unwavering. In a bid to gain full realization of the protocol, the Federal Government has introduced the Visa on Arrival (VoA) policy to expedite movement of ECOWAS members through Nigeria’s borders.

“The Federal Government of Nigeria has signed the agreement establishing the African Continental Free Trade Area, AfCFTA. Nigeria has equally demonstrated commitment to a gradual removal of import duties and other non-tariff barriers on imports within the African continent.

To show the Federal Government’s commitment, the Nigerian Ports Authority has commissioned the first Export Processing Terminal (EPT) in the country. This is geared at enabling export-bound cargoes access to the Lagos Seaports without a glitch, in line with AfCFTA objectives. With this move, we believe we will encourage intra-African trade and boost regional development.”

On the 2023 elections, he reported that the political situation in Nigeria is charged-up with electioneering activities and that the Independent Electoral Commission (INEC) has expressed its commitment to free, fair and credible elections.

He mentioned that Nigeria security situation is currently stable, as data for Q3 shows a decline in security but added that the country is still experiencing some security challenges.

“The months of July and August 2022 saw a peak in security related incidents, particularly unprovoked attacks on civilians and security operatives by armed bandits and terrorists.

“The Federal Capital Territory (FCT) was not spared, with the attack on a medium security prison in Kuje, that led to the escape of a number of criminal elements, some of whom are affiliated with the Boko Haram terrorist group.

There was also the attack on the presidential guard brigade that led to the death of six officers and other unprovoked attacks on military checkpoints that have led to loss of lives,” he said.

On the economy, Wase said “the economy is slowly recovering from the combined impact of the Covid-19 pandemic, the Russian-Ukraine war, insecurity, and natural disasters.

Despite the challenges, the Nigerian economy recorded a 3.54% growth in the second quarter (Q2) of 2022. This is a 0.43% increase from Q2 of 2021 where we had a 3.11% growth and a higher showing, compared to the initial market forecasts of 2.60% growth.

“The current growth we see in the economy is driven by the non-oil sector with key sectors being – finance and insurance; transportation; agriculture and manufacturing; information and communication sectors.

“The oil sector, which has been the economic driver and core revenue generator for the country, has shrunken by 12%. Oil production declined to 1.43 million barrels per day in Q2 of 2022, compared with 1.49 million barrels in Q1. The loss in production is largely attributable to oil bunkering and as a result, Nigeria has been unable to meet her OPEC+ quota this year.

However, the country’s oil production is set to improve through the Federal Government’s collaboration with some major stakeholders in the industry to clamp down on oil theft. Thus, improving production and guarantying efficient export operations by the end of November 2022.”

He explained that to cushion the impact of the troubled economy, the Federal Government of Nigeria has leveraged on Nigeria’s international partnerships.

“In this regard, Nigeria and Indonesia have intensified commitments to improving bilateral trade to reach US$4 billion. Both counties have considered developing an ecosystem, including reduction of trade hurdles to improve the capacity of micro, small, and medium enterprises (MSMEs).

Nigeria also supports the realization of the Indonesia/ECOWAS Preferential Trade Agreement (PTA) which is expected to provide major opportunities and benefits for all stakeholders, especially in trade and investment.

Additionally, Nigeria is in talks to broaden her bilateral trade relationship with South Korea to extend beyond gas exports,” he said.

He stated that Nigeria is working assiduously to alleviate the human rights situation posed by nagging security incidents and the flooding disaster.

“Over 3.2 million people in the country have been affected by the floods that have resulted in at least 600 fatalities as of 3rd November 2022.

“The widespread flooding has destroyed over 300, 000 homes and rendered about 1.4 million people homeless, thus increasing the already high number of internally displaced persons within the country,” he said.

Patoma Admin by — December 1, 2022 in Foreign 0
COP 27: AfDB, EBRD partner African businesses become more resilient

CAPTION:

L-African Development Bank President Akinwumi Adesina and his counterpart at the EBRD, Odile Reinaud-Basso affirm commitment to climate adaptation to help African businesses become more resilient

 

 

By Favour Nnabugwu

 

 

 

African Development Bank President Dr. Akinwumi Adesina and European Bank for Reconstruction and Development (EBRD) President Odile Reinaud-Basso have agreed that their organizations would step up cooperation to enhance resilience among African businesses.

The two development bank heads held talks earlier this month at this year’s global climate summit (COP27) in Sharm El Sheikh, Egypt.

Adesina highlighted that “climate adaptation in Africa was a key condition to preserving economic growth and maintaining social cohesion on the continent.”

Reinaud-Basso confirmed EBRD’s commitment to support the implementation of the Africa Adaptation Acceleration Program (AAAP), an initiative jointly launched in 2021 by the African Development Bank and the Global Center on Adaptation.

The program is mobilizing $25 billion by 2025. These funds will help accelerate climate adaptation action in Africa through initiatives in four priority areas: food security; resilient infrastructure; youth entrepreneurship and job creation; and innovative climate adaptation finance.
Global heating entails rethinking of how infrastructure, cities, and financial systems are designed and operated. This requires effective partnerships between public and private actors and strong engagement with civil society.

By partnering and working closely with government institutions, public utilities, local enterprises and communities, multilateral development banks like the African Development Bank and EBRD can play a catalytic role in developing the approaches to finance that underpin this transformation since financing models use both public and private channels.

Multilateral development banks can also support the development of innovative financing products using blended finance approaches and developing market-based instruments that reward enterprises investing in climate resilience projects.

Both institutions will collaborate to further develop the African Development Bank’s Adaptation Benefits Mechanism. They will explore innovative non-market approaches under Article 6.8 of the Paris Agreement.

The African Development Bank and EBRD will expand their cooperation in all these areas of work in the context of the Africa Accelerated Adaptation Program. They will prioritize support to countries and clients to understand physical climate risks and scale up adaptation investments.

Reinaud-Basso said: “Africa has the potential to become a global leader in climate adaptation solutions and services and we want to expand our cooperation to support Africa fulfill its potential.

Adesina said he and his EBRD counterpart were both fully aligned on the need for multilateral development banks to adjust their business models to respond to the multiple crises they face, including climate change, and the task of building resilient economies.

While preserving their triple-A rating, which must remain the cornerstone of multilateral development banks’ business model, MDBs must find avenues to secure more risk capital to leverage more private sector investments,” Adesina said. He added: “One of these in the short term is the reallocation of a portion of their International Monetary Fund Special Drawing Rights from wealthy countries to MDBs.

These can apply a multiplier factor of 3 to 4 on it. Both the African Development Bank and the EBRD are ready to implement this option, which will offer significant value for money to the countries that will provide SDRs.”

Patoma Admin by — December 1, 2022 in Banking & Finance 0
Solar-powered piped water schemes helps Zimbabwe’s urban communities

CAPTION:
Zimbabwe President, Emmerson Mnangagwa
By Favour Nnabugwu
Zimbabwe, one of the countries vulnerable to climate change, the country is ranked second in the 2021 Global Climate Risk Index (link is external) and the latest evidence indicates that the country will continue to warm through 2080.
Harare, Zimbabwe’s capital and its most populous city, with a population of 2.4 million people, has not been spared the effects of climate change. Its natural water supply, Lake Chivero, which is fed by the Manyame river, has registered a general decline in the available stored water and increased variability of inflows due to changing rainfall patterns.
Environmental degradation in the catchment area of Chivero and Manyame  has increased surface runoff, soil erosion and siltation, resulting in volume reductions of 6 percent and 10 percent, respectively of the original design capacity. In addition, increased pollution in the catchment spurred greater need for water treatment chemicals to make it safe for human consumption.
The impacts of climate change are further compounding complex and multidimensional challenges to secure water service delivery to Harare. The city has been facing a profound challenge to keep services in line with rapid population growth and to fund the maintenance of an outdated and dilapidated network that is inadequate to current and future demands.
Water scarcity leaves residents reliant on unsafe water sources, and compels them to queue for hours to fetch freshwater from safer sources. Water rationing is still a reality for many, who go for days or weeks without potable water due to climate change-related water scarcity.
Fault Shumba, his wife, Marvelous, and their children, aged 3 and 5, who live in Mabvuku, a suburb east of Harare, know this daily struggle. Accessing clean and reliable water became an impossible task after the municipal water supply to their house ran dry three years ago.
Marvelous says: ‘’Water has always been a challenge in my neighborhood. For drinking water, my family and surrounding community members relied on a few boreholes that were always congested due to high demand. Desperation also caused my family to fetch water, a task often left to children, at unsafe sources like shallow wells, which sometimes dried up.”
She added that she woke up as early as 2 am to queue at the borehole. “A borehole near my home was particularly congested because it served many people and the shopping centre, clinic and people from neighboring wards. The bush pump could no longer meet the high demand.
Disorder, fights and bullying characterized the situation around the manual borehole,” Marvelous said. In response, community health clubs are being set up to enhance the social cohesion in the suburbs and prevent conflicts around the piped water system.
The Harare Water Department supplies an estimated 4.5 million people in Harare Metropolitan province, Chitungwiza and other satellite towns nearby.
The estimated demand is 800 megalitres/day against current production of 500 megalitres/day and a design capacity of 704 megalitres/day at the two water treatment plants (Morton Jaffray and Prince Edward).
Further, power cuts have reduced the effectiveness of water treatment systems. Communities have too often resorted to using unsafe water sources, which exposes them to water-borne diseases.
In response, the Government of Zimbabwe and UNICEF, with financial support from the African Development Bank, partnered to improve access to climate resilient water services. Harare has faced cholera and typhoid outbreaks in the past but the COVID-19 pandemic sharpened the need for access to basic services, including water, especially for vulnerable households.
The introduction of a locally-based solarized piped water scheme in Mabvuku, has provided a pumped supply of safe water close to the community. “We appreciate the solar-powered piped water scheme that was installed as alternative water supply systems to combat COVID-19 and other WASH-related diseases in our suburb, Mabvuku”, says Fault
The Shumba are among the 850,000 people that have benefited from the introduction of solarized piped water schemes in Harare Province.
Fault and Marvelous fetching water at one of the collection points in Mabvuku, Harare.
In recognition of the growing impact  of climate change on the vulnerable, the African Development Bank has partnered with UNICEF, the Zimbabwean government, and civil society organizations including Oxfam, Welthungerhilfe, GOAL, Africa Ahead and the Zimbabwe Red Cross Society) to mount a response to COVID-19.
The African Development Bank, through its Transition Support Facility (TSF), has supported the funding and implementation of renewable sources of energy to power alternative water sources for vulnerable communities, reducing the need for children to fetch water and the risk of such diseases as diarrhea.
As a result of the initiative, 61 solar-powered piped water schemes have been established, 164 boreholes rehabilitated, and 15 new water points constructed, reaching over 854,975 people. The communities also benefited from 10,000 WASH hygiene kits, including to people living with a disability or with HIV/AIDS. In total, over 1.8 million people were reached with health and hygiene messages, among other project activities.
Patoma Admin by — November 18, 2022 in Foreign 0
FCT Minister of State, Ramatu Tijjani Aliyu to get award in Germany tomorrow

By Favour Nnabugwu

 

 

The  Minister of State for the Federal Capital Territory (FCT),  Dr Ramatu Tijjani Aliyu, will be honoured in Berlin, Germany tomorrow

The Award/Gala Night, at which the 52-year-old minister will be bestowed with an award for excellence in public service, will take place at the prestigious Sana Hotel in central Berlin. Located about 700m from the highbrow department store KaDeWe.

The event, organised jointly by the African-German Association (AGA) e.V. and ABG Paulas Germany GmbH, is to recognise the minister for being a shining example of successful women in government in Africa.

“This is based on her distinguished leadership style and the innovations she has introduced in the FCT,” AGA and ABG Paulas said in a joint press statement explaining their decision to choose the minister for the award.

L- Ambrose Okojie (right), Minister of State for the Federal Capital Territory (FCT) of Nigeria, Dr Ramatu Tijjani Aliyu (2nd from left), and officials of ABG Paulus when a delegation went to Abuja to inform the minister of the decision to honour her/Photo: ABG Paulus

 

Mrs Aliyu will be accompanied on her visit to Berlin by a delegation that includes senior officials of the FCT and the chairpersons of its six Area Councils.

The event, organised jointly by the African-German Association (AGA) e.V. and ABG Paulas Germany GmbH, is to recognise the minister for being a shining example of successful women in government in Africa.

“This is based on her distinguished leadership style and the innovations she has introduced in the FCT,” AGA and ABG Paulas said in a joint press statement explaining their decision to choose the minister for the award.

Mrs Aliyu will be accompanied on her visit to Berlin by a delegation that includes senior officials of the FCT and the chairpersons of its six Area Councils.

The Award/Gala Night is a partnership between AGA, a social, economic and cultural development organisation, and ABG Paulas, a business promotion company, to showcase positive stories out of Africa.

The CEO of ABG Paulas, Ambrose Okojie stated the negative stories about Africa can only be counteracted by showing positive things going on in the continent.

“Despite the often-repeated problems in Africa, people are working tirelessly to change the story of the continent,” Okojie said. “And we have to showcase such persons as emblems of hope for Africa.”

Okojie, whose company has been organising trade missions between Nigeria and Germany for more than twenty years, said the investment opportunities in Africa are many and the award scheme is one of the ways ABG Paulus and AGA want to promote the continent as a place to do business and invest.

The Chairman of AGA, Michael Iyare revealed his organisation is co-staging the event because “it’s important to honour Africans who have shown remarkable leadership qualities in their areas of service”.

The ceremony will be graced by the Ambassador of Nigeria to Germany, HE Yusuf Maitama Tuggar, members of the diplomatic corps in Berlin and directors of German companies doing business in Africa.

Others expected event at the event include the African businessmen and women, leaders of major German-African organisations and members of the African community.

“Our main appeal to those interested in this event is that they should be punctual as we will commence promptly at 6pm because of the many dignitaries who will grace the occasion,” Okojie said. “If you would like to join us, please be there on time!”

 

Patoma Admin by — November 18, 2022 in Foreign 0
AfDB predicts 4.0% economic recovery for East Africa

By Favour Nnabugwu

 

The African Development Bank, AfDB, has  predicted a slow recovery in the region in 2022 at 4.0 percent against 5.1 percent in 2021.

AfDB in it’s latest East African Economic Outlook released said slowdown is due to the lingering effects of COVID-19; the adverse impacts of geopolitical tensions (notably the Russia-Ukraine conflict); climate change and devastating locust invasion, together with regional conflicts and tensions.

The report notes that because of these obstacles, countries in the region have experienced heightened inflationary pressures, particularly on food and fuel, leading to rising cost of living. This has resulted in weakening national currencies, floods and drought, contraction in agricultural production; depressed business activity, and falling revenue collection, among others.

However, the continued reopening of economies globally could mitigate these adverse effects in 2023 with a projected growth rate of 4.7%, repositioning East Africa as the top-performer in growth among the regions of the continent, according to the report.

The report, themed “Supporting Climate Resilience and a Just Energy Transition”, was launched on 28 October 2022.

In developing the 2022 East Africa Economic Outlook, the African Development Bank critically studied various factors affecting growth in the 13 countries which constitute the East African region. The vulnerability of the region to the impact of climate change effects such as drought and flooding, could further hold back the region’s fragile recovery.

Speaking at the launch, Tanzania’s Finance Minister, Dr. Mwigulu Lameck Nchemba, said that the report was timely, considering the current cost of living which is of concern to every citizen in the region.

Disruption of the regional supply chains, public debt, and the public discussions on the need for pro-poor spending policies were dominating debate, Mwigulu said. He noted: “despite the ramp up in infrastructure investments, more needs to be done to accelerate the development of sustainable infrastructure, including renewable energy to support industrialization and catalyze inclusive growth.”

He called for mobilization of additional resources to expanded energy access, observing that the Democratic Republic of Congo was endowed with immense renewable energy resources to light up the entire continent.
risks affecting the region’s medium-term economic outlook.

Dr Rose Ngugi, Executive Director of Kenya Institute for Public Policy Research and Analysis (KIPPRA) encouraged countries of the region to intensify their efforts to increase their annual growth rate at a least 7%, the minimum rate required to ensure the achievement of Sustainable Development Goals (SDGs). To this end, countries should achieve internal and external macroeconomic stability, she said.

Reflecting on the theme of the report – climate resilience- Edward Sennoga, Lead Economist at the Bank, noted that East Africa has the second lowest resilience to climate change in Africa, with most countries in the region also characterized by high vulnerability and low readiness to respond to climate change.

He said there was the urgent need for innovative financing approaches to bridge the huge gap in climate change financing
According to the report, the climate financing gap for East Africa is estimated at an average of about $60 billion per year for the period 2020-2030.

The report cites Public -Private partnerships, Green Bonds, partial risk and partial credit guarantees, carbon offsets, and regional energy trade as some of the measures that can provide alternative financing for climate change. Teddy Mugabo, CEO Rwanda Green Fund echoed this perspective by stressing on need for innovative financing instruments and the effective use of carbon market.

Patoma Admin by — November 17, 2022 in Banking & Finance 0
COP27: Experts explore avenues to mobilize more financing for climate Action

By Favour Nnabugwu

 

 

Global experts meeting during a panel session at the 27th global climate summit (COP27) in Egypt have endorsed a new climate finance roadmap to mobilize $1 trillion in annual external finance required by emerging markets and developing countries—excluding China.

The roadmap draws on the findings of a recently released report, Finance for climate action: Scaling up investment for climate and development(link is external), produced by a panel of experts chaired by Vera Songwe and Lord Nicholas Stern.

The discussions during the panel session underscored the need to boost effectiveness of policies by tailoring them to countries’ needs. The report advocates a rapid and sustained investment push to drive a strong and sustainable economic recovery from overlapping crises and to deliver on shared development and climate targets. concessional lending arm to low-income countries, was launching a climate action window to mobilize up to $13 billion for climate adaptation for vulnerable countries.

Adesina reiterated the call for International Monetary Fund Special Drawing Rights (SDRs) to be channeled to African countries through the African Development Bank. “SDRs will play a big role in helping Africa’s climate action, and the African Development Bank is well-positioned to leverage this reallocation four times to help mobilize financing for countries that need it most,” he said.

Stephanie Pfeifer, Chief Executive of Institutional Investors Group on Climate Change(link is external)—an association representing investors—said strong policies were vital in carbon pricing to phase out fossil fuels.

“The world needs development finance at scale for different types of risks, and data must also be made available to stimulate increased private sector investment into climate finance,” Pfeifer said.” If we get the whole system working together, we can make a lot of progress,” she added.

United Nations Climate Change Champion Mahmoud Mohyedin moderated the session, titled Facilitating finance necessary for delivery of commitments.

Patoma Admin by — November 15, 2022 in Foreign 0