Economy
Zurich Resilience Solutions and GoImpact Capital Partners forge strategic alliance to bolster climate resilience across Asia Pacific
This collaboration integrates ZRS’ advanced physical climate risk analysis, proprietary climate and financial loss data, and specialized tools with GoImpact’s sustainability education expertise, delivering a comprehensive solution to help businesses identify, assess, and adapt to climate risks.
Enhancing climate resilience with ready-to-go solutions
The partnership offers a ready-to-go suite of solutions that address the urgent need for actionable climate adaptation strategies. Businesses can benefit from:
- Data-driven climate risk assessments: ZRS’ proprietary tools to evaluate exposures to physical climate risks like extreme weather and supply chain disruptions.
- Climate resilience guidance and training: Support for organisations to build resilience in their assets, operations, and people.
- ESG knowledge upskilling: GoImpact’s structured sustainability learning programmes to keep companies informed about market trends and regulatory requirements.
- Regulatory reporting support: Assistance in meeting disclosure and reporting requirements related to physical climate risks.
By combining ZRS’ technical expertise with GoImpact’s practical learning resources, the alliance delivers a robust toolkit for businesses to enhance resilience and seize opportunities in the sustainability landscape.
Driving climate resilience and sustainability in business
Initially targeting businesses in Hong Kong, Singapore, and Malaysia, the strategic alliance aims to address key climate risks such as extreme weather events, supply chain disruptions, and operational vulnerabilities. Leveraging ZRS’ deep knowledge in climate resilience and GoImpact’s strong regional presence in sustainability advocacy, the alliance is well-positioned to empower companies to implement effective climate adaptation solutions.
Commenting on the partnership, Dr Amar Rahman, Global Head Climate & Sustainability Solutions, Zurich Resilience Solutions said: “Zurich Resilience Solutions’ partnership with GoImpact highlights the critical role of education in fostering climate resilience. The appetite for implementing effective solutions hinges on understanding the challenges at hand and the potential impact of inaction on business operations.”
“Through this collaboration, we aim to elevate awareness and empower public and private sector entities to take meaningful steps toward sustainability, developing solutions that protect their operations and strengthen their resilience against climate change.”
With better knowledge of the latest ESG trends, organizations can be better positioned to take advantage of market conditions and build a sustainable future for themselves and increase the resilience of the communities in which they operate.
“We are excited about this timely partnership between Zurich Resilience Solutions and GoImpact. Our combined strengths are complementary and form a holistic toolkit of offering on risk assessment, learning and advocacy that bridges a significant market gap, for large corporations and small medium enterprises alike,” said Helene Li, CEO and Co-Founder of GoImpact.
Hashtag: #ZurichResilienceSolutions
The issuer is solely responsible for the content of this announcement.
Zurich Resilience Solutions
Zurich Resilience Solutions, the risk advisory business of Zurich Insurance Group, leverages 150 years of industry experience and 75 years of risk engineering expertise to address the risk management needs of both existing and new customers. The unit offers specialized insights, tools, and solutions to help businesses tackle traditional and evolving risks, such as climate change and cybersecurity.
As a global entity, Zurich Resilience Solutions has over 950 risk experts stationed in 40 countries, bringing local expertise and industry specializations to clients worldwide. Its capabilities and solutions are available to any organization seeking a proactive approach to risk management and long-term resilience.
GoImpact Capital Partners
Bridging the great divide between the talk and action, accelerating the Sustainable Development agenda from intention to implementation – GoImpact means impact made easy and actionable.
GoImpact has established significant market footprint on its mission to drive the sustainability agenda forward, bridging the knowledge gap between talk and action. We offer the best ESG learning experience in the market, providing case-based, experiential learning courses which are crafted and delivered by a group of world-class experts in sustainable finance and ESG.
Through its partners network across Asia Pacific which includes regulators, financial institutions and large corporations, delivering online-to-offline initiatives, GoImpact connects stakeholders across sectors and provide learning and advocacy opportunities to drive real change by example for everyone who is keen to understand more about the full spectrum of Sustainability and Resilience agenda.
Economy
FX Speculators Count Losses as Naira Appreciation Exceeds Expectations
By Adedapo Adesanya
Speculators in the Nigerian foreign exchange (forex) market are counting losses with the Naira appreciating heavily against the greenback across several windows in the last few days.
The development has been tied to the new foreign exchange framework introduced by the Central Bank of Nigeria (CBN) recently as well as inflows from Nigerians living in the diaspora who are returning to the country for the festive season.
The apex bank had on Monday, December 2, launched the Electronic Foreign Exchange Matching System (EFEMS), an electronic platform introduced to tackle speculation and improve transparency in Nigeria’s foreign exchange market.
In a circular announcing the EFEMS platform, the apex bank explained that it facilitates spot foreign exchange transactions between the Naira and the US Dollar.
The platform, operated through Bloomberg’s BMatch system, requires a minimum trade value of $100,000, with incremental trade sizes of $50,000.
CBN also stated that the platform automatically matches buy and sell orders, promoting fairness and efficiency in FX trading.
The EFEMS system allows authorized dealers, including commercial banks, to place buy and sell orders in real time.
Transactions are automatically matched based on predetermined rules, ensuring swift execution and real-time visibility for market participants and regulators.
This has started bearing fruits with early signals indicating that speculators holding foreign currencies, particularly the US Dollar, have seen the value of their money drastically drop due to the appreciation of the local currency.
This is now forcing them to dump FX into the system and take the domestic currency alternative.
Business Post reports the Naira recorded a 3.3 per cent or N52.80 appreciation on the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, December 9 to close at N1,552.50/$1 compared with the preceding session’s rate of N1,605.30/$1.
This is also seen in the parallel market with the local currency trading within a low of N1,590 per Dollar to N1,630/$1 on Tuesday afternoon.
This newspaper also learned that many speculators are offloading their foreign currencies in panic for the local currency to avoid losses, which might ease the pressure, but there are fears that the demand for FX might happen after the holidays.
Economy
Seplat to Double Oil Production With $800m Mobil Assets Acquisition
By Dipo Olowookere
Leading Nigerian energy company, Seplat Energy Plc, has disclosed that its acquisition of assets of Mobil Producing Nigeria Unlimited is expected to more than double its crude oil production to around 120,000 barrels per day.
Business Post reports that the transaction should be sealed by Thursday, December 12, 2024, with about $800 million to be pocketed by Mobil.
In 2022, Seplat deposited $128 million to Mobil for the transactions and will give the company the balance of $672 million after obtaining the approval of the Financial Conduct Authority (FCA). This will be paid from available cash and debt facilities, with no new equity issuance required.
In a notice to the Nigerian Exchange (NGX) Limited on Monday, Seplat said the acquisition would provide a significant opportunity to further drive its growth and profitability, whilst contributing significantly to the Nigerian economy.
It based this projection on the fact that Mobil’s assets are of proven quality, located in one of the world’s leading hydrocarbon basins.
Seplat, which also trades its shares on the London Stock Exchange (LSE), said the assets it intends to take over from Mobil include OML 67, 68, 70 and 104.
It stated that ERC Equipoise (ERCE) prepared an independent Competent Person’s Report (CPR) on these assets and certified that, as of June 30, 2024, Mobil had 409 mmboe of 2P oil and gas reserves, after having produced 99 mmboe since January 1, 2021.
Economy
CSCS Depletes NASD OTC Bourse by 0.05%
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.05 per cent slide on Monday, December 9 after Central Securities Clearing System (CSCS) Plc lost 25 Kobo at the close of business to trade at N23.24 per unit compared with last Friday’s price of N23.49 per unit.
When trading activities ended for the session, the market capitalisation of the bourse declined by N570 billion to remain relatively unchanged at N1.056 trillion as the NASD Unlisted Security Index (NSI) slid by 1.64 points to wrap the session at 3,013.27 points compared with 3,014.91 points recorded in the previous session.
Yesterday, the price of UBN Property Plc increased by 12 Kobo to settle at N1.79 per share, in contrast to the preceding trading day’s price of N1.67 per share.
Data showed that the volume of securities traded in the session by investors went up by 508.1 per cent to 1.2 million units from the 199,577 units recorded last Friday, the value of shares transacted yesterday jumped by 252.1 per cent to N5.07 million from the N1.4 million achieved in the preceding trading session, and the number of deals grew by 83.3 per cent to 11 deals from the six deals carried out in the preceding session.
At the close of transactions, Geo-Fluids Plc was the most active stock by volume (year-to-date) with 1.7 billion units sold for N3.9 billion, Okitipupa Plc came next with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc followed with 297.4 million units worth N5.3 million.
Similarly, Aradel Holdings Plc, which is no longer on the platform, remained the most active stock by value (year-to-date) with 108.7 million units worth N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.4 million units sold for N5.3 billion.
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