Africa Gets Just 12% of Climate Change Financing

Image

By Adedapo Adesanya

A new report from Climate Policy Initiative (CPI) has said that Africa is getting just 12 per cent of the finance it needs to manage the impact of climate change.

It, however, raised pressure on rich nations to do more in the run-up to global climate talks at COP27 in November.

CPI said that around $250 billion is needed annually to help African countries move to greener technologies and adapt to the effects of climate change, yet funding in 2020 was just $29.5 billion.

Wealthy countries have faced growing criticism for failing to meet a pledge made in 2009 to provide $100 billion annually to help poorer countries and the issue is likely to be central to discussions at the COP27 climate talks in Egypt.

According to the International Energy Agency, Africa has about a fifth of the world’s population but produces less than 3 per cent of its carbon dioxide emissions.

“Harnessing climate investment opportunities in Africa will require innovation in financing structures and strategic deployment of public capital to ‘crowd-in’ private investment at levels not yet seen,” the CPI report said.

It cited a lack of skills, infrastructure, data and financial markets depth, governance issues, and currency risks as holding back climate investment to varying degrees in African countries.

The barriers were most numerous in central African countries, where infrastructure and access to credit are lacking and there are high risks of political and regulatory issues hampering investment, the report said.

“While these barriers are real, the perception of risk linked to investments in the African continent is often aggravated by a limited understanding of national contexts by private investors,” it said.

Share
Related Stories
Image
19-February-2024

AfDB Advises African Central Banks to Consider Interest Rate Cut

By Adedapo Adesanya  The African Development Bank (AfDB) has said central banks on the continent should take a cue from advanced economies to ease interest rates, which could ease inflation risks and bring about a recovery in dwindling household purchasing power. The bank said this in its latest Macroeconomic Performance and Outlook (MEO) report, where it projected that despite enduring global and domestic headwinds, Africa’s medium-term growth outlook is slowly improving. According to the report, the continent is set to remain the second-fastest-growing region after Asia. It said that continued exchange rate depreciation in many African countries, the passthrough of

Image
12-February-2024

LinkedIn Records 11.5 million Data Leaks in 2023

By Adedapo Adesanya Business and employment-focused social media platform, LinkedIn, recorded over 11 million data leaks in 2023, a new study has revealed from cybersecurity firm, Surfshark. In 2023, LinkedIn had almost 11.5 million emails leaked due to the scraping of publicly available information. Out of the leaked accounts, 1.6 million were American, 1.1 million were French, and 700,000 were British. Four Russian platforms, Chitai-gorod, Book24, Gloria Jeans, and SberSpasibo, experienced the 2nd through 5th biggest data breaches. These breaches exposed around 20 million Russian email accounts. According to the data, 300 million user account data were leaked globally in

Image
23-January-2024

BKP, Louis Dreyfus Collaborate on Deforestation-free Supply Chains

By Modupe Gbadeyanka A Memorandum of Understanding (MOU) for the utilisation of satellite mapping solutions and traceability data points for sustainable and deforestation-free supply chains has been sealed between Bangkok Produce Merchandising Public Company Limited (BKP) and Louis Dreyfus Company (LDC). While BKP is a subsidiary of a world-leading agro-food Charoen Pokphand Foods Public Company Limited (CPF), LDC, is a leading global merchant and processor of agricultural goods. Both parties, through this deal, reaffirm their commitment and efforts to advance decarbonization and use integrated value chains to deliver more sustainable and low-carbon products and services. They also intend to explore

More Stories
Image
28-February-2024

GTBank to Close Lagos Branches Early Today

By Dipo Olowookere One of the leading financial institutions in Nigeria, Guaranty Trust Bank (GTBank), has informed its customers of an early closure of its branches in Lagos on Wednesday, February 28, 2024. In a notice sent via e-mail to its customers, the tier-1 lender explained that this is due to the closure of the Third Mainland Bridge (TMB) for 24 hours by the federal government. The federal government is closing the bridge to motorists for repairs from 12 noon on Wednesday, February 28 to 12 noon on Thursday, February 29, 2024. The closure will affect both bounds of the

Image
15-December-2018

EFCC Arrests Access Bank Staff, Yahoo Boy for Internet Love Scam

By Modupe Gbadeyanka Operatives of the Economic and Financial Crimes Commission (EFCC), Uyo zonal office have apprehended a banker and Account Officer with Access Bank Plc, Mr Ojo Adefemi Adedoyin, for allegedly conniving with a suspected fraudster, Mr Favour Oriafoh, to defraud a Hong Kong national, Xu Yue, of £79,000. Their arrest came, following investigation into a petition received from the Hong Kong Police Force, that the young lady was a victim of romance scam traced to Nigeria. Admitting to the crime, Mr Oriafoh who goes by the con name, Terry Mac, confessed that he opened a FaceBook account in

Image
13-February-2023

Leading Trends Impacting the Nigerian e-Commerce Industry This 2023

Digital commerce is becoming the fastest-growing commerce in the Nigerian market, as immense growth has been recorded in this sector in recent years. This growth is driven by the increasing adoption of technology and the rise of online payment platforms in Nigeria. According to statista.com, the e-commerce sector of the Nigerian economy is expected to peak at $9.02bn in 2023 with an annual growth rate of 11.74 per cent, resulting in a projected market volume of $14.06bn by 2027. Although the Nigerian e-commerce industry faces several challenges, including poor infrastructure, payment infrastructure, a general lack of trust in online transactions,

Image
22-May-2019

Asian Equities Finish Mute Despite Reprieve for Huawei

By Investors Hub Asian stocks ended Wednesday’s session on a muted note despite the U.S. temporarily lifting a ban on American businesses working with Chinese telecom giant Huawei. Markets kept an eye on the minutes of the latest Federal Reserve meeting due out later in the day as a protracted trade war threatens to depress global economic growth. The Organization for Economic Co-operation and Development has lowered the 2019 global growth outlook as escalating trade disputes hurt manufacturing and investment decisions. In its latest Economic Outlook, the Paris-based think tank forecast 3.2 percent growth for 2019 versus 3.3 percent estimated

Image
28-February-2023

2023 Election Results: Obasanjo Trying to Instigate Violence—Shettima

By Aduragbemi Omiyale Former President Olusegun Obasanjo has been knocked by the National President of the Arewa Youth Consultative Forum (AYCF), Mr Yerima Shettima, over his letter condemning the 2023 presidential election results. In a letter released on Monday evening, Mr Obasanjo asked President Muhammadu Buhari to address the nation on the irregularities observed in the exercise conducted by the Independent National Electoral Commission (INEC). There had been calls for INEC to suspend the coalition of results from the presidential election carried out on Saturday, February 25, 2023. But in a response on Tuesday morning, Mr Shettima carpeted the former

Image
26-April-2023

Nigeria to Begin Malaria Vaccine Trials in Six Weeks—NAFDAC DG

By Adedapo Adesanya The Director General of the National Agency For Food and Drug Administration and Control (NAFDAC), Mrs Mojisola Adeyeye, has said the approval process for the R21/Matrix-M malaria vaccine requires more clinical trials before its full use. She made this disclosure on Wednesday morning while speaking on Channels Television. In her words, “The clinical trial will begin within the next six weeks. The RTS,S did not include Nigeria, because from the beginning the effectiveness was 30 per cent, so we did not agree to join the clinical trial.” Mrs Adeyeye noted that development in a country’s governance is

Image
19-May-2021

Buhari Applauds Stock Exchange for Stimulating Economic Growth

By Dipo Olowookere The nation’s stock exchange, the Nigerian Exchange (NGX) Group Plc, has been applauded by President Muhammadu Buhari for providing a platform that stimulates economic growth. The President gave this commendation on Tuesday when he was hosted virtually by the NGX at the unveiling of its campaign called The Stock Africa Is Made Of. Business Post reports that the event featured several key speeches and goodwill messages from industry veterans across the public and private sectors including the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed; the Minister of Trade and Investment, Mr Adeniyi Adebayo; the

Image
22-May-2019

European Shares Close Mixed as Investors Await Fed Outcome

By Investors Hub European stocks are trading mixed on Wednesday as global trade tensions linger and investors look ahead to the release of the Fed meeting minutes for direction. Investors remain worried about a protracted US-China trade war after the New York Times reported that the Trump administration is considering placing limits on Chinese video surveillance firm Hikvision’s ability to buy U.S. technology. Ahead of the release of the Fed minutes, St. Louis Fed President James Bullard said there is a case for lowering interest rates if inflation doesn’t appear on track to rise back to desired levels. While the

Ad
Ad
Recent Stories
Image
28-February-2024

Dangote Cement Wins Environmental Sustainability Award

By Aduragbemi Omiyale NatureNews has announced Dangote Cement Plc as the winner of the 2023 NatureNews Environmental Sustainability Award at its 3rd anniversary themed Climate Change and Energy Transition in Nigeria. At the Anniversary Lecture and Presentation of the Hero of Environmental Actions for Development (HEAD) held on Tuesday at the Shehu Musa Yar’Adua Centre, Abuja, the news platform said Dangote Cement was nominated for the category following a thorough screening by eminent professionals. The Publisher and Editor-in-Chief of NatureNews, Mr Aliyu Akoshile, disclosed that during the screening, it was discovered that the cement maker had deployed cutting-edge technology to

Image
28-February-2024

Nigeria’s Stock Market Stands Still to Honour Ogunbanjo’s Legacy

By Aduragbemi Omiyale The stock market in Nigeria stood still for the late former chairman of the Nigerian Exchange (NGX) Group Plc, Mr Abimbola Ogunbanjo, on Tuesday, February 27, 2024. The day was set aside to pay homage to the enduring legacy of the esteemed luminary, who died in a helicopter crash in the United States a few weeks ago along with the group chief executive of Access Holdings, Mr Herbert Wigwe, his wife and son. The NGX Group held an Afternoon of Tributes and Closing Gong Ceremony yesterday for him in collaboration with the Coronation Group. In a poignant

Image
28-February-2024

Fans Anticipate ‘Return of Maleeka (Atupa)’ by Mobolaji Samuel

By Modupe Gbadeyanka Some movie lovers are already calling on a movie producer in Nigeria, Ms Mobolaji Samuel, to release the sequel to her captivating film, Maleeka, Return of Meleeka (Atupa). The quest to see the second part of the flick is due to the exploits of the Nollywood filmmaker in the first part. However, she has called for calm, assuring her fans that the release date of her latest work of art would be announced very soon. Speaking recently on the Return of Maleeka (Atupa), the charming movie maker described the film as a story of faith and resilience,

Image
28-February-2024

FG Selects Learning Community Managers for 3MTT Initiative

By Modupe Gbadeyanka The federal government has selected Learning Community Managers for the 3MTT Initiative for all 36 states of the federation and the Federal Capital Territory (FCT). The managers were picked for the programme by the Federal Ministry of Communications, Innovation & Digital Economy, which is handling the initiative. Recall that the government secured N1 billion in partnership with IHS Nigeria to support the 3MTT Learning Community. The selection of Learning Community Managers marks a significant milestone in the government’s efforts to empower Nigeria’s tech talents. These individuals will play a crucial role in managing and assisting participants in

Image
28-February-2024

Renowned Embryologist Dr Marta Jansa Perez Visits Bridge Clinic Nigeria

By Modupe Gbadeyanka A renowned embryologist, Dr Marta Jansa Perez, has visited the Bridge Clinic Nigeria in Lagos, reinforcing its commitment to excellence in reproductive healthcare. Ms Perez is the Director of Embryology at Bridge Clinic London. Her visit to the Nigerian affiliate of the foremost healthcare organisation is a testament to the partnership between the two clinics, opening new avenues for the exchange of expertise and resources. The health practitioner arrived at Bridge Clinic Nigeria on Monday, February 19, 2024. Her week-long visit was meticulously structured around training, process and quality improvement, research and development, and guidance on best

Image
28-February-2024

Zero Routine Gas Flares and Delta Communities

By Jerome-Mario Utomi It is common knowledge that in pursuit of meeting the targets of 20 per cent (unconditional) and 47 per cent (conditional) greenhouse gas emission reduction as contained in the Nationally Determined Contribution under the Paris Accord reportedly signed by the President Bola Tinubu administration, the Nigerian National Petroleum Company Limited/TotalEnergies joint venture recently achieved zero routine gas flare in all its assets. While it is obvious that “the significance of this achievement is that the last routine flare volume of about 12MMscf/d (12 million standard cubic feet per day) of gas has now been eliminated giving rise

Image
28-February-2024

70 Active Stanbic IBTC Bank Customers Grab N7m in January Draws

By Aduragbemi Omiyale The sum of N7 million has been won by 70 active customers of Stanbic IBTC Bank in its ongoing Reward4Saving Promo. The money was won in the January 2024 draw, bringing the total number of beneficiaries since the inception of the promo in 2021 to 1,424 valued at N234 million, a statement from the company said. The Reward4Saving Promo was created to foster disciplined saving habits among Nigerians, offering them rewards for achieving specified savings targets. In the January draw, 10 winners were selected from each of the seven business regions operated by the bank in Nigeria,

Image
28-February-2024

Firms in Nigeria to Pay Annual Levy for Hiring Foreigners

By Aduragbemi Omiyale A new tax known as Expatriate Employment Levy (EEL) has been introduced by the federal government and it is to be paid by companies, which hire foreigners to work in Nigeria. The scheme was launched on Tuesday in Abuja by President Bola Tinubu and it is to close wage gaps between expatriates and Nigerian workers. The government explained that the policy aims to find a balance between leveraging foreign expertise and fostering local talent in Nigeria’s job market through the EEL, emphasising that it is not to discourage foreign investments. It was stressed that the level would

Image
28-February-2024

Senate Advocates Introduction of Food Stamps in Nigeria

By Adedapo Adesanya The Senate has urged the federal government to introduce the Nigerian version of the “food stamps programme” as an interim intervention to cushion the effects of food shortages in the country. This followed the adoption of a motion on the Introduction of Food Stamps in Nigeria as an Interim Measure to Address Imminent Food Insecurity in the country, by Mr Ali Ndume, the Senate Chief Whip at plenary on Tuesday. Presenting the motion, Mr Ndume said that in other countries, like the United States, food stamps were government-issued coupons that had been in use since 1939. “This is

Image
28-February-2024

Trucks Transit Parks Reflects Industry Impact, Future Opportunities

By Modupe Gbadeyanka A leading technology company specializing in mobility solutions, Trucks Transit Parks (TTP) Limited, is marking its third year of operations. As part of this, the firm is reflecting on the significant impact it has made in the maritime and logistics industry. TTP, since its inception to revolutionize the maritime and logistics sector in Nigeria through truck mobility solutions powered by technology, has emerged as a key player in driving port terminal efficiency, reducing traffic congestion, and creating new business opportunities within the Apapa port economic zone. “Our third anniversary of operations provides us an opportunity to reflect