A High Court in London has dismissed a suit by Bille and Ogale communities seeking to sue Royal Dutch Shell (RDS) in English courts for spill incidents in the Niger Delta. The communities had, on May 2015, through their UK solicitors, Leigh Day, brought oil spill litigation against The Shell Petroleum Development Company of Nigeria Limited (SPDC), and also filed claims against RDS as an “anchor defendant” to bring the claims in England. RDS and SPDC challenged the jurisdiction of the English court to hear these claims.
Shell Petroleum Development Company of Nigeria Limited (SPDC) General Manager, External Relations, Igo Weli
In his ruling on Thursday, 26 January 2017, the judge rejected Leigh Day’s claim that RDS owed a duty of care to the Nigerian claimants allegedly impacted by SPDC, and consequently that there was no anchor defendant for the case against SPDC to be brought in England.
“The court rightly decided these claims should be dealt with by the Nigerian courts and confirmed longstanding principles of corporate law, which are critically important for multinational companies headquartered in the UK,” said Igo Weli, SPDC’s General Manager, External Relations.
“Both Bille and Ogale are areas heavily impacted by crude oil theft, pipeline sabotage and illegal refining, which remain the main sources of pollution across the Niger Delta. The judge correctly decided that the holding company, Royal Dutch Shell, had no legal responsibility for harm to the communities in the Niger Delta caused by criminal interference in Nigeria with the operations of a joint venture in which the Nigerian government owns a majority interest.
“We hope the strong message sent by the English court today ensures that any future claims by Nigerian communities concerning operations conducted in Nigeria will be heard in the proper local courts. Nigeria is a core part of the Shell Group’s upstream business. We see considerable potential for growth in Nigeria and are determined to help Nigeria unlock its energy potential over the long term.
“Litigation in courts unfamiliar with the law and realities on the ground ultimately does nothing to address the real problem in the Niger Delta: widespread pipeline sabotage, crude oil theft and illegal refining. SPDC continues to play an active role in the search for solutions to these complex issues.
“Examples of recent initiatives include a 2016 campaign against crude oil theft which highlighted the dangers of crude oil theft and sabotage of pipelines to more than 40 communities in Ogoniland and a programme which ran with the objective of providing alternative means of livelihood for young people in Ogoniland in 2014.”
A court has described the plan by the Lagos State Government to demolish all waterfront informal settlements as inhuman and degrading, and that it violates the law of the land.
Women, children, young and old: Thousands of residents of waterfront communities across the state wait patiently inside and outside the courtroom
Honourable Justice Onigbanjo of the Lagos State High Court gave the decision on Thursday, 26 January 2017 in a fundamental rights enforcement case brought in October 2016, after the Lagos State Government stated its intention to demolish all waterfront informal settlements.
The judge delivered his decision while hundreds of urban poor residents – men, women, and children – from waterfronts across the state waited patiently inside and outside the courtroom. Relying on the Fundamental Rights (Enforcement Procedure) Rules, 2009, his Lordship said that he found these demolitions to be inhuman and degrading treatment in violation of the right to dignity enshrined in Section 34 of the 1999 Constitution of the Federal Republic of Nigeria and Article 5 of the African Charter on Human and Peoples’ Rights.
Celebration time after the court decision
Balancing his responsibility to protect the fundamental rights of citizens against the duties of the state government, Justice Onigbanjo then ordered the parties to attempt mediation through the Lagos State Multi-Door Courthouse and report back to his court in one month’s time.
It will be recalled that the threat to the Lagos waterfronts began when Lagos State governor, Akinwunmi Ambode, announced last October government’s intention to “start demolishing all shanties on waterfronts across the state within seven days,” citing recent kidnapping incidents as the purported justification.
Based on mapping and profiling done by the Nigerian Slum / Informal Settlement Federation, it was identified at least 40 communities that fell under this threat and estimated over 300,000 residents were at risk of imminent eviction.
Accordingly, more than 20 member communities of the Federation joined together to write to Governor Ambode, calling for a retraction of the threat and requesting for dialogue to explore alternatives to eviction. Two peaceful protests brought thousands of waterfront residents to the gates of the Governor’s Office and the State House of Assembly, but to no avail. To the contrary, elements alleged to have links with government proceeded to demolish Ilubirin on 15 October 2016. Finally, the threatened waterfronts had no option but to proceed to court to enforce their fundamental rights.
On 7 November 2016, Justice Onigbanjo granted a temporary injunction restraining the Lagos State Government and the Nigerian Police Force from proceeding with any demolition of the waterfronts or eviction of their inhabitants. Despite this order, Otodo Gbame community – an ancestral Egun fishing settlement in Lekki – was demolished and over 30,000 residents forcibly evicted on 9-10 November 2016 by arson and a bulldozer working in the dead of night.
The demolition of Otodo Gbame has been broadly condemned as a forced eviction and a gross violation of human rights, including by the United Nations Special Rapporteur on Adequate Shelter, Amnesty International, and countless others. Evictions that use arson and take place during the night – such as what occurred at Otodo Gbame – also constitute violations of the United Nations Convention Against Torture, especially when they are discriminatory in nature.
Officials of the Justice & Empowerment Initiatives – Nigeria (JEI) and the Nigerian Slum / Informal Settlement Federation have been celebrating the court decision.
Megan Chapman, co-founder of JEI, said in a statement: “We are overjoyed that the Honourable Justice Onigbanjo has aligned himself with such established jurisprudence to find that such evictions constitute inhuman and degrading treatment.
“We also welcome the opportunity for the threatened waterfront communities to enter into dialogue with the state government to explore amicable settlement to find win-win solutions to any legitimate concerns the state has that can be settled through alternatives to eviction. We firmly believe that partnership and collaboration between communities, civil society, and the government is the best way of solving social and developmental problems that face the city. Just as firmly, we know that demolition and forced eviction are not the answer to any social problems.
“As we approach the court-ordered mediation, we fervently hope that the Lagos State Government and the Lagos State Command of the Nigerian Police Force will distance themselves from the recent smear campaign that has attempted to misrepresent waterfront residents as criminals and spread lies that waterfront communities are full of Boko Haram, Niger Delta militants, and kidnappers. As members of these communities and civil society organisations working in the waterfronts on a daily basis, we decry these false allegations and condemn those who stoop to spreading such falsehoods in order to try to justify land grab.”
The “Green Digital Finance Alliance”, a ground-breaking initiative to harness digital technologies in catalysing financing that addresses global environmental challenges, was launched last week at the World Economic Forum Annual Meeting in Davos, Switzerland by its two founders, Ant Financial Services Group (Ant Financial), China’s leading online and mobile financial services provider, and UN Environment Programme (UNEP).
Eric Jing, Chief Executive Officer of Ant Financial
Financing sustainable development is one of the greatest challenges of our times. To meet this challenge will require ambition, innovation, and commitment, underpinned by effective collaboration. Digital finance can drive environmental risks, opportunities, incentives and choices into the decision-making across the financing value chain. The Green Digital Finance Alliance is committed to driving forward such changes through market innovation, collaborative action and increased public’s awareness of sustainable development and green lifestyle choices.
“The Green Digital Finance Alliance is a unique partnership ensuring that we can align tomorrow’s fintech-powered global financial system with sustainable development. UN Environment is honoured to partner with Ant Financial in making green finance an integral part of the daily life of every individual and business,” said Erik Solheim, Executive Director of UNEP.
One such innovation is Ant Financials’ app which provides its users with a carbon account alongside their credit and saving accounts. Ant’s 450 million users in China are now able to benchmark their carbon footprint, generated through algorithms of their financial transaction history, and to earn ‘green energy’ credits for reducing their footprint. Ant Financial has integrated this into a social media experience as well as committing to a complementary, tree-planting carbon offset programme. As of today, 72 million users are participating in the app.
The number of people that signed up yesterday alone was nearly the equivalent of the population of Switzerland. Every day tens of millions of users go to their Ant Forest to grow their virtual trees while reducing carbon emissions.
“Ant Financial is a strong believer in green finance. Several of our products and services have been contributing to sustainable development. Leveraging mobile Internet, cloud computing and big data, we can encourage our hundreds of millions of users to participate in a green lifestyle,” said Eric Jing, Chief Executive Officer of Ant Financial.
The Alliance as a global partnership will include innovative digital finance businesses and active stakeholders in accelerating such innovations and scaling their international deployment.
Dr. Patrick Njoroge, Governor, Central Bank of Kenya, said: “Innovations in financial technologies (fintech) offer the greatest hope for aligning the world’s financial systems with the urgent twin objectives of sustainable development and deepening financial inclusion. Further progress requires the close cooperation of all-innovators, regulators, financial institutions.”
Nick Hughes, Chief Product Officer and Co-Founder, M-KOPA: “Access to affordable, clean energy can transform the livelihoods of millions of people around the world. At M-KOPA we’re harnessing the latest mobile and machine-to-machine technology to connect low-income homes to solar power, as well as productive assets and services. The Green Digital Finance Alliance provides a framework for parallel industries to work together to unlock the next wave of fintech innovation to lift millions out of poverty and drive sustainable development.”
Ambassador Peter Thomson, President of the United Nations General Assembly: “Implementing the SDGs will not be possible without adequate financing. We have to be creative in mobilising finance from every possible source and ambitious in exploring how to work together in aligning our global financial system with sustainable development. I welcome the launch of the Green Digital Finance Alliance as it addresses digital technologies to catalyse finance for the Sustainable Development Goals.”
Erik Solheim, Under-Secretary General of the United Nations, and Head of UNEP: “The Green Digital Finance Alliance is a unique partnership ensuring that we can align tomorrow’s fintech-powered global financial system with sustainable development.”
Eric Jing, CEO, Ant Financial Services Group: “ANT believes that tomorrow’s financial system should help value and manage our common environmental assets. We hope that the Green Digital Finance Alliance will contribute to shaping and accelerating this development.”
Phumzile Mlambo-Ngucka, Executive Director, UN Women: “UN Women is deeply committed to addressing the gender gap in access to finance in order to ensure that new financial solutions benefit women and men equally in support of sustainable development. UN Women welcomes the Green Digital Finance Alliance, and looks forward to supporting this new initiative.”
Rachel Kyte, CEO, Sustainable Energy for All (SE4ALL): “Getting finance at the right price to the right people at the right time will be critical in both securing clean energy access for all and meeting the climate change challenge. Digital finance can be a powerful tool for unlocking barriers to investment and empowering people to meet the challenge and seize the opportunity of clean, affordable future. This Alliance will I hope help to catalyze finance so that we transform lives, create jobs, clean air, provide energy, and restore landscapes at the speed and scale needed.”
Launched by Ant Financial and UNEP on 19 January 2017 in Davos during the World Economic Forum, the Green Digital Finance Alliance was created to address the potential for fintech-powered business innovations to reshape the financial system in ways that better align it with the needs of environmental sustainability. At its core, the Alliance’s members will comprise innovative financial institutions committed to using digital technology to advance green finance in lending, investment, and insurance. To ensure success, the Alliance will draw in allies from across the worlds of environment and finance, who, through their expertise, insights and networks can contribute to collaborative actions with timely and scaled potential.
Regions in Europe are facing rising sea levels and more extreme weather, such as more frequent and more intense heatwaves, flooding, droughts and storms due to climate change, according to a European Environment Agency report published on Wednesday, 25 January 2017.
The Black Sea Coast, Bulgaria. Coastal areas and floodplains in Europe face an increased risk of flooding from rising sea levels and a possible increase in storm surges
The report assesses the latest trends and projections on climate change and its impacts across Europe and finds that better and more flexible adaptation strategies, policies and measures will be crucial to lessen these impacts.
The observed changes in climate are already having wide-ranging impacts on ecosystems, the economy and on human health and well-being in Europe, according to the report, which is titled: “Climate change, impacts and vulnerability in Europe 2016”. New records continue to be set on global and European temperatures, sea levels and reduced sea ice in the Arctic.
Precipitation patterns are changing, generally making wet regions in Europe wetter and dry regions drier. Glacier volume and snow cover are decreasing. At the same time, climate-related extremes such as heat waves, heavy precipitation and droughts are increasing in frequency and intensity in many regions. Improved climate projections provide further evidence that climate-related extremes will increase in many European regions.
“Climate change will continue for many decades to come. The scale of future climate change and its impacts will depend on the effectiveness of implementing our global agreements to cut greenhouse gas emissions, but also ensuring that we have the right adaptation strategies and policies in place to reduce the risks from current and projected climate extremes,” said Hans Bruyninckx, EEA Executive Director.
Climate change hotspots
All European regions are vulnerable to climate change, but some regions will experience more negative impacts than others. Southern and south-eastern Europe is projected to be a climate change hotspot, as it is expected to face the highest number of adverse impacts. This region is already experiencing large increases in heat extremes and decreases in precipitation and river flows, which have heightened the risk of more severe droughts, lower crop yields, biodiversity loss and forest fires. More frequent heat waves and changes in the distribution of climate-sensitive infectious diseases are expected to increase risks to human health and well-being.
Coastal areas and floodplains in western parts of Europe are also seen as hotspots as they face an increased risk of flooding from rising sea levels and a possible increase in storm surges. Climate change is also leading to major changes in marine ecosystems as a result of ocean acidification, warming and the expansion of oxygen-depleted dead zones.
Ecosystems and human activities in the Arctic will also be strongly affected owing to the particularly rapid increase in air and sea temperatures and the associated melting of land and sea ice.
Although some regions may also experience some positive impacts, such as improving conditions for agriculture in parts of northern Europe, most regions and sectors will be negatively affected.
Ecosystems, human health and economy
Ecosystems and protected areas across Europe are under pressure from climate change and other stressors, such as land use change. The report highlights that the impacts of climate change are a threat to biodiversity at land and in the seas. Many animal and plant species are experiencing changes to their life cycles and are migrating northwards and to higher altitudes, while various invasive species have established themselves or have expanded their range. Marine species, including commercially important fish stocks, are also migrating northwards. These changes affect various ecosystem services and economic sectors such as agriculture, forestry and fisheries.
The main health effects of climate change are linked to extreme weather events, changes in the distribution of climate-sensitive diseases, and changes in environmental and social conditions. River and coastal flooding has affected millions of people in Europe in the last decade. The health effects include injuries, infections, exposure to chemical hazards and mental health consequences. Heatwaves have become more frequent and intense, leading to tens of thousands of premature deaths in Europe. This trend is projected to increase and to intensify, unless appropriate adaptation measures are taken. The spread of tick species, the Asian tiger mosquito and other disease carriers increases the risk of Lyme disease, tick-borne encephalitis, West Nile fever, dengue, chikungunya and leishmaniasis.
The economic costs of climate change can be very high. Climate-related extreme events in EEA member countries account for more than EUR 400 billion of economic losses since 1980. Available estimates of the future costs of climate change in Europe consider only some sectors and show considerable uncertainty. Still, the projected damage costs from climate change are highest in the Mediterranean region. Europe is also affected by climate change impacts occurring outside Europe through trade effects, infrastructure, geopolitical and security risks, and migration.
Enhancing adaptation and knowledge
Mainstreaming of climate change adaptation into other policies is progressing but can be further enhanced. Other possible further actions include improving policy coherence across different policy areas and governance levels (EU, transnational, national and subnational), more flexible adaptive management approaches, and the combination of technological solutions, ecosystem-based approaches and ‘soft’ measures.
The development and use of climate and adaptation services are increasing in Europe. Improved knowledge would be useful in various areas, for example, on vulnerability and risk assessments at various scales and on monitoring, reporting and evaluation of adaptation actions, their costs and benefits, and synergies and trade-offs with other policies.
Background
The report is an indicator-based assessment of past and projected climate change and its impacts on ecosystems and society. It also looks at society’s vulnerability to these impacts and at the development of adaptation policies and the underlying knowledge base.
The report was developed by the EEA in collaboration with the Joint Research Centre of the European Commission, the European Centre for Disease Prevention and Control, the World Health Organisation Regional Office for Europe and three European Topic Centres (ETC-CCA, ETC-BD, ETC-ICM). This is the fourth “Climate change, impacts and vulnerability in Europe” report, which is published every four years. This edition aims to support the implementation and review process of the 2013 EU Adaptation Strategy, which is foreseen for 2018, and the development of national and transnational adaptation strategies and plans.
A new report has indicated that one-third of tropical timber traded globally comes from illegal deforestation.
Paolo Cerutti of CIFOR
The significant number stems from an increase of timber traded on domestic markets, which are less regulated and strict than international, export-oriented markets.
More than 40 renowned scientists from around the world, including scientists from the Centre for International Forestry Research (CIFOR), produced the authoritative report, which was launched at the Conference of the Convention on Biological Diversity (COP13) in Cancun, Mexico last month.
The study was coordinated by the International Union of Forest Research Organisations (IUFRO) on behalf of the Collaborative Partnership on Forests (CPF).
“Forestry crime including corporate crimes and illegal logging account for up to $152 billion every year, more than all official development aid combined,” said Erik Solheim, Head of the UN Environment Programme (UNEP), one of the partner organisations supporting the assessment.
“Illegal logging is complex. Before measures can be taken to curb it, preliminary work is needed to further assess the activity’s causes, complex dynamics, impacts and trade-offs. This was the mission behind our report,” said Paolo Cerutti, one of the study’s key authors and a scientist at CIFOR.
Read more about the assessment can be read here, while the report can be downloaded here.
Researchers found that bilateral trade agreements between producer and consumer countries – like the European Union’s Forest Law Enforcement, Governance and Trade Action Plan (FLEGT) – have prompted shifts in the timber trade from industrial export-oriented markets to small-scale logging operations for the domestic market.
This pattern can be readily observed in Cameroon, Africa’s largest exporter of tropical hardwood to the EU. Due to a lack of government regulation concerning the domestic wood sector, almost half of the country’s timber is sold on the black market.
Minister of Foreign Affairs, Republic of Botswana, Dr. Pelonomi Venson-Moitoi, highlights five focal points she will emphasise at the African Union Commission
Dr. Pelonomi Venson-Moitoi, Minister of Foreign Affairs, Republic of Botswana and candidate for the Chairperson of the African Union
Dr. Pelonomi Venson-Moitoi, Minister of Foreign Affairs, Republic of Botswana and candidate for the Chairperson of the African Union, on Thursday, 26 January 2017 in Gaborone, highlighted five major reforms she would introduce if elected as the Chairperson of the African Union Commission (AUC). She made these remarks ahead of the AUC election that is slated to take place next week.
These reforms include:
Make the role of the New Partnership for Africa’s Development (NEPAD), as the development arm of the AUC, more prominent, distinct and better defined along-side the roles of the various Commissions. Of equal importance is how consultation is improved on issues with member states through the Permanent Representatives Committee (PRC);
Forge stronger integration between AUC and regional bodies to ensure regular information sharing and conducting activities in a more efficient and cost effective manner;
Re-introduce activity reports at annual summits to brief members on the work of the AUC on the period preceding that summit;
Ensure attendance of regional summits and visits by the AUC as a matter of regular occurrence; and,
Follow up on implementation of the Kigali summit on funding to speed up process; and assess other mechanisms available to the Commission to generate income for the Union including discussions with the private sector.
Dr. Venson-Moitoi says: “The African Union is uniquely positioned to contribute to laying the foundations for realising Africa’s bright future and to achieve the Vision 2063 goals. This is not an easy task, though. It will require stewardship and drive; energy and perseverance; pan-African activism, action-orientation and diplomacy as well as ability to reach consensus.”
She is currently the 8th Minister of Foreign Affairs & International Cooperation of the Republic of Botswana. Her areas of specialty lie in Public Service Management and Administrative Systems Analysis and Design. Dr. Venson-Moitoi is passionate about working to drive sustainable development across the African continent, moving the people of Africa forward through collaboration with the leading minds and captains of Africa’s industries.
“As Chairperson of the AUC, I will commit to promoting practices that seek to enhance Africa’s quest for democratic development. I will galvanise the support of all Member States of the AUC to ensure that, together, we champion democratic governance,” concludes Dr. Venson-Moitoi.
Dr. Robin Buruchara, Director of the Pan-Africa Bean Research Alliance (PABRA), imagine what a world without beans would be like. PABRA, a network of researchers from 30 countries in Africa, supports national bean programmes and other members to enhance delivery of improved beans for Africa
Beans come in many shapes, sizes, colours and tastes
I, like millions of others in Africa, can’t imagine what it would be like to live without beans. Venture onto any small farm in Uganda at meal time, and I can guarantee you that you will find beans on your plate.
Come to think of it, venture onto any smallholder farm, low income urban home or boarding school across Africa at meal time, and you are more likely than not to find beans or some kind of pulse on your plate.
And that’s despite the most severe drought that parts of the continent have seen in decades. Rains have been late or not come at all; water scarcity has devastated harvests, and incomes have been crippled.
Yet beans remain a staple in the African diet, for more reasons than one. They’re inexpensive and easy to grow, with seeds sourced from neighbours or family members. They’re nutritious: high in protein, fibre, carbohydrates, folic acid, iron and zinc.
Our studies in Rwanda, for instance, show eating iron-fortified beans can actually reverse anemia and iron deficiency.
They come in many shapes, sizes, colours and tastes. In many countries they a good source of income as they are easy to sell. And farmers know beans are a good bet to plant, because if most of their harvest fails and they can’t sell anything – at least they have some food at home.
That’s why the Pan-Africa Bean Research Alliance (PABRA), works with national bean programmes to strengthen cropping systems across 30 countries in Africa.
But growing more beans is not a panacea for tackling malnutrition, improving soil fertility and improving incomes. And, significant challenges block the road to improve production.
Despite the prominence of beans in the local diet and their versatility, the production and improvement of beans is not as high a priority in agricultural and nutritional policies as it ought to be. Their nutritional benefits are not incorporated into nutrition programmes; their ability to combat climate change and make farmers’ fields more resilient are not spelled out in climate policy.
It’s unlikely that farmers throughout sub-Saharan Africa – where nitrogen is a commonly lacking crop nutrient – know that beans and other pulses can be used as an alternative or complementary source of nitrogen. They convert atmospheric nitrogen into nutrients the plant can use, by-passing problems associated with excessive fertiliser use – including water and air pollution, not to mention cost.
They might not know which beans can be sold for a good income twice a year at the local market – especially important for women, who traditionally control earnings from the crop. They might not know which varieties can tackle anemia, or improve soil health.
They probably don’t know that beans use less water and energy compared to most other protein sources, and that they are also relatively drought resilient compared with other crops.
This needs to change. These are vital factors for farmers in Africa, who must prepare for more drought, longer dry seasons and shorter spells of unpredictable rainfall. Until our agricultural systems become fully irrigated, our farmers need more resilient crops, and beans are an excellent case in point.
In too many places, new bean varieties and agronomic packages don’t reach farmers or advisory services. To inform farm-scale decision making and agricultural policy, we need to spread the word about the full set of impacts that can be felt by integrating pulses into cropping systems.
It’s true: we do need more research into which beans fit within specific cropping systems.
Agronomic management is a central pillar of pulse production that relies on developing options suited to local contexts. Yield and environmental benefits of pulse production vary widely across agro-ecological contexts.
But already we have evidence to show the yield increases farmers can expect in their fields; the extra income they put into their pockets, and the huge nutritional benefits they can gain from eating beans.
What remains to be seen is how the private sector and public sector can work together to make sure better beans get to more people. To make sure farmers growing them can make more money from them; or feed their families more nutritious diets with them.
We’re tackling these challenges head on. And raising awareness about how exactly beans contribute to our welfare this Global Pulse Day, is among the many routes we can take to beat them.
In a recent interview, Ambassador Dr Amina Mohamed sets out her case in her candidacy for the position of African Union Chairperson that will be decided at the forthcoming AU Summit at the end of this month.
Ambassador Amina Mohamed, Kenya’s Minister of Foreign Affairs, and AU Chairperson Candidate
“I am a tough, but fair, negotiator and what I enjoy doing most is building consensus, unifying people and sticking on message to obtain optimum outcomes,” she says.
Ambassador Mohamed, Kenya’s Minister of Foreign Affairs, is confident her track record stands her in good stead to take on the role as chairperson. Her experience as a chief negotiator at the highest level, be it at the WTO, at the UN Environment Programme (UNEP) or at GATT (the General Agreements on Tarrifs and Trade) have shown she can get different vested interest to find a mutually beneficial position, bringing about consensus for the benefit of the majority.
She sees herself as a passionate Africa and pan-Africanist always fighting Africa’s corner at international fora, in some cases as a lone voice for the developing world. As well as building consensus, which is the first step in any discussion, she says that her strength comes from actually getting things done.
Implementation, she says, is where she will focus her energy, so that the AU fulfils the expectation of the people of the continent.
“We need to implement, rather than simply make declarations. Implementation has been woeful – my mantra will be implementation, implementation, and implementation,” she notes, adding that her strategic focus will be on doing better with existing resources.
In order for AU reforms to work, she says, “You must bring everybody along. That is why experience in reaching consensus is vital to this job.”
In building equal partnerships for the delivery of Agenda 2063, Africa’s ambitious roadmap for sustainable socioeconomic development, Ambassador Mohamed says that a different conversation is needed in order to confront some of the most complex global challenges facing Africa.
Amb. Mohamed has received the endorsement from a number of private sector leaders including James Mwangi, CEO of Equity Bank and Josphat Mwaura, CEO & Senior Partner at KPMG in Kenya. They called for a more private sector approach from the AU, which is something that she has been advocating in her manifesto and in her statements.
Amb. Mohamed has also been endorsed by young leaders including Ms. Mariéme Jamme, the Tech Entrepreneur, Activist and a Young Global Leader recognised by the World Economic Forum for her activism work in empowering and investing in young girls and women.
The other candidates for Chairperson of the African Union Commission are: Botswana’s Pelonomi Venson-Moitoi, Chad’s Moussa Faki Mahamat, Equatorial Guinea’s Agapito Mba Mokuy, and Senegal’s Abdoulaye Bathily.
The European Investment Bank (EIB) has said that it will stick to its target of investing around $100 billion in climate action over the next five years, the largest climate finance contribution of any single multilateral institution, and is already exceeding its own targets for climate finance.
EIB President, Werner Hoyer
EIB President, Werner Hoyer, made the disclosure while presenting the EIB Group annual results at a news conference in Brussels, Belgium, on Tuesday, January 24, 2017.
The contributions of financial institutions such as the EIB are crucial to enable countries to reach their central target under the Paris Climate Change Agreement, which is to keep the global average temperature rise to well below 2 degrees Celsius compared to pre-industrial levels.
The bank announced this week that it has overshot its overall climate finance target for the seventh year running, providing over 19 billion Euros. This represented about a quarter of the bank’s total lending in 2016.
In support of the Paris Agreement, the European Investment Bank has already committed to increase its lending for projects in developing countries to curb greenhouse gas emissions and to build resilience to climate change to 35% of total lending by 2020.
EIB funding supports sustainable projects in over 160 countries and acts as a catalyst to mobilise private finance for climate action, encouraging others to match their investment.
The EIB is self-financed: lending activities are mainly funded via bond issuance in the international capital markets. Despite periods of market uncertainty last year, the Bank successfully raised 66.4 billion euros from investors around the world. Ten years after pioneering the first Green Bonds, they remain the largest issuer, with over 15 billion euros raised for climate projects since 2007.
In the latest demonstration of institutional asset owners’ commitment to climate action, New York State Common Retirement Fund (CRF), the third largest public pension fund in the US with $184.5 billion in assets, has joined the Portfolio Decarbonication Coalition (PDC).
New York State Comptroller, Thomas P. DiNapoli
The CRF is the first major US pension fund to join the Coalition’s 28 members, who between them control over $3 trillion in assets and have pledged to gradually decarbonise a total of $600 billion by designing investment portfolios with a smaller climate change impact.
One year ago, New York State Comptroller Thomas P. DiNapoli, trustee of the CRF, announced plans at the Paris climate talks to position the Fund for a low carbon future. In partnership with Goldman Sachs, the CRF developed a low emission index, which steers assets away from large carbon emitters and increases investments in carbon-efficient companies.
“Climate change is one of the greatest risks to our pension fund’s portfolio,” DiNapoli said. “We’re reviewing and adjusting our investments to reduce that risk and take advantage of the growing opportunities of a lower carbon future. Investors are playing a key role in fostering a cleaner global economy. The PDC gives us the opportunity not only to highlight our own activities in this regard, but also to share insights and challenges with counterparts around the world.”
“Investments with more carbon translate to higher risk, not just from potential carbon fees or pricing, but also from shifts in technology that can leave high carbon assets stranded,” said Erik Solheim, Head of UN Environment Programme (UNEP), whose Finance Initiative is a co-founder of the PDC.
“The success of the Portfolio Decarbonisation Coalition is a clear signal to both governments and companies that climate change, and the corporate response to it, is critical to shareholder value and investor interests going forward,” said Solheim.
CRF’s action comes at a time of intense efforts by the financial community to prevent market shocks from the widespread mispricing of climate change risks.
Last month, the G20’s Task Force on Climate-related Financial Disclosures co-chaired by former New York Mayor Michael Bloomberg and Bank of England Governor Mark Carney recommended full and standardised disclosure by companies and investors of financial risks and opportunities from climate change.
Other investor members of the PDC include major European funds such as France’s ERAFP ($26.9 billion) and FRR ($38.5 billion), the Dutch giant ABP ($481.1 billion) and the world’s largest insurance company, Germany’s Allianz Group.
“We are seeing significant international collaboration among leading asset owners to push on climate issues,” said Lance Pierce, President of CDP North America, the international not-for-profit organisation holding the world’s largest collection of self-disclosed corporate environmental data and one of the Portfolio Decarbonisation Coalition organisers.
Pierce added, “Climate change is requiring transformational changes in the economy in order to safeguard assets and supply chains, and presents a significant economic growth opportunity. The US renewable energy sector employed 769,000 people and the solar industry grew 12 times faster than overall job creation in 2015. Investors are realising they can reduce carbon, reduce risk and generate steady financial returns as well as jobs.”
Mats Andersson, former CEO, The Fourth Swedish National Pension Fund (AP4), co-founder PDC, said: “We welcome New York State CRF to the coalition. Their commitment to manage their funds through sustainable investments and active ownership shows important leadership at a vital time for the transition to a low-carbon economy.”
Hugh Lawson, Global Head of ESG and Impact Investing, Goldman Sachs Asset Management, added: “We are pleased to be CRF’s strategic partner as they consider the risks, and seize the opportunities, presented by the world’s evolving relationship to carbon. CRF has been a leader among institutional investors in the thoughtful use of CDP’s data resources and will be a meaningful contributor to the Portfolio Decarbonisation Coalition.”