Connect with us

News

Developing Countries Face $4trn Investment Gap In SDGs – UN

Published

on

The UN Conference on Trade and Development (UNCTAD) on Wednesday warned that a green future would remain out of reach if the world doesn’t help developing countries close a two-trillion-dollar gap in investment toward an energy transition.

According to a new UNCTAD report, developing countries actually face a staggering four trillion dollar gap in sustainable development investments.

The UNCTAD Secretary-General, Rebeca Grynspan, said that a significant increase in material support for renewable energy in developing countries was crucial for the world to reach its climate goals by 2030.

Advertisement

While investment in renewables has nearly tripled since the adoption of the Paris Agreement almost eight years ago, poorer nations have been largely left out.

Grynspan said more than 30 developing countries had not registered a single international investment in utility-size renewable energy generation since the landmark climate change treaty was adopted in 2015.

READ ALSO: Trouble Looms As Resident Doctors Issue 2-week Fresh Ultimatum To FG To Meet Demands

Advertisement

According to UNCTAD, the amount of foreign direct investment in clean energy attracted by developing countries in 2022 stands at 544 billion dollars — well below needs.

Some good news from the report is that energy companies among the top 100 multinationals have been increasingly turning toward renewables and divesting fossil fuel assets at about 15 billion dollars per year.

However, the report shows an overall slower pace of investment in renewable energy in 2022, “as international project finance deals declined”.

Advertisement

In developing countries, the largest gaps in Sustainable Development Goal (SDGs)-related investments were in energy, water and transport infrastructure, UNCTAD said.

Foreign direct investment (FDI) is also on the decline, according to UNCTAD, as global flows fell by 22 per cent in 2022, to 1.3 trillion dollars, while in Least Developed Countries, the vast majority of which are in Africa, FDI inflows dropped by as much as 16 per cent.

READ ALSO: Canada, UK, Others Drag Iran To ICJ Over Jet Attack

Advertisement

UNCTAD’s report says that the slowdown was driven by “overlapping crises”: the war in Ukraine, high food and energy prices and debt pressures.

With these factors still in play during 2023, the agency said that it expects “downward pressure on global FDI” to continue this year.

The report calls for series of policies and financing mechanisms to be put in place to help developing countries attract necessary investments.

Advertisement

UNCTAD stressed the importance of debt relief for developing economies, to provide them with the fiscal space needed for clean energy spending and to help lower country risk ratings, a prerequisite for attracting private investment.

The agency also recommended reducing the cost of capital for clean energy investment through partnerships between international investors, the public sector and multilateral financial institutions – a measure that can reduce the spread on borrowing costs for energy investment projects in developing countries by up to 40 per cent.

Grynspan insisted that investment played a “huge part” in achieving the SDGs.

Advertisement

She said they were simply “too big to fail”, calling them “the only game in town” which requires collective action and global solidarity.

News

Shatta Wale Bailed Burna Boy From Ghana Prison After Arrest For Smoking Weed – Captan

Published

on

Ghanian singer, Captan, has claimed that his former record label boss, Shatta Wale, once bailed Nigerian singer Burna Boy out of prison in Ghana after he was allegedly arrested for smoking weed.

Speaking in a recent podcast interview, Captan claimed that Shatta Wale sent him and others to free Burna Boy from police custody.

He also claimed that Shatta Wale and his group once accommodated Burna Boy when he was being hunted by some dangerous men.

Advertisement

READ ALSO: Wale Edun Opens Up After Sack

Captan said, “I once bailed Burna Boy out of prison in Ghana when he was arrested for smoking weed. Shatta Wale sent me and some guys to go and free him from police custody.

“There was a time we also accommodated him when some people were after his life. We helped him settle the case.”

Advertisement

He added that he and Burna Boy are no longer in good terms after the Nigerian artist’s fallout with his mentor, Shatta Wale.

He, however, said he and Shatta Wale are open to reconciling with Burna Boy if he asks for it.

Watch the video here

Advertisement

 

Continue Reading

News

Children’s Day: Chaos At Ogbe Stadium As Dozens Faint

Published

on

Chaos erupted on Wednesday during the Children’s Day celebration as dozens of students reportedly collapsed following a stampede triggered by the use of pepper spray.

The event,
organised by the Edo State Ministry of Education at the Samuel Ogbemudia Stadium was disrupted after some male students of Ihogbe College allegedly made uncompromising advances towards female students at the venue.

‎ A parent who identified himself as Oboh Emmanuel said, “the behaviour of those uncultured students attracted the attention of bouncers stationed at the stadium as they rebuked the male students.”

‎Oboh said the affected students later regrouped and attacked the bouncers, leading to a confrontation within the crowded arena.

READ ALSO:Children’s Day: Edo Commits To Child Protection

It was gathered that in the ensuing confusion, the bouncers were reported to have deployed pepper spray in an area occupied by a large number of students.

‎Several students, particularly female students, reportedly fainted after inhaling the substance, while others sustained injuries after being stepped on during the ensuing melee.

‎The panic was said to have spread across the stadium as students, teachers and parents scampered for safety.

‎Many of the affected students were reportedly rushed to the Edo Specialist Hospital for medical attention.

Advertisement

READ ALSO: Egor LG Chair, Ogbemudia, Vice, Osawe Impeached

Reacting to the incident, Chief Press Secretary to Governor Monday Okpebholo, Dr Patrick Ebojele, said the security personnel that fired the tear gas had been detained.

He said all the students, except two, that were rushed to the hospital have been discharged.

Advertisement

Ebojele stated that doctors wanted to observe the students till tomorrow before allowing them to go home.

The two students are not seriously injured. Doctors want to observe them overnight. Permanent Secretary, Ministry of Education is still at the hospital. The man who used pepper spray has been detained.

“The incident did not happen the way it is being exaggerated. All modalities were put in place to ensure the children enjoyed their day.”

Advertisement

 

Continue Reading

News

Okpebholo Salutes Edo Muslims, Seeks Continued Support, Prayers

Published

on

Governor Monday Okpebholo of Edo State has urged Muslims and all Nigerians to continue to pray for peace, unity and progress in the country even as they celebrate the annual Eid-al-Adha

The governor, who was represented by his deputy, Dennis Idahosa, stated this during the annual Eid-al-Adha celebration with Muslim faithfuls held at Government House in Benin City.

He reiterated his administration’s commitment to fairness, inclusivity and equal opportunities for all citizens irrespective of religion and tribe.

Advertisement

READ ALSO:ADC Penetrates Okpebholo’s District As Defections Strengthen Party in Edo Central

According to him, the present administration remains determined to building a government that reflects the diversity of Edo State, noting that competent and qualified Muslims have continued to play vital roles in his government because of their capacity, integrity and commitment to service.

“As a government, we remain committed to fairness, inclusivity and equal opportunity for every Edo citizen, irrespective of religion, ethnicity or political affiliation. This is why quality and competent Muslims are serving in key positions in our administration.”

Advertisement

Okpebholo appreciated the Muslim community in Edo State for their unwavering support and continuous prayers for his administration, noting that such prayers and support have contributed immensely to the peace and steady development being witnessed across the state.

READ ALSO:Okpebholo Felicitates Muslims On Eid-el-Fitr Celebration

He then called on all Nigerians to use the occasion of Eid-al-Adha to pray for the administration of President Bola Ahmed Tinubu, stressing that the country needs collective prayers, unity and cooperation to overcome its present economic and security challenges.

Advertisement

I urge all Muslims and indeed all Nigerians to use this occasion to pray for our dear nation and for the administration of President Bola Ahmed Tinubu. Nigeria needs our collective prayers, unity and support as we strive to overcome our challenges and build a more prosperous future for all.”

In his remarks, the Chief Imam of Edo State, Abdulfatai Enabulele, applauded the governor for what he described as remarkable developmental strides recorded in less than two years in office.

The cleric commended the administration for ongoing infrastructural development and efforts geared towards improving governance in the state, but appealed to the government to revisit and complete some abandoned projects inherited from the previous administration for the benefit of the people.

Advertisement

 

Continue Reading

Trending