Connect with us

Newsdesk

Financing for low-carbon, climate-resilient future takes center stage at UN climate conference

Newsroom

Published

on

The urgent need to raise the finances to meet the funding goals of the Paris Agreement, especially to support action by developing countries, took center stage Monday at the UN Climate Conference (COP23) in Bonn, Germany.

The urgent need to raise the finances to meet the funding goals of the Paris Agreement, especially to support action by developing countries, took center stage Monday at the UN Climate Conference (COP23) in Bonn, Germany.

“We need all financial players – public, private, domestic, international – and including markets and regulators, to work together effectively to mobilize at least $1.5 trillion in climate finance that is needed every year,” said Eric Usher, Head of Finance Initiative at the UN Environment Programme (UNEP).

As part of ‘Finance for Climate Day’ at COP23, high-level representatives from across the sector highlighted their efforts to meet the goals of the Paris Agreement of keeping the average global temperature rise well below 2 degrees Celsius and as close as possible to 1.5 Celsius.

They stressed that every dollar invested in cutting greenhouse gas emissions and adapting to climate change gets double the bang for the buck because it directly supports the international community’s 2030 Agenda for Sustainable Development.

According to the UN Climate Change (UNFCCC) Secretariat, finance for climate is flowing at a greater pace than ever, with vibrant and growing markets for renewable energy, electric vehicles, green buildings and climate-smart agriculture seeing aggressive growth, backed by exponential advances in innovative green financial instruments, indices and markets.

Equally, the finance sector is recognizing to a much greater degree where and how climate change presents risks to its existing investments and the need to adjust their portfolios away from carbon-intensive assets to reduce that risk.

However, much more is needed to secure finance and investment at the scale required to deliver a fully de-carbonized and climate-resilient global economy by 2050.

“The potential for climate friendly investment in areas such as clean energy and climate-smart agriculture is enormous,” said Laura Tuck, Vice-President Sustainable Development at the World Bank. “The key is to get the funding to flow so that everyone everywhere can benefit from low-carbon and climate resilient investments.”

Peter Damgaard Jensen, CEO of the Danish Pension provider PKA and Chair of the Institutional Investors Group on Climate Change (IIGCC) said at a press conference that “it is extremely important that there is a significant increase of investor awareness and action with regards to supporting the transition […] to a low carbon economy.” “Strong investment signals from policy makers across carbon trading, energy, transport and buildings, are essential to unlock the necessary capital,” he added.

Members of African civil society and members of Parliament spoke today on the urgency of climate finance as a prerequisite to ambitious action in African countries.

“Africa is the continent that pollutes the least,” but “it is Africa which suffers the effect of climate change,” said at a press conference Roger Nkodo Dang, President of the Pan-African Parliament, which is the legislative body of the African Union.

In an interview with UN News, he added that developed countries have a duty to provide additional support to Africans for their green development. “If you tell us ‘do not cut the wood,’ we say, ‘you bring us electricity,’” he said. “It’s not a favor; it’s a compensation.”

Continue Reading
Comments

Newsdesk

Digital Technology Will Help Djibouti Leap into the Future

Newsroom

Published

on

Digital technology will have a critical part to play in boosting Djibouti’s socio-economic development and meeting the ambitious goals set out in its national strategy, Vision Djibouti 2035. As a key step toward building a strong, inclusive digital economy, the Government of Djibouti and the World Bank are co-hosting a high-level event that will explore the potential benefits of digital development and propose a concrete roadmap of action.

“Disruptive technologies are creating new business models, opening up new markets, and giving consumers access to more products and services than ever before. It is hard to overstate the economic potential of these transformations,” said Ilyas Moussa Dawaleh, Djibouti’s Ministry of Economy and Finance. “In a country like ours, developing a high-performing digital ecosystem will provide a unique chance to stimulate the economy and create jobs. The Digital Economy conference starting today will bring us one step closer to this vision.”

“The digital sector will be key to improving the lives of Djiboutian people, expanding our economy, and strengthening our position as a logistics and commercial hub. With eight submarine cable landing on our shores, there is no doubt Djibouti has what it takes to become a digital leader in the region,” noted Abdi Youssouf Sougueh, Minister of Communications. “We are keen to bring in development partners like the World Bank to leverage this infrastructure to the fullest and reinforce all the other fundamentals that are necessary to nurture a vibrant digital economy.”

The conference will bring together a wide range of government representatives, technology pioneers, and development partners. Building on this uniquely diverse combination of knowledge and global perspectives, participants will assess Djibouti’s digital landscape, share international best practices, discuss how technology can help modernize all sectors of the economy, and outline a clear strategy and action plan for digital development in the country.

“Countries around the world are leveraging digital innovation to accelerate economic growth and build a better future for people, and Djibouti is very well positioned to gain from that approach,” said Boutheina Guermazi, World Bank Director for Digital Development. “I am confident this event will pave the way for close collaboration on digital development between the Word Bank, Djibouti, and countries across the Middle East and Africa.”

In addition to discussing Djibouti’s opportunities and challenges, the event will also highlight the need for bolder action on digital development engagement across the region.

Sessions will cover all key dimensions of digital development, with a focus on how to strengthen the five pillars of the digital economy: digital infrastructure; innovation and entrepreneurship; digital financial services and identification; digital platforms; and digital literacy and skills.

“Technological innovation holds great promise for Djibouti. By harnessing the full power of the digital economy, the country could see significant GDP growth, create a future-proof labor market, and raise living standards for all segments of the population. We stand ready to work hand in hand with Djibouti on this journey, to help create the right conditions for a thriving digital sector,” said Atou Seck, World Bank Resident Representative in Djibouti.

Continue Reading

Newsdesk

The first shopping tourism project in Mexico

Newsroom

Published

on

The World Tourism Organization (UNWTO) and the Municipality of León (Guanajuato, Mexico) have signed an agreement to carry out the country’s first project to develop Shopping Tourism, with the support of the Ministry of Tourism of the State of Guanajuato.

The project is expected to serve as an international reference point and as a showcase at major tourism forums.

The Tourism Observatory of the State of Guanajuato has been a member of the UNWTO International Network of Sustainable Tourism Observatories since 2014. At the World Tourism Organization’s General Assembly held in Medellín, Colombia, in September 2015, Guanajuato expressed its interest in being one of the destinations to develop a project on shopping tourism, and León was the selected destination in light of the fact that 27% of its tourists visit the city to go shopping.

The World Tourism Organization (UNWTO) is the United Nations agency responsible for the promotion of responsible, sustainable and universally accessible tourism.

The project will help León (Guanajuato, Mexico) to develop innovative shopping tourism offerings that link the public and private sectors and that highlight the destination’s tourism attractions and products as well as tourism’s contribution to socio-economic development, which includes the creation of jobs directly in the tourism sector and in the many activities related to the sector.

Continue Reading

Newsdesk

Smart city matchmaking in Barcelona

Newsroom

Published

on

This year’s Smart City Expo World Congress (SCEWC), Europe’s biggest Smart City related event, takes place from 13 to 15 November in Barcelona and will, like previous editions,  attract several thousand stakeholders.

During the congress, on November 14, the Smart Cities Innovation Partnership on Smart Cities (EIP-SCC) will organise its next matchmaking event, seeking to bring projects and investors together to stimulate action. It is especially tailored to match individual projects with financing.

To take part, stakeholders must register on the matchmaking platform where they will join other cities, industry and financial players. Registered users need to submit short descriptions of their upcoming projects. A dedicated team will then process and match them with financiers’ interests, leading to one-to-one meetings, organised specifically and individually for them and their projects.

Should participation in above-mentioned event not be possible, the matchmaking platform will remain available also after the Barcelona congress, as the EIP-SCC will organise further matchmaking events in the future.

In addition, there will be an exhibition stand, where interested stakeholders can meet any of the 12 Horizon 2020 Lighthouse projects (representing € 270 million of EU funding), experts from the EIP-SCC, the Smart Cities Information System, as well as the European Commission.

Finally, there will be a number of sessions organised at the mentioned exhibition stand as part of the SCEWC programme covering a wide range of Smart City related topics. The full programme is available at http://www.smartcityexpo.com/en/agenda-2018.

Continue Reading

Latest

Trending

Copyright © 2018 Modern Diplomacy