Connect with us

News

UNFC to help drive smart investments into mineral and energy projects

Published

on

Anatoliy yanovskiy
Mr. Anatoliy Yanovskiy, Deputy Minister of Energy of Russia

It is recognized that raw materials and energy are the backbones for sustainable development. In a world facing multiple social, climatic and environmental challenges, managing the supply of mineral and energy resources is becoming more and more complex.  In this context, investors increasingly are interested in channeling funds for both profit and longer-term societal benefits.

A two-day International Scientific-Practical Conference on Harmonization of Approaches in the Assessment of Mineral Reserves and Resources, co-organized by UNECE in Moscow, 30-31 May 2018, convened over 250 experts from Europe, Asia and Africa to explore a new global approach to attracting investment in mining and petroleum projects. There was consensus that the United Nations Framework Classification for Resources (UNFC) is an appropriate point of departure for a new international initiative to assess projects on their social, environmental and economic benefits and support innovative financing mechanisms.

Mr. Anatoliy Yanovskiy, Deputy Minister of Energy of Russia, in his keynote address stressed that the aspiration of every country is to target stable growth, employment and revenues. Having more certainty in mineral and energy flows and their contribution to growth is something that can make a significant impact in all countries including Russia. Mr. Anatoly Torkunov, Rector of Moscow State Institute of International Relations (MGIMO) University, noted the rising importance of financing of mineral projects in non-traditional ways and improving human competencies to take on the new challenges.

“The mining and petroleum industry is plagued by many issues and risks”, said Mr. Igor Shpurov, General Director of the Russian State Commission of Mineral Reserves (GKZ) and First Vice-Chair of the UNECE Expert Group on Resource Classification. “Having a new language based on UNFC that can be a medium for State institutions, businesses and investors to communicate seamlessly on sustainable production has become urgent”. In the future, smart mining, big data and innovative approaches to financing will gain ascendancy.  The role of UNFC will then be even more substantial. This requirement is already becoming visible with the penetration of technologies like blockchain in the new industry ecosystem.

Presentations from Russia, Kazakhstan, Kyrgyzstan, Uzbekistan, United Kingdom and Africa highlighted areas for improvement. “Removing duplication of many processes and procedures in the State, companies and financing bodies and unification of rules horizontally, as well as vertically across minerals, oil and gas etc. is becoming urgent”, said Mr. Sergey Shumkov, Deputy Director of Department for Coal and Peat Industry, Ministry of Energy, Russia. “This will also help fix appropriate responsibilities and build trust amongst stakeholders”.  Building up institutions for competent persons charged with a new agenda for mineral and energy industries has challenges in some national contexts, but with international collaboration, these could easily evaporate.

New multilateral institutions like the New Development Bank, also known as the BRICS Bank, are committed to harnessing opportunities in a new generation of smart and innovative technologies to support sustainable infrastructure. Making UNFC the universal standard for smart financing looks promising in this context. In parallel, there should be a movement to improve the competencies of the human resources, where universities such as MIGMO in Russia and multi-layered partnerships with other countries and institutions will be crucial.

The conference was organized by UNECE, the Ministry of Natural Resources and Environment and the Ministry of Energy of the Russian Federation, the Russian State Commission of Mineral Reserves (GKZ) and the Moscow State Institute of International Relations (MGIMO) University and sponsored by the Russian coal company Karakan Invest.

Continue Reading
Comments

Development

Saint Lucia Builds Investment Reference Guide to Boost Sustainable Development

Published

on

In partnership with the Government of Saint Lucia, the World Economic Forum is launching the Country Financing Roadmap for the SDGs. It aims to help Saint Lucia unlock sources of funding, remove investment bottlenecks and develop a more coordinated approach for financing projects that are environmentally friendly or can help people develop new skills.

The Country Financing Roadmap for Saint Lucia provides an overview of priority initiatives for leaders to assess and action project work – potentially saving money and helping to identify synergies across funding areas.

For example, the initiative brought together reskilling programmes with $12 million in total budget that can support the country’s economic recovery efforts – potentially supercharging efforts. These include a collaboration between the European Commission and Forte, to help 500–600 people develop skills related to hospitality, digital skills and green or blue economy by the end of 2022, at no upfront cost to the government.

Another project, the Caribbean Climate-Smart Fund initiative by the Rocky Mountain Institute (RMI) and Lion’s Head Global Partners (LHGP), is working towards mobilising both private and below market rate capital to finance a $80 million project pipeline dedicated to renewable energy in Saint Lucia.

“Finding viable solutions in the short, medium and long term to the myriad challenges that plague small island developing states (SIDS) like Saint Lucia is critical to safeguarding and putting the needs of our people first while achieving meaningful post-COVID socioeconomic recovery and implementing the Sustainable Development Goals,” said Wayne Girard, Minister in the Ministry of Finance, Economic Development and the Youth Economy, Government of Saint Lucia. “The CFR not only presents Saint Lucia with actionable options to unlock some of the financing and investment bottlenecks that limit sustainable development, it also presents a useful mechanism for replication across other SIDS in the Caribbean region. Saint Lucia is committed to continuing its work with the Sustainable Development Investment Partnership (SDIP), to advance a regional approach to driving our collective capacities to build back better.”

“Saint Lucia has demonstrated its commitment to meeting the SDGs by embarking on several important initiatives, with some of the most important focusing on financing targets,” said Sean de Cleene, Member of the Executive Committee of the World Economic Forum. “We hope that this CFR initiative will create opportunities for Saint Lucia and other countries to fast track similar impact projects.”

The CFR is a country-led initiative in collaboration with the Sustainable Development Investment Partnership (SDIP) and a joint initiative of the World Economic Forum and the Organisation for Economic Co-operation and Development (OECD). Its goal is drive economic recovery and achieve the Sustainable Development Goals by presenting viable solutions that address barriers to investment and attract greater sources of capital.

As a small island nation, Saint Lucia is vulnerable to economic shifts and continues to expand recovery efforts due to the consequences of the COVID-19 pandemic, which pushed the country to an 86.5% debt-to-GDP ratio for 2020. In 2019, tourism accounted for 80% of the nation’s labour market which faced a reduction in jobs from 63,400 in 2019 to 41,600 in 2020 as a result of the crisis, according to the World Travel and Tourism Council. Barriers to sustainable growth also hinge on the population’s dependence on fossil fuels which, through a successful transition to renewable energy, could increase self-sufficiency, equity, and environmental sustainability.

Alongside the CFR, the government in collaboration with the United Nations Office for Project Services (UNOPS) and the University of Oxford launched the Saint Lucia National Infrastructure Financing Strategy developed using the Sustainable Infrastructure Financing Tool (SIFT), which complements the CFR and further explores the opportunities for sustainable infrastructure financing in the country.

The Sustainable Development Investment Partnership plans to continue its support to the Government of Saint Lucia and regional organisations in hosting a series of discussions on reskilling and renewable energy solutions with over the next six months.

Continue Reading

Energy News

Energy Efficiency Hub launched to boost cooperation on world’s ‘first fuel’

Published

on

The Energy Efficiency Hub – a global platform for collaboration aimed at delivering the social, economic and environmental benefits of more efficient use of energy – was launched on 1 December at an event hosted at the International Energy Agency in Paris.  

The Hub’s initial 16 members are Argentina, Australia, Brazil, Canada, China, Denmark, the European Commission, France, Germany, Japan, Korea, Luxembourg, Russia, Saudi Arabia, the United Kingdom and the United States.

The Hub aims to facilitate government-to-government exchanges on efficiency policy, regulation and implementation, focusing on topics relevant to real-world challenges faced by its members. The launch event showcased digitalisation, efficient equipment and appliance deployment, best energy efficiency technologies, and energy management best practices as areas of collaboration. 

“Hub Members span the globe, from East to West and from North to South, together accounting for over 60% of energy use and carbon dioxide emissions,” said Ulrich Benterbusch, Deputy Director General of the German Federal Ministry of Economic Affairs and Energy, who will serve as Chair of the Hub’s Steering Committee.

“In fact, each Member has significant accomplishments in energy efficiency and understands how urgent it is to work together on it,” he added. “Meeting global challenges requires all countries to do better, and – working in concert with other international organisations – the Hub will strive to share its work more broadly and to learn from others.”

The Hub’s launch follows the previous week’s release of Energy Efficiency 2021, the IEA’s annual market report on the subject, which showed that while global energy efficiency improvements are recovering to their pre-pandemic pace, they are still far short of what is needed to reach net zero emissions by 2050.

“I consider energy efficiency to be the very ‘first fuel’ because it is crucial to address climate change and make our energy supplies more secure while also leaving money in our pockets,” said Fatih Birol, the IEA Executive Director. “I am very pleased to see countries coming together as part of the Energy Efficiency Hub to accelerate efforts in this critical area.”

“Being based at the IEA will enable the Hub to cooperate effectively with IEA experts and the other key initiatives and activities we host, including the Clean Energy Ministerial,” said Dr Birol. “The launch of the Hub is a clear and encouraging signal that momentum is building behind greater energy efficiency action worldwide.”

Brian Motherway, Head of Energy Efficiency at the IEA, said: “Governments need to work much harder if they are to deliver the full potential of energy efficiency and get their energy systems onto a pathway towards net zero. The Hub is an important instrument for countries to learn from each other and work together to strengthen their efficiency policies.”

Continue Reading

Africa Today

Violence in Cameroon, impacting over 700,000 children shut out of school

Published

on

Kidnappings and harassment of students and teachers are forcing schools to close in Cameroon. © Education Cannot Wait/Daniel Beloumou

Over 700,000 children have been impacted by school closures due to often brutal violence in Cameroon, according to an analysis released by the UN humanitarian arm, OCHA, on Thursday. 

Two out of three schools are closed in the North-West and South-West regions of the country. On 24 November, four children and one teacher were killed in an attack in Ekondo Titi, in the South-West. 

Lockdown 

A recent lockdown imposed by a non-State armed group, from 15 September to 2 October, limited access to basic services including health and education. 

During the period, OCHA reported a series of attacks in the North-West. 

Eight students were kidnapped, and a girl’s fingers were chopped off after she tried to attend school. Five public school principals were also kidnapped, including one who was then killed. 

All schools and community learning spaces were closed, except for some schools in a few urban areas which operated at less than 60 per cent capacity. 

The lockdown and insecurity also forced UN agencies and aid organisations to temporarily suspend the delivery of aid. During that time, about 200,000 people did not receive food.  

Multiple crisis 

Nine out of ten regions of the country continue to be impacted by one of three humanitarian crises: the crisis in the North-West and South-West, conflict in the Far North, and a refugee crisis, with people fleeing the Central African Republic.  

Because of these combined crises, over one million children need urgent education support.  

To answer some of these needs, Education Cannot Wait (ECW), the UN global fund for education in emergencies and crises, is working closely with UN agencies, the Norwegian Refugee Council and other civil society partners. 

ECW is contributing $25 million over three years and calling for other donors to fill the gap, which is estimated at $50 million. 

When fully funded, the programme will provide approximately 250,000 children and adolescents with access to safe and protective learning environments in the most-affected areas. 

Visit 

Just this week, the Secretary-General of the Norwegian Refugee Council, Jan Egeland, and the Director of Education Cannot Wait, Yasmine Sherif, had a joint visit to the country. 

In a statement, Ms. Sherif said the situation “is among the most complex humanitarian crises in the world today.” 

“Children and youth are having to flee their homes and schools, are threatened with violence and kidnapping, and being forced into early childhood marriage and recruited into armed groups,” Ms. Sherif recalled. 

Jan Egeland argued that “putting a schoolbag on your back shouldn’t make you a target”, but unfortunately children in Cameroon “risk their lives every day just showing up for school.” 

“Cameroon’s education mega-emergency needs international attention, not deadly silence by the outside world,” Mr. Egeland declared.  

Continue Reading

Publications

Latest

Development45 mins ago

Saint Lucia Builds Investment Reference Guide to Boost Sustainable Development

In partnership with the Government of Saint Lucia, the World Economic Forum is launching the Country Financing Roadmap for the...

Energy News3 hours ago

Energy Efficiency Hub launched to boost cooperation on world’s ‘first fuel’

The Energy Efficiency Hub – a global platform for collaboration aimed at delivering the social, economic and environmental benefits of...

Africa Today5 hours ago

Violence in Cameroon, impacting over 700,000 children shut out of school

Over 700,000 children have been impacted by school closures due to often brutal violence in Cameroon, according to an analysis released by the UN humanitarian arm, OCHA, on Thursday.  Two out of...

Human Rights7 hours ago

Avoid starvation: ‘Immediate priority’ for 3.5 million Afghans

Amidst “truly unprecedented levels” of hunger in Afghanistan, the UN refugee agency (UNHCR) said on Friday that as winter arrives, avoiding widespread starvation “is an immediate priority”.  ...

Health & Wellness9 hours ago

Omicron: Don’t panic but prepare for likely spread

As scientists continue to investigate the Omicron COVID-19 variant, the UN World Health Organization (WHO) on Friday urged countries not...

Multimedia11 hours ago

India’s and Pakistan’s attitude towards Afghanistan | podcast

The CIA, MI6 and the Russian Security Council have recently pointed out that India is emerging as a global hub...

South Asia13 hours ago

Looming Humanitarian Crisis – Millions May Die in Afghanistan

There is a dire need for massive funds transfer to Afghanistan in present circumstances where banks and businesses have collapsed,...

Trending