The Government of Australia is providing $14 million in additional funding to the Pacific Private Sector Development Initiative (PSDI), with the Asian Development Bank (ADB) also contributing $2 million, to help continue efforts to make it easier for people in the Pacific start and grow their businesses.
Australia and ADB’s new financing for PSDI, established in 2007, will help fund the initiative’s operations from 2020 to 2024. To date, PSDI has received $49.8 million from the Government of Australia, $6.1 million from ADB, and $4.9 million from the Government of New Zealand, which became a PSDI partner in 2014. Additional funding from Australia, New Zealand, and the European Union is expected to be announced early next year.
“A robust and vibrant private sector is pivotal to improved livelihoods and poverty reduction, yet business activity is often constrained in the Pacific,” said the Regional Director of ADB’s Pacific Liaison and Coordination Office Ms. Lotte Schou-Zibell. “So, Australia’s support here is crucial. It will enable PSDI to continue helping ADB’s Pacific developing member countries to improve their enabling environments for business and pursue inclusive, private sector-led economic growth.”
PSDI works with ADB member countries in the Pacific to remove constraints to doing business and encourage entrepreneurship and investment through reforms to business laws, the finance sector, state-owned enterprises, and competition frameworks. It also supports women’s economic empowerment.
The program has a flexible and responsive structure that allows Pacific countries to promptly draw support from its pool of experts when needed, and to slow down, or postpone, reforms when practical or political considerations require. This approach, coupled with its longevity, has enabled PSDI to support more than 300 reforms over the past 13 years, resulting in extensive improvements to the business environment in the Pacific.
New company laws and online business registries established by PSDI in countries such as Solomon Islands, Tonga, and Vanuatu have increased company formation rates by dramatically reducing the time required to register a business—from around 20 days to less than 2 days—and the associated costs. Meanwhile, simplified business structures have made it easier, especially for women, to establish formal businesses, while foreign investment reforms have increased transparency and access to knowledge, labor, and capital.
Legal frameworks and online registries established by PSDI in nine countries, including the Marshall Islands, Papua New Guinea, and Tonga, have made it easier for individuals and businesses to borrow using assets other than land and buildings as collateral. This has facilitated the registration of more than 105,000 items of non-land collateral to underpin loans, while spurring the development of new loan products. PSDI is also helping government-owned banks and provident funds provide business finance, while working with governments and regulators to develop alternative capital-raising platforms, such as peer-to-peer financing and equity crowdfunding.
PSDI-supported reforms to state-owned enterprises have more than doubled their profitability in five countries, including Fiji, Samoa, and Solomon Islands, and facilitated public–private partnerships and, where appropriate, privatizations.
To ensure markets benefit consumers and traders at all levels of the economy, PSDI has also helped establish or improve competition and consumer protection agencies and prepared competition policies.
All reforms supported by PSDI give particular consideration to how they can remedy women’s economic marginalization by improving women’s access to finance, and to opportunities to develop and formally register their businesses. PSDI has also implemented projects demonstrating ways to help women develop business skills and access senior professional roles.
Renewable Energy Jobs Continue Growth to 11.5 Million Worldwide
Renewable energy continues to bring socio-economic benefits by creating numerous jobs worldwide, according to the latest figures released by the International Renewable Energy Agency (IRENA) today. The seventh edition of Renewable Energy and Jobs – Annual Review shows that jobs in the sector reached 11.5 million globally last year, led by solar PV with some 3.8 million jobs, or a third of the total.
“Adopting renewables creates jobs and boosts local income in both developed and developing energy markets,” said IRENA’s Director-General Francesco La Camera. “While today we see a handful of countries in the lead, each country can harness its renewable potential, take steps to leverage local capabilities for industrial development, and train its workers.”
Last year, sixty-three per cent of all renewables jobs were recorded in Asia, confirming the region’s status as a market leader, the new report reveals. Biofuels jobs followed closely behind solar PV, reaching 2.5 million. Many of these jobs are in the agricultural supply chain, particularly in countries like Brazil, Colombia, Malaysia, the Philippines and Thailand, with labour-intensive operations. Other large employers in the renewables sector are the hydropower and wind industries, with close to 2 million and 1.2 million jobs, respectively.
Renewables jobs have shown more inclusion and a better gender balance than fossil fuels. The report highlights that women held 32 per cent of total renewables jobs, as opposed to 21 per cent in fossil fuels sectors.
Although precise estimates remain scarce and absolute numbers are small for now, off-grid renewables are creating growing employment, led by solar technology. Decentralised renewable energy can also propel productive uses in rural areas. This job multiplier effect can be seen in farming and food processing, healthcare, communications, and local commerce.
Comprehensive policies, led by education and training measures, labour market interventions, and industrial policies that support the leveraging of local capacities, are essential for sustaining the renewables jobs expansion.
The 2020 edition of the Annual Review highlights promising initiatives to support the education and training of workers. Such efforts revolve around vocational training, curricula-building, teacher training, the use of information and communications technology, promotion of innovative public-private partnerships, and recruitment of under-represented groups such as women.
Policymakers must also prioritise reskilling for fossil fuel sector workers who have lost or are at risk of losing their livelihoods. Many have considerable skills and expertise to contribute to a reoriented, clean energy industry.
The world has seen encouraging growth in renewables jobs. But it can bring about much larger employment by adopting a comprehensive policy framework that drives the energy transition. Never has the importance of such a push been clearer than at this momentous juncture. Even as the world is still dealing with the COVID-19 pandemic, humanity receives near-daily reminders of what lies in store if we fail to address the gathering climate disruptions.
The need to chart a different course is undeniable, as are the benefits to be reaped. IRENA’s recently-released Post-COVID Recovery Agenda found that an ambitious stimulus programme could create up to 5.5 million more jobs over the next three years than a business-as-usual approach. Such an initiative would also allow the world to stay on track for creating the 42 million renewables jobs that the agency’s Global Renewables Outlook projects for 2050.
Read the full report
Pakistan Making Shift to Clean Power Production and Lower Energy Costs
Today, the World Bank’s Board of Executive Directors approved $450 million in financing to support Pakistan’s transition to renewable energy resources that reduce its reliance on fossil fuel imports and lower costs of electricity production.
The Khyber Pakhtunkhwa Hydropower and Renewable Energy Development Project will help shift the national energy mix to domestic clean resources by investing in renewable energy generation, including hydropower and solar, in Khyber Pakhtunkhwa province. It will also help strengthen energy sector institutions to better manage a growing portfolio of renewable energy projects across the province.
“This project supports Pakistan’s goal to become a low-carbon, renewable energy-reliant economy by 2030 and contributes to its national target in reducing greenhouse gas emissions to combat climate change,” said Najy Benhassine, World Bank Country Director for Pakistan. “It will facilitate the expansion of renewable energy in Khyber Pakhtunkhwa by identifying and preparing solar and hydropower projects that are technically sound, environmentally and socially sustainable, and investment ready.”
The project will provide low-cost and low-carbon electricity to consumers and will support the economic development of those communities near the hydropower and solar projects by revitalizing infrastructure, creating jobs, and supporting the development of tourism activities.
“To scale up renewable energy in Khyber Pakhtunkhwa, the project includes a comprehensive skills training program to build technical capacity in identifying investment opportunities, preparing projects, and mobilizing commercial financing,” said Mohammad Saqib, Task Team Leader for the Khyber Pakhtunkhwa Hydropower and Renewable Energy Development project. “In addition, by installing solar photovoltaic systems onto hydropower assets, production capacity is expected to rise and generate greater return on investments.”
3 Amazing Success Recipes from TED-speakers That All Students Will Love
What is success for you? Does it have to do with grades, money, or popularity? Or do you feel successful when people around you respect you and trust your opinion? Or does success equal winning? There are approximately 7.8 billion definitions of success in the world right now because, for every single individual, it would mean something different. But Maya Angelou, an outstanding American writer and civil rights activist, managed to sum it all up in one sentence when she wrote that “success is liking yourself, liking what you do, and liking how you do it.” You will hardly find a single person who could disagree with this axiom. However, though the task outlined by Angelou might sound like a simple one, very few people know how to achieve success and are ready to share their secrets. TED is the unique platform that unites such people around their mission to make the world a better place. We invite you to join this vibrant community of enthusiasts and learn more about the amazing success recipes that will help you unlock your potential and make the best of it.
4 Pillars of College Success from Freeman Hrabowski
When Freeman Hrabowski was 12 years old, he marched with Martin Luther King and was taken to jail in the aftermath of the historic event, which later became known as the Children’s Crusade in Birmingham (1963). He did this because he believed in the transformative power that education possesses and his right to let this power define his future and the future of every single child on this planet irrespective of their skin color and social background. Since then, Hrabowski has faithfully served his ideals. As president of the University of Maryland, Baltimore County (UMBC), he turned a mediocre commuter college into the ninth most innovative university in the USA known for its focus on research, high teaching standards, and inclusive education.
In his TED-talk “4 pillars of college success in science,” Hrabowski shares four principles that helped him achieve success and make the dreams of thousands of students come true. First and foremost, students’ lives can be changed by high expectations. And here, Hrabowski is not talking about scores and grades. He believes that it is not enough to be smart and ready to learn. You have to be excited about learning and eager to ask good questions. “High expectations have to do with curiosity,” he argues. Secondly, students need to learn to work in groups, “to understand each other, to build trust among them, to support each other, to learn how to ask good questions, but also to learn how to explain concepts with clarity” and thus form a flourishing community. Third, whatever the discipline, research has to be placed into the very focus of attention because “it takes researchers to produce researchers.” Finally, there is no place for indifference at college. So, be curious and eager to learn, ask good questions, become a team player, focus on the research, and take ownership of your studies – no doubt, you will reach great heights!
If you want to find out more about this tested success recipe, listen to this illuminating TED-talk. It lasts 15 minutes, yet it is definitely worth the effort. But if you are short on time, you can always delegate some of your assignments to highly-skilled professionals from essayservice.com and spend some quality time boosting your motivation.
8 Secrets of Success from Richard St. John
The short TED bio offers a humorous and yet precise description of Richard St. John’s life achievement: “A self-described average guy who found success doing what he loved, Richard St. John spent more than a decade researching the lessons of success — and distilling them into 8 words, 3 minutes and one successful book.” Great news! You only need 3 minutes to learn the universal formula of success. Let us name the key ingredients of St. John’s recipe to get you started. To become a success story, you need to:
- be passionate about what you are doing (because “if you do it for love, the money comes anyway”);
- work hard (and yet manage to have fun!);
- focus on one thing;
- come up with good ideas;
- be good at what you are doing;
- push yourself (or let your mother do it!);
- serve other people.
For more details, a dose of good mood, and motivation, watch this funny and insightful talk from one of the most inspiring TED-speakers ever. It is an absolute must for students all over the world!
A Millennial’s Unexpected Secret to Success from Daniela Zamudio
Millennials are only too often criticized for failing to be resilient, loyal, determined, and hardworking enough, as well as jumping from job to job. However, Daniela Zamudio, a millennial and the head of marketing and communications for Tommy Hilfiger Mexico, believes that the notorious propensity of the millennials to quit when feeling uncomfortable is a strength rather than a weakness and also an essential ingredient of the success recipe. Zamudio has developed a philosophy of “conscious quitting,” which teaches you to follow your heart but also to be ready to face the consequences of your life-changing decisions. Listen to her enthusiastic and humor-packed TED-talk to discover how quitting consciously has helped Zamudio achieve personal success and happiness.
No matter which recipe you pick, we wish you good luck on your way to achieving success and living your dream!
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