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  • African Development Bank with other multinational development banks commits to boost collaboration on climate and development

    African Development Bank with other multinational development banks commits to boost collaboration on climate and development

    DUBAI, United Arab Emirates, December 3, 2023/ — Multilateral development banks attending the 2023 UN Climate Change Conference (COP 28) today affirmed their commitment to a concerted, global action, including increasing co-financing and private sector engagement to address climate change, felt acutely in Africa.

    Despite contributing the least to global warming and having the lowest emissions, Africa faces existential risks due to catastrophic impact of climate change. Perennial droughts in the Horn of Africa and recent devastating floods in Libya, Malawi, Mozambique, Zimbabwe and other parts of the continent have claimed thousands of lives, destroyed infrastructure, washed away hundreds of hectares of food crops and threatened to push millions of people into extreme poverty.

    In a joint statement released in Dubai, United Arab Emirates, the banks committed to collaborating on “socially inclusive, gender-responsive and nature positive climate and development actions,” leveraging their unique expertise and networks.

    Signatories to the statement include the African Development Bank Group, European Investment Bank, Asian Development Bank, Asian Infrastructure Investment Bank, Council of Europe Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank Group, Islamic Development Bank, New Development Bank, and the World Bank Group.

    For impact, the MDBs will collaborate to attract private capital at scale for countries, expand the scope of reporting climate results and impact, and help countries identify priorities and investment opportunities.

    They also committed to support countries’ adaptation and disaster risk management efforts through the MDBs’ Early Warning for All initiative, which promotes accessible and inclusive early warning systems for all by 2027. MDBs will launch a Long-term Strategies Program to help countries and subnational entities to formulate long-term, low-emission development strategies and other long-term climate strategies.

    The banks also expressed support for various sectors including water, health and gender, committing to identify and expand financing for gender-responsive solutions for governments and businesses.

    According to a joint MDB report (https://apo-opa.co/414XDA4) launched in October, climate finance by Multilateral Development Banks for low-income and middle-income economies reached a new record of $60.7 billion in 2022, up 46 percent compared to 2019. About $38.0 billion, or 63% of the amount went into climate change mitigation finance, and $22.7 billion or 37%, supported climate change adaptation. Private finance stood at $16.9 billion.

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    Media contact: 
    Kwasi Kpodo
    Communication and External Relations
    media@afdb.org

    SOURCE
    African Development Bank Group (AfDB)

  • Conference of Parties (COP28): Global and African partners pledge $175m to the Alliance for Green Infrastructure in Africa (AGIA)

    Conference of Parties (COP28): Global and African partners pledge $175m to the Alliance for Green Infrastructure in Africa (AGIA)

    DUBAI, United Arab Emirates, December 3, 2023/ — In a powerful signal of support during COP28, African and global institutions together with governments of Germany, France and Japan and philanthropies have pledged over $175 million to the Alliance for Green Infrastructure in Africa (AGIA). The landmark initial pledge will help to rapidly scale up financing for transformative climate-aligned infrastructure projects across the continent.

    The new pledges will also advance AGIA towards its first close of $500 million of early-stage project preparation and development blended capital. The Alliance is a partnership of the African Union Commission, the African Development Bank, Africa50 and other partners. It works to unlock up to $10 billion private capital for green infrastructure projects and to galvanise global action to accelerate Africa’s just and equitable transition to Net-Zero.

    Among the signatories of the memorandum of intent were representatives of the African Development Bank, Africa50, France, Germany, Japan, the Arab Bank for Economic Development in Africa (BADEA), Banque Ouest-Africaine de Développement (BOAD), Proparco and the Three Cairns Foundation.

    The Union of the Comoros President and Chairperson of the African Union Azali Assoumani, Madagascar’s President Andry Rajoelina and African Union Commission Chairperson Moussa Faki Mahamat witnessed the signing ceremony.

    Germany’s Minister for Economic Cooperation and Development, Mrs Svenja Schulze, said, “Germany is very pleased to join the launch of the Alliance for Green Infrastructure in Africa. We congratulate the African Development Bank on this important Africa-led initiative and want to highlight AGIA’s commitment to the 1.5°C target and its dedication to accelerate Net-Zero emissions in Africa.”

    She added, “Today marks an important step towards our shared goal of a just and equitable green transition in Africa. Supporting the commitment towards green infrastructure, we are planning to contribute up to €26 million to AGIA starting in 2024.”

    Tomoyoshi Yahagi, Japan’s Deputy Vice-Minister of Finance, said, “As part of the pledge made by Prime Minister Fumio Kishida yesterday, Japan will provide US$10 million to AGIA to support Africa in undergoing a just and equitable transition to Net-Zero and achieving the 1.5°C pathway. We encourage other donors to contribute to this important initiative.”

    Emmanuel Moulin, Director General of the French Treasury, said, “By addressing the gap in funding green infrastructure project preparation and development, AGIA will play an instrumental role in Africa’s transition to Net-Zero. Directing concessional resources to such an initiative is in line with France’s vision and solidarity policy for sustainable investment in Africa. This is why we have supported AGIA since inception and we are glad that the Summit on a New Global Financing Pact further raised momentum for the initiative. We are therefore delighted to announce a contribution of €20 million to AGIA and we hope that our contribution will catalyse more private and concessional resources.”

    African Development Bank Group President Dr Akinwumi Adesina said: “We need private sector financing at scale to tackle climate change and fill Africa’s huge infrastructure gap in a sustainable and climate-resilient manner. By working together and pooling our resources together through AGIA, we are committed to accelerating these efforts. The Bank Group plans to contribute up to $40 million, after approval from its Board of Directors.”

    Sidi Ould Tah, President of BADEA said, “We have pledged $40 million to support AGIA. We are glad to be part of this vital partnership, aiming at enabling transformational green infrastructure projects in Africa, and accelerating the continent’s transition to Net-Zero in a sustainable manner.”

    Alain Ebobissé, Africa50 CEO, said: “AGIA is set to become Africa’s largest fund focused on project development, which is a critical component to scale up the delivery of bankable green projects and help the continent achieve its climate goals. This initial fundraising round which includes strong African and international organisations is a great sign of investor confidence in AGIA. We are pleased to be part of this landmark initiative.”

    Serge Ekué, President of BOAD: “As part of our 2021–2025 Djoliba strategic plan, we have committed that about 25% of our new financing will be aimed at strengthening the resilience of our member countries to climate change. Our interest in AGIA reflects this ambition and will be in line with our strategic approach of mobilising increased climate resources in our region.”

    Françoise Lombard, CEO of Proparco said his company alongside the French government, “is proud to support AGIA, an initiative aiming to unlock Africa’s potential for green infrastructure by targeting one of its main constraints: the lack of existing bankable projects in this area. The innovative blended structure of the initiative will allow AGIA to mobilise and channel public and private resources towards project preparation and development, the riskier stages of any infrastructure project. In addition, With AGIA, we are one step closer to bridging the infrastructure gap in Africa and one-step further towards Net-Zero.”

    Mark Gallogly, cofounder of the Three Cairns Foundation, said, “We support AGIA’s mission to catalyse economic development and green infrastructure in Africa. More risk-tolerant, early-stage equity is essential to increase the number of clean energy and climate-related projects across the continent. We commend Africa50 for leading this initiative.”

    AGIA was launched a year ago at COP27 in Sharm El Sheikh, Egypt, by the African Union Commission, the African Development Bank, and Africa50 and other partners.

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    Media contact:
    African Development Bank:
    Chawki Chahed
    media@afdb.org

    Africa50:
    Nana Boakye-Yiadom
    n.boakyeyiadom@africa50.com

    SOURCE
    African Development Bank Group (AfDB)
  • Nigeria Launches Long Term Low Emission Development Strategy At COP28

    Nigeria Launches Long Term Low Emission Development Strategy At COP28

    Nigeria has achieved what looks like another major milestone in her effort to achieve a net zero carbon economy by 2060 by launching its Long-Term Low Emission Development Strategy on Friday, December 1, 2023, at COP28 in Dubai, UAE.

    The event, which was graced by dignitaries and delegates from different countries around the world, was held at the African Pavilion in the Blue Zone and was moderated by Professor Chukwumerije Okereke, Director of the Centre for Climate Change and Development, AEFUNAI, and Dr Eugene Itua, Executive Director of the Natural Eco Capital, the organisation that coordinated and led the development of the LT-LEDS, which was started under the supervision of the Department of Climate Change, Federal Ministry of the Environment, and concluded under the auspices of the National Council on Climate Change (NCCC).

    Director General of the NCCC, Dr Salisu Dahiru, who was temporarily represented by Ms Halima- Bwa-Bari, stated that Nigeria was proud to launch the LT-LEDS, which is guaranteed to support sustainable development and climate resilient economy for the nation.

    Minister for Aviation and Aerospace, Festus Keyamo (SAN), who represented the Minister for Environment, Balarabe Abbas Lawal, said that the LTS was an important milestone in Nigeria’s effort to implement the country’s net-zero pledge made at COP26 in Glasgow. He said that Nigeria was committed to pursue the transition from a fossil fuel dependent economy to a low carbon future in keeping with the global trend and the Paris Agreement and urged international development partners to support the implementation of the LT-LEDS.

    Global Director of the NDC Partnership, Mr. Pablo Vieria, said that Nigeria should be very proud of accomplishment. He stated that by developing the LTS, Nigeria is joining a distinguished group of countries that are exhibiting leadership in developing a clear strategy to decarbonise their economies in response to global climate change. He urged the country to take the next step in adopting the LT-LEDS and pledged the NDC Partnership’s cooperation in this regard.

    Head Climate and Nature at the French Development Agency (AFD), Ms Mathide Bord-Laurans, congratulated Nigeria on launching the LT-LEDS. She said that AFD was delighted to have provided support to the Centre for Climate Change and Development, Alex Ekwueme Federal University under the Nigeria Deep Decarbonisation Project (DDP), which enabled the Centre to lead the creation of scenarios and the modelling work that went into the development of the LT-LEDS. She pledged that the Bank would stand firmly by Nigeria and support investments that are geared towards the implementation of the LT-LEDS.

    Mr. Richard Baron, Executive Director of the 2050 Pathways Platform, expressed his joy at having assisted Nigeria in the design of the LT-LEDS and the precursor document, the Long-Term Vision (LTV 2050) which was also developed by Natural Eco Capital for Nigeria and submitted to the UNFCCC in 2021, served as the initial first step to the LT-LEDS.

    He stated that the LT-LEDS was developed in collaboration with a wide spectrum of stakeholders, making it a truly national document of which Nigeria could be proud.

    He expressed his delight that the modelling work for the LT-LEDS was done by Nigerian academics at the CCCD-AEFUNAI, led by Professor Chukwumerije Okereke, and praised the collaboration between the Nigeria Deep Decarbonisation Project, the 2050 Pathways, the National Council on Climate Change, and Natural Eco Capital, with Dr Eugene Itua as the National Coordinator, which resulted in the creation of a high-quality document.

    In his closing remarks, the Director General of the NCCC, who had now arrived at the event in person, stated that while the launch of the LT-LEDS was a significant milestone, he would like to see all hands on deck to ensure that the document does not sit on the shelf but that the many projects identified in the documents are translated into practical investment. He stated that the two important next steps are the creation of an LT-LEDS Implementation Plan and the mobilisation of capital from domestic and internal sources to implement the LT-LEDS.

    Miss Chioma Amudi, Desk Officer at the NCCC, noted that translating the LT-LEDS into investments would require finance, effective stakeholder engagement, and adequate institutions, among other key factors.

    Terseer Ugbor, Deputy Chairman, House Committee on Environment of the Federal House of Representatives, pledged the support of the national parliament in implementing the LT-LEDS.

    By Gboyega Olurufemi, Senior Climate Change Analyst and Fellow at the Centre for Climate Change and Development, Alex Ekwueme Federal University, Ndufu-Alike, Nigeria

    First published in environewsnigeria.com

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  • President Ramkalawan addresses the 28th session of the Conference of Parties of UNFCC World Climate Action Summit

    President Ramkalawan addresses the 28th session of the Conference of Parties of UNFCC World Climate Action Summit

    02nd December 2023

    1st December 2023, Dubai UAE: The President of the Republic of Seychelles, Mr. Wavel Ramkalawan during his address at the Twenty-eighth session of the Conference of Parties of UNFCC (COP28).to which he led a Seychelles delegation, highlighted the urgency for collective action and the need for commitments made to be honoured as part of efforts to mitigate the heightened threats of climate change particular vis-à-vis Small Island Developing States (SIDS) like Seychelles.

    “In our shared pursuit of a sustainable future, the urgency of our deliberations here in Dubai cannot be overstated. As parties to the convention, we committed to deliver on commitments such as the USD100 billion promise, Scaling up Adaptation Finance, New Collective Quantified Goal on Finance and most recently the Loss and Damage Fund.

    “We are yet at another COP and I am disheartened to state that most of these commitments are yet to be fulfilled despite the urgency required to address the climate crisis” President Wamkalawan added.

    The President joined over 170 world leaders for the World Climate Action Summit (WCAS) being held during the United Nations Climate Change Conference – COP 28High-level segment, where he delivered his National Statement earlier yesterday afternoon.

    The summit echoed the critical need for World Leaders to implement and transform key climate related decisions into concrete actions and credible plans.

    “As Leaders, I call for your unwavering shift in political-will that will translate into concrete actions so as to confine global temperature rise within the critical threshold of 1.5 degrees Celsius.

    “Small Island Developing States are on the frontline of climate change, facing rising sea levels, coastal erosion, increased frequency of extreme weather events, and the loss of vital ecosystems. Whether we are high income, low income or among the Least Developed countries, our specificities are the same and what the industrialised nations emit have a direct impact on our coastlines and livelihoods. We are simply islands floating in the ocean, and therefore we must be treated as a unique and separate category when it comes to assisting us. I call on SIDS to unite and support each other” said President Ramkalawan.

    Speaking to the summit, the Head of State also emphasised the real life negative effects affecting the small island archipelago as well as the enormity of the financial burdens inflicted on such a small nation as Seychelles.

    “As I speak, my country is experiencing devastating impacts of climate change, specifically damage to the coastline and critical coastal infrastructure caused by higher tides, frequent storm surges and heavy rainfall.

    “Coupled with other impacts, these are endangering the livelihoods of my people and our Islands. A recent comprehensive survey only on the main populated granitic islands of Seychelles conducted by our technical team estimated around USD 22 million is needed for road infrastructure works and other measures to mitigate coastal erosion.

    “Our updated NDC highlighted a further USD600 million will be required over the next 10 years, for both mitigation and adaptation sector, translating to 5% of GDP annually or 10% of the annual budget. If we are to add the disaster happening to our coralline outer islands, that figure could be doubled, let alone tripled.

    “Like many SIDS, 90 per cent of the country’ infrastructure and human activities occur along its low-lying coastal areas and are thus vulnerable to the impacts of climate change.

    “The current trajectory means Seychelles’ economy stands to be severely undermined, whereby forcing us to divert much needed finance to environment protection, instead of investing in education, health, sports, agriculture, food security, modernisation and giving our people a better standard of living” stressed President Ramkalawan.

    He further placed emphasis on the critical need for the Loss and Damage Fund created last year and the Multi-Dimensional Index (MVI) initiative to take into consideration the true vulnerabilities of all SIDS fairly, rather than penalising them for their High-income status. He further highlighted the climate change plight where SIDs are battered by climate change and severe increased threats to their very existence.

    “My point is simple: Don’t categorise islands into economic bands but treat all islands in the same manner and allow all of us to have access to the Loss and Damage Fund. We all lose from the damage you cause, yet we clean up our emissions and help mop up those of industrialised nations.

    The message is loud and clear: Seychelles is a committed partner that can be trusted. We believe in what we preach and we walk the talk. The evidence is there. However, we cannot do it alone. We need the financial support of the whole world. The metaphorical hourglass is dwindling. COP 28 presents a pivotal call to action to build climate resilience before the last grain of sand slips away. In unity and determination, let us seize this moment to reverse our course and forge a sustainable and resilient future for generations to come. Let’s not leave anyone behind”, concluded the President.

    Prior to attending the COP28 High-Level National Statement segment, President Ramkalawan attended the opening ceremony held in the morning where he was welcomed at the Dubai Expo City site by His Highness Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates and Ruler of Abu Dhabi and the United Nations Secretary General António Guterres.

    SOURCE

    (State House News Alert)

     

     

  • COP28: Who are the big name attendees?

    COP28: Who are the big name attendees?

    BY 
    NOVEMBER 30, 2023

    Representatives of 197 countries who are ‘parties’ to the United Nations Framework Convention on Climate Change (UNFCCC) will participate at COP28

    The United Nations’ Conference of Parties ’28’ (COP28) has begun in Dubai, UAE. The conference, starting on November 30 until December 12, will see heads of states, governments and representatives attend the event.

    From CEOs to presidents, from investors to monarchs, celebrities to climate activists and advocates, spiritual leaders to indigenous leaders, are among the 97,000 delegates who have registered to be in attendance at the climate conference. More than 70,000 politicians, diplomats, campaigners, financiers and business leaders are expected to be in Dubai to talk about correcting the world’s slide toward global warming.

    Global leaders at COP28

    Representatives of 197 countries who have signed or are ‘parties’ to the United Nations Framework Convention on Climate Change (UNFCCC) will participate primarily through debates and negotiations.

    The UAE’s President Sheikh Mohamed bin Zayed along with his senior ministers will be in attendance as UAE is the host country.

    Dr. Sultan Al Jaber, COP28 President-Designate, UAE Special Envoy for Climate Change, and Minister of Industry and Advanced Technology has been on site welcoming delegates from across the world.

    Global leaders including UK’s King Charles III, and the British PM Rishi Sunak will be at the event. EU President Ursula von der Leyen, French President Emmanuel Macron, German Prime Minister Olaf Scholz, Prime Minister of Japan Fumio Kishida, Luiz Inacio Lula da Silva, President of Brazil and Narendra Modi, Prime Minister of India are expected to be in attendance.

    US Vice President Kamala Harris and John Kerry, US Special Presidential Envoy for Climate, will represent the US at COP28.

    World Health Organisation (WHO) chief Dr Tedros Adhanom Ghebreyesus will be at the conference. He will lobby for health considerations to be embedded in climate policy, while the International Atomic Energy Agency (IAEA) and its head Rafael Grossi are pushing for nuclear power to have a crucial role in the energy transition.

    Jim Skea, the newly elected head of the Intergovernmental Panel on Climate Change (IPCC), is also due to attend COP28.

    The software billionaire, Bill Gates, has confirmed his attendance at Cop28, calling it an “important opportunity to check on the world’s progress”. Michael Bloomberg, the founder of Bloomberg LP, the parent of Bloomberg News, who is also UN Special Envoy on Climate Ambition and Solutions, is expected at the conference. Additionally, Al Gore, US vice president from 1993 to 2001, is a regular participant at climate events after leaving office, and could be spotted at Expo City Dubai.

    Oscar-winning actor Leonardo DiCaprio is likely to be among the big Hollywood names in attendance, as he has positioned himself as a climate action advocate. Other celebrities Idris Elba, Matt Damon, Stella McCartney and Ella Goulding. Actor and UN Goodwill Ambassador Idris Elba spoke at the World Government Summit, held in the UAE back in February.

    COP28: Who is not attending

    The three biggest names to give the climate conference a miss are Pope Francis and US President Joe Biden. The US President has sent in his second-in-command Kamala Harris in his stead.

    Additionally, China’s President Xi Jinping will also not be at the summit.

    Pope Francis, had originally intended to attend but has cancelled his trip to Dubai, as he recovers from the flu, the Vatican said in a statement.

    The other state leaders who will not attend the COP28 include – Israeli Prime Minister Benjamin Netanyahu, according to a statement from Israel’s Foreign Ministry. Neither Syrian President Bahar Assad nor Russia’s President Vladimir Putin will be in Dubai.

    SOURCE

    Gulf Business

  • COP28 UAE kicks off, as global climate action takes centre stage

    COP28 UAE kicks off, as global climate action takes centre stage

    BY GULF BUSINESS
    NOVEMBER 30, 2023

    Leaders must deliver in Dubai – the message is clear, said UN Climate Change executive secretary Simon Stiell on the eve of COP28

    The United Nations Climate Change Conference COP28 opens today, with a strong call to speed up collective climate action.

    The conference takes place in the hottest year ever recorded in human history

    COP28 will run from November 30 to December 12 at Expo City Dubai, offers a global platform to agree on climate commitments and curb the worst impacts of climate change, according to a statement released by United Nations Climate Change.

    This year’s COP marks the conclusion of the global stocktake, the first assessment of global progress in implementing the 2015 Paris Agreement.

    The global stocktake lists actions on how to speed up emissions cuts, build resilience to climate impacts, and provide the support and finance needed for the transformation. It will be a catalyst in meeting the Paris Agreement’s goals, as nations prepare to submit revised national climate action plans by 2025.

    The world is not on track to limiting temperature rise to 1.5°C by the end of this century. while countries are developing plans for a net-zero future, and the shift to clean energy is gathering speed, the transition is nowhere near fast enough yet to limit warming within the current ambitions, the UN Climate Change said.

    A report recently published by UN Climate Change shows that national climate action plans (known as nationally determined contributions, or NDCs) would collectively lower greenhouse gas emissions to 2 per cent below 2019 levels by 2030, while the science is clear that a 43 per cent reduction is needed.

    In a message shared on the eve of the event, UN Climate Change Executive Secretary Simon Stiell said: “It’s great that over 160 world leaders are coming, but COP28 cannot be just a photo-op.  Leaders must deliver in Dubai – the message is clear.

    “They must agree to triple renewable energy this decade, and double energy efficiency. Developing nations – who did least to cause the crisis – have been starved of climate justice and resilience for too long. Last year’s COP in Egypt delivered an historic Loss & Damage Fund.  This year’s cop in the UAE must put meat on the bone of this fund. That means putting real money on the table.  Table scraps won’t cut it. More broadly – COP28 in Dubai must show that finance is the great climate enabler. It needs to flow to developing in countries in torrents, not trickles, to boost climate resilience right now.”

    Climate finance is the key to transformation

    Climate finance stands at the heart of this transformation. Replenishing the Green Climate Fund, doubling financial resources for adaptation and operationalising the loss and damage fund are key to keeping 1.5°C within reach while leaving no one behind.

    “The reality is that without much more finance flowing to developing countries, a renewables revolution will remain a mirage in the desert. COP28 must turn it into a reality,” Stiell added.

    Progress on climate finance at COP28 will be crucial to build trust in other negotiation areas and to lay the groundwork for an even more ambitious ‘New Collective Quantified Goal’ for climate finance, which must be in place next year. It will also set the stage for a just and inclusive transition to renewable energy and the phasing out of fossil fuels, United Nations Climate Change said in a statement.

    In the face of rising conflicts and tensions worldwide, Stiell emphasised the need for collaborative efforts to combat climate change, an area in which nations can work together effectively to ensure a sustainable future both for people and the planet.

    “We don’t have any time to waste. We need to take urgent action now to reduce emissions. At COP28, every country and every company will be held to account, guided by the north star of keeping 1.5°C within reach,” said COP28 President Dr Sultan Al Jaber.

    “All parties should be prepared to deliver a high ambition decision in response to the global stocktake that reduces emissions while protecting people, lives and livelihoods,” Al Jaber added.

    Egyptian Minister of Foreign Affairs and COP27 President Sameh Shoukry said: “We need to start delivering on climate justice and provide the needed tools that we already agreed upon in Sharm el-Sheikh for funding loss and damage, including the establishment of a fund. One of the major outcomes that have to come out of COP28 is for the fund to be fully operationalised and funded.”

    High-level COP28 events

    The World Climate Action Summit (WCAS), hosted by UAE President Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, will convene Heads of State or Government on December 1-2 , when the first part of the COP28 high-level segment will also take place.

    A resumed high-level segment will take place on December 9-10.

    The COP28 Presidency will hold open consultations on thematic areas, inviting inputs from the broad mix of stakeholders attending the conference. Consult the COP28 UAE Thematic Program

    SOURCE

    Culf Business

  • Global Milestone: CIBAFI Announces, in conjunction with COP28, Adoption of Islamic Sustainability Roadmap in Collaboration with IFSB and AAOIFI

    Global Milestone: CIBAFI Announces, in conjunction with COP28, Adoption of Islamic Sustainability Roadmap in Collaboration with IFSB and AAOIFI

    30th November 2023, Abu Dhabi, UAE | The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global body of Islamic finance, is delighted to announce the adoption of a comprehensive roadmap for Islamic Sustainability. This roadmap was developed in collaboration with the Islamic Financial Services Board (IFSB) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), with coordination from the Central Bank of the UAE. The adoption ceremony took place at the headquarters of Central Bank of the UAE.

    In alignment with COP28, this roadmap underscores CIBAFI’s commitment, alongside other key infrastructure organizations, to enhance the role of the Islamic financial services industry in promoting sustainability and addressing global climate-related risks. The roadmap comprises initiatives and projects by these three organizations aimed at guiding the industry towards sustainable development.

    Dr. Abdelilah Belatik, Secretary General of CIBAFI, emphasized the importance of this initiative, stating, “Our commitment to sustainability has been ongoing for several years. This initiative, announced in conjunction with COP28 in the UAE, marks a significant step in normalising the role of Islamic finance in promoting sustainability. This collaboration would not have been possible without the coordination and support from the Central Bank of the UAE.”

    The signing of the declaration by the secretaries general of the three organizations was witnessed by H.E Khaled Mohamed Balama, Governor of the Central Bank of the UAE, and senior officials from COP28.

    H.E. Khaled Mohamed Balama, Governor of the CBUAE, said: “This declaration issued by the Islamic Finance Infrastructure Organisations tends to foster Islamic sustainable finance globally, as it sets clear roadmap and objectives to support Islamic finance industry to integrate further sustainability considerations in their businesses and activities.  The CBUAE is pleased to have supported in the success of these discussions as part of its commitment to promoting sustainability and in keeping with the UAE’s vision of becoming an Islamic finance hub.”

    The Islamic Finance Infrastructure Organizations’ Declaration on the Roadmap for Islamic Sustainable Finance is a landmark, fostering collaboration among key players. This empowers the Islamic finance industry to contribute significantly to global sustainability goals.

    SOURCE

    CIBAFI
  • Uganda To Borrow Ksh.23 Billion From China After World Bank Halts Funding

    Uganda To Borrow Ksh.23 Billion From China After World Bank Halts Funding

    Uganda is preparing to borrow $150 million (Ksh.23 billion) from China’s Export-Import Bank (Exim) to help expand its internet infrastructure, the finance ministry said on Monday.The move underscores the East African country’s increasing reliance for credit on Chinese lenders after the World Bank halted all new lending to Uganda earlier this year in protest at a new anti-homosexuality law.

    A junior finance minister and the minister for information asked lawmakers on Monday to authorise the debt, the finance ministry wrote on X, the social media platform.

    The money, the ministry said, is “to finance the supply, installation, commissioning and support of the national data transmission backbone infrastructure.”

    Uganda is in negotiations with Chinese export credit agency SINOSURE and Exim Bank for a loan to finance the construction of a pipeline to help Uganda export its crude oil to international markets.

    The World Bank, traditionally Uganda’s biggest development lender, halted loans to Uganda after President Yoweri Museveni signed the Anti-Homosexuality Act which hands out tough sentences including death for a range of homosexual activities.

    SOURCE

    Citizen Digital News

    Photo:Getty Images,Credit Bloomberg

  • United States (U.S.) and African Development Bank Collaborate to Accelerate Africa’s Digital Transformation

    United States (U.S.) and African Development Bank Collaborate to Accelerate Africa’s Digital Transformation

    CAPE TOWN, South Africa, November 28, 2023/ — The U.S. Commercial Service and the African Development Bank (www.AfDB.org) have announced a new strategic collaboration in a move to drive digital transformation across Africa.

    Unveiled on the sidelines of the Africa Tech Festival held in Cape Town, South Africa, this collaboration paves the way for a series of dialogues on how U.S. digital innovation can support development goals across Africa.

    The discussions will focus on key themes such as embracing new technologies, improving internet access, enhancing skills, and creating a regulatory environment conducive to innovation.

    Both parties will explore how African governments can collaborate with American technology firms to grow their economies and how U.S. businesses can tap into new opportunities in Africa’s emerging markets.

    Ashley Ndir, senior U.S. Commercial Liaison to the African Development Bank, emphasized, “We are at a turning point in Africa’s technological advancement. By bridging insights from the U.S. private sector with Africa’s vibrant markets, we aim to drive innovation and economic growth. This partnership is a testament to that mission.”

    Head of ICT Operations Nicholas Williams from the African Development Bank said, “Africa has made significant investments in pivotal infrastructure and policy enhancements to create an innovative digital economy.

    As Africa’s premier development finance institution, the African Development Bank will help push Africa’s digital boundaries even further by forging strategic relations, building on historical investments and, more importantly, tapping into the energy of our young population, who are digital natives. We value the insights that the U.S. private sector may bring.”

    The initiative builds on the African Development Bank’s $2 billion investment in digital infrastructure, which includes regional and national broadband development, creating favourable policy environments for private sector investments, scaling digital skills, and nurturing innovative enterprises.

    The Bank’s efforts have reduced the cost of internet access, enhanced digital literacy, and fostered a conducive business and policy environment. It will also benefit from the U.S. Commercial Service’s experience in fostering international trade.
    This collaboration promises to champion the digital transformation in Africa, aiming for a future where technology empowers growth and prosperity.
    With this partnership, both the U.S. Commercial Service and the African Development Bank reaffirm their commitment to not only elevate digital capabilities in Africa but also to ensure that the continent’s potential is fully realized in the digital era.
    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    Media contact: 
    Communication and External Relations Department
    media@afdb.org
  • Vice President Afif attends the Inauguration of the New Maldivian President

    Vice President Afif attends the Inauguration of the New Maldivian President

    20 November 2023 | Foreign Affairs

    The Vice President of the Republic of Seychelles, Mr. Ahmed Afif attended the Inauguration Ceremony of the new President of the Republic Maldives, H.E. Dr. Mohamed Muizzu which took place on 17 November 2023 at the Republic Square, Male.

    Following the Ceremony, the Vice President paid a courtesy call on President Muizzu at The President’s Office.  During the call, the Vice President congratulated the Maldivian President on his inauguration and wished him all the best in his tenure.

    The impact of climate change on the world, especially on Small Island Developing States (SIDS) was one of the main topics discussed. It was reiterated that in order to mitigate the effects of climate change SIDS should join forces and to voice out their concerns on the world stage. This will not only guarantee the protection of the islands but of its habitants for generations to come.

    Exchanges between the parliaments of both countries was another topic addressed. The Maldivian side expressed the importance exchanges of ideas and know how between those two institutions for their mutual development.

    Also present were several members of President Muizzu’s Cabinet.

    SOURCE

    Statehouse News Alerts