Climate finance report marks annual progress

first_img Generation RELATED ARTICLESMORE FROM AUTHOR Finance and Policy Previous articleReport forecast: Nigeria’s gas reserves to lead energy mix by 2035Next articleKenya – full steam ahead with its geothermal generation at Olkaria Babalwa BunganeBabalwa Bungane is the content producer for ESI Africa – Clarion Events Africa. Babalwa has been writing for the publication for over five years. She also contributes to sister publications; Smart Energy International and Power Engineering International. Babalwa is a social media enthusiast. AFD and Eskom commit to a competitive electricity sector UNDP China, CCIEE launch report to facilitate low-carbon development The world’s six largest multilateral development banks (MDBs) have increased their climate financing in developing countries and emerging economies from $25 billion last year to $27.4 billion.Of this amount, $21.2 billion, equivalent to 77%, was dedicated to climate mitigation finance, with the remaining 23% devoted to climate adaptation.Combined with additional co-financing from other investors, the total amount of finance mobilised for climate action reached $65.3 billion last year.The banks include the African Development Bank (AfDB), the Asian Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank Group, and the World Bank Group.The MDBs have reported jointly on climate finance since 2011. Collectively, the banks have committed over $158 billion in climate finance during the past six years.MDBs climate finance reportThe latest MDB climate finance figures are detailed in the climate finance joint report.Broken down by region, the largest share of last year’s MDB climate finance went to South Asia, with 20%, followed by East Asia and the Pacific and non-EU and Central Asia, with 19% and 18%, respectively.The Middle East and North Africa at 9% and sub-Saharan Africa at 7% received the least climate finance despite being the regions to be most impacted by climate change, according to the Intergovernmental Panel on Climate Change. Read more…This state of affairs contradicts the sense of urgency, which underlined the pledge by developed countries to commit $100 billion per year of new and additional finance to assist developing countries to address adverse effects of climate change (which was further reinforced in the Paris Agreement).AfDB’s Director of Climate Change and Green Growth, Anthony Nyong, said.“As we get closer to 2020, the global community needs to double efforts on pre-2020 ambitions on finance because these will determine the level of achievement of the post-2020 actions. Africa’s Intended Nationally Determined Contributions (INDCs) are largely conditional pledges.”NDC HubThe AfDB has set up an Africa Nationally Determined Contributions (NDC) Hub to assist African countries to align their NDCs with national development plans; provide a platform for a concerted, targeted climate finance mobilisation effort commensurate with the low carbon and climate resilient development pathway; and to rally, in a coordinated manner, all interested parties around a collaborative effort for NDC implementation across Africa.Despite the shortfall they face in the receipt of needed climate finance, African nations continue to work to advance on their commitments to create sustainable societies built on climate-friendly energy and climate-resilient development solutions.AfDB Vice-President for Power, Energy, Climate and Green Growth, Amadou Hott, said:  “For its part, the AfDB has committed to allocating about 40% of its project approvals across all sectors as climate finance by 2020. Our goal is to ensure Africa efficiently uses its resources both natural and human to safeguard the planet while improving the lives of all its people.”Download the full report here BRICS Low carbon, solar future could increase jobs in the future – SAPVIA last_img read more

Army boys start title defence on a positive note

first_imgBOXERS from the Guyana Defence Force (GDF) started their defence of the Andrew `Sixhead’ Lewis National Novices title on a positive note when the event got underway on Friday night at the National Gymnasium, Mandela Avenue, Georgetown.Of the six bouts on the night’s card, the military men won four, while two other soldiers were stopped within the three-round distance.Three of the Army’s four victories were all-GDF encounters. Their two losses were against boxers from the Forgotten Youth Foundation (FYF) gym and the Republican (Rep).There were two bruising contests between the soldiers and the boxers from FYF and REP and these were the highlights of the night’s proceedings since the all-soldier contests were dull. This can be attributed to the fact that the three fights were between fighters from the same gymThe fight of the night was a light heavyweight contest between Wilbert James (GDF) and Thadius Perry (Rep). From the sound of the bell for the first round, both James and Perry came out slugging, throwing punches from all angles. A straight punch by James landed flush on the chin of Perry, sending him to the canvas for the eight-count.Perry got to his feet and kept stepping forward and throwing punches, but James responded in like manner and clearly won the round.Rounjd two started like the first with punches from both boxers being thrown from all angles. However, Perry was more effective landing some telling right shots to the head of James, who was eventually floored and counted out at one minute 28 seconds of the round.The other entertaining fight was one in the middleweight division between Royden Grant (GDF) and Alex Murray (FYF).From round one, Grant took the fight to Murray who was equal to the task and the round could have gone to Grant. However, the second round saw a change in Murray’s strategy, as he kept very close to Grant and while Grant connected with some overhand right hand shots to his head, he (Murray) absorbed them and retaliated in like manner.Round three saw Grant attack Murray with a barrage of punches. Murray retaliated with body shots that seemed to have hurt Grant.Realising that Grant was injured, Murray kept close to his opponent and connected with a series of one-two combinations to Grant’s mid-section forcing the referee to issue two eight-counts to the soldier and eventually calling off the fight at two minutes 34 seconds of round three.In other results, Jamal LaRose secured a first-round technical knock-out (TKO) victory against his GDF counterpart Dexter Alexander in a bantamweight contest.In the lightweight division, Jevon Gomes (GDF) also secured a first-round TKO win against Irvine Austin (GDF). In the junior welterweight category, Jermain Jackman had the referee stop his contest against Aldyn Melville (GDF) during the second round.The championships will conclude tonight at the same venue with the finals in all the divisions.last_img