Connect with us

News

COP29: Summit Ends With $300bn A Year Climate Finance Deal For Developing Nations

Published

on

World leaders at the UN conference of parties (COP29) have agreed on a new finance deal of $300 billion a year after days of intense negotiations.

The high-level climate event which went into overtime left many developing countries disappointed with the outcome.

Developing countries had been vocal about their demand for a $1.3 trillion funding to help vulnerable countries adapt to the impacts of climate change.

The Alliance of Small Island States and Least Developed Countries had staged a walkout during a finance meeting at the conference on Saturday.

The walkout was to protest the new collective quantified goal (NCQG) of $300 billion proposed by developing countries.

Speaking during the closing plenary, Simon Stiell, the executive secretary of the United Nations Framework Convention on Climate Change (UNFCCC), urged countries to fulfill their pledges.

Stiell added that although not all nations reached their intended goals, the outcome leaves the parties with a pressing task ahead.

“This new finance goal is an insurance policy for humanity, amid worsening climate impacts hitting every country. But like any insurance policy – it only works – if premiums are paid in full, and on time. Promises must be kept, to protect billions of lives,” Stiell said.

“No country got everything they wanted, and we leave Baku with a mountain of work to do.

“The many other issues we need to progress may not be headlines but they are lifelines for billions of people.”

Antonio Guterres, United Nations (UN) secretary-general, said he had envisioned a bold and ambitious outcome, noting that the newly forged deal serves as a foundational stepping stone.

“I had hoped for a more ambitious outcome – on both finance and mitigation – to meet the great challenge we face. But this agreement provides a base on which to build,” Guterres said.

Reacting to the new NCQG, Mohammed Adow, director of Power Shift Africa, said it is a betrayal of the planet by rich countries.

“This COP has been a disaster for the developing world. It’s a betrayal of both people and planet, by wealthy countries who claim to take climate change seriously,” Adow said.

“Rich countries have promised to “mobilise” some funds in the future, rather than provide them now.

“At this ‘Finance COP’ not a single dollar of real climate finance has been provided right now.”

The new finance goal at COP29 builds on the efforts made at COP27, where nations agreed on the historic loss and damage fund, and COP28, which delivered a global agreement to transition from fossil fuels to boost climate resilience.

News

Tragedy In Ondo: Gunmen Attack Palace, Traditional Ruler Killed

Published

on

By

The Ondo State Police Command has confirmed the assassination of Oba Kehinde Falodun, the traditional ruler of the Agamọ community.

According to command spokesperson DSP Abayomi Jimoh, the monarch was attacked on Wednesday at approximately 7:10 p.m.

Jimoh said the information was received by the division at about 7:50 p.m. from a community leader, High Chief Ajewole Clement of New Town, Itaogbolu,

He said the information indicated that approximately six armed men stormed the residence of the traditional ruler, forcibly took him from his compound, and subsequently fled the scene.

“The victim was later found a few metres away with gunshot wounds. He was confirmed dead at the scene.

“Upon receipt of the report, the Divisional Police Officer (DPO), alongside tactical teams from the command, promptly mobilised officers in collaboration with local security outfits.

“Atuluse Security, local hunters, and Amotekun operatives also assisted to comb adjoining bushes and surrounding areas in a bid to apprehend the perpetrators. Efforts are ongoing to track down and arrest the fleeing suspects.

“Monitoring and surveillance activities have been intensified across the area to ensure the safety of residents and prevent further breakdown of law and order.

“The public are assured that no stone will be left unturned in bringing those responsible for the heinous act to justice,” he said.

According to him, members of the public with credible and actionable information are urged to report to the nearest police station or contact the command.

Continue Reading

News

37 Miners Killed By Toxic Gas In Plateau; FG Yet To React

Published

on

By

The Federal government has remained silent after reports emerged that carbon monoxide, a poisonous gas, left 37 miners dead and 25 hospitalized at a mining site located in the Zurak Wase Local Government of Plateau State.

This was disclosed in a report by a security journalist, Zagazola Makama, on Wednesday.

Sources told Makama that the incident occurred at the Solid Mining Company early on Feb. 18.

The victims are between 20 and 35 years old and were conducting routine mining operations when they inhaled toxic gas that had accumulated in the poorly ventilated tunnels, the report said.

Makama said, “The site is under strict control, and emergency protocols are being followed to manage the situation,” a source told Makama.

Meanwhile, there is no indication that the Nigerian government nor the Plateau State, and security operatives have reacted to the incident or done anything on the matter.

There are no official statements from both quarters confirming or debunking the incident as of filing this report on Wednesday.

Continue Reading

News

Dangote Projects Naira Appreciation To N1,100/$ In 2026

Published

on

By

Aliko Dangote, Chairman of the Dangote Group, forecasts that the naira will appreciate to N1,100 per dollar within 2026.

He shared this outlook on Tuesday during the federal government’s unveiling of the National Industrial Policy 2025.

The naira has strengthened in recent weeks, appreciating to N1,335.95 per dollar at the official market and N1,380/$ at the black market on Tuesday.

Commenting on the development, the billionaire businessman said the country has the potential to generate large-scale consumption, industrial growth, and disposable incomes.

“I mean today if you look at it, your excellency, I believe with the policies that you have implemented in government, people now have started seeing the result and manufacturers are very very happy,” Dangote said.

“Today, the dollar is N1,340. Mr. Vice-President, I can assure you with what I know, blocking all this importation and co, naira this year will be as low as N1,100 if we are lucky.

“The only thing is for maybe the government to stop the naira from getting stronger so that they will keep collecting more naira.

“But it’s a catch-22 situation where, now, if the naira gets stronger it means that everything will go down. Everything will go down because we are an import-based country which we shouldn’t be.

“What you should be is to manufacture all the things that we need.”

On February 12, Femi Otedola, the chairman of First HoldCo, expressed optimism that the naira will strengthen meaningfully and will trade below N1,000/$1 before year-end as domestic refining is fully underway.

 

 

Continue Reading

Trending