Connect with us

BUSINESS & ECONOMY

These five cities are taking aim at air pollution

Published

on

These five cities are taking aim at air pollution
Spread the love

Climate change is widespread, rapid, and intensifying, and some trends are now irreversible, at least during the present time frame, according to the latest much-anticipated Intergovernmental Panel on Climate Change (IPCC) report, released on Monday.

Human-induced climate change is already affecting many weather and climate extremes in every region across the globe. Scientists are also observing changes across the whole of Earth’s climate system; in the atmosphere, in the oceans, ice floes, and on land.

Many of these changes are unprecedented, and some of the shifts are in motion now, while some – such as continued sea level rise – are already ‘irreversible’ for centuries to millennia, ahead, the report warns.

But there is still time to limit climate change, IPCC experts say. Strong and sustained reductions in emissions of carbon dioxide (CO2) and other greenhouse gases, could quickly make air quality better, and in 20 to 30 years global temperatures could stabilize.

‘Code red for humanity’

The UN Secretary-General António Guterres said the Working Group’s report was nothing less than “a code red for humanity. The alarm bells are deafening, and the evidence is irrefutable”.

He noted that the internationally-agreed threshold of 1.5 degrees above pre-industrial levels of global heating was “perilously close. We are at imminent risk of hitting 1.5 degrees in the near term. The only way to prevent exceeding this threshold, is by urgently stepping up our efforts, and persuing the most ambitious path.

“We must act decisively now, to keep 1.5 alive.”

The UN chief in a detailed reaction to the report, said that solutions were clear. “Inclusive and green economies, prosperity, cleaner air and better health are possible for all, if we respond to this crisis with solidarity and courage“, he said.

He added that ahead of the crucial COP26 climate conference in Glasgow in November, all nations – especiall the advanced G20 economies – needed to join the net zero emissions coaltion, and reinforce their promises on slowing down and reversing global heating, “with credible, concrete, and enhanced Nationally Determined Contributions (NDCs)” that lay out detailed steps.

Human handiwork

The report, prepared by 234 scientists from 66 countries, highlights that human influence has warmed the climate at a rate that is unprecedented in at least the last 2,000 years.

In 2019, atmospheric CO2 concentrations were higher than at any time in at least 2 million years, and concentrations of methane and nitrous oxide were higher than at any time in the last 800,000 years.

Global surface temperature has increased faster since 1970 than in any other 50-year period over a least the last 2,000 years. For example, temperatures during the most recent decade (2011–2020) exceed those of the most recent multi-century warm period, around 6,500 years ago, the report indicates.

Meanwhile, global mean sea level has risen faster since 1900, than over any preceding century in at least the last 3,000 years.

The document shows that emissions of greenhouse gases from human activities are responsible for approximately 1.1°C of warming between 1850-1900, and finds that averaged over the next 20 years, global temperature is expected to reach or exceed 1.5°C of heating.

Time is running out

The IPCC scientists warn global warming of 2°C will be exceeded during the 21st century. Unless rapid and deep reductions in CO2 and other greenhouse gas emissions occur in the coming decades, achieving the goals of the 2015 Paris Agreement “will be beyond reach”.

The assessment is based on improved data on historical warming, as well as progress in scientific understanding of the response of the climate system to human-caused emissions.

“It has been clear for decades that the Earth’s climate is changing, and the role of human influence on the climate system is undisputed,” said IPCC Working Group I Co-Chair, Valérie Masson-Delmotte. “Yet the new report also reflects major advances in the science of attribution – understanding the role of climate change in intensifying specific weather and climate events”.

Extreme changes

The experts reveal that human activities affect all major climate system components, with some responding over decades and others over centuries.

Scientists also point out that evidence of observed changes in extremes such as heatwaves, heavy precipitation, droughts, and tropical cyclones, and their attribution to human influence, has strengthened.

They add that many changes in the climate system become larger in direct relation to increasing global warming.

This includes increases in the frequency and intensity of heat extremes, marine heatwaves, and heavy precipitation; agricultural and ecological droughts in some regions; the proportion of intense tropical cyclones; as well as reductions in Arctic sea ice, snow cover and permafrost.

The report makes clear that while natural drivers will modulate human-caused changes, especially at regional levels and in the near term, they will have little effect on long-term global warming.

A century of change, everywhere

The IPCC experts project that in the coming decades climate changes will increase in all regions. For 1.5°C of global warming, there will be increasing heat waves, longer warm seasons and shorter cold seasons.

At 2°C of global warming, heat extremes are more likely to reach critical tolerance thresholds for agriculture and health.

But it won’t be just about temperature. For example, climate change is intensifying the natural production of water – the water cycle. This brings more intense rainfall and associated flooding, as well as more intense drought in many regions.

It is also affecting rainfall patterns. In high latitudes, precipitation is likely to increase, while it is projected to decrease over large parts of the subtropics. Changes to monsoon rain patterns are expected, which will vary by region, the report warns.

Moreover, coastal areas will see continued sea level rise throughout the 21st century, contributing to more frequent and severe coastal flooding in low-lying areas and coastal erosion.

Extreme sea level events that previously occurred once in 100 years could happen every year by the end of this century.

The report also indicates that further warming will amplify permafrost thawing, and the loss of seasonal snow cover, melting of glaciers and ice sheets, and loss of summer Arctic sea ice.

Changes to the ocean, including warming, more frequent marine heatwaves, ocean acidification, and reduced oxygen levels, affect both ocean ecosystems and the people that rely on them, and they will continue throughout at least the rest of this century.

Magnified in cities

Experts warn that for cities, some aspects of climate change may be magnified, including heat, flooding from heavy precipitation events and sea level rise in coastal cities.

Furthermore, IPCC scientists caution that low-likelihood outcomes, such as ice sheet collapse or abrupt ocean circulation changes, cannot be ruled out.

Limiting climate change

“Stabilizing the climate will require strong, rapid, and sustained reductions in greenhouse gas emissions, and reaching net zero CO2 emissions. Limiting other greenhouse gases and air pollutants, especially methane, could have benefits both for health and the climate,” highlights IPCC Working Group I Co-Chair Panmao Zhai.

The report explains that from a physical science perspective, limiting human-induced global warming to a specific level requires limiting cumulative carbon dioxide emissions, reaching at least net zero CO2 emissions, along with strong reductions in other greenhouse gas emissions.

“Strong, rapid and sustained reductions in methane emissions would also limit the warming effect resulting from declining aerosol pollution”, IPCC scientists underscore.

About the IPCC

The Intergovernmental Panel on Climate Change (IPCC) is the UN body for assessing the science related to climate change. It was established by the United Nations Environment Programme (UNEP) and the World Meteorological Organization (WMO) in 1988 to provide political leaders with periodic scientific assessments concerning climate change, its implications and risks, as well as to put forward adaptation and mitigation strategies.

In the same year the UN General Assembly endorsed the action by the WMO and UNEP in jointly establishing the IPCC. It has 195 member states.

Thousands of people from all over the world contribute to the work of the IPCC. For the assessment reports, IPCC scientists volunteer their time to assess the thousands of scientific papers published each year to provide a comprehensive summary of what is known about the drivers of climate change, its impacts and future risks, and how adaptation and mitigation can reduce those risks.

‘Before our very eyes’

Multiple, recent climate disasters including devastating flooding in central China and western Europe have focused public attention as never before, suggested Inger Andersen, Executive Director of the UN Environment Programme (UNEP).

“As citizens and as businesses and as governments, we are well aware of the drama,” she said “The drama exists, we have seen it and we heard about it in every news bulletin. And that’s what we need to understand, that the expression of what the science says is exhibited before our very eyes, and of course what this excellent report does is, it projects those scenarios outward, and tells us, if we do not take action, what could be the potential outcomes, or if we do take action, what will be a very good outcome.”

Climate adaption critical

Apart from the urgent need for climate mitigation, “it is essential to pay attention to climate adaptation”, said the WMO chief, Peteri Taalas, “since the negative trend in climate will continue for decades and in some cases for thousands of years.

“One powerful way to adapt is to invest in early warning, climate and water services“, he said.”Only half of the 193 members of WMO have such services in place, which means more human and economic losses. We have also severe gaps in weather and hydrological observing networks in Africa, some parts of Latin America and in Pacific and Caribbean island states, which has a major negative impact on the accuracy of weather forecasts in those areas, but also worldwide.

“The message of the IPCC report is crystal clear: we have to raise the ambition level of mitigation.”

Related

Source


Spread the love

BUSINESS & ECONOMY

Inquiry on General Babangida’s Involvement in Conventional Banking despite Introduction of Islamic Finance in Nigeria

Published

on

By

Spread the love

Dear Editor,

I hope this letter finds you well. I am writing to express my curiosity and seek clarification on a matter that has caught my attention, specifically pertaining to General Babangida’s involvement in the conventional banking industry despite his role in introducing Islamic finance during the financial reforms of his military government in Nigeria. Vide your special article commemorating his 81st Birthday published in your esteemed news website: https://focus.afrief.org/trending/a-salutary-tribute-to-general-ibrahim-badamasi-babangida-architect-of-islamic-finance-in-nigeria/

It is indeed noteworthy that General Ibrahim Babangida played a pivotal role in shaping the economic landscape of Nigeria by introducing Islamic finance principles. It is fascinating to witness the implementation of Islamic finance in Nigeria, as it promotes principles that align with religious and ethical values. General Babangida’s efforts to introduce this form of finance were undoubtedly commendable, reflecting his commitment to establishing an alternative financial system that adheres to Islamic principles.

However, recent observations suggest his active participation in the conventional banking sector in Nigeria. Certainly, it is intriguing to see General Babangida’s continued involvement in the conventional banking industry, which operates under different principles. While some may argue that his involvement in both sectors is simply a matter of personal choice, it raises questions about the compatibility of his actions with the ideals and principles of Islamic finance. While the former is interest driven, the latter prohibits interest related transactions completely.

I wonder if General Babangida has ever publicly addressed this matter or explained his reasoning behind being active in both sectors. It would be enlightening to hear his perspective on how he reconciles his involvement in conventional banking with his efforts towards promoting Islamic finance. This has raised questions in my mind and perhaps in the minds of others as well.

I am keen to understand the rationale behind General Babangida’s dual engagement in both Islamic finance and conventional banking. Does this reflect a strategic approach to diversify Nigeria’s financial sector, or are there specific reasons behind his involvement in conventional banking despite advocating for Islamic finance principles?

Additionally, it would be interesting to explore the potential impact of his dual involvement on the perception and growth of Islamic finance in Nigeria. Does his presence in the conventional banking industry hinder the progress of Islamic finance, or does it have the potential to bridge the gap between the two sectors?

I believe that delving into these questions could provide valuable insights and generate constructive discussions within the Islamic finance community in Nigeria. By shedding light on General Babangida’s dual involvement and the potential implications, we can further enhance our understanding of the challenges and opportunities faced by the Islamic economy in our country.

Thank you for considering my questions, and I look forward to reading more about this topic in your esteemed Focus on Islamic Economy.

Sincerely,

 

Abba Musa Mamman Lagos

Kaduna


Spread the love
Continue Reading

BUSINESS & ECONOMY

10 Megatrends Shaping the World in 2024

Published

on

By

Spread the love

The report, “Navigating Megatrends Shaping Our Future in 2024”, was launched during the first day of the World Governments Summit (WGS) 2024, being held under the theme “Shaping Future Governments” from 12th-14th February in Dubai. The report examines the indicators that shape these megatrends, supported by evidence from today as well as future expectations. These trends inform decision-makers and foresight experts about various sectors and the potential opportunities in each.

Khalfan Belhoul, CEO of Dubai Future Foundation, said, “This report has been launched in line with DFF’s efforts to identify and communicate those trends with the most potential to shape opportunities and strengthen local and international partnerships to overcome current and future challenges.”

“The challenges that face us on our journey to the future require that we are agile enough to be able to adapt to rapid change. It is vital we pay attention to the signals we detect – only then can we be prepared to overcome challenges and seize opportunities. The World Governments Summit provides a platform for discussing these challenges and exploring the opportunities.”

Materials revolution

New types of materials will create a shift in the industry, with solutions based on artificial intelligence (AI) such as biopolymers, biorefineries, and chemical recycling paving the way. These solutions will facilitate the development of new biological and novel materials that could rival plastics.

Boundless Multidimensional Data

Enabled by developments such as 5G and 6G in addition to advanced connectivity, the availability of raw data will vastly increase. The Internet of Things (IoT) will continue being deployed in healthcare, agriculture, and smart cities, especially in the Middle East.

Technological Vulnerabilities

The cybersecurity sector will boom amid a sharp rise in smart home devices and wearable tech. According to a report by Allianz, the annual cost of ransomware is projected to reach around $265 billion by 2031. Meanwhile, the debate on the future of decentralised finance will continue.

Energy Boundaries

Advances in tech and the growing demand for energy will drive the pursuit of alternative sources of energy. Novel materials and machine intelligence will enhance current sources of energy, including their distribution around the world – and in space.

Saving Ecosystems

Approaches to conservation will be more interdisciplinary and future-focused, taking into account both societal and environmental factors. Driven by resource scarcity, climate change, and shifts in social values, environmental impact management will become increasingly holistic.

Borderless World – Fluid Economies

The world is witnessing a rise in unmediated transactions in finance, health, education, trade, services, and even space, which are blurring boundaries and creating more cross-border communities. Advances in communications, computing, and advanced machine intelligence will accelerate the creation of a borderless world that will change the way we work, live, and connect.

Digital Realities

The spread of 5G and 6G networks will enhance the applications of autonomous technologies and IoT. As quantum technologies become scalable and reliable, immersive experiences will become even more realistic.

Living with Autonomous Robots and Automation

Robotics and automation will increasingly be deployed across industries beyond automotive, manufacturing and supply chain logistics. This will provide opportunities for efficiency and innovation, although there will also be ethical challenges to address.

Future Humanity

New workplace norms will emerge, with people needing to adapt to non-traditional skill sets in areas such as digital literacy, communications, culture and sustainability.

Advanced Health and Nutrition

Accelerated progress in advanced machine intelligence, nano- and biotechnology, additive manufacturing, and IoT will transform health and nutrition, improving health and wellbeing for people of all ages. Technology will reduce, if not eradicate, some communicable and non-communicable diseases and enhance the sustainable use of and access to water and food.


Spread the love
Continue Reading

BUSINESS & ECONOMY

Africa’s New Online Foreign Exchange System will Enable Cross-border Payments in Local Currencies – what you need to know

Published

on

By

Spread the love

The high cost of making cross border payments on the African continent has driven governments on the continent to seek options of settling trade and other transactions in local currencies. This has given birth to the Pan-African Payment and Settlement System which was formally launched in Accra, Ghana, in January 2022.  Development economist Christopher Adam, who has studied the exchange rate policies of African countries, answers some key questions.

Why are African countries exposed in the international currency market?

Three main reasons. First, African economies are small and as such are highly dependent on trade with the rest of the world. Their exports are dominated by primary commodities including oil and gas, minerals and cash crop agriculture. On the import side, they purchase a whole range of goods – from essential commodities not produced at home such as fooddrugs and medicines, to capital goods and energy. A large proportion of these are sourced from China and other major economies of the global north. But because African countries are small relative to their trading partners they rarely have the power to determine the prices of imports and exports. They are “price takers” in world markets. And with world prices being set in the major reserve currencies of the world (the US dollar, euro, yen and renminbi), African countries are exposed to movements in these world prices. Second, “intra-African” trade is still a relatively small proportion of the total trade of African countries.

Finally, since African countries’ currencies mostly can’t be directly exchanged in international transactions, the dollar remains the most widely used currency in trade, even between African countries.

What’s required for the system to get off the ground?

The basic idea of the system is to be able to settle trade between African countries without having to use the US dollar.  There are two major challenges with that. First, intra-African trade accounts for less than 15% of Africa’s exports at present (although supporters of the African Continental Free Trade Area expect this to grow significantly over the coming decades). The African payment system therefore does not eliminate the role of the dollar (or other foreign currencies) in trade settlement entirely.

The second issue is that trade is not balanced between African countries. For example, Kenya exports goods of higher total value to Ethiopia than it imports from Ethiopia. If Ethiopia paid in its own currency, Kenya would end up with Ethiopian currency that it didn’t need. Some form of settlement currency that is acceptable to all is required – most likely the US dollar.

What are the challenges and potential risks?

Since trade rarely occurs instantaneously, some institution in the trade financing chain carries the exchange rate risk. Because of the gap between placing an order for imports and receiving them to sell in the local economy, there is a risk that the value of local currency will change relative to the currency in which the import is denominated.

In the “old” system, this risk is borne by the trader because everything is priced in dollars. The local currency value of the income from exports or the local currency cost of imports will change with movements between the local currency and the dollar, but the banks and those counterparts pricing in the dollar are protected.

Under the new system the same allocation of risk will remain in “external trade”. This currency risk is also present for intra-African trade.

An important question for the new African payment system is: who bears the exchange risk if one African currency depreciates relative to another? Should the importer carry the risk, or the exporter? Can and should the African payment system bear this risk of exchange rate movements itself? Where both currencies are volatile, traders might still prefer the relative stability of settlement through the US dollar.

The success of this system also depends on scale. The more trade settlement is routed through it, the easier it will be to settle in local currencies. Large currency imbalances will be less common. But until the system achieves this scale, the African payment system will need a strong balance sheet so that traders and participants can have confidence that settlement will be swift and risk free. It is unclear at the moment how this is to be achieved.

What is the best case scenario?

If the system can address the trade imbalance problem, provide clarity on risk management and reach scale, it could be very successful. But this is all going to be driven by underlying economic performance. Improved settlement will help but what is really driving this is the structure of trade. The more the economies of Africa can develop intra-African trade and the less dependent they are on extra-African trade, the less will be dollar dependence in trade. This growth in trade depends to some degree on trade settlement and trade financing but much more on production, consumption, trade policy and fiscal policy.

Christopher Adam is a Professor of Development Economics, University of Oxford


Spread the love
Continue Reading

Trending

Copyright © 2023 Focus on Halal Economy | Powered by Africa Islamic Economic Foundation