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The climate crisis is a health crisis

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The Only Way to Stop Global Warming
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With one in eight people worldwide threatened by a lethal heat wave in South Asia that’s already taken close to 100 lives, it’s time we recognize that the climate crisis is a health crisis.

This is not an isolated issue. In South Africa, recent floods took over 400 lives, across the Sahel violence and insecurity are on the rise as people struggle with hunger, malnutrition and other factors made exponentially worse by climate change, and in place like Colombia, health and food security are at risk as floods displace communities and trigger disease outbreaks. 

This is the most pressing health and humanitarian challenge of the 21st century. A quarter of a million people are expected to die every year from climate change between 2030 and 2050 if we do nothing about it, according to the World Health Organization (WHO).

Climate change affects the social and environmental determinants of health – clean air, safe drinking water, sufficient food, and secure shelter. According to recent IPCC Climate Change Report, climate change has harmful impacts on human health ranging from mortality from extreme events, morbidity from increasing temperatures and heat waves, malnutrition and disease susceptibility.

And for the first time ever, the IPCC Report includes mental health as a key area impacted by the climate crisis, noting that climate change has adversely affected the physical and mental health of people globally.

People are losing their homes and loved ones as conflicts flare over scarce resources in places like the Lake Chad Basin, and they are redlining on stress as we deal with the prolonged impacts of COVID-19 and the spectre of other zoonotic pathogens that will rise as heat and environmental damage push animals out of their traditional zones, according to Harvard. 

And even as countries and communities emerge from the COVID-19 crisis, it is evident that the pandemic has reinforced pre-existing structural inequalities, accentuated systemic challenges and risks, and threatens to reverse hard-earned progress across the Sustainable Development Goals (SDGs).

Climate change is expected to further worsen the risks. We are already witnessing “irreversible” damage from climate change. According to the IPCC report, over 3 billion people – nearly half of the world’s population – live in “contexts that are highly vulnerable to climate change.” And the direct costs of climate change to the health system – not including health determining sectors such as agriculture, water and sanitation – is estimated between US$2 and $4 billion a year by the WHO.

Rethinking climate and health

Climate change adaptation will be one of the key highlights of this year’s Climate Talks in Egypt. World leaders have the chance to connect the dots between health, food security, livelihoods, sustainable economic development and climate actions as we come together to accelerate the ambition of Nationally Determined Contributions to the Paris Agreement and sprint to achieve the lofty goals outlined in the 2030 Agenda for Sustainable Development. 

Most Nationally Determined Contributions have identified health as a priority concern. At COP-26 over 50 countries committed to build climate resilient and low-carbon health systems. These include 47 countries, representing over a third of global health care emissions. Fourteen countries have also set a target date to reach net zero carbon emissions in their health system before 2050.

There are a number of entry points that can assist countries in reaching these goals. The main opportunities come from adaptation interventions that contribute to food and water security, climate-informed health planning that can be inserted into National Adaptation Plans, early warning systems for climate-sensitive infectious diseases, capacity building for health facilities to build the protocols and prepare for the changing health needs that are arising as a result of the climate crisis, public health education campaigns, and community-level investments in water and sanitation facilities and other infrastructure that prevents the spread of disease.

When you think about it as a whole, the climate-health crisis is amazingly complex. In places like Egypt, people need air-conditioning units just to survive the 120-plus degree days. But more AC means more greenhouse gases. So, we also need to rethink economic development, incentives for renewable energy, and reduction of hydro-chloro-fluorocarbons and other pollutants that are literally poisoning our planet.

We also need to rethink climate resilience in our cities, on the farm, and in the marketplace, redefining how we approach commerce and economic development as we adapt to the new challenges of the 21st century.  

Piloting climate-health actions

The good news is that we are making progress.

With funding from the Global Environment Facility Special Climate Change Fund, the United Nations Development Programme (UNDP) and WHO supported local governments to pilot climate change adaptation efforts to protect human health in Barbados, Bhutan, China, Fiji, Jordan, Kenya and Uzbekistan.

In Barbados, community-based public health campaigns supported the safe use of wastewater. In Bhutan, the government has advanced its ability to predict climate-sensitive infectious diseases. And in China, three pilot cities have implemented a heat-health warning system.

With funding from the GEF, UNDP is partnering  with the WHO to build resilient health systems in Least Developed Countries in Asia, including Bangladesh, Cambodia, Lao PDR, Myanmar, Nepal, Timor-Leste, and Small Island Developing States such as Kiribati, Solomon Islands, Tuvalu and Vanuatu. Among the various outputs, the programmes will advance climate-informed health planning and early warning systems, build capacity at health facilities, implement public health campaigns, and support localized community actions directed at the climate-health crisis.

There’s a bigger picture here. In the end, projects designed to address food and water security, advance ecosystem-based adaptation, or enhance livelihoods, will help us in addressing these interconnected issues. In partnership with governments, donors, the private sector, civil society and other key stakeholders, UNDP’s current climate change adaptation portfolio is geared to benefit 126 million people through US$1.6 billion in investments from the vertical funds and bilateral donors, as well as an additional US$3.8 billion leveraged from partners.

This good start, but far shy of the US$20 to US$40 billion in yearly spending for climate change adaptation called for at the Glasgow Climate Talks.

It’s critical that we take a systems-wide approach, embrace new technologies and new ways of working, engage with the private sector, and activate locally led climate actions if we are going to address this crisis.

Millions of lives hang in the balance. It’s time we step up and make climate action – and climate-health action – a global priority. This is our investment in planet Earth, our investment in future generations, our investment in a better world. 

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BUSINESS & ECONOMY

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

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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


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BUSINESS & ECONOMY

10 Megatrends Shaping the World in 2024

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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.


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BUSINESS & ECONOMY

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

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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


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