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Climate crisis: economists ‘grossly undervalue young lives’, warns Stern

young lives

Climate crisis: economists ‘grossly undervalue young lives’, warns Stern

Many economic assessments of the climate crisis “grossly undervalue the young lives and future generations”, Prof Nicholas Stern warned on Tuesday, before the Cop26 climate summit in Glasgow.

Economists have failed to take account of the “immense risks and potential loss of life” that could occur as a result of the climate crisis, he said, as well as badly underestimating the speed at which the costs of clean technologies, such as solar and wind energy, have fallen.

Stern said the economics profession had also misunderstood the basics of “discounting”, the way in which economic models value future assets and lives compared with their value today. “It means economists have grossly undervalued the lives of young people and future generations who are most at threat from the devastating impacts of climate change,” he said. “Discounting has been applied in such a way that it is effectively discrimination by date of birth.”

Youth protests around the world, sparked by the school strike of Greta Thunberg, have been a key factor in increasing demands for action in recent years, along with rising extreme weather events. Recent research shows people born today will suffer many times more extreme heatwaves and other climate disasters over their lifetimes than their grandparents.

However, Stern said: “The move to net zero [emissions] can be the great driver of a new form of growth – the growth story of the 21st century. This growth will be more resource-efficient, more productive, and healthier, and will offer greater protection to our biodiversity.”

Renewable energy costs have fallen dramatically and electric cars are moving to scale, he said, while 75% of global emissions are now covered by national commitments to net zero emissions by the middle part of century, though “some of those commitments are more credible than others”.

Stern’s remarks are based on a paper to be published in the Economic Journal of the Royal Economic Society and made to mark the 15th anniversary of the landmark Stern review on the economics of the climate crisis in 2006. It concluded that the costs of inaction on climate were far greater than the costs of action and that the climate crisis was the biggest market failure in history.

Since the publication of the report, carbon emissions have risen by 20% and Stern was scathing about much of the economic analysis that has informed policymakers. “Cavalier treatment of risk, and the missing of the very rapid technical progress, means the models have been profoundly misleading,” he said. The theory of discounting had not been related to its ethical foundations, he added, or allowed for the risk that global heating will make future generations poorer.

Political action has been slow since 2006, Stern said, because of the persistence of the “damaging” idea that climate action cuts economic growth and also because of the global financial crisis, which diverted attention and cut middle-class incomes, making politics more “fractious”.

“The economic question now is: how do we manage the radical transformation we have to make in the world economy in the next 20 or 30 years?” he said. “How do we promote the 2% or 3% extra investment we’ll need – which is a very valuable investment, not a cost.”

A whole range of policies are needed, Stern said, including carbon pricing, regulation, product standards, investment in research and reform of capital markets. A critical factor is the provision of large-scale, low-cost finance to fund the low-carbon transition, especially in developing countries.

Stern was directly involved in the negotiation of a promised $100bn a year in climate finance from rich nations in Copenhagen in 2009. But this has yet to be delivered and it is a vital goal of Cop26. On Monday, developed countries released a delivery plan to mobilise the funding, projecting the goal would be surpassed in 2023 onward, after being nearly attained in 2022. Nick Mabey at the E3G thinktank said it was “just about credible”.

The Stern review was criticised by some when published as exaggerating the risks of the climate crisis. “The idea that I was alarmist is just laughable in retrospect. We underestimated the dangers. The costs of inaction were very worrying 15 years ago – they are immensely worrying now.”

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Environment

Alake Unveils Mining Marshals To Secure Mining Sites

In fulfilment of a major plank of his 7-point agenda to create a new security architecture to secure mining sites, the Minister of Solid Minerals Development, Dr. Dele Alake has unveiled a 2,200-strong Mines Marshal to smoke out illegal miners and all those who flout the nation’s mining laws.

Formally receiving the marshals drawn from the Nigeria Security and Civil Defence Corps (NSCDC) from the Commandant-General, Abubakar Audi, representing the Minister of Interior, Hon. Olubunmi Tunji-Ojo, Alake charged the new operatives to stem theft and all nefarious activities around the nation’s mineral resources so that the nation can reap maximum benefits from its God-given resources.

It will be recalled that as a result of the efforts of the presidential Inter-ministerial committee on securing natural resources chaired by Dr. Alake, the Minister of Interior, Hon. Olubunmi Ojo, a few weeks ago launched the NSCDC-led mines marshal, which represents the first layer of the new security architecture to secure the mining environment.

With a command structure spread across the 36 states and the FCT, the mines marshal will have their command and control domiciled in the Ministry of Solid Minerals Development(MSMD), with an initial 60 operatives deployed in each state and the FCT.

Highlighting the role played by his interior counterpart in the evolution of the new security outfit, Dr. Alake commended Hon. Olubunmi-Ojo for putting words to actions and working tirelessly with the solid minerals ministry to achieve the feat.

“Today’s event of unveiling and formally handing over the specially trained and selected civil defence structure to engage illegal miners and sanitise our mining environment was also part of what we conceived at the inter-ministerial committee chaired by me. I am very happy to let the public know that from the outset we said are going to tackle insecurity in the mining sector and the first batch of the security apparati is what we are launching today, the Minister added.

The mines marshal devised to be an inter-agency security outfit will incorporate special operatives from other security agencies like the Nigeria Police, army, amongst others. Its operations will largely be technologically driven.

In his remarks, NSCDC Commandant-General, Abubakar Audi stated that the new mines marshal will give verve to the corps’ mandate of protecting national assets and infrastructure in which solid minerals is a major component.

Audi revealed that the marshals will liaise with mine inspectorate in states to garner intelligence and take directives from the ministry for effective execution of its mandate.

“We have a list of illegal miners across the nation, and we will go after them. Their days are now numbered, “Audi declared.

The Chairman, House Committee on Solid Minerals, Hon. Jonathan Gbefwi, who graced the occasion, expressed satisfaction with the new security outfit, noting that with improved security around mining areas, Nigeria’s economic fortunes is bound for a forward leap.

” When the Minister reeled out his 7-point agenda during his inaugural address, which included the Mines Police, not a few people were sceptical about it. But today, he has matched words with action. On behalf of the people of the Federal Republic of Nigeria, I doff my hat for him and say, “Well done.” You can be rest assured of the continued support and cooperation of the House of Reps and, by extension, the National Assembly, Hon. Gbefwi said.

The new Mines Marshal is led by a Commander, Chief Superintendent of Corps, CSC Attah John Onoja.

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Environment

NiMET Predicts 3-day sunshine, thunderstorms

There will be sunshine and thunderstorms from Saturday to Monday across the country, the Nigerian Meteorological Agency (NiMet) has predicted.

A release on Friday in Abuja, according to NiMet’s weather outlook, forecasts a sunny atmosphere over the northern region on Saturday, with chances of morning thunderstorms over parts of Kebbi and Sokoto states.

“Thunderstorms are also expected over parts of Kaduna, Kebbi,and Zamfara states later in the day,” the agency reports.

It explained that the sunny atmosphere with patches of clouds is anticipated over the north-central cities, with chances of morning thunderstorms over parts of Niger, adding that during the afternoon and evening hours, thunderstorms are anticipated over parts of Niger, the Federal Capital Territory, and Plateau states.

It also explained that a cloudy atmosphere with spells of sunshine is expected over the inland states and the coastal cities of the south, with prospects of morning thunderstorms over parts of Cross River and Akwa Ibom states.

The agency envisaged that there would be thunderstorms over parts of Ondo, Ekiti, Ogun, Osun, Edo, Delta, Bayelsa, Lagos, Cross River, Akwa Ibom, and Rivers states later in the day and anticipates a sunny atmosphere over the northern region on Sunday, with prospects of thunderstorms over parts of Kaduna, Adamawa, Taraba, Borno, and Bauchi states during the afternoon and evening hours.

It also predicted a sunny atmosphere with patches of clouds over the North Central cities with prospects of afternoon and evening thunderstorms over parts of the Federal Capital Territory, Kwara, Benue, and Plateau states, as well as a cloudy atmosphere with spells of sunshine is expected over the inland states later in the day.

According to the agency, there would be prospects of thunderstorms over parts of Oyo, Osun, Edo, Ogun, Ekiti, Delta, Bayelsa, Rivers, Cross River, Akwa Ibom, and Lagos states in the afternoon and evening periods.

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Environment

NiMET forecasts 3-day sunshine, haziness

The Nigerian Meteorological Agency, NiMet, has forecast sunshine and haziness from Monday to Wednesday nationwide.

NiMet’s weather outlook released on Sunday in Abuja, predicted sunny and hazy atmosphere on Monday over the northern region throughout the forecast period.

It said cloudy skies with intervals of sunshine are expected over the North Central states with prospects of localised thunderstorms over parts of Benue State during the morning hours.

“Later in the day, localised thunderstorms are anticipated over parts of Benue and Kogi.

“Increased cloudy condition is anticipated in the morning hours over Inland states of South and coastal cities with chances of morning thunderstorms over parts of Imo, Enugu, Anambra, Ebonyi, Abia, Cross River, Rivers and Delta states.

“Later in the day, localised thunderstorms are anticipated over parts of Osun, Ekiti, Ogun, Edo, Ondo, Oyo, Imo, Abia, Enugu, Anambra, Cross River, Rivers, Delta, Bayelsa, Akwa Ibom and Lagos states,“ it said.

The agency said that a sunny and hazy atmosphere is expected over the northern region throughout the forecast period on Tuesday with chances of localized thunderstorms over parts of Taraba and Kaduna stakes during the evening hours.

It expected patches of clouds over the North Central region with prospects of isolated thunderstorms over parts of Kogi, Nasarawa, Benue and the Federal Capital Territory during the morning hours.

The agency forecast localised thunderstorms over parts of the Federal Capital Territory, Kwara, Nasarawa and Kogi states later in the day.

It envisaged cloudy skies over the inland areas of the South and the coastal cities with prospects of isolated thunderstorms over parts of Lagos State during the morning periods.

NiMet anticipated localised thunderstorms over parts of Osun, Oyo, Ondo, Ogun, Ebonyi, Enugu, Imo, Anambra, Cross River, Bayelsa, Rivers, Akwa Ibom, Lagos and Delta states in the afternoon and evening hours.

According to the agency, a sunny and hazy atmosphere is expected over the northern region throughout the forecast period on Wednesday.

“Increased cloudy condition with chances of early morning thunderstorms is expected over parts of Plateau, Nasarawa and the Federal Capital Territory during the morning hours.

“Later in the day, localized thunderstorms are anticipated over parts of Kwara, Nasarawa and Kogi states.

“Cloudy skies are expected over inland cities of South and Coast with prospects of localised thunderstorms over parts of Imo, Ebonyi, Abia, Cross River, Akwa Ibom and Lagos states in the morning hours,“ it said.

NiMet anticipated localized thunderstorms over parts of Abia, Ogun, Edo, Imo, Akwa Ibom, Cross River, Delta, Bayelsa, River and Lagos States in the afternoon and evening hours.

The agency called on the public to take adequate precaution as strong winds might precede rains in areas where thunderstorms were likely to occur.

“Temperature values are still high especially in the North, please stay hydrated. Airline operators are advised to get updated weather reports and forecasts from NiMet for effective planning in their operations,” it said.

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