Environment

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.”

Environment

NEMA cautions Lagos residents on safety amid downpour

The National Emergency Management Agency (NEMA) has cautioned Lagos residents on the need to observe safety rules to mitigate the impact of heavy rainfall in the state.

NEMA Coordinator, Lagos Territorial Office, Mr Ibrahim Farinloye, gave the advice in an interview with the News Agency of Nigeria (NAN) on Tuesday in Lagos.

Farinloye said motorists should park their vehicles and move away to safer environment during heavy rainfall.

He warned Lagos residents from taking shelter under temporary or makeshift accommodation during rainfall to avoid disaster.

He said people living on low level ground should move to a higher level ground for safety.

“Parents are enjoined not to send their children to errands during the rains.

“Follow instructions given by public safety officials.

“Be alert to changing weather conditions and be ready to move to higher ground.

“Consider postponing outdoor activities,” Farinloye said.

He advised parents to tie down or bring in outdoor objects (patio furniture, children’s toys, trash cans, etc.) that could be swept away or damaged during flooding.

“Consider unplugging sensitive electronic equipment before flooding occurs. But do not touch electrical equipment if you are wet or standing in water.

“Elevate items stored in your basement to prevent damage. If you have a sump pump, check that it is working,” Farinloye said.

He stressed that residents should consider clearing street catch basins to prevent or reduce street flooding.

He said motorists should void camping or parking along streams, rivers, creeks, or other areas prone to flooding during heavy rainfall.

“These areas can flood rapidly and with little warning,” Farinloye said.

NAN reports that most parts of Lagos has been experiencing downpour for about two consecutive days, leading to flash flooding and the destruction of the roofs of some buildings.

The Nigerian Meteorological Agency had issued warning that about 30 states, including Lagos were at high risk of severe flooding as the rainy season approaches, raising nationwide concern over the country’s level of preparedness. (NAN)

Environment

Time for climate action is now, not tomorrow- Tinubu to Global leaders

President Bola Ahmed Tinubu has urged world leaders to demonstrate unity, courage, and sustained commitment in addressing the worsening global climate crisis.

Speaking on Wednesday during a high-level virtual dialogue on climate and the just transition, President Tinubu reaffirmed Nigeria’s dedication to forging a paradigm shift in which climate action and economic growth advance together, not in opposition.

“The global climate emergency demands our collective, courageous, and sustained leadership. For Nigeria, the urgency of this moment is clear: we view climate action not as a cost to development, but as a strategic imperative.”

The meeting, co-hosted by United Nations Secretary-General António Guterres and Brazilian President Luiz Inacia Lula da Silva, aimed to accelerate global climate ambition ahead of COP30, which Brazil will host.

Leaders from 17 countries, including China, the European Union, climate-vulnerable states, and key regional blocs such as the African Union, ASEAN, and the Alliance of Small Island States, participated in the meeting.

The leaders sent a clear message: climate action is moving forward, full speed ahead.

Addressing the session from Abuja, President Tinubu outlined Nigeria’s Energy Transition Plan (ETP) as a bold, pragmatic roadmap for reaching net-zero emissions by 2060. The ETP targets five core sectors—power, cooking, transportation, oil and gas, and industry—and identifies a financing need of over $410 billion by 2060 to achieve these goals.

“We are, therefore, in the process of aligning our regulatory environment, fiscal incentives, and institutional frameworks to ensure that energy access, decarbonisation, and economic competitiveness proceed in lockstep. We are also taking leadership on Energy Access,” he said.

President Tinubu underscored Nigeria’s role as an anchor country in the Mission 300 initiative, implemented in partnership with the World Bank and the African Development Bank. The initiative aims to deliver electricity to 300 million Africans by 2030.

He recalled his participation in the Dar es Salaam Declaration earlier this year and Nigeria’s presentation of its National Energy Compact, which outlines reform commitments, investment opportunities, and measurable targets to expand clean energy access and clean cooking solutions.

“This compact is among the first of its kind in Africa and lays out our policy reform commitments and specific investment opportunities in the energy sector. It sets quantifiable targets to grow electricity access and increase clean cooking penetration.

“We are working to build capacity and ensure that we meet these targets, reflecting not just our ambition but also our commitment to deliver on that ambition measurably,” he said.

As part of the broader energy reforms architecture, President Tinubu announced the finalisation of the Nigeria Carbon Market Activation Policy in March 2025. This policy will unlock up to $2.5 billion by 2030 in high-integrity carbon credits and related investments.

He disclosed that Nigeria is actively updating its Nationally Determined Contributions (NDCs) in line with the UN Framework Convention on Climate Change (UNFCCC), with plans to present a comprehensive revision by September 2025.

“Our climate strategy is not limited to planning and regulation — it is also rooted in market reform.

“We are working to position Nigeria as a premier destination for climate-smart investment through the development of a Global Climate Change Investment Fund, which will serve as a platform to blend public and private capital, de-risk green infrastructure, and finance clean energy solutions at scale,” he said.

The fund will support key national priorities such as green industrial hubs, e-mobility infrastructure, regenerative agriculture, and renewable energy mini-grids for underserved communities.

President Tinubu thanked international partners, particularly the United Nations and Sustainable Energy for All (SEforALL), for their advisory and technical support.

“These partnerships are a shining example of the value of multilateral cooperation in climate delivery. We are prepared to collaborate, lead, and deliver — because we understand that the time for climate action is not tomorrow; it is now,” he said.

Environment

NiMet forecasts three-day thunderstorms from Sunday

The Nigerian Meteorological Agency (NiMet) has forecasted thundery weather from Sunday to Tuesday across the country.

In its weather outlook released on Saturday in Abuja, NiMet noted the possibility of localized thunderstorms in parts of Taraba, Adamawa, and southern Kaduna States, primarily during the afternoon or evening on Sunday.

Additionally, NiMet anticipates partly cloudy skies over the North-Central region during the morning hours.

“Later in the day, isolated thunderstorms are anticipated over parts of Plateau, the Federal Capital Territory, Nasarawa, Kwara, Niger, and Kogi states.

“Over the southern region, cloudy morning is expected with chances of localised thunderstorms over parts of Cross River, Akwa Ibom, Rivers and Delta States.

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

The agency predicted sunny skies on Monday over the northern region throughout the forecast period, with the exception of some parts of Adamawa, Kaduna and Taraba States where isolated thunderstorms are expected during the afternoon/evening hours.

“Sunny skies with few clouds are expected across the North Central region during the morning period. Later in the day, isolated thunderstorms are anticipated over parts of Plateau, the Federal Capital Territory, Benue, Kogi, Kwara and Nasarawa states.

“In the southern region, cloudy skies with intervals of sunshine are anticipated with prospects of morning thunderstorms over parts of Akwa Ibom, Rivers and Cross River States.