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World’s biggest banks to play a role in limiting greenhouse gas emissions

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World’s biggest banks to play a role in limiting greenhouse gas emissions

Hundreds of the world’s biggest banks and pension funds with assets worth $130tn have committed themselves to a key goal in limiting greenhouse gas emissions, the UK government will announce on Wednesday.

The pledge by more than 450 financial institutions in 45 countries is intended to be one of the top achievements by the UK hosts of the Cop26 summit in Glasgow, and comes as some of the other aims of the summit – chiefly, setting the world on a path to limit global heating to 1.5C – are looking hard to reach.

Finance is key to the massive economic transformation required to move away from fossil fuels and reach net zero so the global economy can be run without damaging the climate.

But experts and campaigners cast doubt on the government’s finance claims, pointing out that the banks making the pledge are still free to pour cash into fossil fuels, and need only divert a small slice of their funding to low-carbon ends in the next decade.

News of the pledge came at the end of the second full day of the Cop26 conference in Glasgow as world leaders finished their addresses and negotiators were preparing to thrash out details that could form the basis of a final communique next weekend.

On another frantic day of announcements, the key developments included:

  • UK prime minister Boris Johnson said he was “cautiously optimistic” about reaching a deal to keep the 1.5C target on track. Returning to a football analogy in which he had said the world was the equivalent of 5-1 down, he declared on Monday evening that the score was now “more like 5-2 or 5-3”.
  • US president Joe Biden announced a plan by 90 countries to control methane, a powerful greenhouse gas. Under the agreement, which does not include major emitters Russia and China, emissions of methane would fall 30% by the end of the decade.
  • In another multinational deal, more than 40 countries including the UK, US, EU, India, China and Australia signed up to a plan to coordinate the introduction of clean technologies around the world. By collaborating on things like hydrogen production and electric vehicles, the members of the Breakthrough Alliance hope to bring forward the “tipping point” at which green technology is more affordable than fossil-fuel technology.
  • The group of countries with the most ambitious climate targets, known as the High Ambition Coalition, were boosted by the announcement that the US would be rejoining their ranks after withdrawing from the Paris agreement entirely under former president Donald Trump. Observers said the move would strengthen efforts to stay on track for the target of 1.5C of heating.
    On Tuesday night, Rishi Sunak, the chancellor of the exchequer, said the City of London would become the world’s first “net zero finance centre”, and set out new rules forcing public companies to report on their plans to achieve net zero emissions.

He said: “I’m proud that under the UK’s leadership, the number of financial firms committed to net zero plans has tripled, with the assets now covered totalling $130tn. Harnessing the trillions of dollars controlled by these companies in the fight against climate change is crucial. So I’ve announced new requirements for firms to publish their net zero transition plans. Together we can provide the cash the world needs to stop catastrophic climate change.”

The finance pledge, known as the Glasgow Financial Alliance for Net Zero (GFANZ), will mean that by 2050 all of the assets under management by the institutions involved will be aligned with net zero emissions. Economists have estimated that about $100tn in investment is likely to be needed in the next three decades to meet the net zero goal, so in theory GFANZ will provide more than enough cash to meet the goal.

Mark Carney, former governor of the Bank of England, now a UK and UN climate envoy, said: “The architecture of the global financial system has been transformed to deliver net zero. We now have the essential plumbing in place to move climate change from the fringes to the forefront of finance so that every financial decision takes climate change into account … [This] rapid, and large-scale, increase in capital commitment to net zero, through GFANZ, makes the transition to a 1.5C world possible.”

But experts told the Guardian the claims were overblown. The $130tn figure refers to the assets the firms have under management, only a small proportion of which – about a third – will be devoted to low-carbon investments in the crucial next decade, when emissions must be halved to keep temperatures from rising by more than 1.5C above pre-industrial levels.

Simon Youel of the Positive Money campaign group said: “Banks may be preparing to scale up investment in ‘green’ activities, but this announcement says nothing about financial firms’ investments in new fossil fuel projects. States must introduce restrictions against new fossil fuel investments if we are to have a chance of keeping 1C alive.”

Sunak has been accused of blocking green measures and is said to oppose the net zero agenda within government. He barely mentioned the climate in his recent comprehensive spending review, his budgets have contained few green measures and many high-carbon policies, and his speech in Glasgow is virtually the first time he has acknowledged Cop26.

Sam Alvis, head of economy at the Green Alliance thinktank, said: “It is definite progress that the chancellor has got the Treasury on the pitch at Cop26. But trillions of dollars are still flowing to fossil fuels every day and voluntary measures have not got us far enough. To keep the 1.5C target alive, governments will need to regulate companies not just to publish transition plans but have strict criteria with legal bite on their credibility and pace.”

Given the failure of wealthy nations to live up to their finance promises, diplomats from other parts of the world have turned the credibility tables on the donors.
The foreign secretary of India, Harsh Vardhan Shringla said it was time for rich nations to face the same credibility checks on finance that developing countries are expected to accept on emissions cuts.

“There are a lot of commitments that are made, but not seen through,” he said. “The pressure on climate action should be equal to the pressure on climate finance. It is not enough just to set the targets, there also needs to be a means to deliver. There should be tangible timelines, tangible monitoring.”

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Tems, Wizkid bag wins at BET Awards 2022 (Full list of winners)

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Tems, Wizkid bag wins at BET Awards 2022 (Full list of winners)

Nigerian music superstars, Tems and Wizkid bagged impressive wins at the recently concluded Black Entertainment Television (BET) Awards ceremony on Monday, June 27.

On the eventful night that took place at the Microsoft Theatre, Los Angeles, Tems whose real name is Temilade Openiyi went home with two awards.

First, Tems and Wizkid alongside Canadian recording artiste, Justin Bieber received an award for ‘Best Collaboration’ for the song, ‘Essence’; with the win, ‘Essence’ has emerged as the first African song to win a BET award and Wizkid becomes the first Nigerian and African to win an Award outside the Best International Acts category.

Moments later, Tems, emerged as the winner of the Best International Act.

The Nigerian singer, songwriter and record producer was nominated with other talented acts such as Fireboy, Dave from the UK, Dinos from France, Fally Ipupa from Congo, Little Simz from the UK, Ludmilla from Brazil, Major League Djz from South Africa, and Tayc from France.

Tems also made history at the 2022 BET awards when she became the first African female to win the Best International Category.

With her win at the 2022 BET awards, Tems joins Ice Prince, Wizkid, Davido, and Burna Boy as Nigerians who have won the BET Awards.

Watch the moment she received her award below.

In addition to the usual honors, Diddy was presented with the Lifetime Achievement Award. He joins Whitney Houston, Prince, Queen Latifah, Anita Baker, Mary J. Blige, Samuel Jackson, and many more in receiving the honor.

Check out the full list of winners below.

BEST FEMALE R&B/POP ARTIST

Jazmine Sullivan — WINNER

BEST MALE R&B/POP ARTIST

The Weeknd – WINNER

BEST GROUP


Silk Sonic (Bruno Mars and Anderson .Paak) – WINNER

BEST COLLABORATION

Wizkid f. Justin Bieber & Tems – “Essence” – WINNER

BEST FEMALE HIP HOP ARTIST

Megan Thee Stallion – WINNER

BEST MALE HIP HOP ARTIST

Kendrick Lamar – WINNER

VIDEO OF THE YEAR

Silk Sonic (Bruno Mars & Anderson .Paak) – “Smokin Out The Window” – WINNER

VIDEO DIRECTOR OF THE YEAR

Anderson .Paak – WINNER

BEST NEW ARTIST

Latto — WINNER

ALBUM OF THE YEAR

Silk Sonic (Bruno Mars & Anderson .Paak) – An Evening with Silk Sonic – WINNER

DR. BOBBY JONES BEST GOSPEL/INSPIRATIONAL AWARD

Lil Baby X Kirk Franklin – “We Win” – WINNER

BET HER

Mary J. Blige – “Good Morning Gorgeous” – WINNER

BEST INTERNATIONAL ACT

Tems (Nigeria) – WINNER

BEST MOVIE

King Richard – WINNER

BEST ACTOR

Will Smith – “King Richard” – WINNER

BEST ACTRESS

Zendaya – “Euphoria” / “Spider-Man: No Way Home” – WINNER

YOUNGSTARS AWARD

Marsai Martin — WINNER

SPORTSWOMAN OF THE YEAR AWARD

Naomi Osaka – WINNER

SPORTSMAN OF THE YEAR AWARD

Stephen Curry – WINNER

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BREAKING: Justice Tanko Muhammad Resigns As CJN

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BREAKING: Justice Tanko Muhammad Resigns As CJN

The Chief Justice of Nigeria (CJN), Justice Tanko Muhammad, has resigned, Channels Television learned on Monday.

Sources told Channels Television that Justice Muhammad resigned on Sunday night, citing ill-health as the reason for his decision.

Information also has it that arrangements are ongoing to swear in the next most senior justice of the Supreme Court, Justice Olukayode Ariwoola, as the acting Chief Justice of Nigeria.

According to reports, a formal announcement will be made shortly.

Until his resignation, reports had it that Justice Muhammad was seriously ill.

Last week, 14 justices of the Supreme Court had written him a letter to lament the decrepit state of affairs in the apex court.

In the leaked letter, the Justices accused the CJN of refusing to address the issues despite drawing his attention to them.

They complained of a lack of residential accommodation and vehicles at the court.

The justices further accused the CJN of gallivanting with his “spouse, children and personal staff,” while not allowing them to travel with an assistant on foreign trips.

The justices decried the lack of legal research assistants, despite the magnitude of cases being adjudicated.

On erratic electricity supply, the justices said they have been confined to work between the “hours of 8 a.m and 4 p.m daily, for lack of diesel,” after they were notified of the development by the Supreme Court’s Chief Registrar, Hajo Bello.

Meanwhile, Justice Tanko Muhammed did not attend the opening of the training for Judges on Alternative Dispute Resolution organized by the National Judicial Institute, amidst reports of resignation.

Although no Supreme Court Justice is present at the event.

Training of Judges by the Institute is usually declared open by the CJN or any of his representatives. however, the Administrator of the Institute, Justice Garba has opened the session.

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2023: I’m Still Searching For My Running Mate – Tinubu

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2023: I’m Still Searching For My Running Mate – Tinubu

Ahead of the 2023 general election, the presidential candidate of the All Progressives Congress (APC), Bola Tinubu, on Sunday said he is still searching for his running mate.

He stated this in Abuja while delivering his keynote address at the 60th birthday celebration of the Speaker of the House of Representatives, Hon Femi Gbajabiamila. The ex-Lagos Governor also heaped praises on the Speaker for his contributions to his political ambition of becoming Nigeria’s President and democracy, while extolling the virtues of his Deputy, Hon Idris Wase, for being a dependable ally.

“I could see a Deputy (Wase) sitting down there too, you are very good symbols of unity, dependability, and honesty, thank you. Thank you for both of you, you’ve not rocked the boat. I will need to learn from both of you, how you made the pair work because I’m still searching for my running mate,” Tinubu said.

“What you did during my primary (APC presidential election) is a story for another day. I’ve spent more time, too many times and people might be bored, they might be envious too, they might be jealous. I won a landslide, I thank you.

“Femi, with your determination, and reach, you are a contributor to our democratic growth, thank you. It is about charting a path to success, you’ve done a good job and I say thank you, thank you.”

Also speaking, President Muhammadu Buhari described Gbajabiamila as a team player and a skillful parliamentarian.

A file photo of APC preisdential candidate, Bola Tinubu.

Buhari, who was represented by his Chief of Staff, Prof Ibrahim Gambari, said the Speaker is one who looks beyond differences for the benefit of all.

“For him what matters is not so much the party differences but what unites Nigerians and that is why he is a passionate advocate for a peaceful democracy and unity of Nigeria. And no amount of parliamentary maneuvers or differences between parties would deviate him from this,” he said.

“He introduced the term legislative diplomacy. When there were issues between Nigerian and Ghanaian traders, he went to Accra and met with his colleagues and tried to resolve the issue.

“Mr President is very proud of the fact that he did not need to interfere in how the National Assembly runs because he had trust in the capacity in the leadership of the Senate and House of Representatives and therefore he feels that with capable hands in both chambers of the NASS there is no need to interfere.

“It is also a fact that under the Speaker and leader of the Senate, there is no automatic opposition and antagonism to the executive. The role of the legislature is not to be antagonistic as a matter of routine, but to be partners for good governance for the people of Nigeria. They are working together to make Nigeria better.”

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