A draft of a potential climate deal at the COP28 Summit on Monday suggested a range of measures countries could take to slash greenhouse gas emissions, but omitted the “phase out” of fossil fuels many nations have demanded – drawing criticism from the U.S., EU and climate-vulnerable countries. Reuters reports that the draft has set the […]
President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has disclosed that Africa accounts for just three percent of the total $25.3 trillion global trade with most of the economies highly vulnerable to commodity price volatility. Adesina, who made remark while speaking on sustainable trade and energy mix at the Sustainable Trade Africa Conference […]
Swiss Re, one of the world’s largest reinsurers, in its latest research analysis has projected that natural catastrophes would surpass recent years’ losses, as a high frequency of low single-digit billion-dollar loss events take insurance and reinsurance industry losses above the $100 billion mark for the fourth consecutive year. A news report on Thursday from […]
Italy has made a new commitment of €5 million to Africa’s sustainable energy future through the Sustainable Energy Fund for Africa (SEFA) Special Fund. A news report from African Press Organisation (APO) Group circulated on behalf of African Development Bank Group (AfDB) quoted the Italian Deputy Minister of Environment and Energy Security, Vannia Gava, as announcing […]
German Chancellor, Olaf Scholz, has pledged his country’s $4.4 billion support for Africa-European Green Energy Initiative at the ongoing G20 Compact with Africa Investment Summit in Berlin, Germany. The Chancellor said that the funding would cover the initiative through 2030 with his country importing a significant portion of its green hydrogen from African countries. Scholz […]
A new research report from Fitch Ratings has reflected the growing vulnerability of European insurers to weather-related losses, primarily attributed to reinsurers reducing coverage against medium-sized natural catastrophe risks. The trend, which commenced in 2022, is exemplified by results from the Italian non-life market, demonstrating a notable impact on profitability following reinsurance cutbacks. According a […]
The Nigeria Sovereign Investment Authority (NSIA) has launched a $500m Renewables Investment Platform for Limitless Energy (RIPLE) as part of its commitment to boosting the nation’s power generation and supply on a sustainable basis in the years ahead, Specifically, the initiative aims at the development, investment, and operation of renewable energy projects across the entire […]
As 2024 fast approaches, analysts at investment bank, Morgan Stanley, currently don’t see any sign of headwinds to affect reinsurance pricing for the renewals and into the next year, with capital supply remaining balanced in the sector. A news report from Artemis.bm, an online medium, quotes the investment bank analysts as saying that results seen […]
The National Agency for Science and Engineering Infrastructure (NASENI) and the Federal Ministry of Agriculture and Food Security have commenced discussions on how to deploy existing technical competencies and other resources by the two institutions to improve agro allied-industries’ development targets, climate change mitigation and smart solar irrigation aimed at dry-season farming in the country. […]
The Head of Property & Casualty Reinsurance SID at Swiss Re, Victor Kuk, has highlighted the escalating crisis of natural catastrophes in Asia, with over 30% of the global nat cat events in 2022 occurring in the continent, causing staggering economic losses. The industry expert was quoted by Reinsurance News during an interview as expressing […]