Global Multilateral Development Banks (MDBs) have reported that in 2022, they committed new record of $60.7 billion to climate finance in low-income and middle-income economies, representing an increase of 46% compared to 2019 investments. A new joint report by the MDBs indicated that out of the amount, $38.0 billion, or 63% was committed to climate […]
Heads of multilateral development banks (MDBs) at the just concluded IMF/World Bank Annual Meetings in Morocco pledged to strengthen their individual and collaborative actions to accelerate inclusive socioeconomic development. Specifically, to achieve a greater impact, the DMBs agreed to explore innovations to scale up financing capacity, boost climate action, strengthen co-financing and catalyse private sector […]
The World Economic Forum has canvassed the need for countries globally, particularly the developing ones to improve public sector involvement in climate change mitigation in order to achieve growth. The Forum, in its just published ‘May 2023 Chief Economist Outlook’, highlighted the need for developing economies to drive progress on major national and global challenges, […]
The African Development Bank, (AfDB) has expressed concern that Africa may lose as much as 12% of its current Gross Domestic Product (GDP) value by year 2100 if the current trends in climate finance flows into Africa remained sustained. The development finance institution, in a statement issued on Friday as its governors gathered in Egypt […]
Nigeria’s Vice President, Prof. Yemi Osinbajo, has said that the Federal Government will need over $410 billion to successfully implement its Energy Transition Plan 2060, a roadmap to tackle the dual crises of energy poverty and climate change The Senior Special Assistant, Media & Publicity, to the Vice President, Laolu Akande, in a statement on […]
The Centre for the Study of Economies in Africa (CSEA) has charged the federal and state governments on the need to ensure that borrowed funds are utilized for capital projects with great value-addition potential for the nation’s sustainable development. The economic research think-tank gave the charge in its ‘Nigeria Economic Update Issue 37’ sourced by […]