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World Bank doubles investment 2 combat climate change.

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The World Bank Group has announced plans to double its investments in the fight against climate change to around 200 billion dollars for more than five years.

“Climate change is an existential threat to the world’s poorest and most vulnerable. These new targets demonstrate how seriously we are taking this issue,” World Bank Group President, Jim Yong Kim said.



The investments, announced in a statement released Monday, will apply to the investment period for 2021-2025, which would support countries in their efforts to take “ambitious climate action.”

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The funds would be allocated for countries “to build better adapted homes, schools and infrastructure, and invest in climate smart agriculture, sustainable water management and responsive social safety nets,” said World Bank Chief Executive, Kristalina Georgieva.

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The announcement from the World Bank comes just before the opening of a UN climate conference in Katowice in Poland.

For two weeks, the delegates will focus on fleshing out the rules for financing and implementing the 2015 Paris agreement.

The Paris pact provides an outline for countries working together to limit the Earth’s warming to between 1.5 and 2 degrees Celsius.

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Business

Aliexpress Unite Deals With Kenyans.

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Kenya’s mobile operating firm Safaricom, has secured a deal with China’s largest e-commerce company.



The deal will enable Kenyan shoppers to buy goods on the Aliexpress.com site, run by Chinese e-commerce giant Alibaba Group, using Kenya’s M-Pesa mobile payment service for online shopping.

“This obviously then opens up a lot more opportunity because today customers on this platforms are limited by, you must have a credit card to be able to pay.

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M-Pesa was launched in 2007 to offer Kenyans without bank accounts a network to transfer cash via mobile phones. It now offers a range of payment services, loans and savings to more than 21 million people in the country.

Now we will actually be able to, you will now be actually able to pay for the product or service that you are buying using M-Pesa, and you pay for it in Kenya shillings currency,” said Sylvia Mulinge, Safaricom’s Chief Customer Officer.

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Business

Nigeria lost $16bn to production sharing contracts —NEITI.

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The Nigeria Extractive Industries Transparency Initiative said that Nigeria lost at least $16 billion in ten years due to non-review of the 1993 Production Sharing Contracts with oil companies.

This was one of the highlights of the latest report by NEITI released in Abuja Sunday. It was tagged “The Steep Cost of Inaction”

It said that the losses were recorded between 2008 and 2017.



The study done in conjunction with Open Oil, a Berlin-based extractive sector transparency group, found that the losses could be up to $28 billion if, after the review, the federation were allowed to share profit from two additional licenses.

NEITI, therefore, called for an urgent review of the PSCs to stem the huge revenue losses to the federation.

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It added that the review was particularly important for Nigeria because oil production from PSCs had surpassed production from Joint Ventures with PSCs now contributing the largest share to federation revenue.

“Between 1998 and 2005, total production by PSC companies was below 100 million barrels per year while JV companies produced over 650 million barrels per year.

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“By 2017, total production by PSC companies was 305.800 million barrels, which was 44.32 per cent of total production.

“Total production by JV companies was 212.850 million barrels, representing 30.84 per cent of total production.” It said.

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