Metro

World leaders converge in Egypt for UN COP27 to discuss climate change

Published

2 years ago

November 7, 2022

Several world leaders on Monday, converged in Cairo, the capital of Egypt for the commencement of the United Nations COP27 Climate Summit, to begin talks on the “need to deepen cuts in emissions and financially back developing countries already devastated by the effects of rising temperatures.”

The COP27 summit which is holding in the Red Sea Resort of Sharm el-Sheikh, is coming at a time nations worldwide are facing increasingly intense natural disasters that have taken thousands of lives this year alone and cost billions of dollars.

At the opening ceremony on Sunday, UN officials urged governments around the world to “keep up efforts to combat climate change despite economic crises linked to the Russia-Ukraine war, coupled with an energy crunch, soaring inflation and the persistent Covid-19 pandemic.”

Around 110 Heads of State and government are expected to participate in two days of talks, with the notable absence of Chinese leader Xi Jinping, whose country is the world’s top emitter of greenhouse gases.

US President Joe Biden will join COP27 later this week after midterm elections on Tuesday, while Brazil’s newly elected President, Luiz Inacio Lula da Silva, is expected to attend the summit, with hopes high that he will protect the South American Amazon from deforestation.

British Prime Minister Rishi Sunak, who had earlier said he would not be part of the summit, reversed his decision and is due to be part of the talks after urging countries to move “further and faster” in transitioning away from fossil fuels.

At the summit, rich nations will be expected to set a timetable for the delivery of $100 billion per year to help developing countries green their economies and build resilience against future climate change.

Click to comment

Metro

World Bank pledges $3b to support Zambia’s development goals

Published

5 hours ago

November 14, 2024

Isaac Dachen

The World Bank Group has pledged to avail Zambia with approximately $3 billion to support the country’s development goals under the new Country Partnership Framework (CPF) for 2025-2029, with nearly half of the funds already disbursed.

World Bank Country Manager, Achim Fock, who made this known at the CPF launch at the Mulungushi Conference Centre in Lusaka on Wednesday, outlined the global lender’s focus areas, which included enhancing jobs, human capital, and climate resilience.

Fock highlighted that $200 million had been approved to strengthen Zambia’s social protection programs, including the Refugee and Host Community Project.

He also expressed optimism for upcoming approvals, including the Climate and Economic Resilience Financing and the Zambia-Tanzania Interconnector.

Zambia’s Finance and National Planning Minister, Situmbeko Musokotwane, who also spoke at the event, noted that 2.3 million Zambian households have so far benefited from social protection interventions such as the Cash for Work Programme, emphasizing the government’s commitment to safeguarding lives amid crises like the recent drought.

Musokotwane further reiterated the government’s commitment to protecting lives during times of crises such as the recent drought.

“More than two thirds of the Zambian population was affected by the drought. It was the government’s view that the first priority was to save lives,” Musokotwane stated.

Metro

Chinese mining giant CNMC set for $1.6 billion investment in Zambia

Published

1 day ago

November 13, 2024

Isaac Dachen

A Chinese mining giant, China Nonferrous Metal Mining Company (CNMC), has announced the investment of over $1.6 billion in Zambia, following successful discussions with President Hakainde Hichilema at the State House on Tuesday.

CNMC Chairman and Chief Executive Officer, Wen Gang, who held the discussions with Hichilema along with the Chinese Ambassador to Zambia, Han Jing, confirmed the company’s commitment to furthering Zambia’s economic development.

“We are actively investing in critical sectors of Zambia’s economy,” Gang said after the meeting.

He noted that CNMC was currently pumping water from Shaft 28 at Luanshya Copper Mine, where 29.9 million cubic liters have been cleared as part of intensified dewatering efforts, adding that the company plans to inject an additional $200 million to develop a greenfield mine on the Copperbelt.

President Hichilema who welcomed CNMC’s commitment, highlighted the potential economic impact of the firm’s investment which will include job opportunities for Zambians.

“This $1.6billion investment, alongside advanced technology and expansion, will extend operations and create more jobs and opportunities for Zambians, especially in mining contracting and supply,” the President said.

He also expressed gratitude to Chinese President Xi Jinping and the Chinese government for their shared commitment to fostering growth and cooperation between the two countries.