World Bank to mobilize $10 toward climate action for every $1 received in grant money

Makhtar Diop, managing director of the International Finance Corporation, said that the world doesn’t have a problem of resources but a problem of managing those resources. (Twitter: @DXBMediaOffice)
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Updated 13 February 2023
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World Bank to mobilize $10 toward climate action for every $1 received in grant money

  • $1tn per year will be needed to exert energy transition in several countries, says International Finance Corporation managing director

DUBAI: For every $1 in grant money that the World Bank receives, it will mobilize $10 of its capital to invest in climate action, Makhtar Diop, managing director of the International Finance Corporation, told the World Government Summit on Monday.

“If we manage to have a bit more of investment of grant money, then we will be able to multiply investment significantly,” Diop told CNN’s Becky Anderson in a session titled “Investing in a sustainable future: the role of climate finance.”

Anderson said the climate crisis is one of the most pressing issues of our time.

“Mobilizing private capital alongside private policy is absolutely critical to transforming the world economy and putting us on a path to net zero by 2050. To reach that goal… as much as $9 trillion in investment is needed, every year. That’s one estimate. If you are more conservative, you might say it’s $6 or $7 (trillion), but that’s an awful lot of money, and 60 percent of those investment needs are in emerging markets. These markets are frankly starved of capital,” she said.

When asked about the funding gap for emerging markets and what should be done about it, Diop said: “The world doesn’t have a problem of resources but a problem of managing those resources to make sure we are using renewable energy…We also have a problem of managing the existing liquidity in the world and directing it to productive investment.”

Diop said it is estimated that $1 trillion per year will be needed to exert energy transition in many countries. What is missing, he explained, is a bankable project and liability for the private sector to assess the risk properly.

There are many factors, such as natural disasters and wars, that are rendering it difficult for investors to make decisions.

Diop said there is a need to de-risk those investments, which is what the IFC is trying to do by implementing a mechanism whereby bankable projects are brought together under one platform to simplify procedures.

Diop revealed that he is signing with the Abu Dhabi Development Fund an agreement to create a platform of $1.5 billion where both parties will co-invest in emerging countries around energy transition.

“Today, when we talk about green hydrogen, which is a new source of energy, it is mainly located in developing countries where you have the sun and hydro (power) in quantity,” said Diop.

These countries, he explained, “could become (exporters) of energy and (contribute) to the global public goods solution.”

Diop revealed that the World Bank Group is discussing an “evolution roadmap” to determine what more can be done to support energy transition and help countries fight climate change.

“This is a conversation that will require mobilizing more money because part of the resources of the WB Group are raised on the capital market and…not grant money,” he said.

What is needed, he explained, is certain technology that is currently expensive or the ability to invest in areas that are considered riskier in order to obtain more grant money.


Israel says it’s moving toward Lebanon ceasefire

Updated 17 sec ago
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Israel says it’s moving toward Lebanon ceasefire

  • Axios said Israel and Lebanon had agreed to the terms of a deal
  • Israel’s security cabinet was expected to approve deal on Tuesday

JERUSALEM/BEIRUT: Israel is moving toward a ceasefire in the war with Hezbollah but there are still issues to address, its government said on Monday, while two senior Lebanese officials voiced guarded optimism of a deal soon even as Israeli strikes pounded Lebanon.
Axios, citing an unnamed senior US official, said Israel and Lebanon had agreed to the terms of a deal, and that Israel’s security cabinet was expected to approve the deal on Tuesday.
Israel’s ambassador to the United Nations, Danny Danon, said of a ceasefire: “We haven’t finalized it yet, but we are moving forward.” Asked for comment, Israeli Prime Minister Benjamin Netanyahu’s office said it had nothing to say about the report.
Hostilities have intensified in parallel with the diplomatic flurry: Over the weekend, Israel carried out powerful airstrikes, one of which killed at least 29 people in central Beirut — while the Iran-backed Hezbollah unleashed one of its biggest rocket salvoes yet on Sunday, firing 250 missiles.
In Beirut, Israeli airstrikes levelled more of the Hezbollah-controlled southern suburbs on Monday, sending clouds of debris billowing over the Lebanese capital.
Efforts to clinch a truce appeared to advance last week when US mediator Amos Hochstein declared significant progress after talks in Beirut before holding meetings in Israel and then returning to Washington.
“We are moving in the direction toward a deal, but there are still some issues to address,” Israeli government spokesperson David Mencer said, without elaborating.
Michael Herzog, the Israeli ambassador in Washington, told Israel’s GLZ radio an agreement was close and “it could happen within days ... We just need to close the last corners,” according to a post on X by GLZ senior anchorman Efi Triger.
In Beirut, Deputy Parliament Speaker Elias Bou Saab said a decisive moment was approaching and expressed cautious optimism. “The balance is slightly tilted toward there being (an agreement), but by a very small degree, because a person like Netanyahu cannot be trusted,” he said in a news conference.
A second senior Lebanese official, speaking on condition of anonymity, said Beirut had not received any new Israeli demands from US mediators, who were describing the atmosphere as positive and saying “things are in progress.”
The official told Reuters a ceasefire could be clinched this week.
The conflict between Israel and Hezbollah spiralled into full-scale war in September when Israel went on the offensive, pounding wide areas of Lebanon with airstrikes and sending troops into the south.
Israel has dealt major blows to Hezbollah, killing its leader Sayyed Hassan Nasrallah and other top commanders and inflicting massive destruction in areas of Lebanon where the group holds sway.
Diplomacy has focused on restoring a ceasefire based on UN Security Council Resolution 1701, which ended a 2006 Hezbollah-Israel war. It requires Hezbollah to pull its fighters back around 30 km (19 miles) from the Israeli border.

ENFORCEMENT
Israeli Foreign Minister Gideon Saar said the test for any agreement would be in the enforcement of two main points.
“The first is preventing Hezbollah from moving southward beyond the Litani (River), and the second, preventing Hezbollah from rebuilding its force and rearming in all of Lebanon,” Saar said in broadcast remarks to the Israeli parliament.
Far-right National Security Minister Itamar Ben-Gvir said Israel must press on with the war until “absolute victory.” Addressing Netanyahu on X, he said “it is not too late to stop this agreement!“
But Agriculture Minister Avi Dichter said Israel should reach an agreement in Lebanon. “If we say ‘no’ to Hezbollah being south of the Litani, we mean it,” he told journalists.
Hezbollah leader Sheikh Naim Qassem said last week that the group had reviewed and given feedback on the US ceasefire proposal, and any truce was now in Israel’s hands.
Branded a terrorist group by the United States, the heavily armed, Shiite Muslim Hezbollah has endorsed Parliament Speaker Nabih Berri of the Shiite Amal movement to negotiate.
Israel says its aim is to secure the return home of tens of thousands of people evacuated from its north due to rocket attacks by Hezbollah, which opened fire in support of Hamas at the start of the Gaza war in October 2023.
Israel’s offensive has forced more than 1 million people from their homes in Lebanon.
Diplomacy has focused on restoring a ceasefire based on UN Security Council Resolution 1701, which ended a 2006 Hezbollah-Israel war. It requires Hezbollah to pull its fighters back around 30 km (19 miles) from the Israeli border, and the regular Lebanese army to deploy into the frontier region.

 

 


Egypt says 17 missing after Red Sea tourist boat capsizes

Updated 42 min 22 sec ago
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Egypt says 17 missing after Red Sea tourist boat capsizes

  • Governor Amr Hanafi said that some survivors were rescued by an aircraft, while others were transported to safety aboard a warship

CAIRO: Egyptian authorities said 17 people including British nationals and other foreigners were missing after a tourist yacht capsized off the country’s Red Sea coast on Monday, with 28 others rescued.
The vessel, which was carrying 31 tourists of various nationalities and a 14-member crew, sent out a distress call at 5:30 am (0330 GMT), said a statement from Egypt’s Red Sea governorate.
An AFP tally confirmed that tourists involved in the incident include nationals from the UK, China, Finland, Poland and Spain.
The “Sea Story” embarked on Sunday on a multi-day diving trip from Port Ghalib near Marsa Alam in the southeast, and had been due to dock on Friday at the town of Hurghada, 200 kilometers (124 miles) north.
Governor Amr Hanafi said that some survivors were rescued by an aircraft, while others were transported to safety aboard a warship.
“Intensive search operations are underway in coordination with the navy and the armed forces,” Hanafi added in a statement.
Authorities have not confirmed the nationalities of the tourists.
Beijing’s embassy in Egypt said two of its nationals were “in good health” after being “rescued in the cruise ship sinking accident in the Red Sea,” Chinese state media reported.
The Finnish foreign ministry confirmed to AFP that one of its nationals is missing.
Polish foreign ministry spokesman Pawel Wronski said authorities “have information that two of the tourists may have had Polish citizenship.”
“That’s all we know about them. That’s all we can say for now,” he told national news agency PAP.The Red Sea governor’s office did not immediately respond to AFP’s request for comment about the possible cause of the accident.
According to a manager of a diving resort close to the rescue operation, one surviving crew member said they were “hit by a wave in the middle of the night, throwing the vessel on its side.”
Authorities in the Red Sea capital of Hurghada on Sunday shut down marine activities and the city’s port due to “bad weather conditions.”
But winds around Marsa Alam had remained favorable until Sunday night, the diving manager told AFP, before calming again by morning.
By Monday afternoon, it became increasingly “unlikely that the 17 missing would be rescued after 12 hours in the water,” he said, requesting anonymity because he was not authorized to speak to the media.
The Marsa Alam area saw at least two similar boat accidents earlier this year but there were no fatalities.
The Red Sea coast is a major tourist destination in Egypt, a country of 105 million that is in the grip of a serious economic crisis. Nationally, the tourism sector employs two million people and generates more than 10 percent of GDP.
Dozens of dive boats criss-cross between coral reefs and islands off Egypt’s eastern coast every day, where safety regulations are robust but unevenly enforced.
Earlier this month, 30 people were rescued from a sinking dive boat near the Red Sea’s Daedalus reef.
In June, two dozen French tourists were evacuated safely before their boat sank in a similar accident.
Last year, three British tourists died when a fire broke out on their yacht, engulfing it in flames.


Israel says it’s moving toward Lebanon ceasefire

Updated 25 November 2024
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Israel says it’s moving toward Lebanon ceasefire

  • Israel’s ambassador to the United Nations, Danny Danon, said of a ceasefire: “We haven’t finalized it yet, but we are moving forward”

JERUSALEM/BEIRUT: Israel is moving toward a ceasefire in the war with Hezbollah but there are still issues to address, its government said on Monday, while two senior Lebanese officials voiced guarded optimism of a deal soon even as Israeli strikes pounded Lebanon.
Axios, citing an unnamed senior US official, said Israel and Lebanon had agreed to the terms of a deal, and that Israel’s security cabinet was expected to approve the deal on Tuesday.
Israel’s ambassador to the United Nations, Danny Danon, said of a ceasefire: “We haven’t finalized it yet, but we are moving forward.” Asked for comment, Israeli Prime Minister Benjamin Netanyahu’s office said it had nothing to say about the report.
Hostilities have intensified in parallel with the diplomatic flurry: Over the weekend, Israel carried out powerful airstrikes, one of which killed at least 29 people in central Beirut — while the Iran-backed Hezbollah unleashed one of its biggest rocket salvoes yet on Sunday, firing 250 missiles.
In Beirut, Israeli airstrikes levelled more of the Hezbollah-controlled southern suburbs on Monday, sending clouds of debris billowing over the Lebanese capital.
Efforts to clinch a truce appeared to advance last week when US mediator Amos Hochstein declared significant progress after talks in Beirut before holding meetings in Israel and then returning to Washington.
“We are moving in the direction toward a deal, but there are still some issues to address,” Israeli government spokesperson David Mencer said, without elaborating.
Michael Herzog, the Israeli ambassador in Washington, told Israel’s GLZ radio an agreement was close and “it could happen within days ... We just need to close the last corners,” according to a post on X by GLZ senior anchorman Efi Triger.
In Beirut, Deputy Parliament Speaker Elias Bou Saab said a decisive moment was approaching and expressed cautious optimism. “The balance is slightly tilted toward there being (an agreement), but by a very small degree, because a person like Netanyahu cannot be trusted,” he said in a news conference.
A second senior Lebanese official, speaking on condition of anonymity, said Beirut had not received any new Israeli demands from US mediators, who were describing the atmosphere as positive and saying “things are in progress.”
The official told Reuters a ceasefire could be clinched this week.
The conflict between Israel and Hezbollah spiralled into full-scale war in September when Israel went on the offensive, pounding wide areas of Lebanon with airstrikes and sending troops into the south.
Israel has dealt major blows to Hezbollah, killing its leader Sayyed Hassan Nasrallah and other top commanders and inflicting massive destruction in areas of Lebanon where the group holds sway.
Diplomacy has focused on restoring a ceasefire based on UN Security Council Resolution 1701, which ended a 2006 Hezbollah-Israel war. It requires Hezbollah to pull its fighters back around 30 km (19 miles) from the Israeli border.

ENFORCEMENT
Israeli Foreign Minister Gideon Saar said the test for any agreement would be in the enforcement of two main points.
“The first is preventing Hezbollah from moving southward beyond the Litani (River), and the second, preventing Hezbollah from rebuilding its force and rearming in all of Lebanon,” Saar said in broadcast remarks to the Israeli parliament.
Far-right National Security Minister Itamar Ben-Gvir said Israel must press on with the war until “absolute victory.” Addressing Netanyahu on X, he said “it is not too late to stop this agreement!“
But Agriculture Minister Avi Dichter said Israel should reach an agreement in Lebanon. “If we say ‘no’ to Hezbollah being south of the Litani, we mean it,” he told journalists.
Hezbollah leader Sheikh Naim Qassem said last week that the group had reviewed and given feedback on the US ceasefire proposal, and any truce was now in Israel’s hands.
Branded a terrorist group by the United States, the heavily armed, Shiite Muslim Hezbollah has endorsed Parliament Speaker Nabih Berri of the Shiite Amal movement to negotiate.
Israel says its aim is to secure the return home of tens of thousands of people evacuated from its north due to rocket attacks by Hezbollah, which opened fire in support of Hamas at the start of the Gaza war in October 2023.
Israel’s offensive has forced more than 1 million people from their homes in Lebanon.
Diplomacy has focused on restoring a ceasefire based on UN Security Council Resolution 1701, which ended a 2006 Hezbollah-Israel war. It requires Hezbollah to pull its fighters back around 30 km (19 miles) from the Israeli border, and the regular Lebanese army to deploy into the frontier region.


Arrest Warrant: UK would follow ‘due process’ if Netanyahu were to visit – foreign minister

Updated 25 November 2024
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Arrest Warrant: UK would follow ‘due process’ if Netanyahu were to visit – foreign minister

  • ICC issued arrest warrants on Thursday against Israeli PM Benjamin Netanyahu
  • Several EU states have said they will meet commitments under the statute if needed

FIUGGI: Britain would follow due process if Benjamin Netanyahu visited the UK, foreign minister David Lammy said on Monday, when asked if London would fulfil the International Criminal Court’s arrest warrant against the Israeli prime minister.
“We are signatories to the Rome Statute, we have always been committed to our obligations under international law and international humanitarian law,” Lammy told reporters at a G7 meeting in Italy.
“Of course, if there were to be such a visit to the UK, there would be a court process and due process would be followed in relation to those issues.”
The ICC issued the warrants on Thursday against Israeli Prime Minister Benjamin Netanyahu, his former defense minister Yoav Gallant, and Hamas leader Ibrahim Al-Masri for alleged crimes against humanity.
Several EU states have said they will meet their commitments under the statute if needed, but Hungarian Prime Minister Viktor Orban has invited Netanyahu to visit his country, assuring him he would face no risks if he did so.
“The states that signed the Rome convention must implement the court’s decision. It’s not optional,” Josep Borrell, the EU’s top diplomat, said during a visit to Cyprus for a workshop of Israeli and Palestinian peace activists.
Those same obligations were also binding on countries aspiring to join the EU, he said.

 

 


Turkiye man kills seven before taking his own life

Updated 25 November 2024
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Turkiye man kills seven before taking his own life

Istanbul: A 33-year-old Turkish man shot dead seven people in Istanbul on Sunday, including his parents, his wife and his 10-year-old son, before taking his own life, the authorities reported on Monday.
The man, who was found dead in his car shortly after the shooting, is also accused of wounding two other family members, one of them seriously, the Istanbul governor’s office said in a statement.
The authorities, who had put the death toll at four on Sunday evening, announced on Monday the discovery near a lake on Istanbul’s European shore of the bodies of the killer’s wife and son, as well as the lifeless body of his mother-in-law.
According to the Small Arms Survey (SAS), a Swiss research program, over 13.2 million firearms are in circulation in Turkiye, most of them illegally, for a population of around 85 million.