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Joint Statement on Climate Action between President of Kenya, H.E. William Samoei Ruto, COP28 President-Designate Dr. Sultan Al Jaber, H.E. and African Union Commission Chair Moussa Faki Mahamat
CILPA, Kenia, Sept. 4, 2023 /PRNewswire/ — As we prepare for the Africa Climate Summit, we, H.E. President of Kenya William Samoei Ruto, COP28 President-Designate Dr. Sultan Al Jaber and African Union Commission Chair Moussa Faki Mahamat affirm our commitment to work towards realizing ambitious climate action in this critical year of the Global Stocktake.
Africa is a continent brimming with promise. It is blessed with abundant renewable energy potential that is waiting to be tapped. Africa’s 1.4 billion people represent 17% of the world’s population,60% of which are under the age of 25 making it the youngest population in the world. It is also the home to 5 of the 10 fastest growing economies in the world.
But despite accounting for less than 3% of the world’s energy-related carbon dioxide emissions to date and having the lowest emissions per capita of any region, Africa is also home to many of the most climate vulnerable countries.
As we commence the Africa Climate Summit in Nairobi and with 87 days to COP28 in the UAE, the actions we take now will be crucial to building the necessary adaptive capacities as well as keeping 1.5C within reach.
Both the Africa Climate Summit and COP28 are significant milestones towards realizing our common priority to accelerate a just, equitable, and orderly energy transition that puts our economies on a path toward a new low-carbon, high-growth, sustainable socio-economic model, supported by substantially scaled up climate finance.
We welcome the Africa Climate Summit platforming critical perspectives, solutions, and priorities in our collective fight against climate change. This is a crucial step towards catalyzing climate action by Africa and for Africa.
It is our shared conviction that COP28 must accelerate practical action across mitigation and adaptation and build an inclusive climate process focusing on people, lives, and livelihoods that leaves no one behind.
The time for implementation is here. The African Union, Kenya and COP28 Presidency affirm that Africa’s governments and peoples can play a fundamental role in delivering effective solutions that implement the goals of the Paris Agreement across the entire climate agenda.
We must ensure that climate finance is more available, affordable, and accessible to all developing countries, including those in Africa, and that international investment and support is massively scaled up to enable commitments to be turned into actions across the continent.
Furthermore, it is vital that we restore trust in the multilateral process if we are to achieve progress. Developed countries must deliver on their historical commitments, including the $100 billion of annual climate finance, doubling adaptation finance and ensuring a strong replenishment of the Green Climate Fund.
The Africa Climate Summit and COP28 are key steppingstones towards building a new climate finance architecture that is inclusive, brings more private finance to the table, and operates at the scale required for developing countries to adapt and mitigate.
The Africa Climate Summit and COP28 must also work towards strengthening mitigation efforts by advancing momentum for the significant reduction of greenhouse gas emissions and providing a credible path to a just, responsible and orderly energy transition.
On a continent where 43% of the population lacks access to electricity, clean and efficient energy offers an opportunity to supercharge Africa’s economic growth while improving lives and livelihoods. Tripling global renewable energy capacity and doubling the rate of energy efficiency improvements will be critical to achieving net zero by mid-century and keeping 1.5C within reach.
The Africa Climate Summit and COP28 are also committed to ensuring that the human face of the climate crisis is at the center of all our decision making. Our efforts are focused on advancing a credible response to climate change that builds resilience and limits impacts on lives and livelihoods through clear and tangible outcomes on adaptation and loss and damage. This includes operationalizing the loss and damage fund and funding arrangements at COP28. We have to make every effort to realize the promise made at COP27 in Egypt, including early capitalization of the fund.
Building momentum towards a comprehensive and robust framework for the Global Goal on Adaptation at COP28 is an important step toward deeper collective action on adaptation, effective adaptation finance, and protecting the most impacted populations and ecosystems. If we deliver a Goal that lives up to the task parties set themselves in Paris, it will reduce climate vulnerability for people and communities.
Adaptation finance is an essential part of implementation. Adaptation finance represents less than 10 per cent of all climate finance and this imbalance must be urgently addressed.
A comprehensive systems change is also essential to have lasting impact. Both the Africa Climate Summit and COP28 are focusing on the need for transforming food and health systems and embedding nature and biodiversity protection with climate action in pursuit of this objective.
Finally, acknowledging the vital role of youth in shaping our collective future is at the heart of both our respective agendas. We look forward to the voices of many young people shaping the outcomes of the Africa Climate Summit and COP28.
We welcome Africa’s leadership and commitment in our collective fight against climate change and we call on all stakeholders to engage constructively in finding and driving solutions. Africa has the potential to be a global trailblazer for the energy transition, green industrialization, and delivering sustainable economic development, and the Africa Climate Summit will be a landmark moment in that journey.
We must now work towards showcasing our collective political will—in Kenya and in the UAE—towards tackling the climate crisis. Every moment matters and every action takes us further. Now, more than ever, we must all unite, act, and deliver.
Notes to Editors – COP28 UAE:
- COP28 UAE will take place at Expo City Dubai from November 30-December 12, 2023. The Conference is expected to convene over 70,000 participants, including heads of state, government officials, international industry leaders, private sector representatives, academics, experts, youth, and non-state actors.
- As mandated by the Paris Climate Agreement, COP28 UAE will deliver the first ever Global Stocktake – a comprehensive evaluation of progress against climate goals.
- The UAE will lead a process for all parties to agree upon a clear roadmap to accelerate progress through a pragmatic global energy transition and a “leave no one behind” approach to inclusive climate action.”
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China Ping An Insurance Overseas (Holdings) Limited Raised Fund of USD 850 Million for Overseas Private Equity Investing
HONG KONG, Oct. 18, 2024 /PRNewswire/ — China Ping An Insurance Overseas (Holdings) Limited, the main offshore investment and asset management platform of Ping An Insurance (Group) Company of China, Ltd. (2318.HK, 601318.SH), together with its subsidiaries (“PAOH” or “Ping An“), announces the successful closing of its third vintage of private equity fund program (the “Fund”).
The Fund is a continuation of PAOH’s dedicated investment program focusing on the overseas private equity market. It comprises a well-diversified portfolio of top-tier buyout and growth managers in North America and Europe which was invested by Ping An and was transferred to the Fund as a secondary transaction. The Fund also includes a mandate that will invest in co-investment opportunities sourced from Ping An’s extensive network of global GP relationships.
The Fund received a total capital commitment of USD 850 million from a group of global investors, led by AlpInvest Partners (“AlpInvest”) and Montana Capital Partners (“mcp”). GIC, which previously anchored a predecessor private equity fund managed by PAOH with mcp, has participated in the Fund as well. PAOH and other investors are also limited partners in the Fund.
Hoi Tung, Chairman and CEO of PAOH, commented: “We are delighted to see the successful closing of our third fund vintage. We are particularly grateful for the support of our existing investors, GIC and mcp, as well as the trust of AlpInvest and other limited partners. This is a great vote of confidence and recognition in our investment capability, track record and operational governance. We look forward to capturing more compelling investment opportunities in the global market for our prestigious partners.”
Dr. Christoph Jäckel, Managing Partner of mcp, said: “We are honored to deepen our long-standing relationship with Ping An by structuring another customized and complex carve-out transaction. This secondary investment opportunity is a great showcase for mcp’s ability to add value for our investors by providing exposure to high-quality private equity assets in unique ways through direct negotiations.”
Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC, noted: “GIC is pleased to extend our relationship with Ping An, along with AlpInvest and Montana Capital, through another secondary transaction following the success of our prior commitment. Ping An has continued to invest with well-regarded managers, creating another compelling opportunity for GIC.”
Wendy Zhu, Managing Director at AlpInvest Partners said, “We are excited to partner with PAOH in identifying and building out a high quality global private equity portfolio managed by our selected global private equity managers. We look forward to the collaboration between our firms and to support PAOH in building an industry-leading asset management franchise.”
View original content:https://www.prnewswire.co.uk/news-releases/china-ping-an-insurance-overseas-holdings-limited-raised-fund-of-usd-850-million-for-overseas-private-equity-investing-302280227.html
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Novuna Business Finance Research: Small business growth forecasts at two-year peak – as confidence accelerates in the North and Midlands
LONDON, Oct. 18, 2024 /PRNewswire/ — The percentage of UK small business predicting growth for the final three-months of 2024 remains at the two-year high of last quarter (35%) – with significant upturns in growth forecasts across the North, the Midlands and among younger businesses – according to new research from Novuna Business Finance.
The quarterly tracking research from Novuna, now in its tenth year, goes beyond an attitudinal snapshot of business confidence and instead tracks the percentage of business owners that forecast actual business growth each quarter. The last quarterly cycle of Novuna research, conducted immediately after July’s General Election, revealed a two-year high for the percentage of enterprises that predicted growth (35%). The new Q4 figures – 35% again – suggest this summer bounce-back was not a flash in the plan but could be the start of a new, sustainable, period of growth outlook for UK small businesses.
The Novuna Business Finance study indicates that, since the General Election, the Quarter-on-Quarter upturns in small business growth forecasts are happening in the North and the Midlands, rather than the South East or South West. In the North East, small business growth forecasts have jumped from 19% to 36% since the eve of the General Election. Novuna’s research noted similar rises in the North West (up from 23% to 34%), the East Midlands (27% to 37%) and West Midlands (up from 29% to 40%). Conversely, whilst growth outlook is usually disproportionately strong in Central London (57%), small business growth outlook has become subdued in the South East and South West, with no meaningful seasonal rises for Q4 (35% and 23% respectively).
In addition to evidence of resurgent small business confidence in the North and Midlands, younger businesses (those trading for less than five years) have seen growth forecasts improve over four consecutive quarters during 2024. In contrast, among older businesses (those trading for more than 20 years), growth outlook has fallen this year. The smaller size and digital agility of younger businesses has, perhaps, made them more able to adapt to change this year.
Jo Morris Head of Insight at Novuna Business Finance comments: “Whilst there is a lot of speculation on what lies ahead for businesses in the Autumn Budget, the last four months have been a period of relative positivity and consistency for UK small businesses. For the last two consecutive quarters, 35% of small business owners have told us they forecast growth, which represents a marked upturn from 30% before July – and the years between Covid and the cost-of-living crisis, which was a period stagnation in terms of small business growth forecasts.
“As the Government pledges to create equity of opportunity more broadly across the UK, it is noteworthy from our data that small business growth is on the rise across the Midlands and the North. There are challenges ahead this autumn, as eyes turn to the Autumn Budget and the economic ramifications of the US Presidential election result, but UK small businesses go into Q4 in their most buoyant mood for two years – and we at Novuna Business Finance will be supporting mature businesses to help them invest in future growth initiatives and to realise their full potential.”
View original content:https://www.prnewswire.co.uk/news-releases/novuna-business-finance-research-small-business-growth-forecasts-at-two-year-peak–as-confidence-accelerates-in-the-north-and-midlands-302279656.html
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Enabling Regenerative Agriculture for Independent Smallholders in Indonesia: The BIPOSC Project, in Collaboration with Musim Mas, L3F, SNV Indonesia, and ICRAF
JAKARTA, Indonesia, Oct. 18, 2024 /PRNewswire/ — Musim Mas Group, the Livelihoods Fund for Family Farming (L3F), SNV Indonesia, and World Agroforestry (ICRAF) are collaborating to improve the knowledge and capacity of independent oil palm smallholders through the Biodiverse & Inclusive Palm Oil Supply Chain (BIPOSC) project.
The project began in 2021 and takes a long-term approach to sustain a deforestation-free supply chain, regenerate degraded land, restore local biodiversity, and improve the livelihoods of independent smallholder farmers in Labuhanbatu, North Sumatra. BIPOSC will achieve this through implementing regenerative agriculture, locally adapted agroforestry models, capacity-building for sustainable businesses, and others.
The independent palm smallholders taking part previously received complementary training from Musim Mas. Following the training, these smallholders formed a smallholder’s association, Labuhanbatu Independent Oil Palm Smallholders Association (APSKS LB), North Sumatra. Musim Mas encourages smallholders to form associations to get better access to resources and obtain certification by the Roundtable on Sustainable Palm Oil (RSPO) and Indonesian Sustainable Palm Oil (ISPO).
“Musim Mas has long saw that smallholders are key to achieving palm oil sustainability, and that’s why we lead Indonesia’s most extensive smallholder program. We believe that the way forward is to collaborate with more partners to achieve a wider impact. With our BIPOSC partners, we hope to advance the skills and knowledge of smallholders through regenerative agriculture and related techniques. Regenerative agriculture and agroforestry have the potential to help smallholders be part of a sustainable palm oil supply chain. It could help them develop alternative sources of income, especially during the replanting period where their palm oil crops are unproductive, typically for three years,” said Rob Nicholls, General Manager, Projects & Programs, Musim Mas Group.
In the face of climate change and threatened biodiversity, regenerative agriculture can play a role for small farms because it maintains soil health, prevents erosion and water runoff, and can potentially reduce greenhouse gas emissions and nitrogen leakage.
“As a global development partner organization, SNV aims to support Indonesia in achieving its Sustainable Development Goals (SDGs). To achieve this, we need to implement effective and impactful programs to transform agricultural and food systems, energy, and water. In the BIPOSC program, we promote a comprehensive regenerative agriculture and agroforestry model to maintain soil fertility and biodiversity, providing maximum benefits for farmers’ livelihoods and economy,” said Rizki Pandu Permana, Country Director of SNV Indonesia.
The key regenerative agriculture techniques taught include the application of bio-input, mulching to protect topsoil, planting cover crops, integrated pest management that reduces the need for chemical pesticides, and application of compost that reduces the amount of chemical fertilizers needed. To date, 1,032 independent smallholders received training and implement these techniques on their farms, representing a total land with a total area of 1,063.68 hectares. The project trained 25 village facilitators to provide hands-on assistance to smallholders, and seven demo plots established as pilot areas and learning facilities for regenerative agriculture.
“When I visited palm oil smallholders a few years ago in the area, their biggest concern was access to more fertilizers. While fertilizers play a key role in boosting yields, there was a noticeable gap in understanding how to protect the soil from long-term degradation. Smallholders needed more knowledge about maintaining soil health, preserving soil structure, and other critical factors. This is exactly what the BIPOSC project aimed to address, and we’re pleased to see that the farmers involved are now reporting not only higher yields but also healthier soils on their plots,” said Bernard Giraud, President & Co-Founder, Livelihoods.
The projectalso looks into capacity-building. In addition to home composting, the project enabled the local farmer association, APSKS LB, to develop and manage a composting unit with a capacity of 100-150 tons/month. Producing compost at scale with inputs from nearby mills and farmer plots, the unit offers compost to member farmers at half of typical market prices. In 2023, its first year of operation, the unit produced 588 tons of compost, and generated a profit of IDR 421 million. The project partners believe it is a model that can be replicated elsewhere.
“One of the most impactful outcomes of this project for smallholders is the Composting Unit as the business model around it. It enables smallholders to obtain compost affordably, and the profits are shared among member farmers. This is a practical solution to promote the adoption of composting, and all ASPKS-LB smallholders are now using compost in their plots,” said Syahrianto, Chairman of the Labuanbatu Independent Oil Palm Smallholders Association.
As of 2023, independent smallholders manage about 41% of oil palm planted areas in Indonesia, representing 6.94 million hectares. This figure is expected to increase to 60% by 2030, making projects like BIPOSC critical in shaping the future of sustainable palm oil production.
Devane Sharma
[email protected]
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