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COP28 President addresses historic first Board meeting for the Loss and Damage Fund, urging Parties to build on progress with a fully functioning fund that delivers lasting, positive, socio-economic impact
ABU DHABI, UAE, April 30, 2024 /PRNewswire/ — COP28 President Dr. Sultan Al Jaber today addressed the ‘First Meeting of the Board of the Fund for responding to loss and damage’ and urged Parties to “build on progress” and deliver “lasting, positive, socio-economic impact” to help the most vulnerable to climate change.
During his address, Dr. Al Jaber said that while delivering an agreement to operationalize the Fund at COP28 was a “huge breakthrough for climate progress” more needs to be done.
The COP28 President said: “Let’s make sure we build on that progress with a fully functioning fund. A Fund that is endorsed at COP29 in Baku, a Fund that is disbursing funds soon after and a Fund that delivers lasting, positive, socio-economic impact for decades to come.”
Loss and damage was first put on the COP agenda in 1991 and that “while it took over three decades to establish this Fund, climate change has not stood still. Every region of the world is now vulnerable…the impacts of climate change are a clear and present danger to lives and livelihoods everywhere.”
H.E Abdulla Balalaa, the Assistant Minister of Foreign Affairs for Energy and Sustainability and the UAE representative on the Board, said: “Parties made history on the first day of COP28 by operationalizing the funding arrangements and Fund for loss and damage after 30 years. This outcome reflected global solidarity among all Parties to support developing countries that are particularly vulnerable. The Board plays an important role in delivering on this mandate in an ambitious manner. We must leave this first meeting with strong foundations and an outcome we can all be proud of.”
The agreement to operationalize and capitalize the Fund, which will assist developing countries who are particularly vulnerable to the adverse effects of climate change, was passed on the first day of COP28 – the first time such a substantive decision had been made on the first day of a COP.
A total of US$792 million has been pledged for loss and damage funding arrangements – of which US$662 million has been pledged to the Fund to date – including US$100 million from the UAE.
“That was a good start. It is not enough,” Dr. Al Jaber said. “I call on all Parties who can to come forward with concrete commitments. Let’s make this Fund robust, Let’s make this Fund efficient.”
The Fund “should help real people in vulnerable communities to recover from climate impacts,” he stated. “It should build back those communities better, stronger and with more resilience. And it should improve lives and livelihoods for the long term.”
“Along with the UAE Consensus, the decision on loss and damage was a huge breakthrough for climate progress,” Dr. Al Jaber declared and “set a new pace in climate action” with support for loss and damage having been on the COP agenda since 1991.
Last year’s decision to implement the Fund followed a series of transitional committee meetings in the run up to COP28, including Transitional Committee Five, which was hosted in Abu Dhabi after preceding meetings had reached an impasse.
LONDON, May 21, 2024 /PRNewswire/ — Day 1 of the London Blockchain Conference kicks off today with world-renowned marketing and business entrepreneur and professor Scott Galloway taking the stage.
Tech influencer Lilly Douse will also host this year’s conference. She will bring her top hosting skills and unique perspective on blockchain and AI technology to the event.
But that’s not all; attendees can also check out Scott Zoldi, Chief Analyst Officer, Fico, who spoke about establishing trust in AL and Blockchain.
This is an opportunity to gain exclusive insights from influential voices in business, technology and blockchain. One can take advantage of these sessions to explore blockchain’s potential to drive business success.
Please register here to attend or listen to any of the sessions today.
About the London Blockchain Conference
NETWORK. LEARN. ENGAGE.
At the London Blockchain Conference, we show how Blockchain will change the world and help people see another way to manage data, build scalable on-chain solutions and achieve great things. We do this by creating valuable, insightful, and engaging events that educate and inform, allowing you to connect and network to build strong business relationships. Our conference is the best avenue to see blockchain innovations, ecosystem announcements, product launches, technology updates, keynote speeches, panels, and fireside chats from blockchain leaders. Join us and experience it for yourself.
View original content:https://www.prnewswire.co.uk/news-releases/day-1-news-alert-london-blockchain-conference-2024-302151055.html
Spanish banking giant Santander and payment services firm Iberpay have been selected as the inaugural participants in the One-Leg Out (OLO) Instant Credit Transfer (OCT Inst) scheme, led by the European Payments Council (EPC).
The OCT Inst scheme aims to establish the necessary frameworks and processes to facilitate international account-to-account (A2A) payments across various currencies. It marks the first initiative by the EPC to support transactions where only one payment service provider operates within the geographical scope of the Single Euro Payments Area (SEPA), and it commenced operations last November.
As the first participants, Iberpay will function as the clearing and settlement mechanism (CSM), facilitated through Santander, for OCT Inst transactions. Iberpay has been entrusted with the role of OCT Inst Processor, responsible for providing the infrastructure and services essential for processing international cross-currency instant transfers under the scheme.
The pair have successfully conducted the first international instant transfers through OCT Inst this month. Full service adoption among banks in Spain is scheduled for October, with additional banks expected to connect to Iberpay’s service in the coming months.
Juan Luis Encinas, CEO at Iberpay, expressed that the firm’s involvement in the scheme will empower its banking partners to introduce “new innovative services, enhance the customer experience, and maintain a high level of competitiveness.” The company aims to improve international cross-currency payments in terms of processing speed, 24×7 operation, information transparency, accessibility, and cost reduction.
Giorgio Andreoli, Director General of the EPC, emphasized that OCT Inst will provide “a multilateral scheme-based approach in a multilateral world.”
In the meantime, the EPC is inviting stakeholders interested in the evolution of the OCT Inst scheme to participate in its public consultation, which concludes on 9 June.
Source: fintechfutures.com
The post Santander and Iberpay in Spain join EPC’s OCT Inst scheme as inaugural participants appeared first on HIPTHER Alerts.
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Cyber insurtech BOXX partners with Zurich Insurance Group in Switzerland to introduce breakthrough personal cyber product
TORONTO, May 21, 2024 /PRNewswire/ — Award-winning global Insurtech BOXX Insurance Inc. that combines cyber insurance and security has announced the launch of a cutting-edge cyber risk solution in collaboration with Zurich Insurance Group in Switzerland, providing digital protection for individuals and families.
Recognizing the critical need for comprehensive protection against digital threats Zurich Insurance in Switzerland has partnered with technology partner BOXX Insurance to develop a user-friendly solution designed to help individuals and families better predict and prevent potential scams and digital threats.
Designed for simplicity, the app’s personalized experience puts users’ digital safety front and centre, featuring an easy-to-use interface designed by Zurich Insurance in Switzerland and developed by BOXX in close collaboration with Zurich. The App is now available in Switzerland offering support in English, German, French and Italian.
“We created this to give individuals and families what they want – an app that delivers an essential bundle of tools at users fingertips including access to experts in the event of a cyber emergency,” explained Vishal Kundi, CEO and Founder, BOXX Insurance. “Smartphones have become the fastest-selling gadgets in history. They have penetrated every aspect of daily life. The average person picks their phone up to 100 times a day so if we want to make their world a digitally safer place, we have to ensure their phone and their usage is better secured,” Kundi added.
“An extensive research conducted by Zurich Insurance in Switzerland showed that many are not aware of online dangers and that around a quarter have already been victims of a cyber-attack. In addition, customers are simply overwhelmed with the range of cyber products,” says René Harlacher, Chief Underwriting Officer of Zurich Insurance in Switzerland. “At Zurich, it’s our mission to go beyond mere protection, and also offer our customers tools to help them build resilience and implement preventative measures against cyber risks. Based on these facts, we are expanding our cyber offering for private individuals so that we can provide them with support before, during and after a possible cyber-attack. This is exactly where our joint offering with BOXX Insurance comes in, as a way to lend additional support to our customers,” he adds.
The newly launched solution by Zurich Insurance in Switzerland focuses on providing essential services to help prevent digital threats combined with emergency assistance and support in case of an emergency. Delivered to end customers by Zurich, key features include:
- Identity Protection: Identifies if personal data captured in the app shows up on the dark web and notifies users, providing help and advice to reduce threats of identity theft.
- Secure VPN: By creating a secure and encrypted internet connection the VPN protects data from potential threats such as hacking, identity theft, and phishing attacks.
- Secure WiFi: Scans WiFi networks for threats and helps proactively detect security issues.
- Safe Browsing: Warns against harmful websites and links to protect privacy and personal data.
- Device Protection: Checks and improves the security settings of devices. Devices with the Android operating system are additionally protected against viruses and malware.
- Password Manager: Creates and manages strong passwords and assists with their use.
- Edutainment: Educational content in an entertaining way to raise awareness of personal cyber security.
- Emergency Support and Assistance: Help and assistance from cyber security experts to provide support in cyber emergencies and for many other IT-related problems.
The new offering is available here: https://www.zurich.ch/en/private-customers/living-events/cyberprotection/insurance-prevention
“From providing protection from the dangers of being connected at home and on the go, customers now have the means to keep their devices and data secure and have access to indispensable help in an emergency, all in one easy-to-use app,” Kundi added.
Zurich has been working with BOXX since 2021 and participated in BOXX’s Series A and Series B funding rounds. As a Zurich Global Ventures portfolio company, BOXX is proud to now extend the ongoing collaboration with Zurich to enable Swiss customers to be digitally safer.
About BOXX Insurance
BOXX Insurance Inc. helps businesses, individuals and families insure and defend against cyber threats. Privately-held with headquarters in Canada, BOXX has global offices in Toronto, Miami, Zurich, Dubai and Mumbai.
BOXX Insurance is an award-winning global cyber protection and insurance provider. We’re not a typical company. That’s by design. We’re serious about making the world a digitally safer place; creating real, positive changes for our clients and partners, and building a lasting legacy, from what we create, inside the BOXX.
Every day we’re improving the digital health of businesses, families and individuals around the world who rely on BOXX’s solutions and services to predict, prevent and insure them against cyber threats.
Media Contact: Sarah Madden, [email protected]
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