Day: November 8, 2021

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MADISON REALTY CAPITAL AND NEWBOND HOLDINGS LAUNCH HOSPITALITY LENDING PLATFORM WITH INVESTING CAPACITY OF $500M

Strategic Partnership to Originate and Purchase Hospitality Loans Across All Major US Markets as Madison Newbond

NEW YORK, Nov. 08, 2021 (GLOBE NEWSWIRE) — Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, and Newbond Holdings (Newbond), a vertically integrated real estate investment and operating platform founded by Neil Luthra and Vann Avedisian, today announced the launch of Madison Newbond, an institutional lending platform that will provide first mortgages, mezzanine loans and preferred equity to hotel owners and developers nationwide.  The partnership launched with approximately $500 million of initial lending capacity and will add scale in line with the opportunity.

Madison Newbond will build on Madison Realty Capital’s institutional lending platform and deep relationships as well as Newbond’s hospitality industry expertise and strong operational knowledge. The partnership will offer unique financing programs to new and existing borrowers across the hospitality spectrum from limited-service hotels to ultra-luxury resorts and will target opportunities including transitional lending and ground up developments across major metropolitan markets.

“The hospitality industry has experienced significant disruption throughout the pandemic and there is a clear need for creative and flexible lending solutions for hotel owners as they continue to recover from the changes to their business plans,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. “We are enthusiastic about joining forces with Newbond to expand our product offering tailored to meet the evolving needs of hospitality real estate owners and operators.”

“We are excited to launch this partnership with Madison Realty Capital, a firm with a world-class lending platform, and a team that we are deeply familiar with, to provide a wide range of lending options to the hospitality market,” said Neil Luthra, Founding Partner at Newbond. “Madison’s substantial resources coupled with Newbond’s extensive hotel underwriting capabilities will best position the platform to identify and capitalize on exciting opportunities in the hospitality space.”

Madison Realty Capital and the principals of Newbond have significant experience lending and investing in the hospitality sector.  The principals of Newbond have completed over $15 billion of debt and equity investments.  Notable recent Madison Realty Capital transactions include a $105 million loan to Fort Partners for the acquisition and modernization of the Four Seasons Hotel Miami and a $210 million loan to Fort Partners for the construction of the Four Seasons Hotel and Private Residences Fort Lauderdale.

For any financing inquiries or to request additional information about the Madison Newbond platform, please contact Andrew Fichte, a partner at Newbond, at afichte@newbond.com and Josh Zegen, at josh@madisonrealtycapital.com.

About Madison Realty Capital 

Madison Realty Capital is a vertically integrated real estate private equity firm that manages approximately $6.7 billion in total assets on behalf of an institutional global investor base. Since 2004, Madison Realty Capital has completed more than $16 billion in transactions in the U.S. providing reputable borrowers with flexible and highly customized financing solutions, strong underwriting capabilities, and certainty of execution. Headquartered in New York City, with an office in Los Angeles, the firm has over 60 employees across all real estate investment, development, and property management disciplines. Madison Realty Capital has been frequently named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as a top construction lender, among other industry recognitions. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.

About Newbond Holdings 

Newbond Holdings, founded by Neil Luthra and Vann Avedisian in 2021, is a real estate investment and operating platform focused on debt and equity investments across multiple real estate product types with a hospitality focus as well as investments in related operating businesses and technology platforms.  The partners at Newbond have completed over $15 billion of debt and equity transactions.  As a vertically integrated operating and investment platform, Newbond is uniquely positioned to create significant value beyond the typical investment process through creative structuring, operations and the development of single and multiple asset brands.

Attachments

For Madison Realty Capital: Nathaniel Garnick/Grace Cartwright
Gasthalter & Co.
(212) 257-4170
madisonrealty@gasthalter.com

For Newbond: Eric Waters
Great Ink Communications, Ltd.
212-741-2977
Eric.Waters@greatink.com

Tom Nolan
Great Ink Communications, Ltd.
212-741-2977
Tom@greatink.com
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At 2021 Grand Challenges Annual Meeting, Bill & Melinda Gates Foundation Announces Initiatives to Support Cutting-Edge Science in Low- and Middle-Income Countries and Help End the COVID Crisis

The foundation commits initial $50 million towards a new 10-year program and awards science leadership fellowships to 14 African scientists

SEATTLE, Nov. 8, 2021 /PRNewswire/ — Today at the 17th Grand Challenges Annual Meeting, the Bill & Melinda Gates Foundation announced an initial commitment of $50 million to support science and innovation in low- and middle-income countries. The Grand Challenges Global Call to Action is a 10-year initiative that will prioritize grants to scientists from low- and middle-income countries and support a balanced representation of women principal investigators.

This long-term initiative is designed to ensure scientists and institutions in low- and middle-income countries play a central role in shaping the global R&D agenda and developing solutions that can better meet the needs of their communities. Initial focus areas will include data science, such as mathematical modeling to inform national malaria control programs; digital health services for pregnant women; and innovations to close gaps identified by current programs for eliminating neglected tropical diseases.

“We need the ideas and leadership of the people who are closest to the global health challenges we’re working to address,” said Mark Suzman, CEO of the Bill & Melinda Gates Foundation. “The Grand Challenges Global Call to Action represents our commitment to advance innovation and equity while strengthening local partners in a sustainable way.”

At the annual meeting, which takes place November 8-11, the foundation will also launch the Global Immunology and Immune Sequencing for Epidemic Response (GIISER) program, which works to ensure scientists have the capacity to rapidly detect if new SARS-CoV-2 variants in their communities show signs of evading immune response. This will allow national and regional stakeholders to respond appropriately and develop products that meet the specific needs of their geographies. GIISER will operate as a decentralized network of autonomous and geographically distinct hubs that are able to connect local pathogen sequencing data and clinical epidemiology with local immunological understanding and tools. As part of this program, the foundation will provide $7 million over two years to investigative teams in eight countries (South Africa, Senegal, Nigeria, Ghana, Kenya, Uganda, Brazil, and India) to expand their existing immunological capacity.

To further support scientists who are developing the innovations needed to end the pandemic and address urgent global health priorities, the foundation will announce the first cohort of the Calestous Juma Science Leadership Fellowship program on the second day of the meeting (November 9). Named after the late Calestous Juma, one of the world’s foremost visionaries in African-led science, the fellowship was launched at last year’s annual meeting to support the next generation of scientific leaders in Africa. The inaugural cohort includes 14 fellows from eight African countries—eight women and six men—who are leading projects that range from computational drug discovery to molecular epidemiology. Each fellow will receive up to $1 million over five years.

The Grand Challenges Annual Meeting is a global forum for researchers around the world to share their work, learn about cutting-edge advances in the field, and collaborate with other investigators and organizations. As the COVID-19 pandemic continues to drive inequity across the globe, this year’s meeting will focus on strengthening scientific collaborations to end the pandemic everywhere and promoting an inclusive recovery.

The 2021 fully virtual meeting is hosted by Global Grand Challenges partners and co-sponsored by Grand Challenges Canada, the United States Agency for International Development (USAID), Wellcome, the Bill & Melinda Gates Medical Research Institute (Gates MRI), and the Bill & Melinda Gates Foundation. Speakers at this year’s meeting include:

  • Anthony Fauci, Director, National Institute of Allergy and Infectious Diseases
  • Jason S. McLellan, Professor and Robert A. Welch Chair in Chemistry, University of Texas at Austin
  • Matshidiso Moeti, Regional Director for Africa, World Health Organization
  • John Nkengasong, Director, Africa Centres for Disease Control and Prevention
  • Melanie Saville, Director of Vaccine Research and Development, Coalition for Epidemic Preparedness Innovations

The event will feature dozens of leaders from across the global health innovation landscape, as well as Gates Foundation leadership, including Bill Gates (Co-Chair & Trustee); Melinda French Gates (Co-Chair & Trustee); Mark Suzman (Chief Executive Officer); and Trevor Mundel (President, Global Health Division). The sessions will be posted shortly after the meeting at grandchallenges.org/annual-meeting.

About Grand Challenges

The Bill & Melinda Gates Foundation recognizes that solving the most pressing challenges in global health and development requires more of the world’s brightest minds working on them. The Grand Challenges family of initiatives seeks to engage innovators from around the world to solve these challenges. Grand Challenges initiatives are united by their focus on fostering innovation, directing research to where it will have the most impact, and serving those most in need. To learn more, please visit grandchallenges.org.

About the Bill & Melinda Gates Foundation

Guided by the belief that every life has equal value, the Bill & Melinda Gates Foundation works to help all people lead healthy, productive lives. In developing countries, it focuses on improving people’s health and giving them the chance to lift themselves out of hunger and extreme poverty. In the United States, it seeks to ensure that all people—especially those with the fewest resources—have access to the opportunities they need to succeed in school and life. Based in Seattle, Washington, the foundation is led by CEO Mark Suzman, under the direction of Bill Gates and Melinda French Gates.

Media contact: media@gatesfoundation.org

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À l’occasion de la réunion annuelle 2021 Grand Challenges, la Fondation Bill et Melinda Gates annonce des initiatives visant à soutenir la science de pointe dans les pays à revenu faible et intermédiaire et à contribuer à mettre fin à la crise du COVID

La fondation engage un montant initial de 50 millions de dollars dans un nouveau programme décennal et attribue des bourses de leadership scientifique à 14 scientifiques africains

SEATTLE, 8 novembre 2021 /PRNewswire/ — Aujourd’hui, lors de la 17e réunion annuelle de Grand Challenges, la Fondation Bill & Melinda Gates a annoncé un engagement initial de 50 millions de dollars pour soutenir la science et l’innovation dans les pays à revenu faible et intermédiaire. L’appel à action international Grand Challenges est une initiative de 10 ans qui donnera la priorité aux subventions accordées aux scientifiques des pays à revenu faible et intermédiaire et soutiendra une représentation équilibrée de femmes chercheurs principaux.

Cette initiative à long terme est conçue pour que les scientifiques et les institutions des pays à revenu faible et intermédiaire jouent un rôle central dans l’élaboration de l’agenda mondial de la R&D et dans le développement de solutions susceptibles de mieux répondre aux besoins de leurs communautés. Les domaines d’intérêt initiaux comprendront la science des données, comme la modélisation mathématique pour informer les programmes nationaux de lutte contre le paludisme, les services de santé numériques pour les femmes enceintes et les innovations pour combler les lacunes identifiées par les programmes actuels d’élimination des maladies tropicales négligées.

« Nous avons besoin des idées et du leadership des personnes qui sont les plus proches des défis de santé mondiaux que nous nous efforçons de relever », a déclaré Mark Suzman, PDG de la Fondation Bill & Melinda Gates. « L’appel à action international Grand Challenges représente notre engagement à faire progresser l’innovation et l’équité tout en renforçant les partenaires locaux de manière durable. »

Lors de la réunion annuelle, qui se déroulera du 8 au 11 novembre, la fondation lancera également le programme Global Immunology and Immune Sequencing for Epidemic Response (GIISER), qui vise à garantir que les scientifiques aient la capacité de détecter rapidement si les nouvelles variantes du SRAS-CoV-2 dans leurs communautés montrent des signes d’échapper à la réponse immunitaire. Cela permettra aux intervenants nationaux et régionaux de réagir de manière appropriée et de développer des produits qui répondent aux besoins spécifiques de leurs géographies. GIISER fonctionnera comme un réseau décentralisé de centres autonomes et géographiquement distincts, capables de relier les données de séquençage des agents pathogènes locaux et l’épidémiologie clinique aux connaissances et outils immunologiques locaux. Dans le cadre de ce programme, la fondation fournira 7 millions de dollars sur deux ans à des équipes de recherche dans huit pays (Afrique du Sud, Sénégal, Nigeria, Ghana, Kenya, Ouganda, Brésil et Inde) afin de développer leurs capacités immunologiques existantes.

Afin de soutenir davantage les scientifiques qui développent les innovations nécessaires pour mettre fin à la pandémie et répondre aux priorités urgentes en matière de santé mondiale, la fondation annoncera la première cohorte du programme Calestous Juma Science Leadership Fellowship le deuxième jour de la réunion (9 novembre). Nommé en l’honneur de Calestous Juma, l’un des plus grands visionnaires de la science conduite par l’Afrique, ce programme a été lancé lors de la réunion annuelle de l’année dernière pour soutenir la prochaine génération de leaders scientifiques en Afrique. La cohorte inaugurale comprend 14 boursiers de huit pays africains, huit femmes et six hommes, qui mènent des projets allant de la découverte informatique de médicaments à l’épidémiologie moléculaire. Chaque boursier recevra jusqu’à un million de dollars sur cinq ans.

La réunion annuelle Grand Challenges est un forum mondial permettant aux chercheurs du monde entier de partager leurs travaux, de s’informer des avancées les plus récentes dans le domaine et de collaborer avec d’autres chercheurs et organisations. Alors que la pandémie de COVID-19 continue d’engendrer des inégalités à travers le monde, la réunion de cette année se concentrera sur le renforcement des collaborations scientifiques pour mettre fin à la pandémie partout et promouvoir une reprise inclusive.

La réunion entièrement virtuelle de 2021 est organisée par les partenaires de Global Grand Challenges et coparrainée par Grand Challenges Canada, l’Agence des États-Unis pour le développement international (USAID), Wellcome, l’Institut de recherche médicale Bill & Melinda Gates (Gates MRI) et la Fondation Bill & Melinda Gates. Parmi les conférenciers de la réunion de cette année, citons :

  • Anthony Fauci, directeur, Institut national des allergies et des maladies infectieuses
  • Jason S. McLellan, professeur et titulaire de la chaire Robert A. Welch en chimie, Université du Texas à Austin
  • Matshidiso Moeti, directrice régionale pour l’Afrique, Organisation mondiale de la santé
  • John Nkengasong, directeur, Centres africains pour le contrôle et la prévention des maladies
  • Melanie Saville, directrice de la recherche et du développement des vaccins, Coalition pour les innovations en matière de préparation aux épidémies

L’événement réunira des dizaines de leaders du paysage mondial de l’innovation en matière de santé, ainsi que les dirigeants de la Fondation Gates, notamment Bill Gates (coprésident et administrateur), Melinda French Gates (coprésidente et administrateur), Mark Suzman (directeur général) et Trevor Mundel (président de la division Santé mondiale). Les sessions seront publiées peu après la réunion sur le site grandchallenges.org/annual-meeting.

À propos de Grand Challenges

La Fondation Bill & Melinda Gates reconnaît que la résolution des défis les plus urgents en matière de santé et de développement mondiaux exige qu’un plus grand nombre des esprits les plus brillants du monde y travaillent. La famille d’initiatives Grand Challengescherche à engager les innovateurs du monde entier à résoudre ces défis. Les initiatives Grand Challenges sont unies par leur volonté d’encourager l’innovation, de diriger la recherche là où elle aura le plus d’impact et de servir ceux qui en ont le plus besoin. Pour en savoir plus, veuillez consulter grandchallenges.org.

À propos de la Fondation Bill & Melinda Gates

Guidée par la conviction que chaque vie a une valeur égale, la Fondation Bill & Melinda Gates s’efforce d’aider tous les individus à mener une vie saine et productive. Dans les pays en développement, elle vise à améliorer la santé des populations et à leur donner la possibilité de se sortir de la faim et de l’extrême pauvreté. Aux États-Unis, elle cherche à faire en sorte que tous les individus, en particulier ceux qui ont le moins de ressources, aient accès aux opportunités dont ils ont besoin pour réussir à l’école et dans la vie. Basée à Seattle, dans l’État de Washington, la Fondation est dirigée par le PDG Mark Suzman, sous la direction de Bill Gates et de Melinda French Gates.

Contact pour les médias : media@gatesfoundation.org

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Boyden Sees Strong Growth in East Africa, focused on social impact, healthcare, education, private equity and high growth start-ups

Boyden hires new Partner Farah Esmail in East Africa, as client needs drive growth in leadership for multinationals, social impact, family and private equity-backed businesses

Farah Esmail

Partner, Boyden East Africa

NAIROBI, Kenya, Nov. 08, 2021 (GLOBE NEWSWIRE) — Boyden, a premier leadership and talent advisory firm with more than 75 offices in over 45 countries, welcomes new partner Farah Esmail as Boyden East Africa continues to provide exceptional leadership solutions and client service to social impact enterprises, family firms and hyper-growth, private equity-backed businesses.

“Boyden East Africa is culturally astute and demonstrates a deeply held commitment to the region’s social and economic progress,” commented Trina D. Gordon, President & CEO of Boyden. “We are delighted that Farah Esmail is joining the team as Boyden thrives on its work with trailblazing organisations in the region. She has magnetic energy in collaborative success, an impressive track record aligned with client needs and valuable experience in corporate governance”.

Boyden East Africa provides leadership solutions to multinationals, family businesses, social impact organisations and start-ups building innovative new models leveraging digital payment capabilities distinctive to the region. The team is uniquely connected to the Kenyan diaspora through its deep roots in East Africa and international engagement across Boyden’s global footprint.

Clients recognise the gold standard of Boyden East Africa. The team have a significant record of delivering results, for example for CDC Group, the UK’s development finance institution, enabling it to acquire a global expert in investment, deal execution and portfolio management. “I am delighted to see Boyden welcome Farah Esmail to its team. Farah Samanani’s keen sense for identifying excellent talent has supported CDC in shaping our dynamic East Africa team. Farah Esmail’s insight will enhance Boyden’s ability to match skilled and passionate leaders with businesses that play a key role in driving growth and impact throughout the region,” said Tenbite Ermias, Managing Director, Africa, CDC Group.

Farah Samanani

Managing Partner, Boyden East Africa

Boyden’s CEO track record includes a search for Copia Global, a leading retail goods and services m-commerce platform, built to serve 750 million middle- to low-income African consumers, even those who are remote, unbanked and unconnected. Through a network of 25,000 Copia Agents (local shops where orders can be made and delivered), Copia is able to serve over 1 million customers in Kenya and Uganda today and meet them where they are, online via a smartphone app or offline in person, whichever interface they prefer. “Boyden understood our leadership needs both as a start-up and as an organisation with a compelling future in m-commerce,” commented Tracey Turner, Founder & Chairman, Copia Global. “Farah Samanani enabled us to attract and acquire a global CEO with exceptional customer, retail and logistics experience. Tim Steel is focused on the low- to middle income customer and providing them with their everyday shopping needs. He has built a brand synonymous with quality and best in class customer service. He has also championed a life changing ecosystem between agents, customers and transport suppliers. We are delighted to have expanded into Uganda during the pandemic and look forward to further, customer-led growth.”

Farah Samanani, Managing Partner of Boyden East Africa said, “Boyden East Africa is in a sweet spot, with our skills and capabilities perfectly matched to the needs of clients in a fascinating business environment. Farah Esmail is an exceptional addition to our team, with strong consulting, corporate and board experience. Her personal drive and ethos have enabled her to achieve impressive social impact goals, including an innovative educational model in Kenya. Boyden East Africa will continue to support clients transforming people’s lives, as well as global investors seeking talent experts who understand these dynamic, complex markets.”

Farah Esmail will leverage her extensive experience with multinationals, most recently as Head of Kenya at Sirdar Group, as well as her affiliation with the Ibuka1 Program, a premier incubation and acceleration program run by the Nairobi Securities Exchange (NSE). Affiliation involved helping organisations in the Program to structure their businesses, enhance visibility and gain exposure to local and international investors.

During the very challenging business environment brought about by COVID-19, Boyden East Africa has continued to deliver the right leadership for clients, sourcing exceptional talent globally and recruiting them to the region. In the last two years, Boyden has placed exceptional professionals from Spain, Germany, USA and the Middle East, helping them relocate their families and take C-Suite leadership positions in highly innovative companies, focused on implementing uniquely African solutions using global best practice.

About Boyden

Boyden is a premier leadership and talent advisory firm with more than 75 offices in over 45 countries. Our global reach enables us to serve client needs anywhere they conduct business. We connect great companies with great leaders through executive search, interim management and leadership consulting solutions. Boyden is ranked amongst the top companies on Forbes’ Americas Best Executive Recruiting Firms for 2021. For further information, visit www.boyden.com.
______________________
1 ‘Ibuka’ is Swahili for ‘emerge’.

Contacts:

Chris Swee, Boyden
Global Head of Marketing
T: +1 914 747 0172
E: cswee@boyden.com		 Farah Samanani, Boyden
Managing Partner, East Africa
T: +254 791 242 192
E: fsamanani@boyden.com

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/67d9a8f5-ecb6-44e8-8147-b6eb8b7a2718
https://www.globenewswire.com/NewsRoom/AttachmentNg/4e7f1f88-30e2-438e-bab1-318ba10bad17

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Obama Says Not Enough Progress on Climate

 

Former U.S. President Barack Obama told the U.N. Climate Change Conference in Glasgow, Scotland, on Monday that world leaders at the summit “have not done nearly enough” to address the climate crisis.

Speaking during the second full week of the talks, known as COP26, Obama said that most nations failed to meet the commitments made in the 2015 Paris climate conference agreement and that the world is nowhere near where it needs to be in confronting climate change.

He said it was “particularly discouraging” that the leaders of China and Russia — two of the largest emitters — declined to attend the Glasgow conference, saying both nations have demonstrated what “appears to be a dangerous lack of urgency” on climate change.

China is the world’s biggest carbon emitter. In a statement to the conference last week, Chinese President Xi Jinping called on other nations to “step up cooperation” and act on climate targets. Xi, however, offered no new commitments.

Obama said advanced economies such as the United States and Europe need to lead on this issue, but so do China, Russia and India. “We can’t afford anybody on the sidelines,” he said.

He also argued it was essential to listen to people who objected to swift action on climate change.

“We actually have to listen to their objections and understand the reluctance of some ordinary people to see their countries move too fast on climate change. We have to understand their realities and work with them so that serious action on climate change doesn’t adversely impact them,” he said.

He added, “We’ve got to persuade the guy who has got to drive to his factory job every day, can’t afford a Tesla, and might not be able to pay the rent or feed his family if gas prices go up.”

The United States is the second-biggest greenhouse gas emitter after China.

Call to protest

More than 100,000 climate-action activists from across the world took to the streets of Glasgow on Saturday to express their frustration at what’s been agreed to so far at the COP26 climate talks.

As far as they’re concerned, the new pledges made during the summit — to cut carbon and methane emissions, end deforestation, phase out coal, and provide more financing for poorer countries most vulnerable to extreme weather — are just “eye candy,” falling far short of what’s needed to curb global warming.

Teenage climate activist Greta Thunberg, who was among the protesters, has described the two-week summit as more “blah blah blah” and called it a “failure.” She told clamorous youth protesters outside the venue that the conference has turned into “a global north greenwash festival.”

Others worry, though, that in the rush to make climate action pledges, Western governments may be going too fast with decarbonizing and risk losing the support of their own populations by failing to take into account the economic impact of the monumental shifts envisaged.

Opinion polls suggest that across the globe, overwhelming majorities of people see climate change as an emergency requiring dramatic action. But some polls in recent weeks have also suggested that when people are told what the costs to them may be to curb global warming, they are reluctant to shoulder the financial burden.

A survey in Britain published Sunday suggested that less than half of the British people were willing to pay thousands of pounds to make their homes greener to help meet net-zero emission goals outlined by Prime Minister Boris Johnson.

Those polled were asked their opinions on green policies to slash emissions both before and after hearing about the estimated upfront costs of insulating their homes and switching from natural gas boilers for heating to heat pumps. In the survey conducted for British think tank Onward by pollster JL Partners, 50% backed the idea of better insulation for homes, double glazing and switching to heat pumps. But when they were provided with the estimated cost of $11,000 per household, support trailed away, with just 26% agreeing.

“Millions of voters, broadly supportive of the ‘cleaner earth’ agenda, are wondering how much of the burden of transitioning to a low-carbon, low-emission economy will fall on them, when they’re already struggling to make ends meet,” economist and newspaper columnist Liam Halligan wrote Monday in The Telegraph.

Financing the switch

Key themes at the summit have included how to fund the transition away from fossil fuel dependency to renewable, sustainable energy and how to finance projects to make countries more resilient to extreme weather. The discussion about costs and how to share them between governments (via taxation), consumers, households and the private sector has also been featured.

Last week, major banks, investors and insurers pledged trillions in green funding in a coordinated commitment to incorporate carbon emissions into their investment and lending decisions.

The United Nations’ Glasgow Financial Alliance for Net Zero, made up of more than 450 financial institutions across 45 countries and managing assets valued at $130 trillion, has committed to its program to cut carbon emissions and fund investments needed for new greener technologies.

Unveiled last week by U.N. climate envoy Mark Carney, the funding can take the form of bank loans and investments by venture capitalists, private-equity firms, mutual funds, endowments, and other big investors that buy stocks and bonds. They would still earn profits while shifting funds toward investments that help reduce carbon emissions.

“These seemingly arcane but essential changes to the plumbing of finance can move and are moving climate changes from the fringes to the forefront and transforming the financial system in the process,” said Carney, a former head of the central banks of England and Canada. “The architecture of the global financial system has been transformed to deliver net zero,” Carney said.

“The gap between what governments have and what the world needs is large” to finance a global energy transition and reach the goal of net-zero emissions by 2050, U.S. Treasury Secretary Janet Yellen said in Glasgow after the announcement of the finance measures. “And the private sector needs to play a bigger role.”

Climate activists have decried the pledge, saying it is just another big promise that won’t be observed.

“Global leaders can no longer trust financial institutions to regulate themselves,” Veronica Oakeshott of Global Witness, an international nongovernmental organization, said in a statement.

Some industry analysts and economists say that the private sector plans are far from concrete, and that significant problems remain on how to measure the carbon footprint of investment portfolios and align those measurements across international financial markets. Of particular concern is how to verify the accuracy of what banks and investors report.

Others worry that financial firms are there to maximize profits for clients and shareholders and that they risk losing customers or breaching their fiduciary obligations if they fail to maintain good returns. It remains unclear at this stage how profitable green investments will be.

There are also worries that the fossil fuel sector will see further divestments by lenders and investors eager to reduce their carbon footprint, which will boost energy costs for consumers as global demand for natural gas and oil continues to rise. Fossil fuel investments are already insufficient to meet future energy demands.

That, in turn, has contributed to the current global energy crunch and record-high energy prices for households and businesses, say industry commentators.

 

 

 

Source: Voice of America

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Obama Speaks at COP26, Says Not Enough Progress on Climate

 

Former U.S. President Barack Obama told the U.N. Climate Change Conference in Glasgow on Monday that most nations failed to meet their commitments made in the 2015 Paris Climate Conference agreement and the world is nowhere near where it needs to be in confronting climate change.

Speaking during the second full week of the talks — known as COP26 — Obama said that while the Paris conference and subsequent agreement showed what is possible and created a framework from which to address the challenges of the climate crisis, most nations failed to be as ambitious as they needed to be.

“The escalation, the ratcheting up of ambition that we anticipated in Paris six years ago has not been uniformly realized,” Obama said. He called it “particularly discouraging” that the leaders of China and Russia — two of the largest emitters — declined to even attend the conference, and both nations have demonstrated what he said “appears to be a dangerous lack of urgency” on climate change.

China is the world’s biggest carbon emitter. Its president, Xi Jinping, last week called on other nations to “step up cooperation” and act on climate targets. Xi, however, offered no new commitments. The comments came in a statement to the conference.

Obama said advanced economies like the United States and Europe need to be leading on this issue, but so do China, Russia and India. He said, “We can’t afford anybody on the sidelines.”

Addressing young people, Obama encouraged them to “vote like your life depends on it, because it does.” Obama said he understood their cynicism about politics, but that governments around the world will not act unless they feel pressure from voters.

The 26th U.N. climate conference — or Conference of the Parties, or COP — is Obama’s first since he helped deliver the 2015 Paris climate accord, when nations committed to cutting fossil fuel and agricultural emissions fast enough to keep the Earth’s warming below catastrophic levels.

Climate summits since then have been less conclusive, especially as the U.S. under President Donald Trump dropped out of the Paris accord. President Joe Biden has since rejoined. Last week, Biden announced ambitious change commitments as he attended the Glasgow conference. The U.S. is the second biggest greenhouse gas emitter after China.

 

Source: Voice of America

 

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