Politics
Breaking: Global Annual Finance Flows Of $7 Trillion Amplify-Challenges (Full Details)
The recently released State of Finance for Nature report at COP28, co-authored by the UN Environment Programme (UNEP) and its partners, reveals that nearly $7 trillion is annually invested globally in activities directly detrimental to nature. This constitutes around 7% of the global Gross Domestic Product (GDP)….CONTINUE READING....KINDLY READ THE FULL STORY HERE▶
Despite approximately $200 billion being invested in nature-based solutions in 2022, the report highlights an alarming disparity, with over 30 times more finance flowing towards activities negatively impacting nature. The findings underscore the urgent need to address the interconnected crises of climate change, biodiversity loss, and land degradation.
The report indicates that private nature-negative finance flows reach $5 trillion annually, surpassing private investments in nature-based solutions ($35 billion) by 140 times. Construction, electric utilities, real estate, oil and gas, and food and tobacco, accounting for 16% of overall investment flows, contribute to 43% of nature-negative flows associated with habitat destruction.
Government spending on environmentally harmful subsidies in agriculture, fossil fuels, fishery, and forestry is estimated at $1.7 trillion in 2022. Amid increasing regulatory pressure to address deforestation, a critical need to reform and repurpose subsidies, particularly in fossil fuels and agriculture, is emphasized.
The report identifies a significant financing gap for nature-based solutions, with only $200 billion allocated in 2022. Public funding comprises 82% ($165 billion), while private finance constitutes 18% ($35 billion). To meet targets for limiting climate change, biodiversity preservation, and land degradation neutrality, nature-based solutions’ financing must almost triple by 2030 ($542 billion per year) and quadruple by 2050 ($737 billion).
Both public funding and private investment need substantial increases, with the goal of realigning finance flows that harm nature. The report advocates for a major turnaround in nature-negative finance, emphasizing the importance of incentives, government policies, and redirecting finance from harmful activities. Nature-based solutions are seen as cost-effective opportunities for investment, providing multiple benefits and contributing to achieving sustainable development goals.
The Federal High Court has announced that its 2026 Christmas vacation will begin on Monday, December 21, and end on Tuesday, January 5, 2027.....KINDLY READ THE FULL STORY HERE▶
The court is expected to resume regular sittings on Wednesday, January 6, 2027.
The announcement was contained in a statement issued on Monday by the Director of Information of the Federal High Court of Nigeria, Dr Catherine Oby Christopher.
According to the statement, the Chief Judge of the Federal High Court, Justice John Terhemba Tsoho, approved the vacation arrangement and the appointment of judges who will handle cases during the period.
Christopher explained that only designated judicial divisions would remain operational throughout the vacation to provide essential judicial services.
She added that the vacation judges would handle only matters involving the enforcement of fundamental human rights, the arrest or release of vessels, and other issues of urgent national importance, including the trial of pre-election cases.
The statement read:
“Pursuant to the provisions of Order 46, Rule 4(c) of the Federal High Court (Civil) Procedure Rules, 2019, the Chief Judge of the Federal High Court of Nigeria, Hon. Justice John Terhemba Tsoho, KSS, OFR, FCIArb. (UK), has approved the Christmas Vacation of the Court for the year 2026 and the roster of Judges designated to sit during the vacation period.
“The Christmas Vacation shall commence on Monday, 21st December 2026, and end on Tuesday, 5th January, 2027.
“Regular court sittings shall resume on Wednesday, 6th January 2027.
“During the vacation period, only the designated Judicial Divisions shall remain operational to provide judicial services to the litigating public.
“It is important to note that, during the vacation period, the Vacation Judges shall entertain only matters relating to the enforcement of fundamental rights, the arrest or release of vessels, and other matters of urgent national importance such as trial of pre-election cases.”
Full List Of Federal High Court Vacation Judges
The judges designated to handle cases during the Christmas vacation are as follows:
Abuja Judicial Division
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Justice I. E. Ekwo
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Justice O. A. Egwuatu
Lagos Judicial Division
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Justice Akintayo Aluko
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Justice Ogazi F. Nkemakonam
Port Harcourt Judicial Division
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Justice P. M. Ayua
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Justice A. T. Mohammed
Enugu Judicial Division
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Justice F. O. G. Ogunbanjo
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Justice M. T. Segun-Bello
The statement added that the Chief Judge extended Christmas and New Year greetings to all judges and members of the court.
latest
“Behave Yourself!” – Seyi Tinubu Fires Back At Isaac Fayose Over Port Harcourt ‘City Boy’ Walk.
Seyi Tinubu, son of President Bola Tinubu, has criticised political commentator Isaac Fayose over his remarks about the City Boy movement’s walk in Port Harcourt, Rivers State.....KINDLY READ THE FULL STORY HERE▶
Fayose had taken to social media to question the gathering, describing it as a waste of time and expressing doubts about the number of people who attended the event.
Responding in the comment section of the post, Seyi urged the businessman to conduct himself properly instead of criticising the group’s activities.
He defended the Port Harcourt walk, describing it as a successful and peaceful gathering organised by young Nigerians in support of President Tinubu and his administration.
Seyi wrote: “My content creator Egbon e behave ara yin o. You and I both know that those gallant men and women were there for the city boy walk in PH, which was a success by the way. Vote APC.”
In a related development, Fayose has alleged that he is being targeted with false accusations because of his support for the Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi.
The younger brother of former Ekiti State Governor, Ayodele Fayose, made the allegation in a video shared on his verified Facebook page on Sunday.
He was reacting to a post by an unnamed blogger linking him to a rape allegation, which he denied, describing it as a fabrication intended to damage his reputation because of his refusal to withdraw support for Obi.
Fayose further alleged that individuals who turn down offers from the All Progressives Congress (APC) are often subjected to smear campaigns.
Celebrity barman and socialite, Cubana Chief Priest, has challenged the Minister of Works, David Umahi, to provide evidence of projects he has executed in the South-East region.....KINDLY READ THE FULL STORY HERE▶
Chief Priest made the challenge in a video shared on social media, where he criticised the minister over the state of infrastructure in the region.
The socialite alleged that a bridge had stopped serving its intended purpose following work carried out on it under Umahi’s supervision.
He also accused the minister of promising votes for President Bola Tinubu without demonstrating sufficient development to convince residents of the region to support the President.
Chief Priest questioned what Umahi was relying on to persuade people in the South-East to vote for Tinubu. He also alleged that the minister was positioning his son to succeed Ebonyi State Governor Francis Nwifuru.
“Minister of Works, show us project wey you do for your region; our bridge is no longer bridging since you touched it. Let us go,” he said.
The socialite further criticised the alleged plan to position Umahi’s son for the governorship, arguing that political leadership should not be treated as a family affair.
He also questioned the level of development in Ebonyi State and the wider South-East, accusing the minister of failing to address the region’s challenges.
“Pharaoh, let our people go, honorable Minister of Works; Pharaoh, let the people of the Southeast go,” he added.
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