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February 15, 2021 Ngozi Okonjo-Iweala Makes History As First Female, first African DG Of WTO

Ngozi Okonjo-Iweala Makes History As First Female, first African DG Of WTO

Former Nigerian Minister of Finance, Dr Ngozi Okonjo-Iweala, has been chosen as Director-General of the World Trade Organisation (WTO),

Ms Okonjo-Iweala will assume office on 1 March 2021 and will become the first woman and the first African to be chosen as Director-General. Her term, renewable, will expire on 31 August 2025.

“This is a very significant moment for the WTO. On behalf of the General Council, I extend our warmest congratulations to Dr Ngozi Okonjo-Iweala on her appointment as the WTO’s next Director-General and formally welcome her to this General Council meeting,” said General Council Chair David Walker of New Zealand who, together with co-facilitators Amb. Dacio Castillo (Honduras) and Amb. Harald Aspelund (Iceland) led the nine-month DG selection process.

“Dr Ngozi, on behalf of all members I wish to sincerely thank you for your graciousness in these exceptional months, and for your patience. We look forward to collaborating closely with you, Dr Ngozi, and I am certain that all members will work with you constructively during your tenure as Director-General to shape the future of this organization,” he added.

Dr Okonjo-Iweala said a key priority for her would be to work with members to quickly address the economic and health consequences brought about by the COVID-19 pandemic.

“I am honoured to have been selected by WTO members as WTO Director-General,” said Dr Okonjo-Iweala.

“A strong WTO is vital if we are to recover fully and rapidly from the devastation wrought by the COVID-19 pandemic. I look forward to working with members to shape and implement the policy responses we need to get the global economy going again. Our organization faces a great many challenges but working together we can collectively make the WTO stronger, more agile and better adapted to the realities of today.”

The General Council decision follows months of uncertainty that arose when the United States initially refused to join the consensus around Dr. Okonjo-Iweala and threw its support behind Trade Minister Yoo Myung-hee of the Republic of Korea. But following Ms Yoo’s decision on 5 February to withdraw her candidacy, the administration of newly elected US President Joseph R. Biden Jr. dropped the US objection and announced instead that Washington extends its “strong support” to the candidacy of Dr. Okonjo-Iweala.

Amb. Walker extended his thanks to all eight of the candidates who participated in the selection process and particularly to Ms Yoo “for her ongoing commitment to and support for the multilateral trading system and for the WTO”.

The General Council agreed on 31 July that there would be three stages of consultations held over a two-month period commencing 7 September. During these confidential consultations, the field of candidates was narrowed from eight to five and then two. On 28 October, General Council Chair David Walker of New Zealand had informed members that based on consultations with all delegations Dr Okonjo-Iweala was best poised to attain consensus of the 164 WTO members and that she had the deepest and the broadest support among the membership. At that meeting, the United States was the only WTO member which said it could not join the consensus.

The consultation process undertaken by the chair and facilitators was established through guidelines agreed by all WTO members in a 2002 General Council decision. These guidelines spelt out the key criteria in determining the candidate best positioned to gain consensus is the “breadth of support” each candidate receives from the members. During the DG selection processes of 2005 and 2013, breadth of support was defined as “the distribution of preferences across geographic regions and among the categories of members generally recognized in WTO provisions: that is (Least developed countries), developing countries and developed countries”. This same process, agreed by all members in the General Council in 2020, was strictly followed by Chair Walker and his colleagues throughout the 2020-21 DG selection process.

The process for selecting a new Director-General was triggered on 14 May when former Director-General Mr Roberto Azevêdo informed WTO members he would be stepping down from his post one year before the expiry of his mandate. He subsequently left office on 31 August.

February 15, 2021 Bill Gates Says ‘Solving Covid-19 Is Very Easy Compared With Climate Change’

Bill Gates Says ‘Solving Covid-19 Is Very Easy Compared With Climate Change’

Billionaire, Bill Gates has opined that climate change is humanity's greatest challenge and is a far greater problem than the Covid-19 pandemic.

According to Gates who has become more vocal since the pandemic started, achieving net zero would be 'humanity's greatest ever achievement'

Solving climate change would be "the most amazing thing humanity has ever done",  the billionaire founder of Microsoft said to BBC.

'Ending the pandemic is very, very easy", he claims.

"We've never made a transition like we're talking about doing in the next 30 years. There is no precedent for this."

"Fifty-one billion is how many tonnes of greenhouse gases the world typically adds to the atmosphere each year."

"Net zero is where we need to get to. This means cutting emissions to a level where any remaining greenhouse gas releases are balanced out by absorbing an equivalent amount from the atmosphere. One way to do this is by planting trees, which soak up CO2 through their leaves."

Gates says his focus is on how technology can help make climate change easily handled.

"Renewable sources like wind and solar can help us decarbonise electricity but that's less than 30% of total emissions."

"We are also going to have to decarbonise the other 70% of the world economy - steel, cement, transport systems, fertiliser production and much, much more.

"We simply don't have ways of doing that at the moment for many of these sectors.

Gates says for climate change to be tackled there must be an innovation effort on a scale the world has never seen before.

'At the moment, the economic system doesn't price in the real cost of using fossil fuels.
Most users don't pay anything for the damage to the environment done by pollution from the petrol in their car or the coal or gas that created the electricity in their home."

"Right now, you don't see the pain you're causing as you emit carbon dioxide,"

"We need to have price signals to tell the private sector that we want green products," he says.

That is going to require a huge investment by governments in research and development, Gates argued.

Gate maintains it will be impossible to avoid a disaster, particularly for those who live near the equator, without governments around the world getting behind the effort.

He says the US Republican Party needs to recognise the importance of tackling climate change.

This needs to be a "constant 30-year push", he maintains. "Business just can't change all that physical infrastructure unless the market signals are constant and very clear."

Bill Gates Co-founded Microsoft in 1975 and is the World's fourth richest person with a net worth of $124bn, according to Forbes

"India is going to build housing for their people, provide lighting at night, air conditioning to make conditions liveable," 

"If you buy an electric car, a hamburger made of a meat substitute, an electric heat pump for your home you are helping increase the production of these products and therefore helping drive prices down."

Gates stated his private jets are powered by biofuels - aviation fuels made from plant products.

"I pay three times as much now for my aviation fuel, you know, over $7m [£5m] a year in all my offset spending."

"I don't think getting rid of flying would make sense," he replies. "That type of brute force technique won't get us there."

He says the answer has to be "a type of aviation fuel that doesn't cost much extra and is zero emission and that's got to be biofuels or electric fuels or perhaps using green hydrogen to power the plane".

On Monday morning, Gates wrote on Twitter;

"To avoid a climate disaster, we need to eliminate emissions from the ways we create electricity, grow food, make things, move around, and heat and cool our buildings. It won’t be easy, but I believe we can do it. This book is about what it will take."

 

 
February 11, 2021 CBN Directs Banks To Accept Travel Documents, Refugee ID Card As Means Of Identification

CBN Directs Banks To Accept Travel Documents, Refugee ID Card As Means Of Identification

The Central Bank of Nigeria (CBN) has directed commercial banks and other financial institutions to, henceforth, accept Machine Readable Travel Documents (MRCTD) and Refugee Identification Card, as means of identification for financial transactions.

The directive was given by Dr Kevin Amugo, Director, Finance Policy Regulation Department, on Wednesday, in Abuja, through a memo to the banks, other financial institutions and payment service providers in the country.

Amugo said that the directive was necessitated by the challenges which refugees and asylum seekers experience, with means of identification, when they engaged in financial transactions.

He also urged the banks to improve on due diligence in all transactions, so as to forestall money laundering and other criminal activities depending on the banking system.

“All banks and financial institutions are referred to the provisions of the CBN AML/CFT Regulations 2013 (as amended) on customer due diligence.

“They should note that MRCTD issued by the Nigeria Immigration Services; and the Refugee Identity Card issued by the National Commission for Refugee, Migrants and Internally Displaced Persons, are adequate means of identification for banking transactions.

“Banks and other financial institutions are also required to continue to ensure that effective customer due diligence policies and procedures are implemented to combat money laundering, financing of terrorists, as well as the proliferation of weapons of mass destruction,” Amugo said.

Author: News Agency Of Nigeria

 Source: NAN

 

February 11, 2021 Fuel Scarcity Looms As Marketers Disrupt Petroleum Product Loading

Fuel Scarcity Looms As Marketers Disrupt Petroleum Product Loading

In business news, there are strong indications that the country may be thrown another round of fuel scarcity as members of the Independent Petroleum Marketers Association of Nigeria disrupted loading of petroleum products at private depots in Apapa.

It was the same development at Ibadan, Ejigbo and Mosimi depots belonging to the Nigerian National Petroleum Corporation.

It was learnt that the marketers picketed the facilities to protest their inability to get products due to a new payment method introduced by the Petroleum Products Marketing Company, a subsidiary of the NNPC.

The Chairman, IPMAN, Ore Depot, Mr SHINA AMOO, confirmed the development in an interview in Ibadan.

He said the members of the association blocked the depots with tankers to protest the new payment method.

 

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