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Targeted financing for methane abatement could yield significant benefits for the continent, addressing both environmental and health impacts

BAKU, Azerbaijan, November 13, 2024/APO Group/ -- As methane emissions across Africa continue to rise and existing financing falls short of meeting international climate goals and fulfilling the Paris Agreement, the role of multilateral development banks (MDBs) is becoming increasingly important in supporting methane reduction initiatives across the continent. 

A new study by AfriCatalyst reveals that Multilateral Development Banks (MDBs) would need to allocate just 2.4% of their assets to meet the $48 billion annual funding requirement for reducing methane emissions by 2030 (https://apo-opa.co/4eo01XT). Methane emissions pose a significant, but underfunded, threat to Africa’s climate resilience, with the continent receiving only about 1% of global climate finance in 2021-2022—roughly $13.7 billion.

Targeted financing for methane abatement could yield significant benefits for the continent, addressing both environmental and health impacts. For example, achieving a 50% reduction in methane emissions by 2030 in the 19 countries responsible for 80% of Africa’s methane emissions would require $10 billion, but would result in an estimated $4,300 per ton of methane avoided in economic and social benefits.

Methane emissions in Africa largely come from agriculture (50.6%), energy (34.2%), and waste (15.2%), with the greatest concentration found in just 19 countries. As methane has a global warming potential 80 times greater than carbon dioxide, it is a major contributor to climate change, driving extreme weather events, poor air quality, and health issues such as respiratory diseases​.

"The energy sector, which holds the greatest potential for methane reductions, received less than 1% of that funding. Given the limited financial resources of many African countries, it is imperative to find sustainable solutions that support the transition to more sustainable energy systems and eco-friendly production and consumption models. Multilateral Development Banks (MDBs) must play a central role in developing mechanisms, practices, and innovative instruments for methane abatement." outlines the new report.

The report Methane Abatement in Africa: The Role of Multilateral Development Banks highlights policy frameworks and financing measures MDBs can adopt to support methane reduction projects in Africa and bridge the funding gap and align with the Paris Agreement targets.

The energy sector, which holds the greatest potential for methane reductions, received less than 1% of that funding

These include tariff regulation for methane emissions in the energy sector, operationalizing local carbon markets, mobilizing additional financing through MDB Capital Adequacy Framework (CAF) reforms, and allocating local currency finance for methane projects.

Key Findings 

  • To meet the $48 billion annual funding requirement for reducing methane emissions by 2030, MDBs would need to allocate only 2.4% of their assets.
  • With Africa currently utilizing only 2% of its annual carbon credit potential, with most credits concentrated in a few countries, MDBs can play a catalytic role in establishing local carbon markets, mobilizing financial resources, and expanding market participation.
  • Modernizing financial governance is crucial to enhancing MDBs’ commitment to climate goals, especially in developing countries where climate financing capacity is often limited. 

The report also summarizes how new and existing reforms and initiatives can help MDBs take a more prominent role in supporting African countries' methane reduction efforts as the 2030 deadline approaches and urgent action is needed.

“Methane is a leading contributor to greenhouse gas emissions, and there is strong evidence that with ambitious methane abatement efforts in Africa, the continent can meet its commitments under the Paris Agreement,” said Daouda Sembene, CEO of AfriCatalyst. “However, one of the major challenges we face is the limited awareness and debate surrounding methane abatement in Africa. While the issue is discussed, it’s not yet fully mainstreamed across the continent” he added. 

Distributed by APO Group on behalf of AfriCatalyst.

Unclaimed Financial Assets Authority CEO John Mwangi with Chairman Francis Kigo before the Senate Finance and Budget committee to deliberate on a statement sought by Senator Orwoba regarding financial impropriety at the County Hall, Nairobi. [File, Standard]

A total of Sh8.8 billion in unclaimed assets is being held by the State, still awaiting remittance to its rightful owners, despite being identified, Senators revealed Tuesday.

A probe by the Senate Finance and Budget Committee revealed that out of an expected Sh11.5 billion in unclaimed assets, only Sh1.5 billion had been accounted for and returned to owners, raising concerns over the fate of the remaining Sh10 billion. 

During a sitting of the Mandera Senator Ali Roba-led committee, members questioned officials from the Unclaimed Financial Assets Authority (UFAA) over what they termed as alleged financial mismanagement of the assets. 

The inquiry was triggered by a statement by Nominated Senator Gloria Orwoba, raised concerns about financial impropriety at the body. 

“…. investigate the discrepancies regarding unclaimed funds amounting to Sh10 billion that cannot be accounted for, given that only Sh1.5 billion out of Sh11.5 billion has been accounted for, and state any measures the Board has taken against the management in the supervising the audit,” stated Orwoba.

Denied wrongdoing 

UFAA acting Chief Executive Officer Caroline Chirchir, however, defended the Authority against any wrongdoing, stating that it had put in place measures such as internal audits, external audits by the Auditor General, and regular asset recovery reports to its Board of Directors to ensure transparency.

She also submitted that funds under the Unclaimed Assets Trust Fund remained intact and were managed within strict regulatory frameworks.

“We have identified Sh11 billion and only Sh1 billion has been remitted. Another Sh1 billion was reunified at source, meaning it was given back to the owners who were wrongfully identified as having abandoned the assets. What is currently outstanding is Sh8.8 billion,” stated Chirchir without expounding on the nature of assets in their possession. 

The House team questioned why the Authority had taken so long to return the assets to their rightful owners, even though they had already been identified. Kisii Senator Richard Onyonka pressed the CEO to explain the slow pace at which the Authority seemed to operate when it came to reunifying the assets with their owners.

In her defense, Chirchir attributed the delay to understaffing at the Authority, which she said had slowed down the reunification process. She explained that UFAA had been engaging with institutions that had yet to remit some of the assets and that these efforts would soon be accelerated.

“We have faced a few challenges in the process, partly because we are unable to follow through, as we have very lean staffing. We currently have only three people handling compliance matters, so we are constrained,” she explained.

The Nominated Senator also highlighted the unlisted shares held as assets and asked about the measures UFAA had put in place to “protect their value.” By Josphat Thiong'o, The Standard

A Bishop has said she experienced "coercive language" from two of the most senior figures in the Church of England.

Bishop of Newcastle Helen-Ann Hartley shared a letter, she said she received from the Archbishop of Canterbury and York, about Lord Semantu's return to the Church of England after a report into how he handled a child sex abuse allegation.

Bishop Hartley said her "experience of coercive language" when she read it indicated "a complete lack of awareness of how power dynamics operate in the life of the church".

Both the Archbishop of Canterbury and the Archbishop of York did not comment on Bishop Hartley's new statement.

Bishop Hartley's revelations come as the Archbishop of Canterbury Justin Welby faced pressure to resign over a damning report into a prolific child abuser associated with the church -John Smyth QC in the Makin review, external.

Bishop Hartley said she received the letter, external on the 31 October.

In it, Mr Welby and Mr Cottrell stated: "To be candid, we would very much like to see a resolution to this situation which enables Sentamu to return to ministry"

Bishop of Newcastle Helen-Ann Hartley said the decision to publish the letter "had not been taken lightly"

Lord Sentamu, the Former Archbishop of York, had been working as an honorary assistant bishop in the Diocese of Newcastle in 2023 when he was told to step down from the church.

At the time, he rejected the report's findings which said he failed to act on a claim made by a victim.

Bishop Hartley then banned Lord Sentamu from preaching in Newcastle, following his rejection of the report.

He did not respond to requests for a comment at the time.

'Right thing to do'

In a statement, Bishop Hartley said the letter being sent so close to the Makin review signified a "wider and systemic dysfunction of how the hierarchy of The Church of England has dealt with matters of safeguarding".

She said: "The decision to make this letter and its response public has not been taken lightly.

"Quite simply it is the right thing to do.”  By Pamela Tickell, BBC

 

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