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Prince Charles says Climate Change is the World’s greatest threat & calls for a green economic solution

The Prince of Wales has told leaders that the world is in the midst of a climate crisis, as he announced plans for his own environmental initiative.

 

Speaking at the World Economic Forum in Davos, Switzerland, he called the effects of climate change the “greatest threats humanity has ever faced” and are “largely of our own creation”

 

The prince hopes his Sustainable Markets Council – which will bring together leaders from the public and private sectors, charitable organisations and investors – can help to identify ways to rapidly decarbonise the global economy.

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Citing his decades of campaigning, he said: “Do we want to go down in history as the people who did nothing to bring the world back from the brink, in trying to restore the balance, when we could have done? I don’t want to.”

He also called for a change in taxes to encourage consumers to make environmentally beneficial decisions.

“It is time to think about how we properly deploy taxes, policies and regulation in a way that catalyses sustainable markets.

“For a transition to take place, being socially and environmentally conscious cannot only be for those who can afford it. If all the true costs are taken into account, being socially and environmentally responsible should be the least expensive option because it leaves the smallest footprint behind.”

 

The prince was criticised by some for flying to the summit on a chartered plane, before making the two-hour car journey from the airport to Davos in a fully electric Jaguar car.

The royal also meet teenage activist Greta Thunberg in Davos

The 71-year-old Prince has been advocating environmental causes since before Thunberg, 17, was born.

 

Speaking to CNN after the meeting, he said: “She’s remarkable. She represents one of the main reasons why I’ve been trying to make all this effort all these years because, as I said, I didn’t want my grandchildren to accuse me of not doing something about this in time and of course there they are.

“All her generation, almost my grandchildren if you know what I mean, are all desperate because not nearly enough has happened – we’ve left it so late.”

Source: iNews

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Meet the new Bank of England governor – Andrew Bailey

Andrew Bailey has been appointed as the next governor of the Bank of England.

Mr Bailey, aged 60, is currently chief executive of the Financial Conduct Authority (FCA), the City watchdog.

He will become the 121st governor of the Bank of England on 16 March, taking over from Mark Carney, and will serve a full eight-year term.

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The search for the new governor began in April and Mr Bailey, who spent more than 30 years at the Bank, was seen as an early favourite for the job.

Who is Andrew Bailey?

Andrew John Bailey (born 30 March 1959) is a British central banker, who was Deputy Governor of the Bank of England from April 2013 to July 2016.
He had previously served as the bank’s chief cashier from January 2004 until April 2011. He is currently the chief executive officer of the Financial Conduct Authority.

Bailey attended Wyggeston Boys’ Grammar School, Leicester from where he went to Queens’ College, Cambridge, where he gained a BA in History and a PhD.

After university, Bailey became a research officer at the London School of Economics, before joining the Bank of England in 1985.

He has worked at the bank in a number of areas, most recently as executive director for banking services and as chief cashier, as well as head of the bank’s Special Resolution Unit (SRU). Previous roles include Governor’s private secretary, and head of the International Economic Analysis Division in Monetary Analysis.

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Since the onset of the financial crisis in August 2007 and until April 2011, Bailey was responsible for the bank’s special operations to resolve problems in the banking sector, and in 2009 was chairman and chief executive of Dunfermline Building Society Bridge Bank Ltd.

On 1 April 2013 Bailey became the chief executive of the new Prudential Regulation Authority and the first deputy governor of the Bank of England for Prudential Regulation.

On 26 January 2016, it was announced that Andrew Bailey will take over as CEO of the UK Financial Conduct Authority. He replaced Tracey McDermott, who became acting CEO after Martin Wheatley resigned following a vote of no confidence by George Osborne in July 2015.

On 3 June 2019, it was reported in The Times that Bailey was the favourite to replace Mark Carney as the new Governor of the Bank of England.

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Bank of England launches climate change stress test

The Bank of England has launched one of the most ambitious attempts to date to quantify the risk that climate change poses to the financial system.

Banks and insurers will face climate stress tests in a similar way to the financial stress tests they already do.

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It is a project that could ultimately result in banks and insurers having to hold more capital to do certain kinds of business.

And that could have profound effects on the way the economy is funded.

Bank officials told journalists that the value of every asset on the face of the planet will be affected by climate change. Where values change, there is financial risk and the bank wants to measure it – and then manage it.

Large banks and insurance groups will be asked to go through their balance sheets almost asset by asset to assess the risks posed by a range of climate scenarios.

The Bank of England recognises there are two types of financial risk posed by climate change. There are physical risks arising from weather related events – floods, droughts, fire, etc.

And then there are what it describes as transition risks. Things that happen as a result of adjusting to a low carbon economy – meat becoming more expensive, costs incurred in the mandatory insulation of homes.

Source: BBC News

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3 Major Nigeria Economic Paradox: A systematic success in failure.

As a Nigerian residing in the UK over 10 years, born, grew up and had my university education in Nigeria plus have economic and working experience and knowledge in both Nigeria and the UK believe strongly that the economic situation in Nigeria is a paradox created by a systematic success in the act of supporting or benefiting from  a failed system directly or indirectly. I will try and use this short article to highlight 3 major Nigeria Economic Paradox that is of common and general knowledge which must be address to achieve sustainable economic development in Nigeria.

  1. Self allocation, review and audit of salary, allowance and pension

It is beyond comprehension why the Nigeria system of government in every level allows or gives those in leadership position the power to self allocate, review and audit their salary, allowance and pension with no independent accountability procedures or measures. This has resulted in local, state and federal  politicians, legislators and executives to systematically in every opportunity self allocate, review and audit their salary, allowance and pension upwardly, falsely and unjustifiably. The result is a paradox of government where the civil service which is the functional aspect of government that suppose to manage and account for public service and public funds has been deliberately made dysfunctional by elected government leaders for selfish interest. The economy as a result is greatly affected negatively.

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2. Conflict of interest in contract allocation, project funding, job recruitment

It has become common and acceptable for both appointed and elected government leaders to give contract, fund projects or give jobs to themselves, their family members, friends and business partners with little or no concern for competency and accountability. The result is inefficiency,  looting and embezzlement of public funds which impacts on the economy negatively.

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3. Lack of supply in the midst of abundance

With the abundance of oil and gas, river, land and people in Nigeria; the lack of petroleum products, electricity, cooking gas, drinking water, food products and employment is one of the most unexplainable paradox in Nigeria. There is abundance raw material, resources and people for Nigeria to be one of the most successful, self sufficient and sustainable economy in the world but yet is among the poorest nations in the world.

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The solution of the 3 major paradox highlighted above is a collective responsibility of the leaders and citizens of Nigeria to use all legitimate resources and powers to promote, support and establish a system that works for all not the elite few that has successfully made a once great economy giant of African and a world potential great nation to its worst economic state ever.

Written By Dennis Bebo; Environmental and Energy consultant – DenEco Services TA www.DenEco.co.uk

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The New Global Economic Reality

The global economic reality has been playing over the last decade under the watch of economic and political institutions, leaders  and experts with almost all getting it wrong and being a victim of their own superficial intellectual prowess.

Over the years we have seen global economic melt downs, political uncertainty, poverty surge, increase civil unrest, mass migrations and alarming rate of unemployment in most countries. In all of these the very few that control the means of productions, wealth and in leadership position both economically and politically are better off and untouchable. This has lead to the economic and political elites to directly or indirectly ignore, neglect and insensitive to the plight of the majority working class and thereby prioritised and protect their collective interest. All the working class get is their collective interest reduce to mere numbers, indexes and promises that does not translate to reality on ground rather a subjective representation of the wealth and growth of the very elites.

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In all of these we find ourselves in a situation were economic experts and politicians cannot be trusted and as such the very foundation of all economic institutions and national economies is threatened with uncertainty, exploitation and corruption.

Protestors hold signs behind Fuld as he takes his seat to testify at a House Oversight and Government Reform Committee hearing on the Lehman Brothers bankruptcy in Washington

To provide a solution which seems to be ever becoming difficult as the years go by, we must first look back to how we got here. As an environmentalist, energy consultant and financial specialist with little economic background, I am not an economic or political expert but from my knowledge of global economy and events believe that the aggressive pursue and quest for globalisation and international dominance economically and politically which eventually lead to the gradual erosion of national interest and sovereignty is the root cause of the situation we find ourselves today.

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In the heart of the process of achieving globalisation and international dominance or recognition leaders of economic and political entities resulted in the use of any means necessary to achieve its aim. Unregulated greed, insensitivity, intolerance and corruption became the order of the day under the guise of free economy, free market, free trade creating an uncontrolled economic bubble, credit economy and political opportunist which eventually resulted in economic collapse, credit crunch, civil unrest, conflict, wars and terrorism.

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The new global economic reality is therefore one that will revert the wheel of globalisation and international relations and foster protectionism, nationalism and national sovereignty as a priority. The success of this new global reality will depend on individuals and nations to strike a balance  in addressing and protecting domestic economic realities with maintaining and promoting international relationships that is base on mutual respect and benefits for all interest groups. This is definitely going to be almost an impossible undertaking but today’s reality that will require lots of hard work and time especially to bridge the gap between rich and poor, revert the ever increase revolution of the working class that are the core victims of globalisation and international politics and to create an economy that benefits the majority, not the privilege few.

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All this will come down to individuals and nations getting the balance between production and consumption of food, energy and services in a way that works and benefit the majority of people. This is were we have to go back to the basic principles of demand and supply, production and consumption, goods and services, not forgetting the common denominator which is the people and the environment (land, air and water).

Written by Dennis Bebo TA DenEco.co.uk