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Next five years set to be hottest period ever – UN

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It is near-certain that 2023-2027 will be the warmest five-year period ever recorded, the United Nations warned Wednesday as greenhouse gases and El Nino combine to send temperatures soaring.

Global temperatures are soon set to exceed the more ambitious target set out in the Paris climate accords, with a two-thirds chance that one of the next five years will do so, the UN’s World Meteorological Organization said.

The hottest eight years ever recorded were all between 2015 and 2022 — but temperatures are forecast to increase further as climate change accelerates.

“There is a 98-percent likelihood that at least one of the next five years, and the five-year period as a whole, will be the warmest on record,” the WMO said.

The 2015 Paris Agreement saw countries agree to cap global warming at “well below” two degrees Celsius above average levels measured between 1850 and 1900 — and 1.5C if possible.

The global mean temperature in 2022 was 1.15C above the 1850-1900 average.

The WMO said there was a 66 percent chance that annual global surface temperatures will exceed 1.5C above pre-industrial levels for at least one of the years 2023-2027, with a range of 1.1C to 1.8C forecasted for each of those five years.

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‘Uncharted territory’

While this does not mean that the world will permanently exceed the Paris benchmark, “WMO is sounding the alarm that we will breach the 1.5C level on a temporary basis with increasing frequency”, said the agency’s chief Petteri Taalas.

“A warming El Nino is expected to develop in the coming months and this will combine with human-induced climate change to push global temperatures into uncharted territory.

“This will have far-reaching repercussions for health, food security, water management and the environment. We need to be prepared.”

El Nino is the large-scale warming of surface temperatures in the central and eastern equatorial Pacific Ocean. The weather phenomenon normally occurs every two to seven years.

Conditions oscillate between El Nino and its opposite La Nina, with neutral conditions in between.

The WMO said earlier this month that the chances of El Nino developing were 60 percent by the end of July and 80 percent by the end of September.

Typically, El Nino increases global temperatures in the year after it develops — which in this cycle would be 2024.

Despite the cooling influence of La Nina conditions over much of the past three years, the warmest eight years on record have all been from 2015 onwards, with 2016 the hottest.

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Heat gets trapped in the atmosphere by so-called greenhouse gases, which are at a record high.

The three major greenhouses gases are carbon dioxide, methane and nitrous oxide.

Temperatures rising since 1960s

Global land and sea mean near-surface temperatures have increased since the 1960s.

The chances of temperatures temporarily exceeding 1.5C above the 1850-1990 average have risen steadily since 2015, a year when they were considered close to zero.

Britain’s Met Office national weather service is the WMO’s lead centre on yearly to 10-yearly climate predictions.

While there is a 66 percent chance that one year between 2023 and 2027 will exceed the 1.5C threshold, there is now a 32 percent chance that the entire five-year mean will do so, the Met Office said.

“Global mean temperatures are predicted to continue increasing, moving us away further and further away from the climate we are used to,” said Met Office expert scientist Leon Hermanson.

Temperatures in 2023 are likely to be higher than the 1991-2020 average in almost all regions except for Alaska, South Africa, South Asia and parts of Australia, the WMO said.

Parts of the South Pacific Ocean are likely to be cooler than average

 

 

 

 

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Senate Approves Tinubu’s $500m Loan for Power Sector Boost

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The Nigerian Senate has approved President Bola Tinubu’s $500 million loan request intended to bolster the operations of the Bureau of Public Enterprises (BPE) to enhance the financial and technical performance of electricity distribution companies, ultimately benefiting citizens.

The endorsement, announced on Tuesday, follows a thorough examination of the report presented by Senator Aliyu Wamakko, who heads the Senate Committee on Local and Foreign Debts overseeing the 2022 – 2024 External Borrowing (Rolling) Plan specifically for the Bureau of Public Enterprises (BPE).

During the presentation of the report, Senator Haruna Manu, serving as the Vice Chairman of the Committee, emphasised the importance for the Senate to duly receive and deliberate upon the report of the Committee on Local and Foreign Debts concerning the 2022 – 2024 External Borrowing (Rolling) Plan for the Bureau of Public Enterprises (BPE).

The $500 million loan constitutes a portion of the $7.94 billion loan originally requested by President Bola Tinubu on November 1st, 2023, within the framework of the 2022-2024 external borrowing plan. In addition to the $500 million, President Tinubu also sought approval for a €100 million loan.

However, during a special plenary session on December 30, the Senate greenlit the borrowing of $7.4 billion after careful consideration of the report furnished by the Committee on Local and Foreign Debt.

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Melinda Gates Resigns from Gates Foundation, Set to Receive $12.5 Billion

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In this file photo taken on September 26, 2018, Bill Gates and his ex-wife, Melinda Gates, introduce the goalkeepers event at the Lincoln Center in New York. Ludovic MARIN / AFP

Melinda French Gates announced Monday she was leaving the philanthropy mega foundation she established with her ex-husband, Microsoft co-founder Bill Gates.

The resignation, which becomes effective on June 7, will leave Bill Gates as the sole chair of one of the world’s most influential and powerful non-governmental organizations.

“After careful thought and reflection, I have decided to resign from my role as co-chair of the Bill & Melinda Gates Foundation,” Melinda French Gates wrote in a statement posted on social media.

The statement gave no reason for her departure, but noted that “under the terms of my agreement with Bill, in leaving the foundation, I will have an additional $12.5 billion to commit to my work on behalf of women and families.”

The couple married in 1994 but announced their divorce in 2021.

They had continued to co-chair the foundation which they established in 2001 with the vast wealth acquired through the success of Microsoft.

With a focus on child poverty and preventable diseases, the foundation has been heavily involved in fighting malaria and in providing toilets and sanitation in poorer parts of the world.

The foundation’s website says it has spent $53.8 billion since 2000, and claims the number of children around the world who die before their fifth birthday has halved in this time.

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Bill Gates thanked his ex-wife for her “critical contributions” to the organization.

“As a co-founder and co-chair Melinda has been instrumental in shaping our strategies and initiatives, significantly impacting global health and gender equality,” he said.

“I am sorry to see Melinda leave, but I am sure she will have a huge impact in her future philanthropic work.”

The organization’s chief executive, Mark Suzman, said its name would change to simply the Gates Foundation — it has been known as The Bill & Melinda Gates Foundation.

“I truly admire Melinda, and the critical role she has played in starting the foundation and in setting our values, she has played an essential role in all that we’ve accomplished over the past 24 years,” he said in a video posted to social media.

“I will miss working with her and learning from her. I look forward to seeing her continued impact.”

 

 

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EFCC calls on banks’ compliance officers to uphold confidentiality

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The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has urged Compliance Officers of Banks nationwide to refrain from unauthorised disclosure of EFCC’s investigative activities and requests made to banks’ customers.

Speaking through the Acting Zonal Director of the Ibadan Zonal Command of the EFCC, ACE I Hauwa Garba Ringim, during a stakeholders’ meeting with Compliance Officers of Banks in Oyo State on Tuesday, Olukoyede emphasised the detrimental impact such disclosures have on the investigation of financial crimes and the timely filing of corruption cases in court.

Olukoyede expressed concern over the tacit support fraudsters receive from the Nigerian banking sector, highlighting the challenges it poses to the Commission.

He urged Compliance Officers to promptly respond to EFCC’s correspondence with certified true copies of relevant documents, as this facilitates swift investigation processes.

Also, Olukoyede addressed the illegal trading of naira with Point-of-sale (POS) operators, stressing the need to curtail such practices for the benefit of Nigerians.

In response to the chairman’s directives, Compliance Officers assured the EFCC of their unwavering support and commitment to enhancing collaboration between the Commission and banks for more effective anti-corruption efforts.

 

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