People & Lifestyle
Bloomberg Philanthropies and IRENA Announce COP28 Partnership to Help Accelerate the Global Energy Transition
Today, Bloomberg Philanthropies and the International Renewable Energy Agency (IRENA) announced a new COP28 partnership to turbocharge clean energy deployment and capital mobilization in emerging markets and developing economies. The official announcement took place in the presence of His Excellency Dr. Sultan Al Jaber, President-Designate of COP28, Francesco La Camera, Director-General of IRENA, and Michael R. Bloomberg, UN Special Envoy on Climate Ambition and Solutions and founder of Bloomberg L.P. and Bloomberg Philanthropies.
Ahead of COP28 and the milestone Global Stocktake – assessing national contributions and progress against the goals of the Paris Agreement – Bloomberg Philanthropies’ support will enable IRENA to advance efforts to drive the widespread adoption of renewable energy and reduce political, technical, and financial barriers to the energy transition by:
- Building capacities in Southeast Asia, Africa, and Latin America: Deepening IRENA’s capacity to design tailor-made, scalable renewable energy initiatives through policy recommendations, technical support, and financing solutions towards accelerated decarbonization and stronger climate resilience for lives and livelihoods.
- Strengthening project finance and preparation: Bolstering the Energy Transition Accelerator Financing (ETAF) Platform – IRENA’s global climate finance platform aimed at mobilizing capital to scale up renewables-based energy transition technologies in emerging markets and developing economies (EMDEs) by 2030 – and expanding the technical and financial feasibility work needed to deliver a robust pipeline of potential projects.
- Facilitating private capital mobilization: In the lead-up to COP28 – in partnership with the Glasgow Financial Alliance for Net Zero (GFANZ) – Bloomberg Philanthropies and IRENA will work together toward the goal of presenting readily investable energy transition projects to financial institutions that have committed to net zero and seek to increase investments in climate solutions in developing countries.
A robust supply of bankable renewable energy projects is one of the main barriers to scaling up the financing of clean energy – especially in EMDEs. According to IRENA, investment in renewables reached USD 0.5 trillion in 2022; however, this is less than one-third of the average annual investments needed until 2030 to hit net-zero emission goals by 2050. To accelerate the pipeline of attractive renewable energy projects, Bloomberg and IRENA’s new partnership will reduce risk for potential developers and investors by providing vigorous technical and financial expertise to eligible projects that meet environmental, social, regulatory, and economic factors and implementation readiness.
Dr. Sultan Al Jaber, COP28 President-Designate, who as Chairman of Masdar, one of the world’s largest investors in renewable energy, played a pivotal role, in the UAE’s successful bid to host IRENA, said: “The UAE welcomes this ambitious partnership between Bloomberg Philanthropies and IRENA to champion innovation and deliver clean energy, climate action, and economic prosperity for emerging markets in the Global South”, adding that “The world must move faster and further than ever before to seize the moment of the Global Stocktake and close the gap between ambition and reality. I look forward to working hand in hand with Bloomberg Philanthropies and IRENA to create a paradigm shift for tangible progress and help ensure that COP28 UAE delivers on its promise to deliver game-changing solutions for all.”
“Increasing the production of renewable energy is an urgent necessity, and doing it requires strong partnerships across the public, private, and nonprofit sectors,” said Michael R. Bloomberg, UN Secretary-General’s Special Envoy on Climate Ambition and Solutions and founder of Bloomberg Philanthropies. “By working closely with the International Renewable Energy Agency, we’ll help countries in the Global South develop the capacity they need to build clean energy projects more quickly and efficiently. We look forward to working with IRENA, and all of our partners, to accelerate the clean energy transition.”
“While we continue to make progress on the energy transition, it is still way off track,” said Francesco La Camera, Director-General of IRENA. “Annual additions of renewable power capacity must grow three times the current level by 2030 if we want to stay on track to limiting the impacts of climate change and stay below 1.5°C. As we drive towards solutions at COP28, today’s agreement between IRENA and Bloomberg Philanthropies will accelerate the development and delivery of renewable energy projects in the countries that need it most.”
Today’s announcement supports Bloomberg Philanthropies’ overarching partnership with the COP28 Presidency to galvanize climate action by increasing clean energy development and capital mobilization both in the lead-up to and on the ground at the climate conference in Dubai.
The Bloomberg-IRENA COP28 partnership also complements Bloomberg Philanthropies’ collaborations with GFANZ, Sustainable Energy for All (SEforALL), and other organizations to support developing countries across Africa, Asia, and Latin America to accelerate coal phaseout, develop viable pathways to net-zero, and speed deployment of renewable energy.
Limiting global warming to 1.5°C will require a significant scale-up of renewable energy supply to enable the transition away from fossil fuels. In March, IRENA released the World Energy Transitions Outlook Preview 2023, which identified the urgent need to course-correct the energy transition to keep the 1.5°C target within reach. While 2022 saw the largest-ever annual increase in renewable energy capacity, 75% of the added capacity was centered in China, the European Union, and the United States. And while clean energy investment has recently grown, capital is overwhelmingly concentrated in the Global North; in 2021, renewable energy investment per capita in North America was 57 times that in Sub-Saharan Africa. Rapidly scaling clean energy infrastructure, building more supportive and enabling policy environments, and granting easier access to capital for clean energy projects will foster clean energy infrastructure in the countries that need it most.
Roughly 770 million people – primarily across Africa and Asia – lack access to electricity. As countries across the Global South develop and energy demand grows, ensuring that power needs are met by renewable energy rather than fossil fuels will be crucial to meeting international climate goals. In most countries in Africa and Asia, coal – the most polluting form of fuel on Earth – is the dominant source of electricity generation, leading to poor outcomes for air quality, health, and climate and undermining the competitiveness of these economies. Anchored in Bloomberg Philanthropies’ ongoing clean energy programs in 32 countries and the EU, today’s announcement aims to help deliver on United Nations Secretary-General António Guterres’ call to secure clean energy access for all by 2030.
People & Lifestyle
Adansi Travel Wins Marketing Oriented Hospitality Company Of The Year
Ghana’s leading travel and tour company, Adansi Travels has been adjudged the Marketing Oriented Hospitality Company of the Year, 2022.
At the 34th Annual National Marketing Performance Awards ceremony at the Labadi Beach Hotel, the hospitality company was again crowned for the second time after winning it first in 2020.
Adansi Travels which started a decade ago with a staff strength of 3 people in the Obuasi area in the Ashanti Region of Ghana has become a major tourist promoter, introducing locals to foreign tourist sites and foreigners to breath-taking local tourist sites in Ghana.
The C.E.O, after picking up the award said, We extend our profound appreciation to all our partners, clients, and well-wishers. To our valued clients, who have entrusted us with their travel experiences and have become cherished members of our travel family since 2016, we are deeply thankful. Your unwavering support has inspired us to continually innovate and enhance our offerings.”
He further added, “This recognition will serve as a constant reminder to us to consistently provide nothing less than our very best. We are immensely grateful to CIMG for bestowing this significant honor upon us for the second time, and it serves as a driving force for us to continue striving for excellence.”
This award is in recognition of Adansi Travels’ excellence in strategic marketing which has led to delivering excellent results over the years.
Travels’ tenants for work is hinged on professionalism, trust and loyalty. This leads them to create a niche market that allows people irrespective of their budget to explore Ghana and the world.
People & Lifestyle
Is a Free VPN Safe to Use? Exploring the Risks and Benefits
In our current digital age, online privacy and security have become an importantt concerns for internet users around the world. With the increasing prevalence of cyber threats and data breaches, people are actively seeking ways to protect their online activities. Virtual Private Networks, or VPNs, have gained popularity as tools that promise safeguarding your digital footprint. While there are many VPN options available, free VPNs, in particular, have garnered significant attention due to their accessibility. In this article, we will explore the risks and benefits of using a free VPN, with a focus on free VPN for Windows.
Understanding VPNs: What Are They?
Before delving into the world of free VPNs, let’s understand what a VPN is and how it works. A VPN is essentially a service that establishes a secure, encrypted connection between your device (in this case, your Windows PC) and a remote server. This connection masks your IP address and encrypts your internet traffic, making it difficult for third parties, such as hackers or government agencies, to monitor your online activities.
The Benefits of Using a Free VPN
Enhanced Privacy: One of the primary advantages of using a free VPN is the boost in online privacy. Your internet service provider (ISP), websites, and even potential cybercriminals won’t be able to track your online behavior when you’re connected to a VPN.
Bypassing Geo-Restrictions: Free VPNs often allow users to access geo-restricted content. For example, if a streaming platform or website is only accessible in certain regions, a VPN can make it appear as though you’re browsing from an eligible location.
Protection on Public Wi-Fi: When you connect to public Wi-Fi networks, your data becomes vulnerable to interception. A free VPN can add an extra layer of security when you’re using unsecured public Wi-Fi at cafes, airports, or hotels.
The Risks Associated with Free VPNs
Data Logging: Many free VPN providers track and log user data. This can include your online activities, websites visited, and even personal information. This data may then be sold to third parties or used for targeted advertising.
Inadequate Security Measures: Some free VPNs might not implement robust encryption protocols, leaving your data vulnerable to breaches or leaks.
Limited Features: Free VPNs often come with limitations, such as slower connection speeds, data caps, and fewer server locations. These restrictions can hinder your online experience.
Malware and Adware: Some free VPN services have been found to include malware or adware in their software, potentially infecting your device.
Uncertain Jurisdiction: Free VPN providers can be based in countries with lax data privacy laws, which means they may not be obligated to protect your data.
Choosing the Right Free VPN for Windows
If you decide to use a free VPN for your Windows device, it’s essential to exercise caution and select a reputable service. Here are some simple tips for selecting the right one:
Read Reviews: Research and read user reviews and expert opinions to find out which free VPNs have a good reputation for security and privacy.
Check for No-Logs Policy: Look for a free VPN that has a strict no-logs policy. This means they don’t store your online activities or personal information.
Transparent Privacy Policy: Ensure that the VPN provider has a clear and transparent privacy policy that explains how they handle your data.
Encryption Standards: Check what encryption standards the VPN employs. The stronger, the better.
Server Locations: Opt for a free VPN with multiple server locations so you can access content from different regions.
Trial Period: Some premium VPN providers offer limited free versions or trial periods of their services. These can be a safer option than entirely free VPNs.
Conclusion
In conclusion, the decision to use a free VPN for your Windows device comes with both benefits and risks. While free VPNs can enhance your online privacy and help you access geo-restricted content, they may also compromise your data security and privacy due to certain limitations and potential pitfalls. To maximize the benefits of using a free VPN while minimizing the risks, it’s crucial to conduct thorough research, choose a reputable provider, and be aware of the privacy policies and security measures in place. Ultimately, your online security is in your hands, and a well-informed choice can help you navigate the digital landscape more safely.