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Daily News Egypt
17-07-2025
- Business
- Daily News Egypt
Ethiopia Engages Diplomats on Climate Finance Ahead of Africa Climate Summit
Ethiopia's Ministry of Foreign Affairs has held consultations with the diplomatic community in Addis Ababa ahead of the Second Africa Climate Summit (ACS2), calling for stronger international financial and technical support to address the continent's climate challenges. The meeting, held this week, focused on mobilizing global climate finance for Africa's green development agenda, with particular attention to equitable support for African-led climate solutions. ACS2 is scheduled for September 8–10, 2025, at the Addis International Convention Centre under the theme 'Accelerating Global Climate Solutions: Financing for Africa's Resilient and Green Development.' The consultations were opened by Foreign Minister Dr. Gedion Timothewos and moderated by Planning and Development Minister Fitsum Assefa. Officials emphasized that while Africa contributes minimally to global greenhouse gas emissions, it remains one of the regions most vulnerable to climate change. The Ministry of Planning and Development presented the summit's concept note, outlining the summit's vision and objectives. Abas Mohammed, CEO at the Ministry, said ACS2 would seek to unlock grant-based climate finance and drive sustainable investment across Africa. Participants highlighted Ethiopia's own initiatives, such as the Green Legacy reforestation campaign, as examples of domestic climate leadership that require international support to scale. The Government of Ethiopia, in partnership with the African Union, has also launched the official ACS2 website. In a welcome message posted on the platform, Prime Minister Abiy Ahmed said the summit will be 'a vital opportunity to redefine Africa's aspirations for a climate-resilient and prosperous future.' Abiy said the summit would be guided by Agenda 2063 and Africa-led solutions, adding that 'African leadership must shape fair and practical global climate action.' ACS2 follows the first Africa Climate Summit (ACS1), which was held in Nairobi in September 2023. That summit resulted in more than $20 billion in pledged financing and the adoption of the Nairobi Declaration, which called for expanded investment in renewable energy and carbon markets. According to organizers, ACS2 aims to build momentum for Africa's unified climate finance position ahead of major global forums, including COP30, G20, and the UN General Assembly. Key expected outcomes include: The Addis Ababa Declaration on climate finance and resilient development; A push for scaling grant-based climate finance; Promotion of African-led climate solutions; Strengthening of country platforms and local systems to deliver climate finance; Strategic partnerships to support just transition and climate justice efforts across the continent
Business Recorder
16-07-2025
- Business
- Business Recorder
Cabinet approves 15pc hike in EOBI pensions
ISLAMABAD: In a bold attempt to jolt federal ministries out of complacency, Prime Minister Shehbaz Sharif on Wednesday announced that performance evaluations will now be held after every two months, guided by newly introduced key performance indicators (KPIs). The move, aimed at sharpening accountability and turbo-charging service delivery, marks a renewed push by the government to shake off inertia in Islamabad's corridors of power. Chairing a meeting of the federal cabinet, PM Sharif was emphatic: 'This message I want to make loud and clear – it is all about delivery and service to the nation.' Ministries exceeding expectations will be rewarded, while those falling behind could face consequences, he warned. The prime minister singled out the Ministry of Planning and Development for praise, highlighting its efficient use of development funds. Spending under the Public Sector Development Programme (PSDP) has now crossed the Rs1 trillion mark – a milestone PM Sharif credited to Planning and Development Minister Ahsan Iqbal's stewardship. In a nod to market confidence, PM Sharif welcomed the stock market's record-breaking performance this week, calling it a positive signal of macroeconomic recovery and investor trust. He insisted the uptick was the result of coordinated government efforts to stabilise the economy. Among the cabinet's key decisions was a 15 percent increase in pensions under the Employees' Old-Age Benefits Institution (EOBI), effective from 1 January 2025. The raise, which will be funded internally by EOBI, was proposed by the Ministry of Overseas Pakistanis and Human Resource Development. PM Sharif also ordered the formation of a cabinet committee to spearhead long-overdue institutional reforms in EOBI. The committee will explore extending pension coverage to Pakistan's vast informal workforce – including domestic workers, farm labourers, and other marginalised groups – in what could become a landmark shift in social security policy. In the maritime sector, the cabinet approved legal proceedings to advance the Sea Carriage Shipping Documents Bill, 2025, as part of efforts to modernise trade documentation. Meanwhile, a five-year extension was granted on the exemption of import duties for life-saving medicines – including anti-cancer and cardiac drugs – following a proposal from the Ministry of National Health Services. These medicines will continue to be restricted to hospitals and authorised institutions, with open-market sales remaining banned. Elsewhere, the cabinet ratified a series of legislative decisions taken by the Cabinet Committee on July 2 and 3. On a sombre note, the prime minister expressed deep sorrow over the tragic loss of lives in the ongoing monsoon season, particularly the deadly incident in Swat. Calling it an unfortunate incident, he stressed the need for more robust disaster preparedness and response. He said the federal government, in collaboration with the National Disaster Management Authority (NDMA) and provincial bodies (PDMAs), is working to strengthen emergency response systems across the country. He commended the NDMA, which is headed by a serving three-star military general, for its proactive role in disaster management. Finally, the prime minister lauded law enforcement and local administrations across the provinces, as well as in Azad Jammu and Kashmir and Gilgit-Baltistan, for ensuring peace and order during Muharram. Their coordinated efforts, he added, helped maintain national harmony during a critical time. Copyright Business Recorder, 2025
