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President highlights Global North’s failure in Climate Change Financing at 10th World Water Forum

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President Ranil Wickremesinghe addressing the 10th World Water Forum, held in Bali, Indonesia today (20), highlighting the stark contrast between global funding priorities, pointing out the willingness of the Global North to fund death and destruction in Ukraine while showing reluctance to finance measures to combat climate change.

Accordingly, President Wickremesinghe proposed a 10% levy on the annual profits of global tax evasion assets deposited in tax havens, estimated at $1.4 trillion annually. He suggested that funds raised through this levy could support Blended Finance projects focused on climate change adaptation and mitigation.

The World Water Summit, themed “Water for Common Prosperity,” began on May 18 in Bali, Indonesia, bringing together world leaders, experts, academics, entrepreneurs, and policymakers. The conference aims to unite nations in a collaborative effort to address global water issues.

Since its inception in 1997, the World Water Summit has been held every three years, serving as a premier platform for countries worldwide to share experiences and knowledge on best practices for water management. The summit facilitates dialogues among stakeholders on water, sanitation challenges, and sustainable development goals.

This year’s event sees the participation of key United Nations organizations, including the United Nations Economic and Social Commission for Asia and the Pacific, the United Nations Food and Agriculture Organization, the United Nations Environment Programme, the United Nations Development Programme, the United Nations Educational, Scientific and Cultural Organization, the United Nations International Children’s Fund, the United Nations Industrial Development Organization, and the United Nations Climate Change Organization.

Following is the speech delivered by President Ranil Wickremesinghe;

At the outset let me thank the President of the Republic of Indonesia, H.E. Joko Widodo for hosting the 10th World Water Forum in Bali. The theme ‘Water for shared prosperity’ focuses on collective responsibility in managing water resources, the life blood of all living beings and ecosystem services. This follows the “Sustainable Management of Lakes” Resolution proposed by Indonesia at the UNEA-5.

During the UNEA -6 held this year, the European Union together with Sri Lanka brought about the resolution “6/13 Effective and inclusive solutions for strengthening water policies to achieve sustainable development in the context of climate change, biodiversity loss and pollution”.

I also take this opportunity to congratulate the Government of Indonesia for taking the initiative during the G20 Presidency to launch the Global Blended Finance Alliance. Sri Lanka expresses its willingness to become a pioneering member.

Climate Change and water stress are two sides of the same coin. The cumulative effects of Climate Change are the main reason for what we see today as the water resource crisis. According to IPCC projected climate scenarios till 2090, Sri Lanka’s dry zone will get drier and the wet zone will get wetter in an unprecedented manner. Sea level rise will cause salt water intrusion in coastal areas resulting in salinization of land. I took this example from Sri Lanka while appreciating the fact that this is what is happening all over the world.

In global terms the solution to water stress revolves around climate mitigation and adaptation. Combating the triple planetary crisis with specific measures aiming at water. In the Nationally Determined Contributions water is classified under the adaptation sectors. On the other hand, mitigation is equally important as emissions are the root cause. Combating the threats to water resources posed by climate change requires colossal amounts of financial resources.

The Global North has failed miserably in adhering to the commitments to provide financial resources for Climate Change. There is a notable lack of political will after the euphoria of the Glasgow COP was over. Climate Change denial is gaining ground in the West.

The establishment of the Loss and Damage Fund, after a long drag, if effectively implemented can help to bridge the gap. This is a big IF. The Summit for a new Global Financing Pact will hopefully reach a conclusion by September this year. Nevertheless, the final outcome will depend on the results of the US Presidential Elections in November.

The OECD in 2021 projected the investment for global water related infrastructure at US $ 6.7 trillion for 2030 and US$ 22 trillion for 2058. The UNEP Report 2023 “Underfinanced – Underprepared” estimate the under financed gap to combat climate change at US$ 194 – 366 billion per year. The Global North is willing to fund death and destruction in the Ukraine. But there is an unwillingness to fund measures to avoid death and destruction caused by climate change.

Since money is not coming our way in anticipated amounts and at anticipated pace, to overcome the resource gap, Sri Lanka presented to COP 28 the Tropical Belt Initiative. A novel concept of harnessing commercial investments in the natural forests, mangroves, swamps, grassland water bodies and other natural resources in the Tropical Belt towards tackling the triple planetary crisis. The Tropical Belt from the time of its existence has been a ‘shield’ for the whole world. It is a catalytic accelerator of solutions to the ongoing triple planetary crisis. Investment in the tropical belt will bring in transformative changes to combat the triple planetary crisis.

In this context, the Initiative on Global Blended Finance will enable the Global South to mobilise the much needed financial resources. The US$ 9.4 billion available to commence this fund is a good example of leveraging concessional finance. The Tropical Belt Initiative will also benefit from this facility. In this context Sri Lanka proposes a 10% levy on the annual profits of global tax evasion assets deposited in tax havens. The annual profits are estimated at US$ 1.4 trillion per annum. The levy can be enforced by imposing sanctions, similar to those imposed on Russian Banks on the Banks and the Financial Institutes which fail to implement the levy. The monies raised by these levies to be made available to be utilised by the Blended Finance projects on Climate Change adaptation and mitigation.

The Global Blended Finance initiative is a supplement to the Loss and damage funds – not an alternative. These two measures must work in tandem. Therefore at this forum, let us express our appreciation for the hard work done by Indonesia in proposing this Initiative at the G20 culminating the establishment of the Alliance Secretariat.

Again, our thanks to President Joko Widodo for his contribution both in respect to the management of water resources and for bringing together the Global Blended Alliance.”

 



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IPL 2025: Marsh, Markram and Rathi shine as LSG edge MI in thriller

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LSG celebrate a nail-biting win against MI [Cricbuzz]

Hardik Pandya claimed his maiden T20 five-fer and scored an unbeaten 16-ball 28 but was powerless to prevent Mumbai Indians’ [MI] third loss in four games. They lost to a spirited Lucknow Super Giants [LSG] side, who had Mitchell Marsh and Aiden Markram to thank for powering them to 203, a score that they defended by 12 runs, thanks in large part to a superb spell from 25-year-old Digvesh Rathi, who took 1 for 21.

At the 15-over mark, the contest was evenly poised: LSG stood at 146 for 3, MI at 143 for 3. Mumbai, historically strong chasers, seemed on course for a late surge. But that’s when Rathi made his mark. The legspinner delivered a crucial spell, conceding just 10 runs from his first three overs. Skipper Rishabh Pant even reserved an over of his for the death, and Rathi stood tall in the 18th, giving away just 11 against a rampaging Hardik Pandya. Across his four overs, Rathi bowled eight dots and conceded just a single boundary-proving to be the difference.

On the flip side, it was a night to forget for Impact Sub Tilak Varma. The rising star struggled to find fluency, scratching his way to 25 off 23 balls with just two boundaries. MI ultimately made the bold call to retire him out in the penultimate over, a move that underlined their desperate search for momentum.

LUCKNOW SUPER GIANTS

PowerPlay: Marsh takes charge

Phase Score: LSG 69/0 (RR: 11.50; 4s/6s: 10/2)

Mitchell Marsh could have been dismissed for just 4, and Trent Boult should’ve added yet another first-over wicket to his tally. But Mumbai Indians made a crucial blunder – they didn’t appeal for a clear nick. It proved costly. The Aussie powerhouse, fondly known as ‘The Bison’, tore into MI’s bowlers with brute force and clean timing. Marsh plundered nine boundaries and two towering sixes, driving straight and through the line with disdain even as the ball offered swing and the pitch served up uneven bounce.

He faced 30 deliveries in the PowerPlay – the most by any batter in that phase in IPL history – and made every ball count, hammering 60 runs off them in a whirlwind display.

Middle Overs: Markram holds firm even as MI chip away

Phase Score: LSG 77/3 (RR: 8.55, 4s/6s: 5/4)

Marsh fell to the very first ball he faced after the PowerPlay, chipping a return catch to Vignesh Puthur. The dismissal cracked open a window for Mumbai Indians to claw back, and skipper Hardik Pandya made the most of it. He struck with a sharp short ball to remove the dangerous Nicholas Pooran for just 12. Pandya wasn’t done yet. He extended Rishabh Pant’s lean start to IPL 2025, as the LSG captain mistimed a short ball that held up on the pitch, spooning a simple catch to mid-off. In the space of just 24 balls, LSG had lost three key wickets for 38 runs and were suddenly wobbling. That’s when Markram stepped in, steadying the innings with composure and control. He found an ideal partner in Ayush Badoni, and together they stitched a crucial 51-run stand off just 31 deliveries, dragging the LSG innings back on course

Death Overs: Hardik grabs maiden T20 five-fer but LSG breach 200

Phase Score: 57/5 (RR: 11.40; 4s/6s: 6/2)

Markram completed a 34-ball half-century but LSG’s push for late runs was pegged back by Pandya’s continued excellence. The MI skipper used his cutters into the wicket efficiently and forced LSG’s batters to hit to the longer boundaries. Three such deliveries accounted for Markram, David Miller and Akash Deep as Pandya completed his maiden T20 five-fer. Between those wickets, however, LSG still found useful runs, notably from the bat of Miller, who struck three fours and a six in his 14-ball 27 to power LSG to 203 – only the second 200+ score in Lucknow.

MUMBAI INDIANS

PowerPlay: Openers fall but Naman Dhir keeps MI on track

Phase Score: 64/2 (RR: 10.67; 4s/6s: 4/4)

Mumbai Indians lost both openers early, but Naman Dhir’s explosive cameo kept the chase alive. The returning Akash Deep made an immediate impact, removing Will Jacks in his first over as the Englishman mistimed a pull to deep square. Shardul Thakur then repeated the dose, dismissing Ryan Rickelton in identical fashion. Promoted to No.3, Dhir counterpunched in style. He tore into Deep in the fourth over, smashing 21 runs with two sixes and two fours – an over that flipped the PowerPlay back in MI’s favour. Suryakumar Yadav, easing his way in, added a six of his own as Mumbai raced to 64 for 2 after six overs, with Dhir blazing his way to 35 off just 15 balls.

Middle Overs: Suryakumar keeps MI in the hunt

Phase Score: 79/1 (RR: 8.78; 4s/6s: 11/0)

MI surged to 86 for 2 in just eight overs before Digvesh Rathi broke the momentum with a crucial breakthrough. His carrom ball snuck through Dhir’s defence, drawing a faint inside-edge that crashed into the stumps and ended the batter’s sparkling 24-ball 46. The 69-run third-wicket stand had laid a strong platform, but Rathi’s tidy spell began to apply the brakes. The young spinner was impressive, conceding just 10 runs in his first three overs. Tilak Varma, in particular, struggled to get going against him, battling to find rhythm. But Suryakumar Yadav kept the scoreboard ticking, finding regular boundaries to keep the chase alive. At the end of 13 overs, MI needed 79 from 42 balls-with the game finely poised. The India T20I captain got to a 31-ball half-century with a boundary off Ravi Bishnoi and another off Akash Deep to bring the equation to 61 off 30.

Death Overs: Shardul, Avesh hold nerve in tense finish

Phase Score: 48/2 (RR: 9.5, 4s/6s: 4/1)

LSG had a chance to break the partnership but Avesh Khan and Akash Deep fluffed an opportunity to effect a run-out. The former though atoned for that gaffe when he dismissed Suryakumar for 67 (42) after the batter walked across his crease to lap a ball but hit it too square and found the fielder at deep square-leg. That brought Pandya to the middle and the MI skipper drove the first ball – a full-toss – for four. But LSG continued to stack up good overs and Rathi bowled a very good 18th over before Shardul Thakur gave away just seven in the penultimate over when MI made the decision to pull Varma out. Avesh Khan was handed 22 runs to defend in the last over. He started on the back foot, conceding a six off the first ball, but held his nerve brilliantly thereafter. He nailed his yorkers under pressure, closing out a thrilling contest and sealing LSG’s second win of the season.

Brief scores:
Lucknow Super Giants 203/8 in 20 overs (Mitchell Marsh 60, Aiden Markram 53, Nicholas Pooran 12, Ayush Badoni 30, David Miller 27; Trent Boult 1-38, Ashwani Kumar 1-39, Vignesh Puthur 1-31, Hardik Pandya 5-36) beat Mumbai Indians 191/5 in 20 overs (Suryakumar Yadav 67, Naman Dhir 46, Ryan Rickelton 10, Tilak Vaema 25, Hardik Pandya 28*; Shardul Thakur 1-40, Akash Deep 1-46, Avesh Khan 1-40, Digvesh Rathi 1-21) by 12 runs

What’s next for the teams?

Mumbai Indians will return home to take on RCB on Monday (April 7). LSG will play the following day, against holders KKR in Kolkata.

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Sun directly overhead Kahawa, Meetiyagoda, Elamaldeniya, Ambakolawewa and Bundala at about 12:13 noon today (05th)

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On the apparent northward relative motion of the sun, it is going to be directly over the latitudes of Sri Lanka from 05th to 14th of April  this year.

The nearest areas of Sri Lanka over which the sun is overhead today (05th) are Kahawa, Meetiyagoda, Elamaldeniya, Ambakolawewa and Bundala at about 12:13 noon.

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Worst week for US stocks since Covid crash as China hits back on tariffs

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[pic BBC]

Stock market turmoil deepened on Friday, as China hit back at tariffs announced by US President Donald Trump, raising the likelihood of an extended trade war and damage to the global economy.

All three major stock indexes in the US plunged more than 5%, with the S&P 500 dropping almost 6%, capping the worst week for the US stock market since 2020.

In the UK, the FTSE 100 plunged almost 5% – its steepest fall in five years, while Asian markets also dropped and exchanges in Germany and France faced similar declines.

Trump, who has vowed to remake the global trade order, dismissed concerns about the market shock, noting that the US labour market is strong.

“Hang tough,” he urged his followers on social media. “We can’t lose.”

The global stock market has lost trillions in value since Trump announced sweeping new 10% import taxes on goods from every country, with products from dozens of countries, including key trading partners such as China, the European Union and Vietnam, facing far higher rates.

Analysts say the moves, some of which are due to go into effect as soon as Saturday, amount to the biggest tax increase in the US since 1968.

They expect the measures to lead to a contraction in trade, and have warned they could drive many countries into an economic recession.

China responded to Trump on Friday by hitting US goods with import taxes of 34%, curbing exports of key minerals and adding American firms to its blacklist, describing Trump’s actions as “bullying” and a violation of international trade rules.

Other countries appear to be hoping they will be able to negotiate deals, despite conflicting signals from the White House about its appetite for talks.

Maroš Šefčovič, the trade commissioner for the EU, which has been planning to retaliate, said on Friday that he had had a “frank” two-hour exchange with US officials, and wrote on social media the trade relationship needed a “fresh approach”.

“The EU’s committed to meaningful negotiations, but also prepared to defend our interests,” he said. “We stay in touch.”

Trump’s moves are consistent with promises he made on the campaign trail last year.

But they were more far-reaching than some analysts had expected, triggering the worst week for the stock market since 2020, when the Covid-19 pandemic led to global shutdowns and other disruption.

The sell-off started with firms such as Apple and Nike, which rely heavily on suppliers in Asia. But on Friday, it moved into sectors that would typically not face the direct impact of tariffs, such as consumer staples, healthcare and utilities.

“Candidly the mood is pretty sour and it should be,” said Mike Dickson, head of research and quantitative strategies at Horizon Investments in the US, warning that it will take weeks to understand the impact of Trump’s tariffs.

[BBC]

 

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