Latest News
President launches Tropical Belt Initiative at COP28, proposing a paradigm shift in climate funding
President Ranil Wickremesinghe unveiled the ground-breaking Tropical Belt Initiative, a visionary plan aimed at addressing the challenges of global warming and securing sustainable development for nations within the tropical belt at COP28 held in Dubai, UAE
The President’s speech highlighted the urgency of the initiative, emphasizing the need for a paradigm shift in climate funding and a multilateral approach to achieve meaningful results.
President Wickremesinghe began by addressing the uncertainties surrounding the 2030 target for peaking global temperatures. He stressed the 50-50 chance of meeting this crucial goal and questioned the feasibility of expecting substantial financial contributions from governments. Instead, he proposed a bold approach that involves both tropical and non-tropical countries, as well as collaboration between the government and the private sector.
The Tropical Belt Initiative focuses on harnessing commercial investments in vital natural resources within the tropical belt, such as forests, swamps, and mangroves. President Wickremesinghe emphasized the importance of making these investments commercially viable, unlocking the funds needed to combat global warming. He highlighted the initiative’s potential to attract private sector involvement, contributing to the ambitious goal of securing trillions of dollars annually.
Furthermore, President Wickremesinghe shed light on the collaboration with the Indian Ocean Rim Association to promote the blue economy and create a sustainable Indian Ocean. The combination of the tropical belt initiative and efforts in the Indian Ocean is envisioned to become the world’s largest global sink for carbon.
The President also revealed discussions with world leaders, including Maldivian President, Kenyan President, President Lula of Brazil, and French President Macron, showcasing widespread interest in the initiative. He proposed the establishment of a panel of experts to report on the initiative, with plans to present the findings at COP30 in Brazil.
Additionally, President Wickremesinghe unveiled plans for the International Climate Change University (ICCU), a joint project between Sri Lanka and Maldives. The ICCU aims to foster capacity building and central research, acting as a stakeholder university with contributions from interested parties.
The President concluded his address by emphasizing the need for a break from conventional thinking to mobilize the funds required, expressing optimism that the Tropical Belt Initiative and ICCU will lead the way for similar initiatives worldwide. As nations strive to meet climate goals, President Wickremesinghe’s proposals mark a significant step towards a sustainable and resilient future.
Former Prime Minister of Australia Malcom Turnbull was also in attendance at the event.
Prime Minister Turnbull congratulated Sri Lanka on the launch of the initiative, saying that the protection of the region is one of the biggest challenges.
Latest News
India to host Zimbabwe for maiden women’s bilateral series
The India and Zimbabwe women’s teams are all set to play an international fixture against each other for the first time when Zimbabwe tour India for white-ball fixtures this October.
The tour comprises three T20Is and three ODIs and will be Zimbabwe’s first visit to India; India are yet to tour Zimbabwe for bilateral fixtures.
The three T20Is will be played in Raipur on October 16, 18 and 20, and the ODIs are on October 23, 25 and 28 in Baroda.
The fixtures were announced by the BCCI on Wednesday, along with two home series for the India A women’s side against Australia A in September and England A in December. Both those series comprise three T20s, three List A games and one multi-day fixture.
The India Under-19 women’s team will also host Sri Lanka U-19 in June and July for three T20s and three 50-over games, and England U-19 in November and December for five T20 fixtures.
The Australia A men’s side will tour India for two multi-day fixtures and three one-dayers in September and October, while the Australia U-19 side will visit India for two multi-day fixtures and three one-dayers also in September and October.
[Cricinfo]
Latest News
Oil prices drop and stock markets rise after reports of deal to end Iran war
Oil prices have dropped and global stock markets have risen following reports that the US and Iran are close to a deal to end the war.
Brent crude futures, the global benchmark oil price, fell to $97 (£73) a barrel after the reports before rebounding to over $101. The price was over $108 earlier in the day.
The FTSE 100 index of London’s largest public firms and Germany’s Dax index closed over 2% up while the French Cac 40 was up 3%. Asian indexes also ended the day higher while the US S&P 500 was up by more than 1% over the day.
The market movements come after Axios reported that the US believes it is close to a one-page document which will end the war and set up detailed nuclear talks.
Hours later, an Iranian foreign ministry spokesperson told Iranian Students’ News Agency that the US proposal to end the war with Iran was still being considered.
However, not long after that, Trump suggested a deal could still be a way off.
He said on Truth Social that any agreement by the Iranians is “a big assumption” and that a failure to come to a deal will result at bombardments “at a much higher level and intensity ” than was the case during Operation Epic Fury.
Oil prices are still much higher than the $70 a barrel they were hovering around before the start of the US-Israel war with Iran, which has caused caused production and transportation of oil in the region to slump.
Central to the conflict is Iran’s threat to attack oil ships crossing the Strait of Hormuz, a narrow waterway south of the country, in response to US-Israeli strikes since 28 February.
About a fifth of global oil and gas shipments usually cross the strait, which has been effectively closed for weeks. Global gas prices have also soared since the conflict began.
As for stock markets, the big European bourses are lower than they were at the end of February, while the S&P 500 climbed by more than 1%.
The main Asian markets all rose on Wednesday, with the South Korean Kospi closing up 6.45%, the Hong Kong Hang Seng ending the day up 1.22%, and the Japanese Nikkei finishing 0.38% higher.
The Hang Seng is down since the start of war, but the other two are up.
[BBC]
Latest News
Shamas, Feroza hit tons as Pakistan win big to clinch ODI series
Pakistan Women 343/4 in 50 overs (Sadaf Shamas 101, Gull Feroza 100, Sidra Amin 59; Christina Mutasa 1-19, Lindokuhle Mabhero 1-52, Olinder Chare 1-40, Nomvelo Sibanda 1-61) beat Zimbabwe Women 137 in 39 overs (Runyararo Pasipanodya 33*; Fatima Sana 3-15, Diana Baig 1-23, Momina Riasat 2-39, Rameem Shamim 2-20, Syed Aroob Shah 2-18) by 206 runs
-
News2 days agoCJ urged to inquire into AKD’s remarks on May 25 court verdict
-
News6 days ago“Three-in-one blood pressure pill can significantly reduce risk of recurrent strokes”
-
News3 days agoUSD 3.7 bn H’tota refinery: China won’t launch project without bigger local market share
-
News6 days agoAlarm raised over plan to share Lanka’s biometric data with blacklisted Indian firm
-
News4 days agoEaster Sunday Case: Ex-SIS Chief concealed intel, former Defence Secy tells court
-
News5 days agoTen corruption cases set for court in May, verdict ordered in one case – President
-
News6 days agoUSD 2.5 mn fraud probe: Interdicted MoF official found dead at home
-
Editorial3 days agoDeliver or perish
