UN General Assembly Opens In New York …Raises $200bn For Clean Energy

More than 140 heads of state and government gathered in New York City yesterday for the start of the 69th annual United Nations General Assembly.
This year’s agenda is crowded with talks and speeches on new crises, including the rise of Islamic State extremists in Syria and Iraq, the ongoing civil strife in Ukraine, and the deadly Ebola outbreak, as well as old standards such as climate change and nuclear disarmament. Topping the agenda is the Islamic State of Iraq and Greater Syria (ISIS).
The UN Security Council will convene a special session today in the hope of forging an international agreement to sever the flow of funds, arms and fighters into ISIS strongholds in Iraq and Syria.
President Barack Obama will chair the Security Council session, the first time he has done so since 2009.
Today, each head of state, including President Goodluck JJonathan, will have 15 minutes at the lectern to address the General Assembly.
Notable newcomers include, Egyptian President, Abdel Fattah el-Sisi, India’s Prime Minister, Narendra Modi—who has booked out Madison Square Garden to address the Indian Diaspora on Sunday—and Ukrainian President, Petro Poroshenko.
Russian President, Vladimir Putin will not attend this year’s meeting, neither will Syrian President, Bashar al-Assad for the second year running, but, surprisingly, North Korea will send its first high-level delegate in 15 years, Foreign Minister, Ri Su-yong, according to South Korea’s Joongang Daily.
Tomorrow will include a summit on the Ebola outbreak in West Africa, which has claimed more than 2,700 lives, according to the World Health Organization (WHO).
President Obama will address the gathering world leaders in a bid to raise funds and secure more commitments of aid to the affected countries.
And once again, the un-choreographed action behind the scenes, when representatives from rival states might rub shoulders or shake hands, will be closely watched by diplomats and press corps alike.
Last year’s meeting was preceded by anticipation of a hand shake between Iranian and US leaders, never fulfilled in deed.
Meanwhile, more than 120 world leaders gathered at the United Nations yesterday to call for an international agreement to cap greenhouse gas emissions.
The leaders used the one-day summit to announce plans by governments, investors and financial institutions to mobilize more than $200billion to finance clean energy and support resilience among vulnerable nations.
Opening the session alongside Vice President, Al Gore and a bearded Leonardo DiCaprio, United Nations Secretary-General, Ban Ki-moon warned that time was running out for the world to agree on a legally-binding deal that would force nations to set emissions targets by 2020 in a bid to keep temperatures at 2 degrees Celsius.
The summit is seen as the beginning year-long negotiations that should culminate with a deal in Paris next year.
But negotiations for the past seven years have been fraught with clashes between rich and poor nations, symbolized in part yesterday by the absence of leaders from China and India.
“We need a clear vision, anchored in domestic and multinational actions, for keeping global temperature rise below 2 Degrees Celsius,” Ban told delegates. “The world needs to see what opportunities there are to cut greenhouse gas emissions and provide sustainable energy sources. By seeing what is possible, others can find inspiration and follow suit.”
Ban said he was especially heartened by the climate march that drew upwards of 300,000 on Sunday in New York and the promises of financial help.
The $200billion would be available at the end of 2015. It includes pledges by donors — several billions of dollars — and developing countries to capitalize on the Green Climate Fund, which was set up 2010 to help facilitate climate funding from developed to developing nations.
“I am very impressed by the financing mobilized at the Summit by both the public and private sector. This will serve as a catalyst in finalizing a universal and meaningful agreement at Paris on climate change in 2015.”
“The Summit has created a platform for new coalitions and has brought leaders from both public and private sectors across the globe to not only recognize climate risks, but to agree to work together.”
The financing reflects the growing clout of the private sector in the negotiations. Long sidelined over their perceived indifference the talks, the UN has sought them out and it appears to be paying off.
Along with the financing, more than 100 CEOs are expected to get time later in the day with Ban to illustrate what they are doing on climate and some 30 are expected to announce plans to internalize the price of carbon in their operations and advocate for the setting a price on carbon emissions.
Of the $200billion, about half comes from institutional investors who have committed to expediently decarbonize and to measure and disclose the carbon footprint of at least $500billion in assets under management.
Another $30billion comes from commercial banks providing climate finance by the end of 2025 while the insurance industry has agreed to double its green investments to $82billion by the end of 2015.
Meanwhile, a group calling itself free Divest-Invest movement said it has now has over 800 global investors representing $50billion in total assets to agreement to divest from their holdings in fossil fuels over the next five years.
Those making the commitment include foundations, individuals, faith groups, health care organizations, cities and universities around the world.
“John D. Rockefeller, the founder of Standard Oil, moved America out of whale oil and into petroleum,” said Stephen Heintz, president of the Rockefeller Brothers Fund.
“We are quite convinced that if he were alive today, as an astute businessman looking out to the future, he would be moving out of fossil fuels and investing in clean, renewable energy.”

Speaker, Rivers State House of Assembly, Rt Hon Otelemaba Amachree (left), Rivers State Attorney-General and Commissioner for Justice, Barrister Worgu Boms (middle) and Registrar, Rivers State High Court, Justice Adoki, at the swearing-in of LGA Caretaker Committee Chairmen at Government House, Port Harcourt, recently. Photo: Chris Monyanaga