eXp Realty Launches Local Sponsor Partnership Program to Strengthen Global Agent Success

BELLINGHAM, Wash., Dec. 02, 2024 (GLOBE NEWSWIRE) — eXp Realty®, “the most agent–centric real estate brokerage on the planet™” and the core subsidiary of eXp World Holdings, Inc. (Nasdaq: EXPI), today announced the launch of its Local Sponsor Partnership Program. This innovative initiative is designed to enhance local expertise while fostering global growth for eXp Realty agents.

The program addresses the need for in–country support by pairing eXp agents with experienced Local Sponsors in their respective markets. These Local Sponsors provide hands–on guidance to ensure agents successfully implement eXp Realty's cutting–edge tools and thrive in their local real estate landscapes.

“Through the Local Sponsor Partnership Program, we’re empowering our agents with the resources and mentorship they need to succeed in their local markets while growing globally,” said Glenn Sanford, Founder, Chairman and CEO, eXp World Holdings. “This program represents the essence of eXp Realty’s commitment to agent success by providing a collaborative framework that drives innovation, growth and local expertise.”

For agents with an international sponsor, the Local Sponsor Partnership Program ensures they receive personalized, in–country support to navigate their markets effectively. The program also opens opportunities for experienced eXp agents to become Local Sponsors, enabling them to lead locally and earn level–one revenue share earnings from their sponsee’s transactions.

“This is more than a program; it’s a movement toward empowering agents with the tools and mentorship they need to lead locally and achieve unparalleled success globally,” Sanford added.

With this new initiative, eXp Realty agents can now benefit from a robust support system that strengthens local leadership and fosters collaboration across global markets.

About eXp World Holdings, Inc.

eXp World Holdings, Inc. (Nasdaq: EXPI) is the holding company for eXp Realty®, FrameVR.io and SUCCESS® Enterprises.

eXp Realty is the largest independent real estate company in the world with more than 85,000 agents in the United States, Canada, the United Kingdom, Australia, France, India, Mexico, Portugal, South Africa, Puerto Rico, Brazil, Italy, Hong Kong, Colombia, Spain, Israel, Panama, Germany, the Dominican Republic, Greece, New Zealand, Chile, Poland and Dubai and continues to scale internationally. As a publicly traded company, eXp World Holdings provides real estate professionals the unique opportunity to earn equity awards for production goals and contributions to overall company growth. eXp World Holdings and its businesses offer a full suite of brokerage and real estate tech solutions, including an innovative residential and commercial brokerage model, professional services, collaborative tools and personal development. The cloud–based brokerage is powered by FrameVR.io technology, offering immersive 3D platforms that are deeply social and collaborative, enabling agents to be more connected and productive. SUCCESS® Enterprises, anchored by SUCCESS® magazine and its related media properties, was established in 1897 and is a leading personal and professional development brand and publication.

For more information, visit https://expworldholdings.com.

Safe Harbor Statement

The statements contained herein may include statements of future expectations and other forward–looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. These statements include, but are not limited to, statements about future program availability, improvements in technology and related cost efficiencies. Such forward–looking statements speak only as of the date hereof, and the Company undertakes no obligation to revise or update them. Such statements are not guarantees of future performance. Important factors that may cause actual results to differ materially and adversely from those expressed in forward–looking statements include changes in program availability, changes in technology offerings, and other risks detailed from time to time in the Company’s Securities and Exchange Commission filings, including but not limited to the most recently filed Quarterly Report on Form 10–Q and Annual Report on Form 10–K.

Media Relations Contact:
eXp World Holdings, Inc.
mediarelations@expworldholdings.com

Investor Relations Contact:
Denise Garcia
investors@expworldholdings.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/89757d05–33ae–4c89–97a1–98158a5c984c


GLOBENEWSWIRE (Distribution ID 9312616)

EMGA obtient un financement par emprunt d’un montant de 30 millions de dollars pour la banque ouzbèke Ipak Yuli

LONDRES, 02 déc. 2024 (GLOBE NEWSWIRE) — Emerging Markets Global Advisory LLP (EMGA) annonce avoir conclu sa première transaction en Ouzbékistan en obtenant un financement de 30 millions de dollars auprès du Fonds OPEP pour le développement international (Fonds OPEP).

Commentant la transaction, le président d’Ipak Yuli, M. Saydakhmedov Saidabror, a déclaré : « Nous sommes ravis d’être la première banque privée d’Ouzbékistan à signer un accord avec le Fonds OPEP. Cet accord constitue une étape décisive dans le soutien apporté au développement du secteur des micro, petites et moyennes entreprises (MPME) dans notre pays. Nous partageons avec le Fonds OPEP des valeurs communes en matière de promotion de l’entrepreneuriat, et nous sommes convaincus qu’en posant ainsi les bases de l’élargissement de notre coopération à l’avenir, ce partenariat contribuera au développement ultérieur de l’économie en créant de nouvelles opportunités pour les entreprises. »

Le directeur de la banque d’investissement et directeur général d’EMGA, Sajeev Chakkalakal, a déclaré : « Malgré un environnement macroéconomique mondial difficile, nous nous félicitons d’avoir structuré cette transaction qui va dans le sens de la vision à long terme d’Ipak Yuli en matière de soutien aux PME ouzbèkes, tout en contribuant simultanément à étendre la présence des opérations en cours du Fonds OPEP dans la région. »

Jeremy Dobson, directeur des opérations et directeur général d’EMGA, a ajouté : « EMGA est ravie d’avoir obtenu ce financement pour Ipak Yuli. Cette opération très prometteuse pour l’avenir permettra de diversifier davantage encore sa base de financement. »

Le président du Fonds OPEP, Abdulhamid Alkhalifa, a déclaré : « Le partenariat qui nous unit à Ipak Yuli Bank reflète notre approche ciblée en matière de soutien à la transformation du secteur privé en Ouzbékistan. En facilitant l’accès des entreprises au financement, y compris pour les entreprises dirigées par des femmes, nous les aidons à libérer leur potentiel en vue de contribuer à la croissance économique durable du pays. Ce partenariat ne concerne pas seulement le financement : il s’agit également de soutenir un secteur privé plus dynamique et plus inclusif qui favorise les opportunités économiques et améliore le bien–être des communautés dans l’ensemble de l’Ouzbékistan. »

Ipak Yuli est une banque commerciale et d’innovation par actions basée en Ouzbékistan. Créée en décembre 1990, elle fournit des services bancaires aux entrepreneurs individuels, aux petites et moyennes entreprises, aux institutions et organismes publics ainsi qu’aux entreprises. Outre une large gamme de services bancaires et d’opérations de crédit, la banque gère également pour le compte de ses clients des opérations de leasing, d’affacturage et de financement de projets, des opérations avec des fonds en devises monétaires et non monétaires et des opérations sur le marché boursier

Le Fonds OPEP pour le développement international (le Fonds OPEP) est la seule institution de développement mandatée à l’échelle internationale qui fournisse des financements provenant de pays membres exclusivement à des pays non membres. Travaillant en coopération avec des partenaires des pays en développement et avec la communauté internationale du développement, elle s’efforce de stimuler la croissance économique et le progrès social dans les pays à revenu faible et intermédiaire du monde entier. Créé en 1976, le Fonds OPEP a engagé plus de 27 milliards de dollars américains dans des projets de développement mis en œuvre dans plus de 125 pays, pour un coût total de projet estimé à plus de 200 milliards de dollars américains. Le Fonds OPEP est noté AA+ par Fitch avec une perspective stable, et AA+ par S&P avec une perspective stable. Notre vision est celle d’un monde où le développement durable est une réalité pour tous.

Avec des bureaux basés à Londres et à New York, Emerging Markets Global Advisory LLP (EMGA) vient en aide aux établissements financiers et aux entreprises à la recherche de nouveaux capitaux d’emprunt ou de capitaux propres. Combinant des décennies d’expertise, l’équipe internationale d’EMGA réalise des transactions pour le compte de ses clients sur les marchés émergents et les économies frontières du monde entier, y compris en Ouzbékistan qui reste un marché clé. EMGA continue d’élargir son rayonnement géographique et d’étoffer son offre de services en capitalisant sur son expérience reconnue dans la formation de capital et les prestations de conseil stratégique étendues à divers cycles économiques. Elle assied ainsi sa position prédominante sur le marché de banque d’investissement de niche ciblée sur les marchés émergents.

Contact : info@emergingmarketsglobaladvisory.com


GLOBENEWSWIRE (Distribution ID 1001026318)

EMGA arrangiert Fremdfinanzierung in Höhe von 30 Mio. US-Dollar für die usbekische Ipak Yuli Bank

LONDON, Dec. 02, 2024 (GLOBE NEWSWIRE) — Emerging Markets Global Advisory LLP (EMGA) gibt bekannt, dass sie ihre erste Transaktion in Usbekistan abgeschlossen haben und sich 30 Millionen US–Dollar vom OPEC Fund for International Development (OPEC Fund) sichern konnten.

Zur Transaktion äußerte sich Herr Saydakhmedov Saidabror,Chairman der Ipak Yuli Bank, wie folgt: „Wir freuen uns, die erste Privatbank in Usbekistan zu sein, die eine Vereinbarung mit dem OPEC Fund unterzeichnet hat. Dies ist ein wichtiger Schritt zur Unterstützung der Entwicklung des Sektors der Kleinst–, Klein– und Mittelbetriebe (KKMU) in unserem Land. Wir teilen mit dem OPEC Fund gemeinsame Werte in der Förderung des Unternehmertums und sind zuversichtlich, dass diese Partnerschaft den Grundstein für eine weiterführende Zusammenarbeit legt, die zur Entwicklung der Wirtschaft beiträgt und neue Chancen für Unternehmen schafft.“

Sajeev Chakkalakal, EMGAs Head of Investment Banking und Managing Director, dazu: „Trotz des herausfordernden globalen makroökonomischen Umfelds freuen wir uns, diese Transaktion zu strukturieren und die Vision von Ipak Yuli zu unterstützen, kleine und mittelständische Unternehmen in Usbekistan zu fördern. Gleichzeitig tragen wir dazu bei, die Präsenz des OPEC Fund und seine Aktivitäten in der Region auszubauen.“

Jeremy Dobson, EMGAs Head of Operations und Managing Director, fügte hinzu: „EMGA freut sich, diese Finanzierung für Ipak Yuli gesichert zu haben. Das Unternehmen wird seine Finanzierungsbasis weiter diversifizieren, was ein gutes Zeichen für die Zukunft ist.“

„Unsere Partnerschaft mit der Ipak Yuli Bank steht für unseren gezielten Ansatz, die Transformation des Privatsektors in Usbekistan zu fördern“, sagte Abdulhamid Alkhalifa, OPEC Fund President. Indem wir Unternehmen, auch von Frauen geführte, den Zugang zu Finanzmitteln erleichtern, tragen wir dazu bei, ihr Potenzial zu entfalten und so zum nachhaltigen Wirtschaftswachstum des Landes beizutragen. Bei dieser Partnerschaft geht es nicht nur um Finanzierung – es geht darum, einen dynamischeren und inklusiveren Privatsektor zu unterstützen, der wirtschaftliche Chancen fördert und das Wohlstandsniveau der Gemeinden in ganz Usbekistan steigert.“

Ipak Yuli ist eine Aktienbank für kommerzielle Innovationen in Usbekistan. Sie wurde im Dezember 1990 gegründet und bietet Bankdienstleistungen für Einzelunternehmer, kleine und mittlere Unternehmen, staatliche Organisationen und Institutionen sowie für Firmenkunden an. Neben einer breiten Palette an Bankdienstleistungen und Kreditgeschäften führt die Bank Leasing–, Factoring– und Projektfinanzierungen durch, ebenso wie Transaktionen mit Bargeld– und Nicht–Bargeldwährungsfonds sowie Wertpapiergeschäfte im Auftrag ihrer Kunden.

Der OPEC Fund for International Development (OPEC Fund) ist die einzige global mandatierte Entwicklungsinstitution, die Finanzierungen ausschließlich von Mitgliedsländern an Nicht–Mitgliedsländer bereitstellt. Die Organisation arbeitet mit Partnern aus Entwicklungsländern und der internationalen Entwicklungsgemeinschaft zusammen, um das Wirtschaftswachstum und den sozialen Fortschritt in Ländern mit niedrigem und mittlerem Einkommen auf der ganzen Welt zu fördern. Der OPEC Fund wurde 1976 gegründet und hat über 27 Milliarden US–Dollar in Entwicklungsprojekte in mehr als 125 Ländern investiert, mit einem geschätzten Gesamtprojektvolumen von über 200 Milliarden US–Dollar. Der OPEC Fund ist von Fitch mit AA+ und stabilem Ausblick sowie von S&P mit AA+ und stabilem Ausblick bewertet. Unsere Vision ist eine Welt, in der nachhaltige Entwicklung für alle Menschen Realität ist.

Emerging Markets Global Advisory LLP (EMGA) mit Niederlassungen in London und New York unterstützt Finanzinstitute und Unternehmen bei der Beschaffung von neuem Fremd– oder Eigenkapital. Das multinationale Team von EMGA verfügt über die jahrzehntelange Erfahrung, die erforderlich ist, um Transaktionen im Auftrag seiner Kunden in den aufstrebenden Märkten und Schwellenländern der Welt durchzuführen, darunter Usbekistan, das nach wie vor ein wichtiger Markt ist. Mit einer nachgewiesenen Erfolgsbilanz in den Bereichen Kapitalbildung und strategische Beratung in verschiedenen Konjunkturzyklen baut EMGA seine geografische Reichweite und sein Serviceangebot weiter aus und festigt seinen Platz auf dem Markt als eine der branchenweit herausragenden, auf Schwellenländer fokussierten Nischen–Investmentbanken.

Kontakt info@emergingmarketsglobaladvisory.com


GLOBENEWSWIRE (Distribution ID 1001026318)

A EMGA organiza financiamento de dívida de US$ 30 milhões para o Ipak Yuli Bank do Uzbequistão

LONDRES, Dec. 02, 2024 (GLOBE NEWSWIRE) — A Emerging Markets Global Advisory LLP (EMGA) anuncia a conclusão de sua primeira transação no Uzbequistão, garantindo US$ 30 milhões do Fundo da OPEP para o Desenvolvimento Internacional (Fundo da OPEP).

Comentando sobre a transação, o presidente do Ipak Yuli, Sr.Saydakhmedov Saidabror, afirmou: “Estamos satisfeitos por sermos o primeiro banco privado do Uzbequistão a assinar um acordo com o Fundo da OPEP. Este é um passo importante para apoiar o desenvolvimento do setor de micro, pequenas e médias empresas (MPME) em nosso país. Compartilhamos valores alinhados com o Fundo da OPEP no incentivo ao empreendedorismo e estamos confiantes de que esta parceria estabelecerá a base para ampliar nossa cooperação no futuro, contribuindo para o desenvolvimento contínuo da economia e criando oportunidades para os negócios.”

O chefe de banco de investimento e diretor administrativo da EMGA, Sajeev Chakkalakal, afirmou: “Apesar de um ambiente macroeconômico global desafiador, estamos satisfeitos em estruturar esta transação e apoiar a visão contínua do Ipak Yuli de fomentar as PMEs no Uzbequistão, além de, ao mesmo tempo, ajudar a expandir a presença das operações do Fundo da OPEP em andamento na região.”

O chefe de operações e diretor administrativo da EMGA, Jeremy Dobson, acrescentou: “A EMGA está muito satisfeita por ter garantido este financiamento para o Ipak Yuli. A operação diversificará ainda mais sua base de financiamento e representa um sinal positivo para o futuro.”

O presidente do Fundo da OPEP, Abdulhamid Alkhalifa, afirmou: “Nossa parceria com o Ipak Yuli Bank reflete nossa abordagem direcionada para apoiar a transformação do setor privado no Uzbequistão. Ao facilitar o acesso ao financiamento para empresas, incluindo aquelas lideradas por mulheres, estamos ajudando a liberar seu potencial para contribuir com o crescimento econômico sustentável do país. Essa parceria não se trata apenas de financiamento, mas também de apoiar um setor privado mais dinâmico e inclusivo, que promova oportunidades econômicas e melhore o bem–estar das comunidades em todo o Uzbequistão.”

O Ipak Yuli é um banco comercial inovador de capital acionário no Uzbequistão. O Banco foi fundado em dezembro de 1990 e oferece serviços bancários a empreendedores individuais, pequenas e médias empresas, organizações e instituições estatais, além de clientes corporativos. Além de uma ampla variedade de serviços bancários e operações de crédito, o banco realiza operações de leasing, antecipação de recebíveis, financiamento de projetos, operações com fundos em moeda corrente e não corrente, e atua no mercado de ações em nome de seus clientes.

O Fundo da OPEP para o Desenvolvimento Internacional (Fundo da OPEP) é a única instituição de desenvolvimento com atribuição global que oferece financiamento exclusivamente de países membros para países não membros. A organização trabalha em cooperação com parceiros de países em desenvolvimento e com a comunidade de desenvolvimento internacional para estimular o crescimento econômico e o progresso social em países de baixa e média renda ao redor do mundo. O Fundo da OPEP foi estabelecido em 1976 e comprometeu mais de US$ 27 bilhões em projetos de desenvolvimento em mais de 125 países, com um custo total estimado de mais de US$ 200 bilhões. O Fundo da OPEP possui classificação AA+/Perspectiva estável pela Fitch e AA+, Perspectiva estável pela S&P. Nossa visão é um mundo em que o desenvolvimento sustentável seja uma realidade para todos.

A Emerging Markets Global Advisory LLP (EMGA), com escritórios em Londres e Nova York, auxilia instituições financeiras e empresas que buscam novos recursos de dívida ou capital próprio. A equipe multinacional da EMGA combina décadas de experiência necessárias para concluir transações em nome de seus clientes nos mercados emergentes e economias internacionais, incluindo o Uzbequistão, que continua sendo um mercado importante. Com um histórico comprovado em formação de capital e consultoria estratégica ao longo de diversos ciclos econômicos, a EMGA continua expandindo seu alcance geográfico e sua oferta de serviços, solidificando sua posição no mercado como um dos bancos de investimento de nicho mais proeminentes do setor voltado para mercados emergentes.

Contato info@emergingmarketsglobaladvisory.com


GLOBENEWSWIRE (Distribution ID 1001026318)

Digital Retail Africa 2025: Shaping the Future of Retail

JOHANNESBURG, Dec. 02, 2024 (GLOBE NEWSWIRE) — The retail industry is undergoing rapid transformation, and IT News Africa’s upcoming Digital Retail Africa 2025 is set to prepare businesses for the challenges and opportunities ahead. Taking place on 30 January 2025 at the Cape Town International Convention Centre (CTICC), the event will bring together industry leaders, innovators, and decision–makers to explore strategies for thriving in the fast–evolving retail landscape.

Navigating a Disruptive Retail Environment

With global players such as Amazon, Temu, and Shein revolutionizing the African retail market, and grocery deliveries reshaping consumer expectations, businesses face unprecedented disruption. Digital Retail Africa 2025 will provide attendees with the tools and knowledge to stay competitive and future–proof their operations in this dynamic environment.

Innovation, Engagement, and Experience at the Core

The event will focus on key themes of innovation, engagement, and customer experience, offering insights and solutions to help businesses succeed in a customer–centric, technology–driven world.

Key Topics to Be Addressed Include:

  • The Rise of E–commerce Giants: Delivery Revolution
    Insights into logistics innovations redefining industry standards.
  • Understanding Consumer Behavior in the Digital Retail Landscape
    Strategies for creating personalized, data–driven retail experiences.
  • Emerging Trends in Digital Engagement and AI Integration
    Discussions on automation and other critical technologies shaping the future of retail.

Audience Profile

Digital Retail Africa 2025 is tailored for:

  • CEOs, COOs, CTOs and other decision–makers driving retail transformation.
  • E–commerce managers, digital marketers, and brand strategists optimizing customer engagement.
  • Supply chain and logistics professionals, data analysts, IT directors, and tech consultants seeking cutting–edge solutions.

The Importance of Attending

The event is designed to equip businesses with insights to adapt to shifting consumer behavior, implement emerging technologies, and overcome challenges in the digital marketplace. It offers a unique platform for professionals to learn, connect, and collaborate on strategies that will redefine retail in the post–pandemic era.

Opportunities for Sponsors

Sponsorship of Digital Retail Africa 2025 provides direct access to decision–makers and industry thought leaders. Sponsors benefit from exclusive visibility and lead generation opportunities, gaining a competitive edge in the market.

Top Reasons to Sponsor:

  1. Efficient lead generation with targeted audiences in one place.
  2. Increased brand visibility through a comprehensive marketing strategy.
  3. Direct engagement with decision–makers looking for solutions.
  4. Insights into audience challenges to position products effectively.
  5. Competitive advantage by reaching prospects first.
  6. High return on investment with access to potential new business opportunities.

Event Details and Registration

About Digital Retail Africa 2025
Digital Retail Africa 2025 is a flagship event focused on addressing the challenges and opportunities in Africa’s rapidly evolving retail sector. Through expert–led discussions, networking, and solution–focused sessions, the event aims to empower businesses to excel in a digital–first future.

For further information, visit the Digital Retail Africa website.


GLOBENEWSWIRE (Distribution ID 1001026151)

Small Island States Urge International Court to Look Beyond Climate Treaties

Cynthia Houniuhi, the head of the Pacific Island Students Fighting Climate Change at the International Court of Justice in The Hague. Credit: IPS

Cynthia Houniuhi, the head of the Pacific Island Students Fighting Climate Change at the International Court of Justice in The Hague. Credit: IPS

By Cecilia Russell
THE HAGUE & JOHANNESBURG, Dec 2 2024 – A few UN member states responsible for the majority of emissions have breached international law, Ralph Regenvanu, a special climate envoy from Vanuatu, told the International Court of Justice in the Hague in his opening address.

He was the first person to address the court action started by the Pacific Islands Students Fighting Climate Change (PISFCC) and supported by the government of Vanautu. In 2023, the UN General Assembly asked the ICJ for an opinion on “the obligations of States in respect of climate change.” The opinion requested is wide-ranging, going beyond the UNFCCC, Kyoto Protocol, and Paris Agreements.

Setting the scene for the 10-day hearings, Regenvanu said his nation of islands and people had built vibrant cultures over millennia “that are intimately intertwined with our ancestral lands and seas. Yet today, we find ourselves on the front lines of a crisis we did not create.”

Arnold Kiel Loughman, Attorney General of Vanuatu, said it was for the ICJ to uphold international law and hold states accountable for their actions.

“How can the conduct that has taken humanity to the brink of catastrophe, threatening the survival of entire peoples, be lawful and without consequences?” Loughman asked. “We urge the Court to affirm in the clearest terms that this contact is in preach of the obligations of states and international law, and that such preach carries little consequences.”

Cynthia Houniuhi, the head of the Pacific Island Students Fighting Climate Change, which had initiated the action, said climate change was undermining “the sacred contract” between generations.

“Without our land, our bodies and memories are severed from the fundamental relationships that define who we are. Those who stand to lose are the future generations. Their future is uncertain, reliant upon the decision-making of a handful of large emitting states.”

Throughout the day, countries impacted by climate change told the ICJ that climate change agreements did not preclude other aspects of international law. During it’s first day of hearings, the court heard from Vanuatu and Melanesian Spearhead Group, South Africa, Albania, Germany, Antigua and Barbuda, Saudi Arabia, Australia, the Bahamas, Bangladesh and Barbados.

At the end of the day, Barbados gave graphic examples of how climate change affects the country and asked the court to consider robust obligations on states to mitigate their greenhouse gas emissions.

“Climate change is not some unstoppable force that individual states have no control over. We must cut through the noise and accept that those whose activities have led to the current state of global affairs must offer a response that is commensurate with the destruction that has been caused. There is no parity, there is no fairness, there is no equity,” Bahamas attorney general Ryan Pinder told the court.

Showing a photograph of piles of what looked like refuse, Pinder recalled the impact of Hurricane Dorian.

“You can easily mistake this photograph for a pile of rubbish. However, what you are looking at are lost homes and lost livelihoods. A 20-foot storm surge rushed through the streets of these islands, contributing to approximately 3 billion US dollars in economic damage. That’s about 25 percent of our annual GDP in just two days. The results of such a storm are real. They include displaced people, learning loss, livelihoods, and lost and missing loved ones, all because some countries have ignored the warning signs of the climate crisis.”

The Bahamas’ demands were clear and irrevocable.

“It is time for these polluters to pay. The IPCC has been telling us for years that the only way to stop a warming planet is to make deep, rapid and sustained cuts in the global greenhouse gas emissions. The world needs to reach net zero emissions by 2050, which requires a cut in the GHG emissions by at least 43 percent in the next five years. Industrial states need to take urgent action now and provide reparations for their decades of neglect.”

Saudi Arabia had earlier in the proceedings argued that the UNFCCC, Kyoto Protocol, and Paris Agreement set state obligations to protect the climate system from anthropogenic greenhouse gas emissions. They argued that giving future generations legal status was dangerous and that obligations that were inconsistent with or exceeded those agreed in the specialized climate-related treaty regime would undermine the ongoing and future progress in international efforts to protect the climate system.

However, Pinder told the court that climate agreements do not exist in isolation.

“The climate treaties refer to both human rights and the prevention obligation. They did not erase existing public international law, and those who claim otherwise provide no credible support for their proposition. The court should resist such harmful attempts to dilute and distort international law.”

IPS UN Bureau Report

 


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COP29 Falls Short on Finance

Credit: Murad Sezer/Reuters via Gallo Images

By Andrew Firmin
LONDON, Dec 2 2024 – COP29, the latest annual climate summit, had one job: to strike a deal to provide the money needed to respond to climate change. It failed.

This was the first climate summit dedicated to finance. Global south countries estimate they need a combined US$1.3 trillion a year to transition to low-carbon economies and adapt to the impacts of climate change. But the last-minute offer made by global north states was for only US$300 billion a year.

The agreement leaves vague how much of the promised target, to be met by 2035, will be in the form of direct grants, as opposed to other means such as loans, and how much will come directly from states. As for the US$1 trillion annual funding gap, covering it remains an aspiration, with all potential sources encouraged to step up their efforts. The hope seems to be that the private sector will invest where it hasn’t already, and that innovations such as new levies and taxes will be explored, which many powerful states and industry lobbyists are sure to resist.

Some global north states are talking up the deal, pointing out that it triples the previous target of US$100 billion a year, promised at COP15 in 2009 and officially reached in 2022, although how much was provided in reality remains a matter of debate. Some say this deal is all they can afford, given economic and political constraints.

But global north states hardly engaged constructively. They delayed making an offer for so long that the day before talks were due to end, the draft text of the agreement contained no numbers. Then they made a lowball offer of US$250 billion a year.

Many representatives from global south states took this as an insult. Talks threatened to collapse without an agreement. Amid scenes of chaos and confusion, the summit’s president, Mukhtar Babayev of Azerbaijan, was accused of weakness and lack of leadership. By the time global north states offered US$300 billion, negotiations had gone past the deadline, and many saw this as a take-it-or-leave it offer.

The negotiating style of global north states spoke of a fundamental inequality in climate change. Global north countries have historically contributed the bulk of cumulative greenhouse gas emissions due to their industrialisation. But it’s global south countries that are most affected by climate change impacts such as extreme weather and rising sea levels. What’s more, they’re being asked to take a different development path to fossil fuel-powered industrialisation – but without adequate financial support to do so.

These evident injustices led some states, angered by Babayev bringing talks to an abrupt end, to believe that no deal would have been better than what was agreed. For others, waiting another year for COP30 would have been a luxury they couldn’t afford, given the ever-increasing impacts of climate change.

Financing on the agenda

Far from being settled, the conversation around climate financing should be regarded as only just having begun. The figures involved – whether it’s US$300 billion or US$1.3 trillion a year – seem huge, but in global terms they’re tiny. The US$1.3 trillion needed is less than one per cent of global GDP, which stands at around US$110 trillion. It’s a little more than the amount invested in fossil fuels this year, and far less than annual global military spending, which has risen for nine years running and now stands at around US$2.3 trillion a year.

If the money isn’t forthcoming, the sums needed will be eclipsed by the costs of cleaning up the disasters caused by climate change, and dealing with rising insecurity, conflict and economic disruption. For example, devastating floods in Valencia, Spain, in October caused at least 217 deaths and economic losses of around US$10.6 billion. Research suggests that each degree of warming would slash the world’s GDP by 12 per cent. Investing in a transition that reduces greenhouse gas emissions and enables communities to adapt isn’t just the right thing to do – it’s also the economically prudent option.

The same problems arose at another recent summit on a related issue – COP16 of the Biodiversity Convention, hosted by Colombia in October. This broke up with no agreement on how to meet the funding commitments agreed at its previous meeting. The international community, having forged agreements to address climate change and protect the environment, is stuck when it comes to finding the funding to realise them.

What’s largely missing is discussion of how wealth might be better shared for the benefit of humanity. Over the past decade, as the world has grown hotter, inequality has soared, with the world’s richest one per cent adding a further US$42 trillion to their fortunes – less than needed to adequately respond to climate change. The G20’s recent meeting said little on climate change, but leaders at least agreed that ultra-wealthy people should be properly taxed. The battle should now be on to ensure this happens – and that revenues are used to tackle climate change.

When it comes to corporations, few are richer than the fossil fuel industry. But the ‘polluter pays’ principle – that those who cause environmental damage pay to clean it up – seems missing from climate negotiations. The fossil fuel industry is the single biggest contributor to climate change, responsible for over 75 per cent of greenhouse gas emissions. It’s grown incredibly rich thanks to its destructive trade.

Over the past five decades, the oil and gas sector has made profits averaging US$2.8 billion a day. Only a small fraction of those revenues have been invested in alternatives, and oil and gas companies plan to extract more: since COP28, around US$250 billion has been committed to developing new oil and gas fields. The industry’s wealth should make it a natural target for paying to fix the mess it’s made. A proposed levy on extractions could raise US$900 billion by 2030.

Progress is needed, and fast. COP30 now has the huge task of compensating for the failings of COP29. Pressure must be kept up for adequate financing combined with concerted action to cut emissions. Next year, states are due to present their updated plans to cut emissions and adapt to climate change. Civil society will push for these to show the ambition needed – and for money to be mobilised at the scale required.

Andrew Firmin is CIVICUS Editor-in-Chief, co-director and writer for CIVICUS Lens and co-author of the State of Civil Society Report.

 


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Giving the Ocean a Fighting Chance Through the Great Blue Wall

Credit: Great Blue Wall

By James A Michel
VICTORIA, Seychelles, Dec 2 2024 – The Ocean is our life source, but for decades it has been repeatedly marred by humankind. With the disposal of pollutants into the Ocean, overexploitation of Ocean resources and the human-driven increase of global temperatures, the Ocean is changing and not for the better. Our Oceans are warming, corals are dying, fish stocks are declining, toxic chemicals are being released into the Ocean – these eAects are clearly visible today, but there is hope. There are organisations from all around the world that are fighting to save our Ocean.

James A Michel

Backed by coastal communities, governments, the private sector, NGOs and donors, is a growing global multi-stakeholder partnership led and driven by the global south. The International Union for Conservation of Nature (IUCN)’s Great Blue Wall Initiative stands out as a first-of-its-kind eAort to create a connected network of protected marine areas to combat climate change and global warming in the Western Indian Ocean. It is a roadmap which spearheads the establishment of a connected network of regenerative seascapes. This network will be connected by a living blue wall that will act as a regional ecological corridor formed by conserved and restored critical blue ecosystems such as mangroves, seagrasses, corals and coastal forests.

Whilst the Great Blue Wall will act as a wall against climate change impacts and biodiversity loss, it will also protect coastal communities, their culture and livelihoods, and create the enabling conditions and necessary mechanisms to accelerate the development of a regenerative blue economy. By 2023, the Great Blue Wall will equitably and eAectively protect, conserve and manage at least two million km square of the Ocean; it will support the achivement of a net-gain of biodiveristy by conserving and restoring at least two million hectares of critical ecosystems and sequester more than one hundred million tons of carbon; and it will unlock regenerative livelihood opportunities and create at least two million blue jobs, whilst advocating and providing support to countries in the global south.

At the 26th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change, which took place in Glasgow in 2021, I delivered the opening speech at the Launch of the Great Blue Wall Initiative. There, I urged all countries to continue presenting a strong common front and work together turning ambitions into concrete actions to unleash the potentials of the Blue Economy, and called on countries and organisations with resources to partner with us on this journey to promote and develop an inclusive nature-people blue economy architecture based on the Great Blue Wall, unlocking the full potential of the development of the blue economy driven by conservation and regeneration.

Since its launch, the Great Blue Wall has achieved many milestones:

Credit: Great Blue Wall

Through these milestones, the Great Blue Wall promises to deliver. It promises to accelerate and upscale ocean conservation actions while enhancing socio-ecological resilience and the development of a regenerative blue economy by catalysing political leadership and financial support.

When I was first presented with this initiative, I was immediately convinced of its uniqueness, its purpose, the outcomes it aims to achieve and the nature-people relationship it is seeking to re-establish and strengthen. So, I pledged my full support to the Great Blue Wall and have promoted it ever since. In November 2024, I was appointed as a High-Level Champion of the Great Blue Wall at the 29th meeting of the United Nations Climate Change Conference in Baku, Azerbaijan. And during this conference, it was also announced that the Great Blue Wall will be partnering with the ODISEA expedition on an expedition to explore and protect biodiversity in the Western Indian Ocean. In this press conference I was moved by the words of Thomas Sberna, IUCN Regional Head Coastal and Ocean Resilience of Eastern and Southern Africa:

    “[This expendition] is about giving a voice to the unheard and bringing a light to the unseen. It’s about telling their stories. It’s about enabling them to produce the science that will inform their decisions and unveiling the local knowledge that will guide their actions. This expedition will bear witness and be an actor in what will be remembered as the Rise of our Blue Guardians.”

Today, many people are taking ownership of their responisibilty of the future of the Ocean behalf of present and future generations. Today, the Blue Economy is seen as a driver of conservation and development and we are unlocking its full potential. It can be sustainable. It can be regenerative. It can be people-centred.

To guide its development and implementation, and to achieve its goals, the Great Blue Wall is based on a premise of three key pillars – regenerative seascapes, climate change and a regenerative blue economy – to create resilient systems built upon strengthening connectivity and diversity at all levels and of all nature.

Credit: Great Blue Wall

Fourteen years ago, I saw the architecture of the blue economy concept as the savior of our planet. Today, this reality is being talked about in all countries around the world. There is an ecological imbalance in the Ocean and its eAects are reaching us. It is important for all of us to remember that our relationship with the Ocean is one of reciprocity. Whilst we are dependent on it for our survival, it depends on us to ensure it is able to continue to provide for us.

James Alix Michel, former President of Seychelles.

IPS UN Bureau

 


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What Does The Ceasefire in Lebanon Entail For Gaza?

A group of displaced children in a shelter in northern Gaza. Credit: UNICEF/Mohammed Nateel

By Oritro Karim
UNITED NATIONS, Dec 2 2024 – On November 27, a ceasefire agreement was agreed upon by officials for Israel, Lebanon, and a host of other mediating parties, including the United States. Yet even with this step towards peace, conflict and suffering continue in Gaza, raising questions of when – or how – a similar outcome can be achieved.

Under the ceasefire agreement, Israel is required to withdraw its troops from southern Lebanon and Hezbollah call off their forces from north of the Litani River. In the following days, relatively few violations were reported from both sides.

This ceasefire has generated considerable discourse from Palestinians and humanitarian officials on if a similar agreement can be reached between Israel and Palestine. Mohammed Nasser, a public relations worker and displaced citizen residing in Khan Younis, informed reporters of his anxiety surrounding Gaza’s future. “We had hoped that this agreement would be comprehensive and include the Gaza Strip, or at least a deal would be reached on a ceasefire and end the ongoing suffering here. There are great concerns here in the Gaza Strip that the ceasefire in Lebanon will become a reason for expanding military operations here in the Gaza Strip,” said Nasser.

On November 28, Israeli Foreign Minister Gideon Sa’ar told reporters that a ceasefire would only be negotiated once all hostages were returned and Hamas operations were eradicated in Gaza. Sa’ar opined that “right now, it is very hard” to imagine a ceasefire agreement that both parties can agree to, but that he believes that “eventually peace is inevitable”.

Israel’s Minister for Food Security Avi Dichter told reporters that the Israeli Defense Forces (IDF) will likely occupy Gaza for “many years”, while also managing the distribution of humanitarian aid in the enclave for the foreseeable future. “I think that we are going to stay in Gaza for a long time. I think most people understand that [Israel] will be years in some kind of West Bank situation where you go in and out and maybe you remain along Netzarim [corridor],” Dichter said.

Shortly after news of a ceasefire between Israel and Lebanon broke, the International Committee of the Red Cross (ICRC) issued a statement in which they opined that this yields a “glimmer of hope” for Palestine. However, it is also acknowledged that conditions remain dire in Gaza.

As the winter season approaches, humanitarian organizations grow more concerned about the deterioration of living conditions in Gazan displacement shelters. Repeated bombardments and evacuation orders in the past week have resulted in numerous civilian casualties and exacerbated rates of displacement. Additionally, humanitarian aid continues to be obstructed by increasingly restrictive mandates in northern Gaza.

Although fighting has started to slow down in Lebanon following the ceasefire, bombardments only persist in the Gaza Strip. On November 29, Palestinian medical sources informed reporters that at least 40 civilians were killed in an overnight attack, many of whom were residing in the Nuseirat displacement shelter, located near the central regions of the enclave. A few hours later, another airstrike was reported by medics in Beit Lahiya, located in northern Gaza, which killed at least 19 civilians.

On November 28 Israeli tanks entered northern and western regions of Nuseirat, only to back down the next day. This resulted in further casualties along the northern and southern regions of the enclave. A spokesperson for the IDF told reporters that this was done to “strike terror targets as part of the operational activity in the Gaza Strip”. The Palestinian Health Ministry reported on November 28 that the continued hostilities over the past few days have brought the total death toll in Gaza to 44,363 civilians over the past 13 months.

In an earlier incident on November 24, the IDF issued an evacuation order for a residential area in the Shejaiya suburbs, forcing thousands of civilians to flee on donkey carts and rickshaws, with some carrying their children in backpacks as they ran from their homes. According to a statement from the United Nations Relief and Works Agency for Palestinian Refugees (UNRWA), there have been approximately 1.9 million internal displacements from recent evacuation orders.

According to an UNRWA social media post shared to X (formerly known as Twitter), out of 91 attempts to deliver life-saving humanitarian aid to northern Gaza between October 6 and November 29, 82 have been denied and 9 have been impeded. Current conditions have been described as “beyond miserable”, as heavy rains and lowered temperatures ravage displacement camps. Thousands are currently residing in overcrowded and unsanitary camps while being exposed to cold rains, without access to blankets, mattresses, and waterproof shelters.

Shortly after his visit to Gaza, Ajith Sunghay, the head of the UN Human Rights Office in the Occupied Palestinian Territory, briefed reporters on the deteriorating conditions in the shelters. He states that living conditions are “inhumane”, with significant food shortages and sanitary complications. Many are residing in partially destroyed buildings and have contracted diseases. Additionally, social order has begun to disassemble due to a fierce daily struggle to survive for thousands of civilians.

“The breakdown of public order and safety is exacerbating the situation with rampant looting and fighting over scarce resources. As prices of the meagre commodities that are available have skyrocketed, people have been shot and killed by unknown armed men while trying to buy simple sustenance such as bread. These are not isolated incidents. The anarchy in Gaza we warned about months ago is here,” says Sunghay.

IPS UN Bureau Report

 


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Confronting the Global Crisis of Land Degradation

The 16th session of the Conference of Parties (COP 16) of the United Nations Convention to Combat Desertification (UNCCD) will take place in Riyadh, Saudi Arabia, from 2 to 13 Dec. 2024

By UN Department of Global Communications
RIYADH Saudi Arabia, Dec 2 2024 – A major new scientific report was launched December 1, a day ahead of the opening of the 16th meeting of the Conference of the Parties to the UN Convention to Combat Desertification (UNCCD COP16).

The report charts an urgent course correction for how the world grows food and uses land in order to avoid irretrievably compromising Earth’s capacity to support human and environmental wellbeing.

Produced under the leadership of Professor Johan Rockström at the Potsdam Institute for Climate Impact Research (PIK) in collaboration UNCCD, the report, titled Stepping back from the precipice: Transforming land management to stay within planetary boundaries, was launched as nearly 200 countries convene for COP16 starting on Monday, 2 December in Riyadh, Saudi Arabia.

The report draws on roughly 350 information sources to examine land degradation and opportunities to act from a planetary boundaries’ perspective. It underlines that land is the foundation of Earth’s stability and regulates climate, preserves biodiversity, maintains freshwater systems and provides life-giving resources including food, water and raw materials.

It outlines how deforestation, urbanization and unsustainable farming are causing global land degradation at an unprecedented scale, threatening not only different Earth system components but human survival itself.

The deterioration of forests and soils further undermines Earth’s capacity to cope with the climate and biodiversity crises, which in turn accelerate land degradation in a vicious, downward cycle of impacts.

“If we fail to acknowledge the pivotal role of land and take appropriate action, the consequences will ripple through every aspect of life and extend well into the future, intensifying difficulties for future generations,” said UNCCD Executive Secretary Ibrahim Thiaw.

According to the UNCCD, the global area impacted by land degradation – approx. 15 million km², more than the entire continent of Antarctica or nearly the size of Russia – is expanding each year by about a million square km.

Planetary boundaries
The report situates both problems and potential solutions related to land use within the scientific framework of the planetary boundaries, which has rapidly gained policy relevance since its unveiling 15 years ago.

“The aim of the planetary boundaries framework is to provide a measure for achieving human wellbeing within Earth’s ecological limits,” said Johan Rockström, lead author of the seminal study introducing the concept in 2009. “We stand at a precipice and must decide whether to step back and take transformative action, or continue on a path of irreversible environmental change,” he adds.

The planetary boundaries define nine critical thresholds essential for maintaining Earth’s stability. The report talks about how humanity uses or abuses land directly impacts seven of these, including climate change, species loss and ecosystem viability, freshwater systems and the circulation of naturally occurring elements nitrogen and phosphorus. Change in land use is also a planetary boundary.

Six boundaries have already been breached to date, and two more are close to their thresholds: ocean acidification and the concentration of aerosols in the atmosphere. Only stratospheric ozone – the object of a 1989 treaty to reduce ozone-depleting chemicals – is firmly within its “safe operating space”.

Unsustainable agricultural practices
Conventional agriculture is the leading culprit of land degradation according to the report, contributing to deforestation, soil erosion and pollution. Unsustainable irrigation practices deplete freshwater resources, while excessive use of nitrogen- and phosphorus-based fertilizers destabilize ecosystems.

Degraded soils lower crop yields and nutritional quality, directly impacting the livelihoods of vulnerable populations. Secondary effects include greater dependency on chemical inputs and increased land conversion for farming.

Climate change
Meanwhile, climate change – which has long since breached its own planetary boundary – accelerates land degradation through extreme weather events, prolonged droughts, and intensified floods. Melting mountain glaciers and altered water cycles heighten vulnerabilities, especially in arid regions. Rapid urbanization intensifies these challenges, contributing to habitat destruction, pollution, and biodiversity loss.

The report also states that land ecosystems absorbed nearly one third of human-caused CO₂ pollution, even as those emissions increased by half. Over the last decade, however, deforestation and climate change have reduced by 20% the capacity of trees and soil to absorb excess CO₂.

Transformative action
According to the report, transformative action to combat land degradation is needed to ensure a return to the safe operating space for the land-based planetary boundaries. Just as the planetary boundaries are interconnected, so must be the actions to prevent or slow their transgression.

Principles of fairness and justice are key when designing and implementing transformative actions to stop land degradation, ensuring that benefits and burdens are equitably distributed.

Agriculture reform, soil protection, water resource management, digital solutions, sustainable or “green” supply chains, equitable land governance along with the protection and restoration of forests, grasslands, savannas and peatlands are crucial for halting and reversing land and soil degradation.

From 2013 to 2018, more than half-a-trillion dollars were spent on agricultural subsidies across 88 countries, a report by FAO, UNDP and UNEP found in 2021. Nearly 90% went to inefficient, unfair practices that harmed the environment, according to that report.

New technologies
The report also recognizes that new technologies coupled with big data and artificial intelligence have made possible innovations such as precision farming, remote sensing and drones that detect and combat land degradation in real time. Benefits likewise accrue from the precise application of water, nutrients and pesticides, along with early pest and disease detection.

It mentions the free app Plantix, available in 18 languages, that can detect nearly 700 pests and diseases on more than 80 different crops. Improved solar cookstoves can provide households with additional income sources and improve livelihoods, while reducing reliance on forest resources.

Numerous multilateral agreements on land-system change exist but have largely failed to deliver. The Glasgow Declaration to halt deforestation and land degradation by 2030 was signed by 145 countries at the Glasgow climate summit in 2021, but deforestation has increased since then.

Some key findings include:
Land degradation is undermining Earth’s capacity to sustain humanity;
Failure to reverse it will pose challenges for generations;
Seven of nine planetary boundaries are negatively impacted by unsustainable land use, highlighting land’s central role in Earth systems;
Agriculture accounts for 23% of greenhouse gas emissions, 80% of deforestation, 70% of freshwater use;
Forest loss and impoverished soils drive hunger, migration and conflicts;
Transformation of land use critical for humanity to thrive within environmental limits
Read the full press release with more facts and figures in all official languages, as well as with daily media updates: https://www.unccd.int/news-stories/press-releases

The COP is the main decision-making body of UNCCD’s 197 Parties – 196 countries and the European Union. UNCCD, the global voice for land, is one of three major UN treaties known as the Rio Conventions, alongside climate and biodiversity, which recently concluded their COP meetings in Baku, Azerbaijan and Cali, Colombia respectively.

Coinciding with the 30th anniversary of UNCCD, COP 16 will be the largest UN land conference to date, and the first UNCCD COP held in the Middle East and North Africa region, which knows first-hand the impacts of desertification, land degradation and drought. COP 16 marks a renewed global commitment to accelerate investment and action to restore land and boost drought resilience for the benefit of people and planet.

IPS UN Bureau

 


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