Business
Cement Manufacturers Urges To End Use of Coal – Fired Power in Productions
The Secretary General of the United Nations, António Guterres, has called on global cement and concrete manufacturers to end the use of coal-fired power in their productions if the industry is to meet its 2050 net zero carbon emission targets.
The cement sector is the third largest industrial source of pollution, emitting more than 500,000 tons per year of sulfur dioxide, nitrogen oxide, and carbon monoxide.
António Guterres, made the call during the Global Cement and Concrete Association (GCCA)’s international conference on ending carbon emissions by 2050; the two days event took place in Zurich
Guterres told the 200 cement and concrete industry leaders at the
conference that he wanted to see “concrete pledges from the concrete industry.”
Concrete is “fundamental to building a better world… and we have no time to lose, if we are to limit the global temperature rise to 1.5 degrees centigrade.
“Science tells us that requires cutting global greenhouse emissions by almost half by 2030.
That means taking a quantum leap in climate action – and slashing global emissions. Starting now,” he said.
The UN Secretary General set out three ambitions for the industry, including ending the use of coal-fired power in cement production, working more closely with governments, especially G20 countries, to speed up decarbonisation, and setting ambitious emission targets and transition plans, in line with UN guidelines.
Also, the Chief Executive of the GCCA, Thomas Guillot, noted that concrete is the second most-used material on earth after water and the backbone of modern infrastructure.
“It is used to build homes, schools, hospitals, roads, bridges, tunnels and helps to provide clean water and green energy.
” But with so much of it used around the world, it currently accounts for 7% of global CO2 emissions.
The world’s leading manufacturers – all members of the Global Cement and Concrete Association – have pledged to eliminate those emissions by 2050, in line with GCCA’s Roadmap for Net Zero Concrete – the first heavy industry to set out such a detailed plan,” he said.
Business
Obi Sees Something Good in Tinubu’s “Naira Float Policy ‘
The policy was introduced by the Tinubu administration in June 2023 as part of wider foreign exchange reforms.
The presidential candidate of the National Democratic Congress (NDC) for the 2027 election, Peter Obi, has said he would retain President Bola Ahmed Tinubu’s naira float policy if elected president.
The policy was introduced by the Tinubu administration in June 2023 as part of wider foreign exchange reforms.
The Central Bank of Nigeria removed restrictions at the Investors and Exporters foreign exchange window, allowing the naira to trade more freely against the dollar and other major currencies
Obi made the disclosure in a public statement on air, emphasising that his administration would seek to strengthen the currency by prioritising productivity and increasing economic output rather than reversing the floating exchange-rate framework.
Asked to identify one policy of the Tinubu administration he would keep if elected, Obi said, “There’s one – the floating of the Naira. I’m not going to defend it. But I’m going to put productivity to make it more valuable to the people.”
His position means he would maintain the floating exchange-rate system while seeking to change the economic conditions that determine the strength and value of the naira.
Business
Dangote Refinery Buys 16m Barrels Of Nigerian Crude For October
The October supply is equivalent to about 520,000 barrels per day, representing most of the refinery’s 700,000 barrels-per-day processing capacity.
Dangote Refinery has bought at least 16 million barrels of Nigerian crude oil for delivery in October.
Reuters reported that the 16 million barrels comprise monthly crude allocations from the Nigerian National Petroleum Company and additional volumes purchased through a tender.
The October supply is equivalent to about 520,000 barrels per day, representing most of the refinery’s 700,000 barrels-per-day processing capacity.
The increased crude purchases highlight the refinery’s rising demand for feedstock as it expands operations and moves closer to operating at a larger share of its installed capacity.
Business
Brent crude slid to around $106 per barrel
Top US officials reportedly warned President Donald Trump that the war could continue through the remainder of his term, which ends in January 2029.
Brent crude slid to around $106 per barrel on Friday in a likely technical correction, but was still set to end the week sharply higher as the escalating conflict between the US and Iran fueled concerns over prolonged disruptions to global energy supplies.
Top US officials reportedly warned President Donald Trump that the war could continue through the remainder of his term, which ends in January 2029.
Meanwhile, Iranian leaders are reportedly determined to continue fighting despite mounting economic costs, viewing the conflict as an existential threat.
They also claim that Tehran has managed to rebuild its missile capabilities and could intensify attacks on US and Gulf assets if Washington escalates its own strikes.
Fighting has intensified over the past two weeks, with the US targeting Iranian oil tankers while Iran launched missiles at US warships and tankers in the Persian Gulf, as well as American assets in neighboring countries.
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