Business
Nigeria Emits 57 million Tons of Plastic Waste To Ocean – Deloitte
OUT of a combined 139 million tons of plastic pollution in the world’s oceans, Nigeria emmited 0.41 percent ( 56.9 million), through the Lagos Harbour.
This is even as 170 countries recently agreed to have a first draft of a global plastics treaty ready by November 2023.
Deloitte for The Ocean Cleanup, disclosed this in a plastic pollution study that profiles 87 countries.
” There is now a combined 139 million tons of plastic pollution in the world’s oceans, seas, and rivers, including the world’s number one most littered item: single-use cigarette filters,” said the report.
In the country by country reports, Nigeria’s share of global plastic pollution emitted to the ocean is estimated at 0.41 percent (or 56.9 million).
Philippines account for 0.47 percent; India 0.46 percent; Vietnam 0.36 percent; China 0.37 percent and Myanmar 0.37 percent.
The report, further notes that every year, plastic pollution costs coastal countries between $6.0 and $19.2 billion.
“If you take the UK, for example, the direct costs borne by the government were between $7.1 and $31.7 million, but the report estimated the total costs to be between $29.6 and $266.2 million,” it said.
The direct costs of cleaning coastlines, waterways, marinas, and ports make up the lion’s share, between $5.6 and $15.0 billion in government expenditures.
But clean-up costs aren’t the only impact. Polluted beaches and stranded debris also have an impact on tourism, estimated to be between $237.8 million and $2.4 billion.
And while the harm to marine ecosystems can’t be overstated, the cost to fisheries and aquaculture, and the communities that depend on them, is real. It adds up to between $114.4 million and $1.9 billion annually.
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Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
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