Economic reforms needed for growth, job creation – President Ramaphosa (SAnews)

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President Cyril Ramaphosa has used his weekly newsletter to call for a continuation of economic reforms in order to stimulate economic growth and job creation, and to attract investment.

“Regardless of the form or composition of the incoming administration, it is important that the momentum of reform be retained and sustained. While we have come a long way in the reform journey, there is much work that still needs to be done to reignite growth in our economy. A change in direction would derail the positive progress that has been made and take us back to the starting blocks.

“At this important moment in the life of our nation, eradicating poverty and inequality and reducing unemployment must remain our overriding collective priorities. We cannot address these challenges and improve the lives of our people without attracting more investment in our economy and accelerating growth,” he said.

The President explained that since it took office, the sixth administration has been focused on economic growth, transformation and job creation driven by a range of economic reforms in sectors including electricity, water and logistics through Operation Vulindlela.

Egypt, South Africa strengthen ties, discuss regional challenges at BRICS Meeting (Dailynewsegypt)

Egyptian Foreign Minister Sameh Shoukry and South African Minister of International Relations and Cooperation Naledi Pandor met on Monday during the BRICS Foreign Ministers meeting in Nizhny Novgorod, Russia, to discuss bolstering bilateral relations and addressing pressing regional and global issues. The two ministers affirmed their commitment to elevating the bilateral relationship to a strategic partnership, encompassing cooperation and coordination across various sectors of mutual interest.

The ministers emphasised the importance of enhancing coordination between Egypt and South Africa on a range of African issues, particularly those concerning the African Union, including the upcoming elections for the Commission leadership in 2025.

Namibia looks implement visas 31 countries (Travel Agent Central)

Namibia could soon implement a visa program for countries that have not reciprocated “the favorable treatment,” which would include the United States, along with 30 other countries. Namibia’s Ministry of Home Affairs, Immigration, Safety and Security says this move was deemed necessary “to ensure parity and fairness in diplomatic interactions.” It adds, however, that the measure “is not intended to hinder legitimate travel.”

No official start date has been announced yet. The nationals from the 31 countries will need to fill out an online visa application prior to travel or be issued a visa upon arrival in Namibia “at an applicable fee.”

Following the announcement, the Southern African Development Community (SADC) Business Council Tourism Alliance expressed “deep concern” regarding the restrictive visa regime, adding it “could severely hamper the country’s tourism industry and economic growth.”

Kenya signs Igad protocol on free movement of pastoralists in Eastern Africa (The East African)

Kenya on Friday signed a protocol of the Intergovernmental Authority on Development (Igad) on the free movement of pastoralists living in border areas in search of pastures for their livestock.

Prime Cabinet Secretary and Cabinet Secretary for Foreign and Diaspora Affairs Musalia Mudavadi signed the Igad Protocol on Transhumance, which provides a critical framework for free, safe, and orderly cross-border mobility of transhumant livestock and herders in search of water and pasture within the eight Igad member states. “This will help in promoting peaceful coexistence, reduce the risks associated with violence, lead to the protection of the rights and interests of pastoralist communities, including their access to land, water, and grazing resources, and further cooperation and coordination among neighboring countries in addressing common challenges across borders,” Mudavadi said in a statement issued in Nairobi, the capital of Kenya.

Customs recorded 100 improvement on export comptroller (Vanguard)

The Customs command in Seme border said it recorded about 100 per cent increase in the volume of trade in the first five months of 2024. The Seme Border Customs Comptroller, Timi Bomodi disclosed this in an interview with Newsmen in Seme on Sunday.

Bomodi said that on trade facilitation, the service recognised that Lagos-Abidjan corridor was strategically located and considered as the most viable trade corridor in the entire Africa.

“We know that goods from Nigeria end up in other West Africa markets, we also know that goods that are originating from other West African countries come into the Nigeria market. So, there is that symbiotic relationship. Trade facilitation is important to us because without proper facilitation, there will be unnecessary encumbrances,” he said.

Energy transition: FG targets 30% electricity from renewable energy (The Sun Nigeria)

As part of strategies to achieve its Energy Transition Plan (ETP), the Federal Government, at the weekend, announced a 30 per cent target from renewable energy mix from 30GW by 2030. Minister of Power, Mr. Adebayo Adelabu, stated this at Powering Nigeria’s Energy Future held in Lagos.

He explained that in a bid to promote renewable energy penetration and off-grid solution, the Federal Government is about to commence the World Bank Distributed Access through Renewable Energy Scale-up (DARES) $750 million facility to increase access to electricity for 2.5 million people through deployment of solar home systems and mini grids to households, MSMEs throughout Nigeria, educational and health facilities.

‘‘We believe that the global shift towards renewable energy is not just an environmental necessity but an economic one. Nigeria is blessed with abundant renewable resources, and we aim to continue tapping into these renewable sources to diversify our energy mix, reduce our carbon footprint, and ensure energy security,’’. The Minister noted that sustainable energy development is not just ensuring a stable power supply but involves creating an energy system that is resilient, efficient, and environmentally friendly.

Morocco seen as Dubai’s gateway to Africa as trade ties deepen (ZAWYA)

The Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, held 300 B2B meetings during a recent trade mission to Morocco, marking a significant leap in Dubai’s efforts to broaden its economic horizons and create stronger ties with Africa. The trade mission saw representatives from 18 diverse Dubai companies across various sectors like agriculture, cosmetics, construction, energy, trading, and healthcare participate.

As part of the ‘New Horizons’ initiative, the chamber concluded its visit to Senegal and Morocco, signing four memorandums of understanding (MoUs) in the latter and arranging 300 bilateral meetings in Casablanca between companies from Dubai and Morocco. These agreements are expected to pave the way for more opportunities for cooperation between Dubai-based companies and their Moroccan counterparts to drive expansion in promising sectors.

Promising sectors for exports from Dubai to Morocco include aluminium, copper wire, wheat, dates, mobile devices, electronics, and plastics.

Cabo Verde Must Invest in the Blue Economy for Growth and Sustainability (World Bank)

Cabo Verde has shown resilience in the post-COVID-19 pandemic recovery, but the crisis highlighted vulnerabilities such as dependence on tourism and risks from underperforming State-Owned Enterprises (SOEs). Climate change is exacerbating these weaknesses.

In its report, Cabo Verde Economic Update 2024, the World Bank analyzes the state of the Cape Verdean economy in 2023, projects scenarios for 2024, and presents policy options to accelerate fiscal consolidation, reduce debt vulnerabilities, and foster the sustainable growth of the blue economy, thus strengthening resilience to climate and economic shocks.

Real GDP growth is expected to remain stable in 2024 at 4.7%. However, significant risks persist, including possible increases in commodity prices, weaker external demand in tourism markets, and limited progress on the SOE reform agenda. Climate change also remains a threat due to the country’s high vulnerability.

SADC-RTGS migrates to the ISO20022 (SADC Secretariat via X)

The Southern African Development Community Real Time Gross Settlement (SADC-RTGS) which is a regional cross border system in the SADC region has successfully migrated to the ISO 20022 messaging standard, today the 10th June 2024.

ISO 20022 is a global open standard for payments messaging that creates a common language and model for payments data across countries. The SADC-RTGS is an integrated regional electronic settlement system that facilitates cross-border transactions across Southern Africa. It is operated by the South African Reserve Bank (SARB) on behalf of participating SADC central banks. The migration to the new ISO 20022 payments messaging format is a major achievement for the SADC region. It will enable faster payments processing, increased automation and improved reconciliation processes to the benefit of end users.

SADC Launches SADC/FAO Small-scale Fisheries and Food Systems Report (SADC)

The Southern African Development Community (SADC) Secretariat, through its Deputy Executive Secretary for Regional Integration Ms. Angele Makombo N’tumba, launched the highly anticipated SADC/FAO Report “The Contribution of the Small-Scale Fisheries to Healthy Food Systems and Sustainable Livelihoods in SADC”. The launch event took place on 5th June 2024, in Dar es Salaam, Tanzania.

According to Ms. N’tumba, the report is a testament to the contribution of small-scale fisheries to the healthy food systems and sustainable livelihoods in the SADC region as well as the dedication and hard work of many actors within the small-scale fish value chain. The report sheds light on the indispensable value of the SSF sector and provides a roadmap for sustainable development and regional cooperation. It details various aspects of small-scale fisheries, including their economic impact, environmental significance, the challenges they face and key recommendations for policymakers such as governance in small-scale fisheries.

 pdfThe contribution of small-scale fisheries to healthy food systems and sustainable livelihoods in the Southern African Development Community (3.34 MB)

Africa agrees to provide stable supply of minerals to South Korea (The East African)

African leaders gathering in Seoul on Tuesday agreed to ensure an organised, stable supply of minerals to South Korea, enabling the Asian country new entry to critical raw material for energy transition. The assurance was provided in a joint declaration between leaders of South Korea and counterparts or representatives from 48 countries attending the Korea-Africa Summit.

Under the arrangement announced by Korean President Yoon Suk Yeol and Mauritanian counterpart Mohamed Ould Ghazouani as AU Chairperson, the two sides will launch a high-level dialogue through which to discuss the supply from Africa’s mineral-rich countries. Those discussions will also decide how Korean firms can invest in the mineral extraction sectors and how to add value to the products.

“In this context, we agree to launch the Korea-Africa Critical Minerals Dialogue during this summit which will serve as an important institutional foundation for enhancing cooperation between Korea and Africa. In addition, we share a common view on enhancing cooperative efforts to ensure the stable supply of critical minerals and promote technology collaboration related to critical minerals on mutually agreed terms.”

 pdfJoint Declaration: 2024 Korea-Africa Summit (188 KB)

Summit Urges Africa to Increase Intra-African Trade to 50% By 2030 (This Day Live)

The Africa Economic Summit Group has urged African leaders to boost Intra-African trade to bolster trade among African nations from the current 14 per cent to 50 per cent. President of the Africa Economic Summit Group, Dr. Sam Ohuabunwa, stated this during a press conference in Abuja where the group intimated journalists of their resolutions to improve Intra-African trade and improve the continent’s economy.

He stressed that to promote intra-African trade, focus should be on the acceleration of the African Continental Free Trade Area (AfCFTA) implementation to stimulate economic growth. “All impediments to full adoption and implementation must be dismantled deliberately. The target is to reach a minimum of 50% of intra African trade by the year 2030 from the present 14%.

Ohuabunwa advised African governments to create a conducive business environment, simplify regulations, minimise bureaucracy, and promote entrepreneurship. He canvassed that gender equity and inclusiveness in African political leadership, with focus on the younger generation, should be deliberately promoted.

According to Ohuabunwa, investment attraction should be the focus of African economic policies — both local and foreign investors — noting that investments create businesses, programmes and projects while programmes, projects and businesses create jobs.

“Africa will be the pivotal continent in the world, given its economic prospects”—African Development Bank Group President (AfDB)

In a packed auditorium at the renowned Chatham House, African Development Bank President Group Dr Akinwumi Adesina delivered an inspiring address to a diverse audience of diplomats, investors, academics, politicians, and media, emphasizing Africa’s untapped potential and abundant opportunities. In his presentation on Friday, “Envisioning Africa’s Economic Prospects,” Adesina explained the reasons behind his optimism and passion for Africa.

However, he said achieving strong economic prospects and resilience will require overcoming some significant headwinds, including tackling climate change and rising debt, and through critical global financial reforms.

“As Africa’s economic resilience is bolstered, unlocking its economic prospects requires ensuring structural change of its economies, raising the productivity of agriculture, provision of electricity, accelerating infrastructure investments, supporting faster pace digitalization, unleashing economic and job opportunities for women and youth, and driving industrialization through greater mobilization of the private sector,” he stated.

Sustainable practices crucial for Africa’s long-term economic growth: PAAC chairman (Peoples Gazette Nigeria)

Chairman, Pan African American Chamber of Commerce, Olatokunbo Onabanjo, has said African countries must prioritise sustainable development practices that promote environmental conservation, social inclusivity, and economic viability. Mr Onabanjo stated this in an interview with journalists on Sunday in Lagos, while speaking on the forthcoming trade and investment conference with the theme “Hope for Africa.” He said these priorities include adopting green technologies, promoting renewable energy sources and implementing sustainable agriculture practices.

The PAAC chairman said that this would lead to economies of scale, increased trade, and improved competitiveness. “There is a growing recognition of the importance of innovation in driving economic growth and development. African countries are expected to prioritise innovation by investing in research and development, fostering a culture of entrepreneurship, and supporting technological advancements. “This can result in the creation of new industries, job opportunities, and the development of innovative solutions to address local challenges,” Mr Onabanjo stated.

US loses ground in Africa to China on AGOA renewal uncertainty (Just Style)

SanMar Corporation’s general counsel and corporate secretary Melissa Nelson told the US Senate Committee on Finance that a “quick renewal” of the African Growth and Opportunity Act (AGOA) will have the largest impact on her business and customers. She explained that so many US jobs in the value chain depend on being able to import duty-free under AGOA, before adding: “SanMar’s apparel production in five AGOA countries provides good jobs for over 9,000 Africans. 70% to 80% of the workers manufacturing products for SanMar are women. These jobs provide stability and drive the socio-economic growth of the region. Entire families are pulled out of poverty and their living standards are increased.”

Nelson clarified that “we are missing an incredible window of opportunity”. “There is so much potential in manufacturing expansion and vertical integration, but companies are hesitant to invest when the benefits of AGOA could expire before a return on investment. Textile plants require hundreds of millions of dollars in investment and can take years to build. Businesses need certainty before taking that next step,” stated Nelson.

28% of global GDP, more than 20% of global exports, investments of $250bn (Realnoe Vremya)

On 7 June, the BRICS states were actively involved in shaping global economic processes, guided by the principles of mutual benefit, partnership and equality. On the second day of the SPIEF, leading experts from Russian and foreign organisations, as well as government agencies, gathered at the conference dedicated to the expansion of the interstate association. New opportunities for business cooperation between the BRICS member countries were on the agenda. The current situation in the large global alliance — in the material of Realnoe Vremya.

BRICS is not only an important political platform, it is the key trade area. According to statistics, the volume of foreign trade with the countries of the association have increased by 28% — and these figures had been even before the accession of the latter countries. Exports have increased by 21%, and imports — by 38.5%. Vladimir Ilyichev, Deputy Minister of Economic Development of Russia, noted that within the framework of Russia’s current BRICS presidency, the country has directed all efforts to consolidate cooperation with its key allies.

According to him, Russia traditionally conducts the practice of simplifying trade processes and fights against those illegal restrictive measures that are presented in the current reality. “Together with our colleagues, we will try to coordinate our position on the practical challenge of some elements of sanctions, climate protectionism, in order to put everything on a formal basis,” said the deputy minister.

United Nations Secretary-General’s SDG Stimulus to Deliver Agenda 2030 (UNCTAD)

The global economy has been facing multiple shocks. The ability of many developing countries to invest in sustainable development and climate action has been sharply curtailed. Only 15% of the Sustainable Developments Goals (SDGs) are on track to be achieved by the 2030 milestone. The SDGs need an urgent booster. The SDG Stimulus is a plan to scale up financing and investment for the SDGs to at least $500 billion per year. This is the plan…

 pdfUnited Nations Secretary General’s SDG Stimulus to Deliver Agenda 2030 (2.17 MB)

Making trade faster, safer and more resilient: Four decades of innovation (UNCTAD)

Developed by UN Trade and Development (UNCTAD), the Automated System for Customs Data, or ASYCUDA, revolutionizes traditional customs processes by replacing outdated paper-based methods with efficient, secure, digital operations. Initially created in response to a request from the Economic Community of West African States (ECOWAS), ASYCUDA was first implemented in Mauritania in the mid-1980s. Over the past four decades, it has helped more than 100 economies – from Iraq to Tajikistan to Tuvalu – speed up the clearance of goods and the pace of trade.

“ASYCUDA has proven that it’s not just about managing customs data – it’s about fostering a resilient, responsive global trading environment,” UN Trade and Development Secretary-General Rebeca Grynspan says. The software is currently active in every region, including 38 least developed countries, 23 landlocked developing countries and 41 small island developing states.

Swift and global banks launch AI pilots to tackle cross-border payments fraud (Swift)

Swift has convened 10 leading financial institutions to test how it can use advanced AI technology to analyse anonymously-shared data from different sources, in a way that will strengthen the global financial ecosystem. AI’s capability for confidential data sharing could be a game-changer for the industry. The tests could lead to the wider use of information sharing in fraud detection, building on its success in assessing cybersecurity threats.

The group, which includes leading banks from around the world including BNY Mellon, Deutsche Bank, DNB, HSBC, Intesa Sanpaolo and Standard Bank, will test the use of secure data collaboration and federated learning technologies. It will leverage a secure infrastructure that will enable financial institutions to exchange relevant information with strong privacy-preserving controls. Swift’s AI anomaly detection model will then be able to gather insights and identify potential fraud patterns from a much richer dataset.

Fraud cost the financial industry USD 485 billion in 2023 alone[1]. AI has a strong role to play in reducing these costs and, at the same time, tackling the issue will significantly help the industry achieve the G20’s goal of increasing the speed of cross-border payments.

Forward together: Navigating the growing challenges of public and external debt (UNCTAD)

As UN Trade and Development (UNCTAD) celebrates its 60th anniversary, it’s crucial to examine issues that will shape the future of trade and development. The “Forward together” series explores pivotal topics that hold big promises and significant challenges for developing countries, such as public debt.

Rising public debt profoundly constrains economic growth and limits investment in sectors critical for development, such as infrastructure, healthcare and education. High public debt also leads to a vicious cycle of borrowing and repayment, risking defaults and economic crises, as seen during the 1980s Latin American debt crisis – a period often referred to as a “lost decade”.

Global public debt has doubled since 2010, reaching an all-time high of $97 trillion in 2023. Currently, about 3.3 billion people – more than 40% of the world’s population – live in countries that spend more on debt interest payments than on education or health. Moreover, in 2023 a historic 54 developing nations, with almost half in Africa, dedicated a minimum of 10% of government funds to debt interest payments.

“Sensitive to challenges”: India at UN on supporting sustainable development for Landlocked Developing Countries (ANI News)

India on Monday (local time) underscored its commitment to addressing the unique challenges faced by Landlocked Developing Countries (LLDCs) and supporting their sustainable development through the India-UN Development Partnership Fund. India’s Deputy Permanent Representative to the United Nations, Yojna Patel while delivering a statement at the 2nd Session of the Preparatory Committee for the Third UN Conference on Landlocked Developing Countries said on Monday that India is sensitive to the challenges faced by the LLDCs and prioritizes effective cooperation between the LLDCs and transit countries, particularly on transit and trade facilitation.

She said, “Long-term issues such as trade and transit bottlenecks, unsustainable debt and natural resource dependencies have been major challenges for LLDCs. As a transit country, India is sensitive to these challenges faced by the LLDCs and prioritizes effective cooperation between the LLDCs and transit countries, particularly on transit and trade facilitation, which are critical steps towards making transport and commerce efficient and effective, all of which are critical action points identified in the very detailed plan of action that we will adopt during this PREPCOM.”

Landlocked to landlinked: Innovating in cross-border trade (United Nations)

Although it may not be obvious at first glance, Mongolia, Paraguay, Switzerland, and Zambia share more than the colour red in their flags: They have all dealt with – or are still dealing with – red tape and trade bottlenecks as landlocked countries. Bordered by countries on all sides with no direct access to an ocean or sea, landlocked countries deal with unique challenges to trade, especially when it comes to transport and logistics. With these challenges, however, come opportunities to innovate.

The logistics performance of landlocked developing countries on average last year was 17% lower than the global average, according to the World Bank. Beyond limited physical infrastructure – such as roads and railways – other reasons for this lower performance include disjointed national reforms along trade routes, lack of tech-enabled border procedures and lack of coordination along trade corridors, to name a few.

As countries, border agencies and international organizations strengthen collaboration to make cross-border trade faster, easier and less costly – especially for small businesses – landlocked-ness can be turned into landlinked-ness, setting countries on a path towards sustainable and inclusive development.

Rewarding farmers for regenerative agriculture is ‘critical for decarbonising the food sector’ (Reuters)

The food sector is one of the biggest contributors to the climate and nature crises. The way we grow, distribute, consume and dispose of food is responsible for one third of total greenhouse gas emissions annually. Food systems are the biggest contributor to galloping biodiversity loss, and account for 70% of freshwater withdrawals. With half of food system emissions down to agricultural production and land-use change in corporate value chains, food brands have an outsized role in food system transformation.

Institutional investors such as Federated Hermes are pushing companies in the land and agriculture sector to adopt more regenerative agricultural practices as part of their net zero commitments, guided by the Science Based Targets initiative, which last year issued its guidance for companies in the sector.

While lacking in scientific definition, regenerative agriculture is an approach that reduces the use of water and chemicals, prevents land degradation and deforestation, and restores and enhances soil, water, biodiversity and carbon on and around farms. It includes practices such as low or no tillage, use of precision fertilisers, control of soil erosion, planting trees on farms and use of biochar fertilisers.

According to Future Fit Food and Agriculture, a recent report from the World Business Council for Sustainable Development, the Food and Land Use Coalition (FOLU) and We Mean Business (WMB), such practices could halve the global food system’s greenhouse gas (GHG) emissions by 2030 and reduce negative impacts of farming on plants, wildlife and freshwater.

National climate action plans have insufficient forest targets and deforestation continues to rise (UN Environment)

Despite global commitments to halt deforestation by 2030, only eight of the top 20 countries with highest rate of tropical deforestation have quantified targets on forests in their national climate action plans, also known as Nationally Determined Contributions (NDCs). This is one of the key findings of the UN-REDD report “Raising ambition, accelerating action: Towards enhanced Nationally Determined Contributions for forests,” published today as countries gather for the Bonn Climate Change Conference.

The report reveals a major gap in forest protection, management and restoration in current NDCs, which outline plans to adapt to and mitigate climate change. Analyzed by climate experts at UNEP, the report shows that current NDC pledges submitted between 2017–2023 do not meet the global ambition to halt and reverse deforestation by 2030. Forests play a key role in achieving the Paris Agreement on climate change, as they have the potential to contribute one-third of the emissions reductions required to close the 2030 mitigation gap.

FAO Report: Global fisheries and aquaculture production reaches a new record high (FAO)

World fisheries and aquaculture production has hit a new high, with aquaculture production of aquatic animals surpassing capture fisheries for the first time, according to a new report from the Food and Agriculture Organization of the United Nations (FAO) released today.

The 2024 edition of The State of World Fisheries and Aquaculture (SOFIA) said global fisheries and aquaculture production in 2022 surged to 223.2 million tonnes, a 4.4 percent increase from the year 2020. Production comprised 185.4 million tonnes of aquatic animals and 37.8 million tonnes of algae.

Record production of aquatic foods underlines the sector’s potential in tackling food insecurity and malnutrition. Global apparent consumption of aquatic animal foods reached 162.5 million tonnes in 2021. This figure has increased at nearly twice the rate of the world population since 1961, with global per capita annual consumption rising from 9.1 kg in 1961 to 20.7 kg in 2022.

DP World Unveils Ocean Strategy 2024-2030: A Blueprint for Sustainable Maritime Leadership (CSRWire)

World Ocean Day, recognized each year on June 8, serves as a poignant reminder of the substantial environmental and climatic challenges that our planet currently faces. The alarming degradation of marine ecosystems—where 50% of the world’s coral reefs and 67% of mangroves have been lost, and 85% of fish stocks are under threat—highlights the urgent need for comprehensive strategies to sustainably manage and restore our oceans. Moreover, the looming threat of rising sea levels, which could affect over 200 million people by 2100, underscores the critical need for action.

The need for immediate action is clear; World Ocean Day is using 2024 to kick off its new multi-year action theme: Catalyzing Action for Our Ocean & Climate. In response, DP World has launched its Ocean Strategy for 2024-2030, an initiative that redefines the nexus between global trade and environmental stewardship, underpinning its leadership in the emerging Sustainable Blue Economy.

A healthy ocean with restored biodiversity underpins a stable climate, sustainable communities, and long-term economic growth. DP World’s Ocean Strategy 2024-2030 is a profound testament to the pivotal role the ocean plays in global trade and environmental sustainability. The ocean carries 90% of the world’s traded goods through marine transportation, placing it at the very heart of DP World’s operations. The ocean sustains the livelihoods of 3 billion people, contributing 2.5% of global GDP.

World Oceans Day event highlights immediate protection measures needed (UN News)

A powerful video was shown echoing the theme, awaken new depths, warning of immediate protection needs and cautioning that there is no time for an “out of sight out of mind” sense of complacency. In a statement marking the Day – which falls officially on Saturday – UN Secretary-General António Guterres said the ocean sustains life on Earth and the problems are essentially man-made.

“Climate change is triggering rising seas and threatening the very existence of small island developing states and coastal populations”, he said.

Source: https://www.tralac.org/news/article/16442-tralac-daily-news-10-june-2024.html

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