Over 150 influential private equity and venture capital players from across the world gathered in London on Thursday for the opening of the Sustainable Investing in Africa Summit, organized by the African Private Equity and Venture Capital Association (AVCA).
The event promoted the development and evolution of the sector, important participants, and the need for collaborative effort to improve funding for diversity, equality, and Africa’s emerging green economy.
In his opening remarks, Abi Mustapha-Maduakor, Chief Executive Officer of AVCA, emphasized the need to combine private wealth with purpose, noting that “African investors have been paving the way on sustainable investing for decades.”
She concluded the opening remarks by announcing that AVCA will collaborate with the Tony Blair Institute for Global Change to create a thorough study that maps the climate policy landscape in Africa and the amount of green investment that is going into the 54 economies on the continent.
Anne-Marie Levesque, Director, Gender & Impact Management, FinDev Canada, was one of the panelists on the discussion titled “Profiting from Parity: Closing Africa’s Gender Gap,” which examined the special potential the continent offers for gender-lens investing.
Although Matthew Davies, Chief Executive Officer of Renew Strategies, suggested that gender and diversity finance should not be restricted to women-led businesses, he said: “It’s important that our industry is intentional about ensuring that female-led businesses are given the capital they need to succeed.”
The target is to attain parity before 2030, that is at least of 50%.
Tokunboh Ishmael, co-founder and managing director of Alitheia IDF, and Lindsey Wallace, senior vice president of strategy and impact at Mennonite Economic Development Associates, made a commitment to use their convening power to increase investment in gender and diversity finance on the continent.
Ishmael made the following statement regarding the development of gender-lens investing: “We need to move from billions to trillions, and incorporate net-zero commitments with this mission.”
The day’s main event was a discussion that examined the growth of sustainable investment platforms.
Wale Adeosun, founder and chief executive officer of Kuramo Capital, emphasized the DFI’s anchoring role investing in Africa from as early as the 1970s during the panel, Africa at the Forefront of Sustainable Investing Globally.
Karima Ola, Partner, LeapFrog Investments, explained how the development of the DFI toolkit towards “intentionality” to tackle local concerns, providing sustainable returns and possibilities with businesses has been a hallmark of the popularization and evolution of impact investing. Ola and the other panelists discussed successful cases in which sustainable investing was present and performed well in Africa in comparison to lessons learned from other rising countries.
Regarding Africa’s just transition, Alison Klein, Manager of Private Equity at FMO, stated that “Climate intention does not imply we can’t support expansion in job-creating sectors.”
They believe it is then crucial that they adopt a comprehensive perspective and make use of synergies that boost economic production and resource efficiency, like those seen in manufacturing.
Frank Aswani, CEO of the African Venture Philanthropy Alliance, was a panelist on the sustainability in practice panel. In an era of uncertainty and instability around the world, he stressed the significance of utilizing innovative financial tools to mobilize local pools of capital to boost high-potential African economies.
Tariye Gbadegbesin, Managing Director & Chief Executive Officer, ARM Harith, brought attention to the need to define an adaptation framework and the viability of a co-benefits approach that produces results in both climate change mitigation and adaptation during the Financing Africa’s Climate Transition: Mitigation & Adaptation panel.
The panel also discussed how co-investments can enable institutional investors, such as pension funds, who are increasingly investing in Africa’s impact sector and encourage domestic capital to enter the market.
High-level representatives from DEG, Meridiam, UN PRI, and WHO Foundation came together for the Making Impact Meaningful panel to discuss how the sector can combat green washing and develop precise, context-specific metrics for sustainable investing that integrate various approaches to how stakeholders in the private capital industry can monitor and measure social and environmental impact.
Industry leaders, including Adam Hadidi, Founder & Managing Director of BluePeak Private Capital, discussed how group initiatives, such as GP-LP structures, green bonds, and digital and crowd funding platforms, may be used to maximize sustainable investing during the concluding session.
UK Government To Set Online Bill Criminalizing Self Harm
In an effort to stop what it calls “tragic and preventable deaths caused by people seeing self-harm content online,” the UK government has announced it will further broaden the scope of online safety legislation by making encouraging self-harm a crime.
According to the most recent modification to the divisive but popular Online Safety Bill, in-scope platforms would be compelled to remove anything that purposefully encourages someone to physically harm themselves, or face legal repercussions.
The government intends to tackle “abhorrent trolls urging the young and vulnerable to self-harm,” according to the secretary of state for digital. People who post such content online may also be prosecuted under the new offence of encouraging self injury.
The maximum fines will be announced in due time, according to the administration.
In the UK, it is already unlawful to promote or aid suicide, whether in person or online. By creating a new offense, self-harm content will now be subject to the same laws that already ban suicide promotion.
Following a snag, last summer associated with political unrest in the ruling Conservative Party, the Online Safety Bill’s progress through parliament is now on hold. However, the newly reorganized UK government has declared that it will reintroduce the measure to parliament next month after making changes to the law.
The abuse of intimate imagery is a problem that will be addressed by recent revisions to the Online Safety Bill, which was just made public by the Ministry of Justice. However, other revisions are planned regarding “legal but harmful” information, thus the final form of the Act is still up in the air.
The government responded to concerns about the bill’s impact on online freedom of expression a few months ago. The (new) secretary of state, Michelle Donelan, announced in September that she would be “editing” the bill to lessen concern about its impact on “legal but harmful” speech for adults.
The most recent changes, making it illegal to send online communications encouraging self harm, came after that announcement.
Donelan was quoted by the BBC as claiming that Molly Russell, a 14-year-old teenager who committed suicide five years ago after watching thousands of online articles on self-harm and suicide on websites like Instagram and Pinterest, was a factor in the most recent changes.
Social media was found to have contributed to Russell’s death, according to the results of an inquest into her death in September. While the coroner’s “prevention of future deaths” report from last month that a number of steps be done to control and monitor young people’s access to social media content.
The addition of the crime of promoting self harm, according to the Department for Digital, Culture, Media, and Sport, will outlaw “one of the most worrying and prevalent internet harms that now falls below the threshold of criminal behavior.”
Donelan stated in a statement:
“I am determined that the abhorrent trolls encouraging the young and vulnerable to self-harm are brought to justice.
“So I am strengthening our online safety laws to make sure these vile acts are stamped out and the perpetrators face jail time.
“Social media firms can no longer remain silent bystanders either and they’ll face fines for allowing this abusive and destructive behaviour to continue on their platforms under our laws.”
Hate crimes, rules regarding revenge porn (including disseminating deepfake porn without content), harassment, and cyberstalking are among the other top criminal offenses already mentioned in the bill.
Regardless of what the measure states on paper, there are still a lot of unknowns regarding how platforms will react to having legal obligations imposed on them to police all forms of speech, as well as if it would actually increase web user safety as claimed.
Critics worry that the regime will have a chilling effect by turning platforms into de facto speech police and encouraging them to overblock content in order to reduce their legal risk of paying a hefty fine.
The regime’s penalties scale up to 10% of global annual turnover, and non-cooperative senior executives even run the risk of going to jail.
On Monday, December 5, the bill is scheduled to return to parliament.
Twitter Amnesty Is What Elon Musk is Going For Next
Tesla CEO and newly appointed Twitter CEO, Elon Musk did promise a new dimension for the micro-blogging social media platform prior to taking over, and his actions recently, have just about lived up to the promise, but now, the billionaire is set for an ‘amnesty’ that surely will drive some political divides nuts if certain individuals are granted Twitter amnesty as he wants.
Elon Musk announced on Thursday that starting the next week, Twitter will provide suspended accounts “a general amnesty.” The day before, the platform’s CEO published a poll asking users if they thought affected accounts should be restored.
The announcement comes just after Musk lifted the platform’s restriction on former president Donald Trump after conducting a related poll. Trump declared he had no intention of returning to the platform despite being banned following the attack on the US Capitol on January 6, 2021.
Users of the Twitter platform who had their accounts suspended could rejoin the network “assuming they have not broken the law or engaged in egregious spam,” according to Musk’s user survey.
The survey received responses from about 3.2 million individuals, who voted 72.4% in favor of amnesty.
“The people have spoken. Amnesty begins next week. Vox Populi, Vox Dei,” Musk said, using a Latin phrase that means “The voice of the people is the voice of god.”
Historically, Twitter has deactivated accounts who advocate violence, celebrate hate and harassment, or persistently disseminate false information that may be harmful.
Some well-known people who were banned from the website include MyPillow CEO Mike Lindell, who made a number of claims that Trump actually won the 2020 presidential election, former Trump advisor and former executive chairman of Breitbart Steve Bannon, who said Anthony Fauci and FBI Director Christopher Wray should be beheaded, and Proud Boys founder Gavin McInnes, who broke the website’s rule against violent extremist groups.
Considering that more voices with possibly negative views will be returning to the site, it’s unclear from Musk’s brief post how Twitter will handle content control going forward.
These worries have only grown as a result of Musk’s huge firings and the outflow of workers who would rather leave than remain “hardcore.”
Elon Musk is surely growing more unpopular by remaining popular these days.
Twitter Working On New Feature For Long Texts
Writing a thread on Twitter can be considered daunting especially when you have to divide the text into 280-character sections for it to make meaning.
Good news though as the platform is stated to be working on a way to convert lengthy texts into threads automatically.
When a tweet exceeds the 280-character limit, Twitter’s composer will automatically divide it into a thread, according to a tweet from app researcher Jane Manchun Wong.
Twitter wants to make making threads less difficult, as she stated in a message to a user (identified as me).
Currently, in order to add a tweet to a thread and post the subsequent 280 characters, users must click the Add button. This can be particularly unpleasant when you are trying out an idea or pasting information from another document.
Several users have recently brought up the difficulty posting to and reading conversations with more than a few tweets; the thread in question was 82 tweets long and focused on the defunct crypto-currency exchange FTX. In response, Musk stated that the team is working to make thread writing simpler.
It will be useful to have markers to designate the start and end of a tweet in the thread, although the exact implementation details remain unknown, as Financial Times product manager Matt Taylor noted. This makes it simpler for users to change the text in a way that doesn’t disrupt the reading flow.
Musk has previously addressed the problem of posting lengthy tweets. He previously stated that the social network is developing the capability to attach long-form content to tweets. If that will be a standalone feature from the new thread composer is unclear.
Currently, some users rely on third-party programs like Typefully, ThreadStart, and Chirr App, which offer capabilities like scheduling along with tools to automatically divide your post into threads without interfering with sentence flow.
Thanks to its acquisition of Threader the previous year, the company today provides Twitter Blue customers with a simple way to read threads. However, Musk hasn’t actually stated whether he is altering the reading experience for the typical user.
There is already a long-form writing program on Twitter called Notes, but it is exclusively available to a small number of writers, and under Musk’s leadership, its future is unclear.
Even though Twitter programmers are already working on it, it is unclear when the new composer tool for threads will launch. Since taking over the business, Musk has let go of more than half the employees.
Numerous executives have left, and the new leader even gave the remaining employees yesterday an ultimatum: either be “hardcore” or quit. There is no assurance that goods will be delivered on time in this situation.
The new Twitter Blue plan with a verification mark was hurriedly launched by the firm, only for the scheme to be discontinued a few days later. Musk stated earlier this week that the launch date had been moved to later in the month.
Wong just found code that suggests Twitter is working on encrypting direct communications from end to end.
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