Climate Change

Climate change can easily be defined as changes in the statistical distribution of weather patterns when the changes last for an extended period of time (i.e., decades to millions of years).

Most climate scientists agree the main cause of the current global warming trend is human expansion of the "greenhouse effect" — warming that results when the atmosphere traps heat radiating from Earth toward space. Certain gases in the atmosphere block heat from escaping.

Scientists generally stated the five components of earth's climate system to include atmosphere, hydrosphere, cryosphere, lithosphere, and biosphere.

Factors that can shape climate are called climate forcings or "forcing mechanisms" which can be easily identified as a major cause of climate change. A climate forcing is any influence on climate that originates from outside the climate system itself. The climate system includes the oceans, land surface, cryosphere, biosphere, and atmosphere. On the broadest scale, the rate at which energy is received from the sun and the rate at which it is lost to space determine the equilibrium temperature and climate of Earth. This energy is distributed around the globe by winds, ocean currents, and other mechanisms to affect the climates of different regions.

Factors that can shape climate are called climate forcings or "forcing mechanisms". These include processes such as variations in solar radiation, variations in the Earth's orbit, variations in the albedo or reflectivity of the continents and oceans, mountain-building and continental drift and changes in greenhouse gas concentrations. 

There are a variety of climate change feedbacks that can either amplify or diminish the initial forcing. Some parts of the climate system, such as the oceans and ice caps, respond more slowly in reaction to climate forcings, while others respond more quickly. There are also key threshold factors which when exceeded can produce rapid change.

Forcing mechanisms can be either "internal" or "external". Internal forcing mechanisms are natural processes within the climate system itself (e.g., the thermohaline circulation). External forcing mechanisms can be either natural (e.g., changes in solar output) or anthropogenic (e.g., increased emissions of greenhouse gases).

Whether the initial forcing mechanism is internal or external, the response of the climate system might be fast (e.g., a sudden cooling due to airborne volcanic ash reflecting sunlight), slow (e.g. thermal expansion of warming ocean water), or a combination (e.g., sudden loss of albedo in the arctic ocean as sea ice melts, followed by more gradual thermal expansion of the water). Therefore, the climate system can respond abruptly, but the full response to forcing mechanisms might not be fully developed for centuries or even longer.

Causes of Climate Change

Natural Causes

Here is a list of the many different natural occurrences as highlighted by scientists :

Slight or drastic changes to the Earth's orbit, affecting the amount of sunlight that reaches the Earth's atmosphere.

Volcanic activity which can emit aerosols and carbon dioxide into the atmosphere, thus increase greenhouse gases.

Stronger or weaker solar intensity caused by occurrences within the sun which can lead to hotter or colder temperatures on Earth.

Natural seasonal changes, which lead to an increase in the release of carbon dioxide from warmer oceans in the summer or trees dropping their leaves in the fall.

Changes in ocean currents, which shift air currents.

Continental drift, which change the flow of ocean and wind currents.

Artificial Causes

Here is a partial list of the Artificial Climate Changes:

Urbanization and the destruction of natural habitats for urban sprawl

Electricity or other sources of power or utilities produced by burning oil, coal or natural gas.

An overdependence on, poor maintenance of and inefficiency of automobiles.

Poor or short-sided community planning and the increase of suburban areas, making cities difficult or impossible to walk or bike.

Factory and industrial farming, its polluting runoff which kills natural habitats and its use of chemical pesticides, herbicides and fungicides.

Our highly disposable lifestyle, poorly crafted and short-lived goods, and wasteful personal and cultural habits.

An unhealthy dependency on chemicals, from the production of plastics to cleaning supplies to food preparation.

Deforestation done for building purposes, to increase unsustainable farming or production of paper goods or other unnecessary "things"

Impacts of Climate Change

1.   Erratic climate and weather extremes

2.   Altered ecosystems and habitats

3.   Risks to human health and society

Erratic Climate and Weather Extremes

The first climate study to focus on variations in daily weather conditions has found that day-to-day weather has grown increasingly erratic and extreme, with significant fluctuations in sunshine and rainfall affecting more than a third of the planet.

Altered Ecosystems and Habitats

Climate change is altering the pattern of life on the planet, causing widespread species extinction, migration and behaviour changes.

As climatic patterns rapidly shift, habitats on land and in the sea are changing, making them inhospitable for some species, while letting others move in and take over. In some cases, entire ecosystems are at risk of collapsing.

Risks to Human Health and Society

Climate change has brought about possibly permanent alterations to our planet’s geological, biological and ecological systems.

Human life is thrown out of balance. There is new and stronger confirmation that most of the warming observed over the last 50 years is attributable to human activities. These changes have led to the emergence of large-scale environmental hazards to human health, such as extreme weather, ozone depletion, increased danger of wildland fires, loss of biodiversity, stresses to food-producing systems and the global spread of infectious diseases.

Things That Can Be Done to Reduce Climate Change

Burning fossil fuels such as natural gas, coal, oil and gasoline raises the level of carbon dioxide in the atmosphere, and carbon dioxide are the major contributor to the global climatic changes.

To help you get to grips with climate change, here are some identified keys that you needed to be enlightened about on caring out day to day lives.

Here are 10 simple actions you can take to help reduce global warming:

Educating of The Young Ones

Future generation’s opinions should not be overruled in the course of “prevention of climate change in the future”.

Now is the time to start educating our children about climate change and its effects. This can be done at school, by parents and every simply through leading by example. Be it by giving them the responsibility to make sure lights and plugs are turned off in their rooms each time or  getting them involved in recycling and other green initiatives.

Use Less Heat and Air Conditioning Appliances

Turn down the heat while you're sleeping at night or away during the day, and keep temperatures moderate at all times.

Purchasing of Energy-Efficient Products

Home appliances now come in a range of energy-efficient models, and LED bulbs are designed to provide more natural-looking light while using far less energy than standard light bulbs.

Avoid products that come with excess packaging, especially molded plastic and other packaging that can't be recycled.

Be Part of The Fight Against Climate Change

If you want to part of the mission, find out about climate change events, at a local and a national stage, which you're interested in. There are plenty of fundraising and awareness-raising events you can be part of!

Plant a Tree

If you have the means to plant a tree, start planting.

Trees are an integral part of the natural atmospheric exchange cycle here on Earth, but there are too few of them to fully counter the increases in carbon dioxide caused by automobile traffic, manufacturing and other human activities.

Categories: Climate Change Environmental Issue

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Nigerian Stock Market Loses N2.354tn In One Year

The market capitalisation (equities only) of the Nigerian stock market has shed a total of N2.354tn in the past year.

The Nigerian Stock Exchange, in its fourth quarter 2014 Fact Sheet, put the market capitalisation at N11.478tn; but at the end of trading on Friday, it stood at N9.124tn.

This, therefore, represents a 20.5 per cent drop in the stock market value.

The market had been on a decline for the greater part of this year due to various factors.

In January alone, the renewed dumping of shares by investors at the stock market over uncertainty in the political landscape led to a dip of N1.16tn in the market capitalisation of the Exchange in the first three trading days of the year.

Trading on the NSE in 2014 had closed with a decline of 16.1 per cent in the market capitalisation, which resulted in the stock market opening 2015 on a bearish note.

The NSE All Share Index, which stood at an average 34,657.15 points in the last quarter of 2014, has fallen to 26,537.36 so far this year, according to NSE statistics released on Friday. This represents a drop of 23.4 per cent.

This trend has further shattered the dreams of the Exchange to stabilise and further grow the market capitalisation.

The Chief Executive Officer of the NSE, Mr. Oscar Onyema, had in the early part of this year said that his self-imposed target of achieving $1tn (about N197tn) market capitalisation by 2016 was no longer feasible.

Onyema, while speaking at the NSE annual review of the market in 2014 and outlook for 2015, had said that last year started on a positive note with macroeconomic indicators such as inflation and the exchange rate staying within projected ranges.

The second quarter of 2014, he noted, kicked off on a high note following the nation’s Gross Domestic Product rebasing conducted by the National Bureau of Statistics.

The results of the rebasing did not only confirm Nigeria as the largest economy in Africa with a GDP of N80.22tn ($509.97bn), but also revealed the nation to be one of the least leveraged in the world, with a revised debt-to-GDP ratio of 11 per cent, from 20 per cent.

Onyema had attributed the woes of the market from the second quarter of 2014 to the falling oil prices in the international market, saying that the challenges in the Nigerian oil and gas sector, which resulted in crude oil production dropping below 2.3 million barrels per day, aggravated the problem.

He said, “The impact of this drop in production was exacerbated in the third quarter by crude oil prices plummeting, forcing the Central Bank of Nigeria to devalue the naira by eight per cent, and thus push the benchmark interest rate to a record 13 per cent in an effort to preserve the nation’s foreign reserves, which stood at $34.50bn on December 30, 2014, from $43.61bn at the start of the year.

“The bearish sentiments at the capital market prevailed for most of the year as foreign investors steadily withdrew from the Nigerian market due to currency risk and the recovery of developed economies, and the effects of the United States Federal Reserve tapering of its quantitative easing policy. Several macroeconomic developments also contributed to the decline in market performance.”

The poor start to 2015 was worsened by strong political concerns and increased uncertainties about the future of the country in the build-up to the general elections. These, together with the economic uncertainties, caused more foreign investors, who dominate the market, to dump their shares.

Institutional domestic investors such as the Pension Fund Administrators, spooked by the uncertainties, reduced investment in the stock market in favour of fixed income instruments such as bonds, while the retail investors were unable to mop up the stocks in the market even though the prices were at lows.

Although the peaceful conduct of the general elections boosted the market capitalisation and the All-Share Index to a year high in April, the delay in the appointment of ministers and consequent lack of clarity about the economic policy of the new government further discouraged investment.

The country’s declining Gross Domestic Product growth and actions of the Central Bank of Nigeria in the third quarter of the year, especially with regard to foreign exchange, did not help matters.

The Head Investment Research at Afrinvest West Africa Limited, Mr. Ayodeji Ebo, attributed the capital market woes in recent times to the CBN foreign exchange policy, which he noted was largely restrictive.

Quoted companies on the NSE, according to him, are being starved of the requisite forex needed for effective business operations.

Ebo said further adherence to the policy by the CBN would mean more harm for the capital market and the larger domestic business environment.

The NSE All Share Index had slid more than 21 per cent from this year’s closing high on April 2, meeting the common definition of a bear market. The index slipped by 2.3 per cent to 28,137.65 points at that date, the lowest level since February 16.

On December 9 this year, the stocks shed 2.4 per cent to fall to a new three-year low after the global oil prices tumbled to their lowest in more than six years.

The Nigerian stock market, on the Morgan Stanley Capital International Frontier Market Index, fell on thin volumes to levels not seen since December 2012. The market was said to have fallen by 20.6 per cent year-to-date, breaking below the psychologically key 27,000-point line.

It has been a generally poor year as all 12 stock market indices have declined. Eight of them were down by more than 20 per cent, with only three – the NSE Insurance Index (-4.48 per cent), the NSE Industrial Goods Index (-7.14 per cent) and the NSE Alternative Securities Market Index (-0.39 per cent) – falling by less than 10 per cent.

Banking shares have declined the most, with the NSE Banking Index shedding 24.4 per cent year-to-date, worse than the All-Share Index, as investors sold off relatively liquid financial stocks.

Analysts have said only clear policies by the government and positive news about the economy can boost confidence in the market and halt the current slide.

The Managing Director, Cowry Asset Management Limited, Mr. Johnson Chukwu, said recently that investors were more interested in concrete policy pronouncements on the economic direction of the country.

Categories: Business News

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