The issue of economic diversification has gained a renewed sense of urgency in Gulf Arab countries. A global economic slowdown induced by the coronavirus pandemic pushed Brent crude prices down from $64 per barrel at the start of 2020 to a low of $23 in April 2020 (see Figure 1).1 Oil prices are expected to remain below $50 per barrel through 2022.2 This has placed substantial pressure on the fiscal positions of Gulf Cooperation Council (GCC) countries,3 which are expected to run budget deficits averaging 9.2 percent in 2020 and 5.7 percent 2021.4

GCC countries have been concerned about the sustainability of their hydrocarbon revenues for decades. In the long term, oil and gas reserves will eventually run out. Bahrain and Oman are in the most precarious position, with reserves expected to run out within the next decade for Bahrain and within 25 years for Oman.5 In the medium term, revenues from oil are expected to decline in the face of reductions in global demand starting around 2040, if not sooner.6 This will be driven by higher demand for renewable energy and improvements in energy efficiency and storage. In the short term, GCC countries are already tapping into $2 trillion in financial assets accumulated over decades and invested in sovereign wealth funds (SWF) for future generations (see Figure 2).7 Before the pandemic, the International Monetary Fund (IMF) estimated that, unless GCC countries undertake substantial fiscal and economic reforms, they will deplete their conserved wealth by 2034.8 The pandemic has likely shortened this timeline.

The expected fall in hydrocarbon reserves and revenues has long motivated GCC countries to diversify their economies by developing productive sectors outside oil and gas.

There has been no shortage of policy advice from think tanks, international organizations, and consultants on what GCC governments can do to diversify their economies and prepare for a post-hydrocarbon future. However, this policy advice has often failed to address the political-economic realities of the governing social contract, in which GCC governments rely on specific economic channels to transfer hydrocarbon wealth to their citizens. These channels often stand in the way of necessary reforms. This policy brief aims to outline the economic reforms that GCC countries must take in order to diversify their economies and promote sustainable growth, taking into consideration the constraints imposed by the governing social contract.

GCC countries have been blessed with an abundance of natural resources. They have invested this wealth in improving the lives of their citizens, developing their infrastructure, and preparing for a future without oil. GCC countries have made substantial progress toward the first two goals.9 They have built modern cities and the infrastructure to service them, providing a solid foundation for future economic development. All have Human Development Index scores above 0.8, placing them collectively ahead of all other Middle East and North African (MENA) countries and on par with some countries of the European Union (EU).10

However, GCC countries have struggled to achieve progress on the third goal: diversifying their economies. Despite good intentions, reflected in their national visions and economic development plans,11 GCC economies remain stubbornly dependent on hydrocarbons.12 Reducing this dependence has several dimensions. First and foremost, it involves replacing oil and gas production with the production of goods and services that are not dependent, directly or indirectly, on the oil and gas sector. It also involves replacing government revenues derived from oil and gas with revenues from other sources, such as taxes on consumption and non-oil sectors, but not to the extent that these emerging sectors become hampered and uncompetitive. Thus, to succeed, economic diversification requires other key ingredients, including moderating government spending, increasing non-oil exports, and increasing foreign direct investment (FDI).

While GCC states have made some progress over the past decade (see Figure 3), oil and gas production continues to represent over 40 percent of gross domestic product (GDP) in most countries, except for the United Arab Emirates (UAE) (30 percent) and Bahrain (18 percent).13 Even so, much of the regions other economic activities, such as construction and infrastructure development, are directly supported by revenues from oil and gas. In Bahrains case, oil accounts for a small share of GDP because it has largely depleted its oil reserves;14 however, oil continues to support economic activity indirectly through transfers and spending from neighboring countries. Similarly, while improvements have been made in diversifying government revenues, hydrocarbons account for 70 percent or more of total revenue (see Figure 4), except for Saudi Arabia (68 percent) and the UAE (36 percent). Even so, again, many of the diverse revenue streams in those two countries derive from economic activities supported by oil and gas.15

Gulf countries do produce goods and services within their borders, mainly for domestic consumption. These include agricultural products, manufactured goods, and business services. However, domestically produced goods and services will not soon replace the vast quantities of imported goods and services that are needed to support the 27 million citizens and 29 million expatriates living in the region.16 Furthermore, real economic diversification requires producing goods and services, other than hydrocarbons and their derivatives, that can be traded with the rest of the world. Here, Gulf countries still have a long way to go. In 2018, hydrocarbons and related products represented over 90 percent of total exports in Kuwait and Qatar, over 80 percent of total exports in Saudi Arabia and Oman, and over 50 percent of total exports in the UAE and Bahrain (see Figure 5).17

Another indicator of an economys potential competitiveness is FDI, which reflects the willingness of foreign entities to invest in a country. FDI too is lagging in the GCC. Between 2015 and 2019, only Oman and the UAE had FDI inflows (as a share of GDP) that were higher than the world average of 2.5 percent.18 Net inflows of FDI into the GCC as a whole were only 1.1 percent of GDP; this represents less than half the global average and almost three times less than FDI inflows into high-income economies (see Figure 6).19 The weak business environment in most GCC states is part of the reason behind such low FDI inflows. It is difficult for firms that are not connected to insiders to enter and compete in the market.20 Furthermore, policy changes often occur on an ad hoc basis with little warning or recourse. These might include limiting work permits from specific countries, limiting the transfer of funds overseas, and cutting off economic ties with neighbors. Such policy uncertainties increase the risk to international, and even local, businesses wishing to invest in the region. When they were flush with revenue from oil and gas, GCC states had the luxury of making arbitrary policy decisions and even costly policy mistakes. However, the tighter fiscal realities of today require them to be more responsive to the needs and concerns of investors.

The key to economic diversification remains developing non-hydrocarbon sectors in which GCC economies can compete. While it is not clear what these sectors might be, this is a difficult question to answer without trial and error. While the GCC is unlikely to become competitive in agriculture, this can be a source of import substitution. Manufacturing has promise, but GCC economies must build infrastructure and create free zones to compete against low-cost manufacturers in Asia. Dubai has positioned itself as a financial, business, and logistics hub for the region, something that might have been difficult to imagine fifty years ago. Can the region accommodate other such hubs? Most GCC countries want to create high-tech knowledge economies, but this requires a level of skills and research facilities that remain in short supply. The GCC might be able to build a competitive technology ecosystem by importing talent from other Arab and Asian countries. Tourism has shown promise in Oman, Saudi Arabia, and the UAE, while Qatar is trying to position itself as a hub for cultural and sports tourism. Islamic banking could be an area where the GCC might develop a competitive advantage.21

Successful economic diversification and sustainable economic growth require building sectors that are truly independent of oil and gas. Over time, as oil and gas revenues fall, these independent sectors can expand as economic activity shifts away from hydrocarbon-supported sectors. The ability to create independent sectors rests on three pillars: (1) introducing a fiscal framework that allocates oil and gas revenues into either short-term rents or long-term investments with minimum economic distortions; (2) enabling an export-oriented private sector that is not dependent on oil and gas to grow and thrive; and (3) building a capable and motivated workforce outside the public sector, including entrepreneurs.22 Gulf countries have made some progress on all three fronts. However, they have been more apt to pursue partial reforms that provide the illusion of economic diversification but, in reality, continue to rely to a large extent on revenues from oil and gas.

GCC governments have sought to diversify their economies by supporting sectors that often reflect the preferences of policymakers more than the competitive strengths of their economies. However, most GCC states have come to realize that these diversification models are themselves unsustainable and have begun creating space for real private sector development. These efforts were initially led by Bahrain, which had the most limited oil reserves in the GCC. However, Bahrain has since been eclipsed by the emirate of Dubai, which also has limited oil reserves, and which has set the pace for the rest of the UAE.23 The UAE has been leading the other GCC countries in terms of providing an enabling environment for business and entrepreneurship. For example, over the past decade, all GCC countries have made significant progress in terms of ease of starting a business based on the World Bank Ease of Doing Business Index (see Figure 7).24

Gulf countries have also developed more holistic approaches to their diversification efforts in recent years. They have embedded economic diversification into their national visions and established commissions to better integrate the private sector into ongoing economic activities.25 They have also established agencies to support small and medium enterprise (SME) development and financing, such as Saudi Arabias Small and Medium Enterprise Authority,26 Qatar Development Bank,27 and Omans Riyada.28 SMEs are the cornerstone of diversification efforts, as their growth creates real economic value and jobs.

These policy actions have been supplemented by free trade zones and special economic zones that operate to various degrees outside the regulatory distortions of the private sector. These zones help attract FDI and serve as hubs for innovation that could be absorbed over time into the national economy. The UAE has 45 free zones that allow 100 percent foreign ownership.29 Bahrain has gone a step further and allows 100 percent foreign ownership in several sectors including real estate, communication, and administrative services.30 Gulf states also introduced hubs for innovation within their ecosystems, such as Bahrains International Investment Park,31 Qatars Science and Technology Park,32 and Saudi Arabias Prince Abdullah Science Park.33

Gulf states have also introduced educational reforms aimed at better aligning graduates skills with market needs.34 In countries where a vast majority of young people typically indicate a preference for public sector jobs, interest in entrepreneurship and private sector employment has risen. Initiatives supporting young entrepreneurs and providing them with training and counseling have spread across the Gulf. In Oman, vocational training centers and technical colleges have introduced the Know About Business (KAB) program, developed by the International Labour Organization (ILO) to support knowledge on the private sector.35 INJAZ Al-Arab, a regional non-governmental organization (NGO), targets aspiring young entrepreneurs in all six GCC countries and provides them with needed support and training.36

Yet, even though business regulations have improved and the startup ecosystem has developed significantly over the past two decades, GCC countries continue to lag in providing an enabling business environment and continue to suffer from weak capacity among their nationals.37 The private sector in the GCC, as in much of the MENA region, is overregulated and governed by an entrenched system of clientelism and connections. This is further exacerbated by the fact that much private sector activity is run through public or quasi-public enterprises, relies on government contracts, is financed through public financial institutions, and is supported through government subsidies or handouts. In such an environment, it is difficult for the private sector to grow organically or for someone who is not politically connected to establish and grow a successful business. These factors have their origins in the political economy and the governing social contract of the GCC states.

Gulf states began exporting oil in the 1940s and 1950s, leading to substantial increases in their incomes and wealth. GCC governments have been passing on this wealth to their citizens through three main channels. First, they have expanded and improved public benefits and services, including education, health care, and access to finance. Second, they have provided their citizens with access to public sector employment opportunities at substantially higher wages and benefits than those offered by the private sector.38 Citizens flocked into government jobs and public sector employment rates among citizens reached 90 percent in some states.39 Third, Gulf states have provided business owners with access to economic rents through government contracts and exclusive licenses, allowing them to generate excess income and profits from their businesses.

Understanding the nature of this social contract is important and has implications for the kinds of policy reforms that are both needed and might succeed. The key point is that these channels exist for a reason: they allow citizens to access their legitimate share of their countrys hydrocarbon wealth. The channels operationalize the social contract and will not be easy to renegotiate even as oil revenues decline. Aligning public sector salaries with those in the private sector means that citizens will receive fair compensation for their efforts, but citizens will cease to access their share of the wealth through public sector wage premiums. Limiting the access of citizen-owned businesses to exclusive contracts means that they will earn profits dictated by the market but, again, citizens will cease to access their share of the wealth through exclusive business contracts. Instituting such reforms, without first identifying and putting in place alternative channels for sharing natural resource rents, is both unfair and doomed to failure.

That said, reforms are needed. Channeling economic rents through expanded public services, government employment, and exclusive business contracts has weakened efforts to develop a competitive, dynamic private sector that is capable of generating sustainable economic growth in a post-hydrocarbon future. Yet, any policy effort to reduce rent-seeking behavior requires addressing the constraints of the governing social contract or introducing new channels. Once natural resource rents run out, Gulf countries will be in a precarious position of having to maintain the deadweight of channels that no longer serve a purpose. What can a country do when it can no longer afford to cover the costs of a large public sector workforce that has long-term contracts and does not have the skills to transition to jobs in the private sector?

Reexamining policy reforms through the lens of the social contract can present novel policy insights. Each of these requires policy changes that increase private sector and private citizen activity. This will not be easy in countries that subscribe to a state-led development paradigm.

As GCC countries began accumulating wealth, they initially focused on improving public goods and services. This started with education, health, and utilities, but quickly expanded to other sectors, including banking, finance, telecommunications, and transportation. In terms of basic public services, GCC governments have done a remarkable job of improving access for all their citizens. For example, educational attainment has improved considerably in the region. However, quality remains a concern. GCC students are among the lowest-scoring students on standardized international tests. While reform efforts have improved outcomes, they have not resulted in major shifts.40 In the long run, GCC governments should consider granting hospitals, schools, universities, and other purveyors of public services greater financial autonomy and establishing endowments to ensure their long-term sustainability. States can also encourage wealthy citizens to fund social services through private non-profit initiatives. Privately established endowments (known as awkaf) have a long and rich history in the Gulf region but were largely displaced by government initiatives after the discovery of oil. Bringing them back would allow private citizens to contribute to their countrys future and support a deeper change in the social contract.

Many industries across the Gulf have come to be dominated by large state-owned or state-run enterprises, even in industries that are normally the purview of the private sector, such as banking, construction, fuel distribution, and insurance. These state-owned enterprises played an important role in stimulating modernization, innovation, and economic growth. However, over time, they came to dominate their respective sectors. They erected bureaucratic barriers to entry, preventing smaller enterprises from growing and competing in their space.41 Indeed, many public enterprises effectively serve as the main regulators of their industries. Furthermore, while some state-owned enterprises have extended their operations internationally, a closer examination suggests that they were able to do so because of public subsidies and support, such as paying no taxes or paying below market price for inputs such as energy, land, and capital. There is little evidence to suggest that these state-owned enterprises can compete in a global economy without continued support. Rather than serving as a source of new revenue, they draw resources away from more promising economic sectors.

Still, state-owned enterprises remain a valuable source of public services, innovation, and employment. GCC governments are not likely to consider privatization unless they have to. However, reforms can be introduced to create a more competitive environment around them. GCC states need to develop a clear strategy for delineating the sectors and industries where public enterprises will operate and leave other sectors free from their interference. They also need to be transparent about record-keeping and ensure that all subsidies and support are clear and limited. Finally, GCC governments must build a firewall between public enterprises and their regulatory agencies. This would not only be a form of good governance, but would also improve competition and help to spur innovation and economic growth in the long run.

Much private sector activity in GCC countries continues to be linked directly or indirectly to government contracts and spending that, in turn, are funded through revenues from oil and gas. This tends to benefit public enterprises and private companies that are connected to ruling elites, at the expense of more competitive SMEs and startups, which should form the foundation upon which future growth and prosperity are built. In addition, members of the ruling elite may simultaneously hold government positions and head their own companies, gaining an ability to tilt the playing field to their advantage.42 Such constraints to private sector activity and competition reduce the incentive for entrepreneurs to introduce the kind of disruptive innovation that can create globally competitive industries that drive true economic diversification. Consequently, the private sectors contribution to GDP remains low. While official estimates are difficult to come by, in Saudi Arabia, for example, it was below 40 percent in 2018.43

This kind of rent-seeking is part of the governing social contract and will likely continue, but it can be moderated and limited to specific economic sectors and activities. For example, holding a government job while owning a business that benefits from government contracts represents double-dipping and has the potential to be mitigated. GCC states should also keep growth-oriented, export-driven sectors that are not dependent on revenues from oil and gas free from insider meddling. Also, they should continue to expand their free zones and economic zones, especially those that are developed around influence-free sectors. GCC states must also continue their efforts to reduce burdensome laws and regulations. These include introducing bankruptcy laws, removing the need for virtual companies to have a physical address, reducing the time and number of steps it takes to register a business, allocating a minimum share of government contracts to SMEs, ensuring that government payments are made on time, and improving access to finance for SMEs.

Finally, GCC governments should strive to disentangle politics and business. Too often, private economic activity is subordinated to impulsive political considerations. This increases risk and uncertainty and dampens international interest in investing in the region. The blockade of the UAE, Saudi Arabia, and Bahrain against Qatar is a case in point. The blockade disrupted supply chains, investment flows, business contracts, and even employee living arrangements.44 It came at a high cost to all countries involved with little political gain to show for it. GCC countries should remain mindful of the benefits of maintaining a stable and predictable investment climate and aim to keep politics away from the more crucial long-term objective of achieving sustainable economic growth and ensuring the prosperity of future generations. Equally important, GCC governments should establish formal mechanisms for regulatory notification and public comment. This would improve the quality and effectiveness of regulations as well as increase the transparency of the regulatory process, which would go a long way toward assuaging the concerns of potential investors.

GCC governments provide their nationals with access to public sector jobs at high wages and benefits as a means of accessing their share of the economic rents.45 The system affects the education and career choices of nationals, who typically seek the minimum credentials needed to access public sector jobs, with less concern for developing the skills needed to contribute to productive jobs in the private sector.46 The result is a segmented labor market, with citizens dominating the public sector and expatriates prevailing in the private sector.47 Furthermore, because public salaries include a share of economic rents, the civil service salary structure for nationals is both augmented and compressed. Those at the lower end of the salary scale with the least marketable skills are paid higher premiums over private sector alternatives compared to those with higher skills. This creates perverse incentives in terms of sector preference, with lower-skilled workers more resistant to accepting private sector work. Also, whenever GCC states wish to increase the share of oil rents distributed through the wage structure, in response to political conditions or increases in the price of oil, it results in an appreciation of the wage bill that is not easily reversed when circumstances change.

With the decline in oil revenues, public sector jobs have become scarce and GCC governments have transferred the responsibility for employing nationals to the private sector. However, peoples sense of entitlement has transferred with them.48 This is manifested in expectations of higher wages and benefits and weak motivation to work.49 In return, private sector employers typically avoid hiring citizens unless obliged to do so by the state. In such cases, they often treat this as a cost of doing business and do not develop the hired citizens productive capacities.50 This breaks the link between performance and reward and creates an entitlement mentality,51 which may persist after oil rents have been depleted. It has also resulted in high unemployment rates among young nationals, who queue for scarce public sector jobs despite the large supply of jobs in the private sector that are filled by expatriate workers. Youth unemployment rates among young nationals in most GCC countries with available data are high, reaching, for example, 40 percent in Saudi Arabia.52

GCC states have been reluctant to tackle this system of entrenched interests in employment. Attempts to bring public sector wages and benefits into alignment with those in the private sector have not been successful.53 For instance, Saudi Arabia was forced to reverse a decision to cut public sector benefits in 2017 after widespread grumbling.54 Some GCC governments have sought to maintain the wage gap between citizens and expatriates by increasing the latters work permit fees. However, this increases business costs and reduces their ability to compete globally, hampering long-run diversification efforts. A more effective strategy would be to make this channel for accessing economic rents more explicit. This could be done by introducing a scheme similar to an income tax credit. Employers would pay citizens a fair market wage, while the state would supplement this with a basic social wage or bonus that reflects their share of economic rents. This kind of transparency would better link wages for nationals to productivity and performance. It would also make it easier for GCC states to adjust the social element of the wages in response to changing economic circumstances, and can more easily be communicated to their citizens.

Policy efforts aimed at economic diversification must take legitimate rent-seeking behavior into account. GCC governments will have to engage in an honest conversation with their citizens regarding the financial constraints they face and the options going forward and then redraw the parameters of the governing social contract in a way that is perceived as equitable and fair. This renegotiation must involve both political elites and ordinary citizens giving up some of their benefits and privileges in light of reduced hydrocarbon reserves and lower prices that are expected to persist and decline further in the long run. Asking ordinary citizens to give up access to government jobs or reduce their salaries and benefits without business owners giving up excess profits from exclusive contracts will sow public resentment and social unrest. Over the past two decades, GCC countries have created free zones, innovation parks, and entrepreneurship hubs outside the frameworks of their rentier-based private sectors. Yet, these policies remain rudimentary. In preparing for a post-oil future, GCC states will have to further reduce public services, benefits, and jobs and limit opportunities for rent-seeking in the private sector.

The coronavirus pandemic and lower global oil prices have increased the pressure on Gulf states to push ahead with economic diversification efforts. GCC policymakers must look beyond the immediate impetus to cut budgets and focus instead on developing the necessary building blocks for a dynamic and sustainable post-hydrocarbon economy. The economic and political pressures facing Gulf states have already induced Saudi Arabia, the UAE, and Bahrain to end their three-and-a-half-year blockade of Qatar, opening the door to greater regional economic integration. Likewise, economic pressures have created space for a more open and honest dialogue between citizens and their states regarding financial constraints, economic rents, and channels for their distribution. Providing clarity on which parts of the economy will be allowed to grow unimpeded is central to creating incentives for young nationals to engage in these sectors. Market-based mechanisms can then be allowed to function in these sectors, disentangled from rent-seeking behavior. Together, more competitive economic sectors and greater regional integration can increase the global competitiveness of GCC economies and support their economic diversification efforts.

The rest is here:

Economic diversification in the Gulf: Time to redouble efforts - Brookings Institution

The following is a contributed piece from Marvin Weiss,retired professor of accounting and founding dean of the New York Institute of Technology School of Management. Opinions expressed are author's own.

CFOs are familiar with a big weakness of generally accepted accounting principles (GAAP): they don't recognize the investment characteristic of knowledge-based startups. As a result, these companies must tell their story using non-financial and non-GAAP metrics, for which there is no standardization.

To reiterate what has been stated by others as a set of standards, GAAP was developed when production was the primary driver of profitability, and labor was considered replaceable and expendable. While there was an element of intellectual capital, it was minor when compared to investment in production.

As the U.S. economy expanded and took on a global perspective, production was outsourced to lower-cost foreign producers, and companies were and are still being created that are knowledge- and service-based rather than production oriented.

Shares in publicly held knowledge-based companies have reached levels that cannot be explained solely on GAAP-based financial statements. That's because the large operating losses of these companies, as they invest in talent, is expensed in the current fiscal period while their most significant asset, workforce intellectual capital, is not recognized until the company is acquired, at which time the excess paid to acquire that talent is recognized as goodwill.

As a result of the limitations of existing GAAP, non-GAAP and non-financial metrics have been used by investors and analysts to evaluate company performance.

As these non-GAAP metrics have proliferated, organizations such as the Sustainability Accounting Standards Board (SASB) have been formed to standardize non-GAAP disclosures, and to eventually create a uniform reporting system that would incorporate both financial and non-financial data and to possibly extend the audit function to the entire report.

However, as the Securities and Exchange Commission (SEC) has demonstrated in its recent ruling requiring expanded disclosure in form S-K of non-financial data relating to several areas, including human capital management (HCM), not even regulators can decide what information should be provided by registrants.

They only specified that the information be material in understanding how the workforce-related data impacts company performance. What's more, there's no requirement this information be presented in monetary terms.

As a result, human resource consulting firms have been quick to fill in the absence of guidance by proposing what HCM data should be provided, leading to what can be best characterized as a kitchen sink approach.

The SEC also accepted the idea that what is material can vary from industry to industry.So, for example, a high turnover ratio would be material in a publicly held consulting firm but would probably be considered normal in the retail sector. This is reflected by the fact that SASB has also approached standardization on an industry-by-industry basis.

I do not think it relevant to detail why the accounting standards setters decided to treat certain internally generated intangibles as expenses, even if the outlays incurred are intended to produce future rather than current revenue, and thus meet the technical definition of an asset.

Some internally generated intangibles, such as patents, have led to identifiable and separable status, with definitive amortization periods. These intangibles are recognized as assets.

But what about the cost of developing the intellectual capital, represented either individually or collectively, by the workforce itself?

Standards setters rejected capitalization for workforce outlays because such "assets" were not identifiable or separable. There was no basis for amortization, and there was no legal ownership that would justify capitalization.

At one time that reservation might have been justified, because public policy the Employee Retirement Income Security Act (ERISA) is a good example actually encouraged labor mobility.

However, the economic environment has changed. Recruitment of talent in knowledge-based companies has become so competitive that, because of large initial outlays, retention of talent is crucial if these companies want to recoup their investment. That's why companies are offering expensive incentives such as profit sharing, stock options, "Cadillac" fringe benefits, at the same time that GAAP treats these outlays as period expenses.

I believe that the original basis for expense versus capitalization has changed. Companies would not incur these HCM costs if they expected their newly hired talent to leave, and they are willing to incur the costs required to retain that talent.

Will employees still leave prematurely? No doubt, but this is the exception, not the rule. From a behavioral perspective, when it comes time for those in the c-suite to make strategic decisions about their workforce, what will have the greater impact, information provided in financial terms in internal accounting statements, or the non-financial metrics proposed by the SASB and others?

With regard to amortization, actuaries are able to estimate average service life for pension and benefit programs, and these same estimates can form the basis for amortization and immediate write-off as a loss if employees leave prematurely.

Before environmental, social and governance (ESG) investing became the focus of attention, there were many proposals to incorporate workforce investment under the rubric of human resource accounting, or HRA. The problem with many of these proposals was that the amounts to be capitalized were based on esoteric methods that were far removed from the concepts underlying GAAP.

What seems to have been lost along the way was the idea to capitalize the original outlay cost of HR-related investments that met the definition of an asset (intended to produce future benefit) and amortize that asset using the expected service life of the employee. Those leaving prematurely would result in the unamortized balance written off as a loss. (Conventional GAAP treatment would apply for tax purposes).

Most HRA proponents rejected this as too simplistic and also not providing information about the value of the workforce in an ongoing organization.

However, the increase or decrease in the balance of this "asset" would be a clear indication of whether or not investment was being made to increase or retain the workforce, and the expression of this amount in traditional financial terms would be a common denominator in all industrial sectors. That's different from the industry-specific non-financial disclosures proposed by SASB.

Incorporating these "assets" in GAAP-compliant financial statements would bring this information under the attest function, a marked improvement over the non-financial disclosures that today are often the product of a company press release.

Critics of capitalizing and amortizing talent like the asset it is complain that deferring such costs would overstate income in the early stages of workforce development, but if a company cut back on its workforce investment, the reverse would be true.

Continue reading here:

GAAP is obsolete; treat talent like the asset it is - CFO Dive

Shawna Martinez moved to Santa Fe to attend school in 1989 and never left. Working at Hotel Santa Fe for nearly 30 years, she has had a front seat to the explosive growth of this tourist town in past years.

But late last year, on Martinezs 50th birthday, her landlady delivered news that she was selling the property where Martinez rents a small, two-bedroom casita for $900. Martinezs lease wouldnt be renewed and she would need to move.

Finding a place to call home in Santa Fe in 2021, however, requires navigating a market with abysmal rental vacancy rates and skyrocketing home prices. For $900 in Santa Fe, you find a studio with a hot plate and a mini fridge, Martinez said.

Already one of the tightest rental markets in the US with vacancy rates near 2%, residents of New Mexicos capital city face an acute crisis from the Covid-19 pandemics ravaging of the citys tourism-based economy as well as competition from an influx of newcomers crowding the housing market.

The so-called Zoom boom has brought remote workers seeking to stretch their dollar in relatively affordable places, while gaining proximity to nature and open spaces, to small and mid-sized cities across the mountain west. But they are often forcing locals out of their home towns entirely, at times exporting their former cities housing crises on to these mountain towns.

As Santa Fe leaders assess options for addressing their housing crisis, activists and some policymakers say part of the solution may lie in making second-home owners and Airbnbs pay for the problems they helped create.

We have an obligation to see that people with less means are still part of the picture and are taken care of, said Signe Lindell, a Santa Fe city councillor and the mayor pro tempore. And housing is a really basic need.

Lindell said Santa Fe has made some progress, with about 500 new or upcoming housing units affordable for people earning less than 60% of the area median income. However, she said, my sense is that its not nearly enough.

The Santa Fe area is short more than 7,300 rental units, according to the Santa Fe Association of Realtors 2020 housing report. Between 2017 and 2019, the citys average rent topped $1,000, the report found, an increase of nearly 12%. Average rents are likely even higher today.

Buying a home isnt feasible for many long-term residents, either. Last summer, as Santa Fe became a refuge for many wealthier remote workers to flee larger cities amid the pandemic, the countys median home price passed $500,000 for the first time ever. The median household income in this city of 85,000 people was less than $58,000, per 2019 census data.

In addition to people buying second homes and displacing locals, the mass conversion of houses and apartments into Airbnbs and other short-term rentals in recent years has likely been responsible for about 20% of Santa Fes housing cost increases, according to a 2019 study from Homewise, a housing organization. That year, there were more than 1,400 short-term rentals in the city, a number that was growing by 50% a year.

Its upsetting because with people with money, people from California or Texas or wherever, come here and buy up the property and the homes, said Jolene Eustace, an artist and former Santa Fean who is hoping to return to the city if she finds an affordable place. We dont have a chance.

One of the tools the city is eying as it looks for solutions is the Affordable Housing Trust Fund, a fund that helps with everything from rental assistance for low-income Santa Feans to affordable housing development to homeownership assistance.

Daniel Werwath, the executive director of New Mexico Inter-Faith Housing, has been a leading advocate for the housing trust fund and finding new ways to finance it. The trust, he said, helps insulate housing resources from changes in political priorities and market fluctuation like the economic crash caused by Covid-19.

I just keep thinking, Werwath said, how would March of 2020 gone down differently if we had $3m sitting there in our housing trust fund to just do immediate rental assistance?

If housing advocates like Werwath get their way, the trust will soon get new funding mechanisms to reach that amount or more without making cuts to other city services.

Currently, the trust accrues much of its funding through fees paid by developers, which means its funding can dry up in times of economic downturn. The city of Santa Fes affordable housing director, Alexandra Ladd, said diversifying how the trust is funded could help it become more useful.

Its not a panacea, its not going to end all of our problems instantly. But I think right now, what we struggle with is that the trust fund has various revenue sources, but they all depend on development, Ladd said. And so, right [now], coming out of a recession, theres no development, so theres no revenue.

A new report from the Santa Fe Housing Action Coalition, of which Werwath is a leader, found millions of dollars annually of new potential funding sources for the trust. One is adding a real estate transfer tax, which could bring the trust more than $1.5m a year. Attaching a small fee to property taxes could bring over $1m annually, the report said, and is a change the city council alone could enact.

The coalition also explicitly addresses tourism and second-home owners in its report. It suggests removing the states 3% cap on property taxes for second homes as well as pulling some money made on short-term rental taxes and fees to the trust. Given that Airbnbs and the like have been a major contributor to Santa Fes inflating housing costs, the report notes, such a funding mechanism would likely have broad support from the public.

Funding the trust is an investment that more than pays for itself, advocates say. Ladd gave the example of someone taking out $150,000 or more in loans to buy a home after receiving down payment assistance from the trust. But without that help putting down money, she said, they wouldnt have been able to get the mortgage in the first place.

Thats leveraging that kind of investment, she said. It works out to be about for every dollar of local funds in a home buying situation, anywhere from $14 to $20 is leveraged to a private resource.

The trust can help attract private investment in larger developments, too, such as Siler Yard, a rental housing project that will add 65 affordable units, more than half of which will be reserved for families.

The city committed about $2.5m to what wound up becoming a nearly $20m project.

Its not even how much the city can do without money, but its how powerful it is once it gets out to the partners in the community, Ladd said.

However, boosting the trust and creating more projects like Siler Yard could be a ways off, given that adding funding mechanisms requires changes to city ordinances and, sometimes, state law.

In the meantime, the exodus of working-class Santa Feans will only continue. Many flee the city for more affordable locales such as Albuquerque, about an hour away, or the closer town of Espaola.

Martinez is continuing to shop for a new rental in Santa Fe before her casita gets a new owner, but she might wind up packing her bags for the less-costly Albuquerque suburb, Rio Rancho.

I think Im probably going to have to [leave], Martinez said. Theres nothing reasonable and affordable here.

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As a 'Zoom boom' brings the wealthy to Santa Fe, locals are getting priced out - The Guardian

WHITEFISH, Mont. Area researchers have found two clear western Montana lakes Flathead and Whitefish generate home values that result in upward of $3 billion in tax revenues for local and state governments.

The study was conducted by the University of Montanas Flathead Lake Biological Station and the Whitefish Lake Institute (WLI).

We sought to economically quantify the aesthetic benefits landowners derive from living on or near lakes with exceptional water quality, Nanette Nelson, an FLBS research economist and lead author of the study, said. Our results suggest that highly desirable lakes like Flathead and Whitefish Lakes enhance surrounding property values, thereby contributing significantly to the local tax base and economy of both lake-based communities.

The study dataset included over 7,000 arms-length sales transactions occurring within 2 km of Whitefish Lake and Flathead Lake between 2004 and 2018.

Results revealed a 254% or $1.3 million average premium for the same home on the lakefront of Whitefish Lake versus 2 km from the lake. Flathead Lake exhibited a 114% or $0.5 million average premium. Summing across all properties within 2 km of both lakes yielded aggregate premiums upward of $3 billion.

The effect of Flathead Lake on surrounding lakefront parcels equaled $12 million to $17 million in property tax revenues, while Whitefish Lake generated $5 million to $8 million. This is important because, in the state of Montana, over 94% of local government and school district tax collections are derived from property taxes.

This study reveals the economic importance of maintaining water quality in our lakes, Lori Curtis, WLI science and education director and study co-author said. Scientists from the bio station and WLI conduct research and continuously monitor the health of the two lakes, engage students in water quality education and make recommendations to help citizens and leaders make informed resource management decisions.

These study results provide us with an economic argument in communicating the significance of maintaining water quality and of our work, she said.

The complete report on the economic benefits of Flathead and Whitefish Lakes is available on the WLI website.

About the Flathead Lake Biological Station

The FLBS mission is to serve the Flathead Lake region, the state of Montana, the nation and the world by advancing cutting-edge research, monitoring, education and outreach platform for limnology, ecology and environmental science at Flathead Lake.

About the Whitefish Lake Institute

Founded in 2005, the Whitefish Lake Institute is committed to science, education and community stewardship to protect and improve Whitefish Lake and Whitefish-area water resources today and provide a collective vision for tomorrow.

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Study finds substantial economic benefits from Whitefish and Flathead Lakes - KHQ Right Now

Businesses across the South East can now register for a new network and support service.

The Clean Growth South East will help businesses identify opportunities in clean growth areas as set out in the Governments 10-point-plan for a Green Industrial Revolution.

Clean Growth South East is being led by Kent County Council with funding secured from the South East Local Enterprise Partnerships Sector Support Fund.

Susan Carey, Cabinet Member for Environment at KCC said: Clean Growth South East offers a real resource to businesses that want to expand in clean growth sectors, especially those wanting to move into new industries such as wind, solar, Electric Vehicles, hydrogen, and making our buildings greener.

Its a free service and I hope businesses across the South East will register and help us shape a cleaner future.

Based on research compiled by Opergy, who have been contracted to support the development of Clean Growth South East, there are more than 12,400 businesses currently active in sectors and industries that contribute to clean growth, contributing around 5.98 billion to the South East economy.

More than 84,800 people are employed, which has grown by 16% since 2015, with thousands of new jobs that could be created by 2050.

Significant new investment is projected in low carbon and renewable energy projects across the South East region.

More than 62 billion is forecast in offshore wind projects off the South and East England coastline and accessible from regional ports between 2021 2050, which could support a further 1 billion per year in operational costs, creating local jobs.

A further 60 million capital investments are forecast in other low carbon and renewable energy projects in this timeframe including new nuclear, solar, power transmission and transport.

Clean Growth South East is establishing a new network for businesses to access insights and advice to better understand the clean growth landscape, and to identify new opportunities that could support local business growth.

Clean Growth South East will deliver a range of industry insights, briefings on emerging sectors, technologies and highlighting opportunities for South East businesses. Registered businesses will be able to attend a series of targeted events and workshops. and receive regular updates on project and contract opportunities.

Register your business details for FREE to join the Clean Growth South East business network and receive more information on upcoming projects, events, and relevant news and insights.

Go to http://www.cleangrowthsoutheast.co.uk

For further information contact the project team at cleangrowthse@opergy.co.uk

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New business network launched to boost green economy in the South East - KCC Media Hub

On the eve of the 2021-22 budget presentation, Finance Minister Nirmala Sitharaman has clearly earned her spurs just two years into the job.

Despite the economy being somewhere between 15 to 8% below last years level all through Q3 (October to December) this year, cumulative receipts by December were almost equal to last years at Rs 11.2 trillion (Rs 11.8 trillion 2019-20). A very welcome and significant change from the end of Q2 (July September) when receipts at Rs 5.6 trillion were barely two thirds of last years level of Rs 8.4 trillion. The tax departments have clearly worked long hours to make this happen.

It also speaks to the unhesitant responsiveness of government servants and systems in an emergency and the plucky resilience of Indian business, truckers and workers. Rishi Sunak, Chancellor of the UK garnered headlines by distributing GBP 10 cheques to get diners to eat out, albeit possibly prematurely, considering the second/third wave which have battered Europe.

Meanwhile, the supposedly fiscal stimulus shy India, quietly spent around 1.5% of GDP (Rs 3 trillion) on free food distribution to an estimated 800 million people, shielding the poor, including children deprived of meals in shut schools and the families of 40 million (now down to 15 million) workers who lost their jobs and returned to their villages, direct cash transfers to supplement farm incomes (although agriculture production and employment was robust) and doubling the outlay to provide productive short-term employment in rural areas through MGNREGA.

The real story however is the brilliant expenditure management strategy adopted as detailed in this years Economic Survey. The FM shunned the route of fiscal profligacy followed by her peers in the developed world continuing thereby the commitment to fiscal discipline which is the hall mark of the BJP.

She evolved a strategy of asymmetric rationing of fiscal resources instead. Against an average spend of 75% versus the annual budget, a select ten (out of fifty) ministries were allocated above average spend. Rural Development (MGNREGA) (129%), Consumer Affairs and Food Distribution with the free food program (121%), Chemicals (including Pharma) and Fertilizer (103%), Labour & Employment (102%), Health and Family Welfare (88%), Roads and Transport (79%). The Ministry of Planning (86%) is a surprise in this select group but possibly justified seeing the need to keep NITI Aayog the governments brains trust- well-funded.

Fifteen ministries have allocations between 56 to 75% of their budgets. Amongst them, the Ministry of Defence at just 72%, surely needs an upgrade, whilst the Ministries of Skills Development and Steel could be downgraded to the next lot of twenty-five ministries, each with allocations less than 56% of budget.

Till December, the FM spent Rs 1.45 trillion more than the annual budget in the priority spend areas. She funded Rs 1.33 trillion of this from the savings against lower than budgeted allocations to lower priority areas and the rest through borrowing.

By end December the fiscal deficit (FD) is Rs 11.2 trillion or 5.7 % of current GDP (CSO first advance estimate, January 21) of Rs 194.8 trillion. The actual FD last year was 3.8% though full disclosure of liabilities has been a problem. The FM is charting her way to an undisclosed FD target possibly 6.6% of current GDP the Laxman Rekha established during the post Trans-Atlantic Financial Crisis 2008-09 by the UPA government in 2009-10- a red flag, the report card conscious BJP would hesitate to cross.

The additional borrowing is virtuous since it feeds into maintaining the capital spend at the budgeted level of Rs 4.1 trillion. The spend thus far is Rs 3.1 trillion versus Rs 3.4 trillion during the last fiscal year even though capital receipts from disinvestment are less than 10% of the target of Rs 2.1 trillion.

Keeping the funds flow stable through the current year, whilst maintaining reasonable stability in the macro fundamentals (debt below 90% of GDP and inflation below 6%) has not been an easy battle for the government and the RBI.

Actual revenue receipts till December are just Rs 10.9 trillion. Q4 could generate additional receipts of around Rs 5 trillion (assuming last years levels) taking total revenue receipts to just under Rs 16 trillion -slightly lower than last years Rs 16.9 trillion but significantly lower by 20% against this years target of Rs 20 trillion. So, the asymmetric rationing will continue through this fiscal.

Next year is unlikely to be different. The need for tight treasury management will persist as will the need for emergency income and employment support to alleviate distress and stimulate domestic demand along with heightened outlays on health particularly for rolling out the vaccine program.

The lens of compelling need for allocating funds should not falter. The gains made this year in compressing non-essential expenditure should be hardwired into next years budget.

Second, enhancing exports to substitute for low domestic demand will be critical for sustained GDP growth. Rolling back import duties to ASEAN levels will sharpen the competitiveness of domestic industry and make us a credible partner for global supply chains whilst dumping can be combated per the existing rules.

Third, last year saw significant rationalization of direct tax. Next year should be a sleep year with no changes in exemptions, deductions or tax rates whilst the economy heals. Efforts to quickly raise resources by taxing global e-commerce platforms and services outside a broad, collaboratively developed framework, would be counterproductive. Efforts towards the ease of giving tax should be pursued along with a guillotine on government appeals in tax litigation.

Finally, governments obsession with directly managing the industrial economy through incentives to enhance private investments or direct public investment to generate jobs, serves to distract it from its real objectives to be the puppeteer rather than the puppet.

A massive disintermediation of government from management of banking, insurance, natural resource based mineral and metals industries and public utilities is overdue. Far from being supportive, this association has become the source of fiscal stress via low competitiveness.

Budget outlays on the key sovereign functions of domestic security, disaster assistance, defence, diplomacy, the rule of law, monetary regulation and fiscal management, together comprise less than one third of the Union budget.

Two thirds of the fiscal burden of managing the real economy can be off-loaded to private players who could transform these comatose public assets land, buildings, equipment, licenses or intellectual property. For a stable government with a massive parliamentary majority, light touch regulation should suffice to facilitate foreign and domestic private investment and ensure the quality of public services. Possibly, deleting the term, socialist inserted in 1977 into the preamble of our constitution, would be a good way to start.

Views expressed above are the author's own.

END OF ARTICLE

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FM Sitharaman earns her spurs raising expectations sky high - The Times of India Blog

SEOUL, South Korea--(BUSINESS WIRE)--When compared to other transnational free trade agreements, the Regional Comprehensive Economic Partnership Agreement (RCEP), which was signed by South Korea and 14 other countries in November of 2020 and is expected to be implemented sometime in 2021, is unrivalled in its complexity and remarkably lays the framework for a pan-Asian basic standard for trade that surpasses the terms provided by the World Trade Organization (WTO), according to Tricor Groups 2021 Asia Pacific Trade Report.

The report, released today to media outlets and prominent business leaders, applies industry data from a multitude of research and media sources to offer perspectives, insights, observations and projections compiled by senior Tricor executives on how global trade trends will impact APAC trade and investment activity in the year ahead.

In particular, Tricor Groups 2021 Asia Pacific Trade Report focuses on how the landmark implementation of the RCEP in 2021 is likely to enhance market openness and create new opportunities for global enterprises in South Korea and APAC against the challenging backdrop of COVID-19 pandemic recovery. Within the report, Tricor details the provisions of the RCEP and offers a summary of steps companies can take to prepare themselves to capitalize on the agreement and the business growth potential it offers. The report also contains a detailed guide to doing business in South Korea as well as other key RCEP markets where Tricor maintains influential market presence, including Australia, mainland China, Japan, Malaysia, Singapore, Thailand and Vietnam.

The RCEP, according to Tricors report, is expected to be the shot in the arm that South Korea, a country that relies heavily on global trade, needs to thrive and better position itself on the global stage. According to the Korea Economic Research Institute, the official launch of RCEP is estimated to add an annual average of 1.1% to Koreas GDP and is expected to represent US $1.1 billion in consumer welfare.

Byung-Doo Choi, CEO, Tricor South Korea, said: The RCEP shines a new light on South Korea on the global trade and investment stage, enabling more foreign firms to enter the country as well as supporting South Korea-based firms in their foreign investment and expansion ambitions. In particular, the RCEP will reduce or remove tariffs in key industries that benefit South Koreas economy and will also greatly raise the standards for intellectual property protections throughout the zone. As we look toward full activation of the RCEP, Tricor South Korea is well-positioned to help firms in South Korea navigate the rapidly changing landscape and unlock their full potential.

Lennard Yong, Tricor Group CEO, said: The establishment of the RCEP trade bloc is indisputably a defining moment for global trade a pivotal development that could redirect foreign direct investment (FDI) flows in the months and years ahead. At Tricor, we are highly cognizant of gauging how this trade deal will potentially disrupt FDI and trigger new trends in international business. Tricor Groups 2021 Asia Pacific Trade Report provides a blueprint for global and local enterprises looking to leverage and capitalize on the new opportunities expected to be created by the RCEP. This expertise reinforces our leadership in the region as the go-to partner for enterprises seeking to expand throughout Asia Pacific and beyond.

Gary Tok, Tricor Group CCO, said: The signing of the RCEP is much welcome news for enterprises and investors across APAC and beyond, especially against the unparalleled strains the COVID-19 pandemic has placed on global supply chains. As the leading business expansion specialist in APAC, Tricor has been helping businesses face the headwinds of an unprecedented public health crisis and prepare for more uncertainty ahead. In light of this landmark agreement, we look forward to working with global businesses to review and adapt their business models so they can benefit from the vast supply chain networks and strengthened multilateral cooperation afforded by the RCEP.

Sunshine Farzan, Tricor Group Head of Marketing & Communications, said: The headlines of 2020 were largely dominated by one universal story: COVID-19. Few anticipated the distress and ubiquitous disruption the pandemic would present to economies around the world. Tricor Groups 2021 Asia Pacific Trade Report, which draws from qualitative and quantitative data, suggests that, despite numerous roadblocks and pending uncertainties ahead, new opportunities are on the horizon for global businesses in 2021, such as the numerous benefits offered by RCEP. By highlighting these emerging prospects and prescribing possible steps to take, this report can help business leaders and investors stay ahead of the curve in todays shifting landscape.

End

About Tricor South Korea

Tricor Korea specializes in company administration, payroll and executive search services, offering best practices and local knowledge to clients based in Korea. Staffed by experienced professional accountants as well as human resource and IT consultants, Tricor Korea is committed to customized solutions and excellence in service. Whether you are looking to set up shop or streamline your current operations, we can help you capitalize on the growing opportunities Korea has to offer.

Tricor Group (Tricor) is the leading business expansion specialist in Asia, with global knowledge and local expertise in business, corporate, investor, human resources & payroll, and corporate trust & debt services. Strategically headquartered in Hong Kong, we operate out of 21 countries/territories and across a network of 47 offices. Tricor serves 50,000 clients, including ~2,000 companies publicly listed in Asia and over 40% of the Fortune Global 500 companies. With 2,700 employees, of which 630 are certified professionals, we deliver critical functions to help ambitious companies accelerate their growth in Asia and beyond.

Tricors advantage comes from deep industry experience, committed staff, technology-driven processes, standardized methodologies, constant attention to changes in laws and regulations and wide industry contacts. Tricor is uniquely positioned to unlock the potential of your business, and help you stay one step ahead of todays diverse and fast evolving regulatory environment.

To learn more, please visit: http://www.tricorglobal.com/locations/south-korea

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Tricor Group Releases 2021 Asia Pacific Trade Report Focusing on Impact of RCEP on South Korea and COVID-19 Recovery - Business Wire

NEW DELHI :Defence Minister Rajnath Singh on Monday said the Union Budget for 2021-22 is "unprecedented" in many ways, it will usher in a new era of inclusive growth and prosperity and set the ball rolling for making India a 5 trillion dollar economy.

Singh said the Budget will expedite economic transformation, generate jobs, create infrastructure and lay the foundation for a self-reliant India.

The defence minister said several new policies and programmes were announced in the Budget to support India's farmers, agriculture sector and to reinvigorate the human resources of the country.

"This Budget is unprecedented in many ways and it will strengthen the sankalp (resolve) of 'Atmanirbhar Bharat' (self-reliant India)," Singh said on Twitter.

He said special attention has been given to economic reforms, employment generation, capital formation and creating infrastructure in India.

"Based on six pillars of good governance, this Budget will usher India into a new era of inclusive growth and prosperity," Singh said, adding the Budget has set the highest ever capital expenditure target in the history of Independent India.

He also thanked Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for increasing the defence budget to 4.78 lakh crore, which includes capital expenditure worth 1.35 lakh crore.

"It is nearly 19 per cent increase in defence capital expenditure. This is highest ever increase in capital outlay for defence in 15 years," the defence minister said.

"Several new policies and programmes to support India's farmers, agriculture, infrastructure and reinvigoration of human resource have also been announced. I am glad that the Budget has proposed opening of 100 new Sainik Schools in the country," Singh said.

He also mentioned a series of economic measures unveiled by the government in the last few months.

"During the challenging times of COVID-19 pandemic the finance minister had presented five mini-budgets in the form of packages in 2020. This Budget is the biggest addition in that series. This Budget is unprecedented in many ways and it will strengthen the sankalp (resolve) of 'Atmanirbhar Bharat'," he said.

Singh said the budget will help in realising Prime Minister Modi's vision of inclusive development and expedite India's economic transformation.

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Budget 2021-22 will usher in new era of inclusive growth in India: Rajnath Singh - Mint

Ontario Government Expresses Support for First Nation - Industry Partnership

TORONTO, Dec.16, 2020 /PRNewswire/ - Canada Nickel Company Inc. ("Canada Nickel" or"The Company")(TSXV:CNC) (OTCQB: CNIKF) is pleased to announce that the Company has signed a Memorandum Of Understanding("MOU") with Taykwa Tagamou Nation ("TTN") , with the objective of establishing a long-term, mutually beneficial business relationship.

"Canada Nickel is fully committed to the responsible development of the Crawford Nickel-Cobalt Sulphide project to deliver NetZero NickelandCobalt products. From the very beginning, our approach has been to work with First Nations and local stakeholders as partners in order to create shared value through economic opportunities, while also being respectful and responsible stewards of the natural environment. We welcome their innovative partnering approach and their support of our efforts to move forward on the development, permitting and construction of the project."said Mark Selby, Chair and CEO of Canada Nickel. "Canada Nickel acknowledges TTN in their commitment to protect and enhance the land and resource-based economy within their Traditional Territory. We are grateful for the open and constructive communications we have had with them and look forward to moving forward together in the same spirit of partnership."

TTN Electrical Transmission Project

As described in the MOU between TTN and Canada Nickel, TTN has already arranged access to capital so that it can own and develop the electrical transmission assets that will be necessary to supply Crawford with cost-effective and reliable power. Subject to entering definitive agreements based on this non-binding MOU, Canada Nickel would rent these assets from TTN at a fair market rate over the life of the mine or twenty years (whichever comes first) and TTN would be granted an option to acquire a direct minority interest in Canada Nickel at fair commercial terms. The Company and TTN are considering other mutually beneficial business ventures.

"Our community favours a development project like Canada Nickel'sthat provides a positive economic impact, minimal environmental impacts with a commitment to deliver NetZero products, and has the foresight to engage with Taykwa Tagamou during the early stages of development," said Chief Bruce Archibald, Taykwa Tagamou Nation.

TTN has made similar commitments to facilitating sustainable development through its investments to bring clean hydro electric power to industry and communities. TTN has also been a keen advocate with the Independent Electrical System Operator of Ontario (IESO) for upgrading and expanding the energy transmission network on their Traditional Lands.

The Chief concluded that, "We are ready to support Canada Nickel's Crawford project through the backing of our strong investment consortium in Canada and the US, and with the deep utility project and operation experience we have on our team." In 2017, TTN, through its subsidiary Coral Rapids Power, co-invested with Ontario Power Generation, in the 28 MW, Peter Sutherland Sr. Generating Station. "Through our success stories and business partnerships, we are taking a business approach to each development opportunity within the Territory that ensures us a seat at the table. We intend on expanding our generation footprint and launchan independent network for all new and rebuilt transmission projects within our Territory. This network will be fully integrated into the Ontario power grid under the oversight of the IESO."

Ontario Supports First Nation and Industry Alliances

Greg Rickford, Minister of Energy, Northern Development and Mines; Minister of Indigenous Affairs congratulated both parties on reaching such a historic agreement.

"I congratulate Taykwa Tagamou Nation and Canada Nickel on the signing of their historic Memorandum of Understanding. Our government is proud to support First Nation-industry partnerships like TTN and Canada Nickel's that create real economic development and job opportunities in Northern Ontario," said Greg Rickford, Minister of Energy, Northern Development and Mines; Minister of Indigenous Affairs.

"Innovative partnerships like this one are outstanding examples of how First Nations and Ontario's mining industry are leading the way in sustainable business development and corporate social responsibility. With TTN's partnership and leadership in the region, the Crawford Nickel-Cobalt project is well-positioned to deliver the zero-carbon nickel and cobalt that the electric vehicle industry will need in the coming decades."

About TTN

As a signatory of Treaty 9, Taykwa Tagamou Nation is a Mushkegowuk Cree community located near Cochrane, Ontario and maintains the traditional territory within the Abitibi, Moose, and Mattagami River basins, including areas on both sides of the Highway 101 coordinator. TTN is actively involved in forestry operations, mining, and hydro development.

About Canada Nickel Company Canada Nickel Company Inc. is advancing the next generation of nickel-cobalt sulphide projects to deliver nickel and cobalt required to feed the high growth electric vehicle and stainless steel markets. Canada Nickel Company has applied in multiple jurisdictions to trademark the terms NetZero NickelTM, NetZero CobaltTM, NetZero IronTM and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Canada Nickel provides investors with leverage to nickel and cobalt in low political risk jurisdictions. Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific Timmins-Cochrane mining camp. For more information, please visit http://www.canadanickel.com.

SOURCE Canada Nickel Company Inc.

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Canada Nickel Signs Groundbreaking Memorandum of Understanding with Taykwa Tagamou Nation on The Crawford Nickel-Cobalt Sulphide Project - PRNewswire

Vermont Department Tourism and Marketing - Commissioner Heather Pelham

The Vermont Department of Tourism and Marketing (VDTM) has focused recent marketing on an education campaign that targets outdoor enthusiasts in the northeast, ensuring they know the safe travel guidelines that are in place before visiting the state.In addition to traditional digital banner advertisements, the campaign also features native content in theWall Street Journal,Boston Globe, andOutside Magazine.VDTM is also sponsoring snow reports on 230 radio stations in the northeast through SnoCountry, delivering a safety messaging and driving traffic to thetravel restrictions pageduring ski report updates.The intent is to reach potential travelers before they arrive in Vermont, alerting them to the guidelines in place, so all can have a safe experience when they arrive at our world-class resorts and take part in outdoor activities.

Ski Vermont/Vermont Ski Areas Association - President Molly Mahar

Were All In This Together.A successful ski and ride season in Vermont this winter depends on each of us accepting ashared responsibilitywhen it comes to safeguards and procedures related to COVID-19, and educating ourselves to know before we go, and do our part to help keep ourselves and others safe. For those coming to Vermont from out of state, that means adhering to all interstate travel regulations including the completion of a mandatory self-quarantine. For those both in-state and out, it means staying home if you are not feeling well; practicing safe physical distancing from those not in your travel party; wearing a mask or face covering; frequently washing hands/using hand sanitizer; limiting indoor time; and obeying all signage and directions once you arrive at your destination ski area. Some areas require reservations for parking, lift access and/or indoor seating; it is imperative before you embark to make sure youve taken the necessary steps to reserve space for yourself and fellow members of your travel party. Find information andlinks to state and ski area COVID policies here.

Vermont Department of Fish and Wildlife - Commissioner Louis Porter

As more people turn to wild places and wildlife based recreation across Vermont, the Vermont Fish and Wildlife Department has created a new mobile app to help them enjoy those experiences safely and in a socially distanced manner.The Vermont Outdoors app serves as a guide to accessing the states 100 wildlife management areas, and nearly 200 fishing and boating access areas. In addition, the app links tofish and wildlife regulations, provides up to date COVID guidance and allows users to communicate important information to the Department. Theapp canidentifyopportunities to hunt, fish, trap, or view wildlife on public lands and waters as well as provideeasy access to fish and wildlife law digests, bait fish dealers, department news and current events, and reporting fish or wildlife violations.

Vermont Department of Forests, Parks and Recreation - Commissioner Michael Snyder

Outdoor recreation is an important part of Vermonts economy and outdoor activitieshave long been acrucial component of many Vermonters physical and mental well-being.With appropriate health and safety precautions, they continue to be during the COVID-19 pandemic.The Vermont DepartmentofForests, Parks and Recreation has worked with trail organizations and recreationpartnersto developguidanceon how to stay safe on the trailsand in the woods. A graphic is being widelysharedfor electronic distribution and for display at businesses, recreationcenters, trailheads, and other outdoor recreation locations.Additionally,Trailfinderis being updated regularly as a wayfinder resource on COVID-19 information and includes an online resource library.

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VOBA: We're all in this together - Vermont Biz

Remote working is here to stay. According to a survey by KMPG, 68% of CEOs are planning to move operations online and downsize office spaces. As more businesses realise that employees do not need to be under the same roof to be successful, they are considering how to embrace a more flexible work environment. But what will this new hybrid work model look like?

According to the UK Office for National Statistics (ONS), in April 2020 46.6% of people in employment did some work at home and 86% of those did so because of the pandemic. As more people have moved away from the office setting, businesses require a flexible way of accessing the skills they need. Similarly, employees want to assert more control over their workloads to have a more equal work-life balance.

According to a survey by global HR and recruitment firm Adecco, 75% of workers want to retain flexibility over their schedules after the pandemic. The study found that most people want a mix of remote and office-based working and that many bosses agree. However, there may be concern among businesses that have never had a remote working procedure and question marks over whether a new model will be successful. How can companies be certain that flexible remote working will improve productivity?

Weve seen rapid growth in the gig economy in the last few years. Research by the University of Hertfordshire shows that the UKs gig economy doubled in size between 2016 and 2019 one in ten working-age adults worked on gig economy platforms in 2019.

Gig platforms such as Kolabtree can help businesses fill skill gaps while offering a new avenue of work for employees. It is a tried and tested approach, meaning businesses can proceed with confidence. This and other platforms like PeoplePerHour and Upwork give freelancers what they want flexibility. A recent survey of 542 independent scientists on Kolabtree found that 90% of respondents said that flexibility was important and that 85% wanted to choose their own projects. Gig platforms let freelancers dictate their work schedules and the types of projects they collaborate on so that it suits them.

The pressing need for specialist skills among businesses is well established. According to a report by the Royal Society, demand for data scientists and data engineers in the UK rose by 231% from 2013-2018. A shift to more flexible working means that companies can tap into a new resource to get the knowledge and expertise they need. Thanks to the gig economy, businessowners can focus less on office space and instead invest in people. Less reliance on office spaces also means that businesses do not need to exclusively hire people who live in or must relocate to the area they can widen the talent pool to find the perfect person for the job.

Businesses can give themselves an edge by using gig platforms to recruit new knowledge for different projects, improving their overall adaptability. The UKs knowledge economy is now worth around 96 billion each year, according to Universities UK. The demand for specialist knowledge has also sparked growth the UKs expert economy, where companies consult industry experts to help find solutions to a range of scientific-based challenges in a range of different industries.

With nearly 70% of CEOs downsizing office space, it is clear that businesses value flexibility. The gig economy could provide a solution for both companies and workers by offering a ready source of knowledge and a remote working model that puts power in the hands of the freelancer.

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The post-COVID benefits of the gig economy - Open Access Government

Within the first moments of his speech acknowledging the news that he won the presidential election, Joe Biden heralded a good day for educators. He took the opportunity to acknowledge the educational contribution of Dr. Jill Biden, community college professor and soon-to-be first lady. Bidens commitment to education is visibly displayed in many of the 49 action plans posted on his website.

But the incoming Biden-Harris administration faces major policy and political challenges in the education realm, many of which stem from President Trumps unilateral action to reduce federal involvement in American schooling. The Trump team primarily pursued a strategy of rolling back initiatives launched by the Obama administration that promoted systemic racial equality, protected student rights, and strengthened state and district capacity.

President Trumps disengagement has created broader policy challenges for the Biden administration as well. The nations schools are stretched beyond their capacity to deliver remote instruction and ensure student safety during the pandemic. State budgetary shortfalls will need timely federal assistance. Across thousands of local communities, the Black Lives Matter movement has inspired a racial justice agenda, with clear ripple effects on public schools. Political support for the Biden agenda seems unpredictable as the public sends mixed signals on divided governance.

Taking into account candidate Bidens policy platform, the current policy challenges, and the governing landscape in 2021, I see the Biden-Harris administration likely to focus on several priority areas related to American schooling.

Confronting the pandemic is Bidens primary education issue beginning on Jan. 20, 2021. Biden has repeatedly announced that he wants to shut down the virus so he can safely reopen schools and the economy. The Biden administration has relied on the nations top health experts to develop effective anti-pandemic strategies and establish national guidelines to restore the nations economic and social life. The new administration will need to strengthen its partnership with states and districts to ensure school safety and to implement strategies that narrow the widening learning gap associated with the pandemicespecially in racially or economically marginalized communities.

Recent research found a significant gap in mathematics arising during the pandemic. Clearly, the Biden administration will need to act swiftly to work with states and districts to start addressing the gap in teaching, connectivity, resources, social-emotional well-being, and student engagement. In the absence of federal support, the achievement gap and childrens nonacademic needs are likely to grow. Drawing on lessons from the State Fiscal Stabilization Fund of the 2009 American Recovery and Reinvestment Act, the Biden administration may launch an education-focused package to ensure school safety, stabilize teacher employment, strengthen bandwidth for remote and hybrid learning, and prioritize educators to receive vaccines.

The Biden team is well positioned to simultaneously manage the next few months of the pandemic and the next generation of learning systems through investments in governmental capacity. The Biden administration may incentivize health and education agencies to share data, coordinate resource allocation, streamline communications, engage parents and communities, and deploy rapid response teams to combat hot spots. Equally important, Biden is well positioned to make significant investment in remote and hybrid learning, pilot new schooling models with flexible schedule and spatial design, and, at the secondary and postsecondary levels, promote cross-institutional collaboration to meet the educational challenge of the global system in the 21st century. These investments may potentially transform teaching and learning by lessening the constraints bounded by place and time. The post-pandemic period may usher a new system of schooling delivery to address inequality of access by zip code and income and racial segregation.

The Biden presidential campaign is closely connected to the hopes and strength of the Black community as articulated in the overwhelming Black support that Biden received throughout the presidential race. The Biden presidency is likely to use executive and administrative tools to reverse the erosion of systemic oversight in civil rights and diversity issues. During the Trump years, the Department of Educations Office for Civil Rights has reduced its reporting requirements and its enforcement activities. It withdrew Obama-era guidelines designed to reduce racial and other discrimination in the implementation of school disciplinary actions. The Trump administration sought to restrict the ability of student borrowers to sue loan-service contractors under state law, and it rescinded Obama-promulgated regulations to penalize for-profit vocational schools that had failed to attain employment targets for their graduates.

The Biden presidency has the opportunity to collaborate with historically Black colleges and universities (HBCUs), Hispanic-serving institutions (HSIs), and tribal colleges to address systemic inequality. In this regard, Trumps effort was piecemeal. With support from Congress, the Trump administration wrote off loans incurred by several HBCUs to repair damages caused by Hurricane Katrina and made federal STEM funding in HBCUs permanent. The Biden administration is likely to adopt a more comprehensive approach that links K-12 and postsecondary opportunities for the Black community. As a graduate of Howard University, Vice-President-elect Kamala Harris is uniquely positioned to shape federal investment in Black-focused initiatives, including medical education and research, legal training, workforce development, and business and social work.

Bidens agenda calls for new strategies in human capital investment. First, the federal government can scale education initiatives that are embraced by a number of states and districts. For example, several governors and mayors implement pre-K programs; strengthen the quality and the range of skills-based programs in community colleges; invest in STEM education; and partner with higher ed institutions to ensure teacher education programs adopt high-quality standards that are meeting the needs of a growingly diverse population.

Second, the federal government can lead and incentivize innovative practices. In this regard, a critical area that matters in the long run is evidence-based research, which has historically received modest federal support. However, well-executed research has contributed to high-impact strategies and practices in teacher quality, student applications for college financial aid, special education, early childhood education, and charter schools, among other areas. Consistent with multilateralism, the Biden team can take a leading role in international benchmarking. The Biden presidency has an opportunity to narrow the research-practice gap by investing in the R&D functions of the Department of Education.

Trumps general lack of interest in higher education has further delayed the reauthorization of the Higher Education Act, which has been due since 2014. To be sure, building a legislative coalition is complicated by limited federal authority and strong nonpublic partners in higher education. Reauthorization efforts were stalled even when the Senate HELP Committees chair, Lamar Alexander (R-Tenn.), and its ranking member, Patty Murray (D-Wash.), demonstrated bipartisan cooperation. Clearly, presidential leadership is needed. Biden seems ready to apply his legislative skills and coalition-building experience to craft a bipartisan, omnibus bill.

The Biden administration is likely to propose an omnibus higher education bill that improves access, affordability, inclusion, and accountability. Access and affordability would require an expansion of Pell Grants, which currently are set at $6,345not nearly enough to cover the average cost for tuition and fees at a public institution. These policy aims will call for federal loan forgiveness based on income eligibility, veterans support, teacher education enhancement, and investment in HBCUs, HSIs, and tribal colleges. New guardrails will be needed to ensure student borrowers rightsincluding about 350,000 borrowers with disabilitiescivil rights, gender equity, and victims rights for those who have endured sexual harassment or assault on school campuses. Potentially new federal funding will focus on diversity and STEM, while FAFSA application and verification will be more customer friendly.

Bidens proposal on student loan forgiveness is likely to be favorably received by the higher educator sector, as many colleges and universities have already put in place loan-free programs based on income eligibility. The Biden administration is likely to form multilateral partnerships to promote freely accessible two-year colleges, scaling similar programs that are implemented in Rhode Island and several states. Community colleges, as critical pathways toward economic mobility, will receive particular attention given Dr. Jill Bidens decades of experience in this area.

The Trump presidency had an adversarial and chaotic relationship with the education community. For example, Secretary Betsy DeVos or her Department of Education have been sued in 455 lawsuitsthe most ever in the history of the department, according to an analysis by The 74. This includes eight multistate suits. Most of the complaints focused on student borrowers rights, gainful employment, and civil rights. As a comparison, there were 356 cases brought against the Education Department or the secretary of education during Obamas two terms combined, including zero multistate lawsuits.

Recognizing an urgency to restore responsible governance to address multiple crises, the incoming Biden presidency signals a strong commitment to engage diverse stakeholders and subject-matter experts. Bidens education agenda will need a broad coalition beyond the Beltway that includes civil rights leaders, governors, mayors, teachers unions, state legislative leaders, innovative practitioners, higher education leaders, and civic and business stakeholders. Guided by a clear moral compass to serve all students and their families, president-elect Biden will be able to steer the nation toward educational progress.

Originally posted here:

The Biden presidency and a new direction in education policy - Brookings Institution

Phosphorus (P) is a macronutrient required for the growth of plants and frequently limits the productivity of agroecosystems. Currently, almost 90% of the finite phosphate rock resources are being used for inorganic fertiliser production, animal feed and plant protection products. Phosphate rock was listed as an EU critical raw material in 2014, triggering the attention over poor management of this resource and stimulating interest in P recovery and reuse. Also, exponential growth in nutrient flows has led to concerns about waste generation. This is particularly the case for the dairy processing industry.

With the rapid industrialisation observed in the last century and the growing rate of milk production, dairy processing is considered the largest industrial wastewater source in Europe. Dairy industry generates a wastewater stream commonly known as DPW which is stated to be one of the uppermost generators of surface waters pollution.

Within the new Green Deal, EU establishes ambitious objectives for the agriculture-food system, including the reduction of nutrient losses by 50% and of fertiliser use by 20% before 2030. The EU Circular Economy initiative along with the revised fertiliser regulations, therefore, provides an opportunity for industrialised food production systems to play a key role in the recovery and recycling of P and to enable more sustainable and efficient food production. This will close the P cycle, increase EU resilience to potential future disruption to P supply chains, while mitigating the environmental consequences of P leakages into surface waters.

The current scenario opens opportunities for the dairy processing industry to innovate in P recovery and reuse by adapting technologies and new waste management strategies that minimise P losses while benefiting from emerging market opportunities. Unfortunately, to date, finding a solution to reusing P from DPW has been hampered by a lack of available effective and efficient technology. However, valuable non-mineral P can be recovered from P-rich DPW and used as BBF over the use of inorganic fertilisers in agriculture.

Available alternatives for organic amendments application consist basically of land spreading. Identified advantages of this practice include the improvement of soil structure, low cost (compared with inorganic fertilisers) and the product high availability. However, some drawbacks are commonly observed such as odour nuisance, the uncertainty of nutrient content, pathogen content and difficulty in handling and application planning.

The development of specific technologies that focus on the recovery and reuse of nutrients are urgently needed. Given the vast and ever-increasing volume of DPW generation and its nutrient content makes it a suitable candidate for producing safe and effective BBF that could replace both inorganic fertilisers and direct land application.

The specific requirements to ensure the long-term economic and environmental sustainability of these BBF products are including obligatory maximum contaminant levels, the use of defined component material categories, safe and usable in agricultural areas to build both fertility and soil quality and importantly to reduce the risk to human health and environment.

To date, several technologies are being developed to produce BBF from DPW, which focus on P accumulation, mineralization and purification. Technology for precipitation and crystallization of DPW as salt-form are the common methods applied for the mineralization process, for example, as a form of struvite, hydroxyapatite and vivianite. Other interesting technologies to produce BBFs consist of concentrating the DPW to reduce the water content and recover valuable elements (i.e. bio-electro concentration, electrodialysis, adsorption, evaporation and reverse osmosis).

BETA Technological Center (Catalunya, Spain) is currently working in two different technological approaches to recover nutrients from DPW:

The opportunity for processing DPW into BBF will increase the overall sustainability of the dairy farming system by indirectly reducing the existing pressure for the obtaining and production of P mineral products, and directly by preventing nutrient leaching to surface and groundwaters. Nonetheless, the bio-based attribute is generally not a sufficient argument for choosing a product. Therefore, a key aspect which challenges the successful establishment of BBF as an alternative to inorganic fertilisers is understanding the stakeholders perspective, particularly the dairy farmers choice decision processes and acceptance factors. In this regard, main concerns correspond to the market price, certainty in the nutrient content, fertiliser equivalence value, absence of micropollutants and rate of nutrient release.

To fulfil these stakeholders needs and expectations, REFLOW, an interdisciplinary cross-sectoral H2020 European Training Network project, will develop and provide a solid economic and environmental alternative to inorganic fertilisers by delivering cost-effective, nutritive and safe standardised BBF products. In accordance with the circular economy framework, new fertiliser products will increase, or at least maintain, actual production yields while avoiding environmental impacts in the dairy processing industry.

*Please note: This is a commercial profile

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Circular economy in the dairy industry: Processing wastes to P-rich bio-based fertilisers - Open Access Government

OpinionThe opinions expressed here are solely those of the writer and do not necessarily reflect the official position of the Sierra Club.

It was five years ago this month, December 2015, when the globes nations came together in Paris to chart a path for addressing the climate crisis. The resulting Paris Agreement was an essential step forward in the international effort to avoid the worst impacts of climate change. The agreement shifted nation-states concerns from focusing solely on mitigation and reducing greenhouse gas emissions to also begin dealing with climate change adaptation, technology transfer, and financing the transition to renewable energy. Anchored in the ideal of intergenerational equity and the polluter-pays and precautionary principles, the Paris Agreement declared that the atmosphere is a common resource of everyone on planet Earthand that every nation has a responsibility to do what it can to lower emissions.

Where do we stand today, five years after the Paris Agreement was finalized? Unfortunately, institutional efforts to tackle the climate crisis have failed to bring meaningful reductions in emissions, the kind of reductions commensurate with the threat. In a report titledThe Truth Behind the Paris Agreement Climate Pledges,a panel of climate scientists warn that without massive changes and active leadership in the very near future, we could be living in a 1.5oC [average temperature increase] world in about a decade. The reports analysis of the Paris Agreement pledges of 184 countries found that almost 75 percent were insufficient to meet the agreements goals.

Meanwhile, the inequities within and among nations have only gotten worse, as have the failures of governance, as the pandemic has made clear. The richest countries have largely shaped the commitments and determined who gets access to finance, technology transfer, and innovationall of which has left some countries still grappling for ways to reduce the risk of vulnerable communities to climate change.

My home country of Indiathe second-most-populous nation on Earthoffers an example of the challenges and opportunities of tackling the climate crisis.

Extreme weather events in India have been on the rise during the past few years.Nineteen extreme weather events in 2019 claimed at least 1,357 lives, with heavy rain and floods accounting for a majority of those deaths.A study by Indias Ministry of Earth Sciencesrecorded several extreme weather eventsincluding severe cyclonic storms over the Arabian Seathat were a result of human-caused climate change. The study warns that by the end of the 21stcentury, the number of warm days and warm nights in India is likely to be 55 to 70 percent higher compared with the average number between 1976 and 2005. Such changes will seriously impact Indias terrestrial and aquatic ecosystems and likely cause irreparable damage to agricultural, fishing, and other natural-resource-dependent communities. The anticipated impacts on the countrys biodiversity, food, water, forests, energy, public health, and education will take India back by many years in terms of the social welfare indicators.

India is particularly vulnerable to extreme weather conditions due to its low per-capita income, vast social and economic inequalities, and large agriculture-based economy.A briefing paper titled Global Climate Risk Index 2020highlights who suffers most from extreme weather events. The reports makes clear that low-income countries are the hardest hit by climate change since they have lower coping capacity. The sad part of this problem is the fact that those who are the least responsible for past emissions are likely to suffer the most serious impacts. Worse still, developing countries located in the most-climate-change-sensitive regions lack the resources to build and manage climate-resilient cities, towns, and villages.

Now, the ongoing COVID-19 pandemic makes the situation worse. While the pandemic has caused a slight drop in greenhouse gas emissions this year (bysomewhere between 4 and 7 percent), it remains to be seen whether this dip can be translated into lasting environmental gains or climate justice. The pandemic has also highlighted the huge inequality that exists in the world and has exposed how unprepared the worlds political and economic leaders are when it comes to tackling a crisis. It is most likely that inequalities are going to escalate post-pandemic. COVID-19 and the climate crisis require the worlds leaders to be more introspective about how theyve responded to these planetary emergencies.

National leaders, for example, need to refocus on work that still needs to be done to provide people with clean energyand to do so in a way that is just and equitable. The basic energy needs remain unmet for a large section of the rural population in many developing countries. Women and children bear the brunt of energy poverty, as they are the ones who have to walk long distances and spend a large part of their day collecting water and firewood. While some countries may boast of electrifying all their villages, this does not necessarily mean that every rural home is lit or has water flowing through the taps.

According to the International Energy AgencysWorld Energy Investment 2020 report, a key indicator on energy access will be the capital going into clean energy technologies. While the news mostly appears good, there are also areas of serious concern such as how clean energy investments are changing land holding patterns and taking away prime agricultural land for renewable energy installations in the developing world. In the rush to shift to renewables,some agrarian and pastoral communities are being deprivedof their livelihoods, access to water, and food securities.

Indias experience shows how difficult it can be to balance competing priorities. Indiasintended nationally determined commitment(or INDC) under the Paris Agreement mentions the need to eradicate poverty while reducing greenhouse gas emissions and also committing to generating nearly 40 percent of its power from renewable energy sources by 2030. The INDC has noted that it would be difficult to afford this goal and that at least $2.5 trillion would be required to realize this commitment. The hope was and continues to be that these commitments can be implementedso long as the wealthy countries of the Global North assist with technology transfer and finance.

The Indian government dreams of an India that will produce 450 gigawatts of non-fossil-fuel energy by 2022, which would more than double the target of 175 GW of green energy set for 2018. Prime Minister Narendra Modi has also set up anInternational Solar Allianceaimed at reducing the cost of securing finance and technology transfers and, in doing so, expand the solar sector in India. With 100 percent foreign direct investment opened for projects in renewable power generation and distribution and new guidelines for utility scale solar park investments in India, theres increased likelihood that the lives and livelihoods of local communities may be impacted by clean energy developmenta situation that needs careful attention.

The Pavagada Solar Park in the state of Karnatakais a classic example of one of several such large utility scale solar power plantsthat have sprouted across India in the past decade. Such parks are essential for India to achieve the targets set by the Paris Agreement. The solar park is spread over 13,000 acres and was at one time home to five villages that were once bustling with a variety of agricultural and pastoral activity. The families that parted with the land were promised jobs, but few have secured any. Women now walk long distances in search of fodder and firewood. Access to weeds, roots, and tubers that were key nutrition was also lost. All this while their own homes still lurk in darkness.

All of which illustrates the point that there is no-one-size-fits-all approach to addressing the climate crisis. It is important for each developing country to look inward firstand not look outward to design policies to reach the carbon neutrality target. It is also important to secure finances to achieve this goal and to channelize the finances toward a fossil-fuel-free economy, making it viable and ensuring access to energy to the last mile for all basic needs.

Mahatma Gandhi once famously said, The earth, the air, the land, and the water are not an inheritance from our forefathers but on loan from our children. So, we have to hand over to them at least as it was handed over to us. The responsibility to address the climate crisis lies with all of us.

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Where Do We Stand Five Years After the Paris Agreement? - Sierra Magazine

United States Senator Lamar Alexander on Monday said a $6 million federal grant from the Appalachian Regional Commission to construct 50-75 miles of mountain bike trails in Cocke County will help encourage more people that visit the Great Smoky Mountains National Park to come through Cocke County.

This is a huge investment from ARC," said Senator Alexander. "Cocke County is one of the most economically distressed counties in Tennessee and this investment will help increase the tourism industry in Cocke County by bringing more of the 12 million visitors who come to Smokies each year and the three million visitors who come to the Cherokee National Forest each year to the area. This is a result of a three year effort to make better use of the Foothills Parkway right-of-way in Sevier and Cocke counties. The focus was about mountain bikes, and the best land for that in Cocke County turned out to be in the Cherokee National Forest instead of the Foothills Parkway. So, Im thrilled about the 50-75 miles of new mountain bike trails in Cocke County in the Cherokee National Forest. Im also glad were also moving ahead with mountain bike trails on the Foothills Parkway right-of-way in Sevier County. These new bike trails will help even more Tennesseans enjoy the outdoors.

This investment will benefit the people of Cocke County and all Americans who hope to experience the beauty and majesty of East Tennessees rugged mountain landscapes for themselves, Tim Thomas, ARC Federal co-chairman, said. This project is a result of strong support from Senator Alexander, and is an example of his productive advocacy for Appalachian Tennessee throughout his storied career.

Senator Alexander joined Governor Bill Lee, Cocke County Mayor Crystal Ottinger, Appalachian Regional Commission Federal Co-chair Tim Thomas, Tennessee Department of Tourism Development Commissioner Mark Ezell, and Tennessee Department of Economic and Community Development Commissioner Bob Rolfe in Cocke County for Mondays announcement by the ARC.

"The great outdoors are one of Tennessee's largest drivers of economic growth and draw millions of visitors every year," said Governor Lee. "Thanks to this significant grant from the Appalachian Regional Commission, Cocke County will attract even more visitors and the economic activity they bring. I'm grateful to the ARC and to Senator Alexander for his leadership in securing this welcome investment for Tennessee."

We are very excited for this opportunity, Cocke County Mayor Crystal Ottinger said. The tourism and economic possibilities this project presents for Cocke County are immeasurable. We are very grateful to Senator Alexander, ARC and all those who have come together to help make this vision a reality."

I am absolutely thrilled with the award given to the Cocke County Partnership, Lucas Graham, president of Cocke County Partnership, said. This project means so much to all of our citizens. It will literally change the face of the County and its economic picture. The potential of tourism activities associated with the success of this project is staggering. This will affect our economic outlook for decades to come. We believe in Cocke County and feel this is just the impetus we need to showcase all of our natural opportunities. I want to thank, of course, first of all, Senator Alexander for his vision and exemplary leadership. I want to thank the Appalachian Regional Commission, Governor Bill Lee, TDTD Commissioner Mark Ezell and his staff and the Tennessee Office of Economic and Community Development for all their assistance. None of this would be possible without the Cherokee National Forest and the Great Smoky Mountains National Park and we sincerely appreciate them. And lastly, I want to thank my staff for all their hard work. I also want to thank The Conservation Fund, local and regional chapters of IMBA and those private citizens who provide invaluable input along the way. We cant wait to see our visitors and citizens enjoying themselves out on these trails.

First, let me thank all those folks who played a part in this award," said Linda Lewanski, tourism director of Cocke County Partnership. "From Senator Alexanders office, ARC, Governor Lee, Commissioner Ezell and his staff, our state and local officials, and of course the GSMNP and CNF, thank you for helping turn a dream into reality.

Cocke County is so rich in natural resources and these monies allow us to shine a light on them. We know that these trails will be a value-add to what we can offer our tourists. We know our visitors love our four state and national forests and our three rivers and this will be the perfect complement for those already visiting them and our vibrant rafting community. We are so proud of the citizens of Cocke County and their commitment to offering exciting and quality venues for our visitors. Thank you all for believing in Cocke County. The Adventure Side of the Smokies is about to offer a little more adventure!

"The Conservation Fund was excited to be involved with Senator Alexander, representatives from Cocke County and Sevier County, and staff from Great Smoky Mountains National Park and Cherokee National Forest to develop a planning document that explores developing recreational opportunities on undeveloped sections of the Foothills Parkway," Ralph Knoll, Tennessee representative with The Conservation Fund, said. "We are thrilled to be here at this event knowing that Cocke County now has the financial resources to further examine the creation of mountain biking trails in the local communities that will benefit the natural resource based economy."

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Alexander: $6 Million To Be Used For 50-75 Miles Of Mountain Bike Trails In Cocke County - The Chattanoogan

Posted by Daniel Gleeson on 2nd December 2020

The International Council on Mining and Metals (ICMM) has published two reports that highlight the contribution the mining industry makes to the economic development of host countries.

The Mining Contribution Index (MCI) and ICMM Members Tax Contribution Report: 2019 Update demonstrate the pivotal role mining plays in many national economies, and the contribution it makes throughout commodity cycles, according to the ICMM.

The Mining Contribution Index (MCI): 5th EditionThis report shows that between 2016 and 2018, many of the worlds poorest countries relied on their income from mining as the primary driver of economic activity. As a result, 21 of the top 25 ranked countries in this edition qualify as resource dependent using the criteria applied in ICMMs Social progress in mining-dependent countries report, it said.

Published every two years, the MCI ranks 183 countries from across the world according to the relative importance of mining to the economy of that country. The fifth edition saw seven new entrants to the top ranked 25 countries, with Suriname and the Democratic Republic of the Congo retaining the top spots. Across all five editions of the MCI, the top 25 remain dominated by low and middle-income economies.

Notably, six of the seven countries that dropped out of the top 25 in this edition were African, a contrast to the increase in African countries within the top 25 in the previous edition. These changes were due to a recovery in gross domestic product across the continent between 2016 and 2018, the ICMM said

The fifth edition of the MCI confirms that many of the worlds most mining-dependent countries continue to rely on their natural resources as the primary driver of economic activity, it said. The Natural Resource Governance (NRGI) Institutes Resource Governance Index rates 84% of the top 25 ranked countries in the MCI as weak, poor, or failing. It is therefore clear that there is more to do to ensure that minings contribution to national economies is maximised and that mineral wealth translates into broader-based economic and social progress.

The ICMM Members Tax Contribution report: 2019 UpdateThis report, prepared by PwC, extends the dates covered by ICMMs first Members Tax Contribution Report, to include 2018 and 2019. Over the full 2013-2019 commodity cycle, ICMM member survey participants reported corporate income tax (CIT) payments of $96.6 billion and royalty payments of $56.7 billion, totalling a contribution of 153.3 billion to public finances. During those seven years, for every $100 of profit before impairments, $39.40 was charged in corporate income tax and royalties, according to the report.

The 2019 update of the ICMM Members Tax Contribution report shows that after a decline in the first half of 2016, commodity prices recovered, and, together with general economic growth, led to an increase of tax and royalties. However, even in 2016, when some members were making little to no profit, they still paid $5.5 billion in royalties, thus providing a dependable stream of revenue for host governments through the cycle, the ICMM said.

In 2018 and 2019, the members of ICMM which completed the most recent survey reported total CIT and royalties of $25.5 billion and $26.8 billion, respectively, which was an increase from $17.3 billion in 2017.

Nicky Black, Director of Social and Economic Development at ICMM, said: Taken collectively, both reports paint a picture of the contribution mining makes at a national level. We know from the Social progress in mining-dependent countries report that responsible mining can be transformative, leading to substantial reductions in levels of poverty and overall improvements in social wellbeing. Mining companies stimulate economic activity by providing exports, the revenue from which can be invested in education, healthcare, infrastructure and supporting government.

She added: ICMM members recognise that efficient, effective, transparent, and stable resource governance is critical in ensuring that mineral wealth translates into broad-based economic and social progress. Through these reports ICMM hopes to encourage evidence-based debate and focus attention on the vital role of effective mineral resource governance.

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New ICMM reports reinforce mining's role in economic development of host countries - International Mining

Nseobong Okon-Ekong explores the possibilities of Bayelsa State earning substantial revenue from its endowment in mineral resources with the State Commissioner for Mineral Resources, Dr. Ebieri Jones

In what ways would you say your background has prepared you for this assignment?

I am a chartered banker and I have been in the banking industry for years and rose to the position of a senior manager. I have worked in the insurance industry. I have a lot of experience in the banking and financial sector and aside that, I did my PhD in accounting so I am a chartered accountant and before now, I have been in a research institution. I have been a lecturer for over six years after my banking career. I lectured at Michael Okpara University of Agriculture. The Governor, His Excellency Douye Diri deemed it fit for me to be in this area. I think he went through my Curriculum Vitae (CV). I believe in his wisdom; he finds me necessary to be here and because we are having issues from revenue from the oil sector. I feel he didnt make a mistake. I have only been here for a few months and I am beginning to realize what prompted him to make me the Commissioner and I want to thank God for it. It is a new area and it is also very challenging but for the kind of pedigree I have, it is good for me and I love challenges. I will ensure that part of his Prosperity Agenda is fulfilled within the ministry. With time, a lot of things will come and Bayelsans will see what has been happening within the ministry.

What mineral resources are there in Bayelsa State?

Outside crude oil, there is a lot of deposit of clay in Bayelsa untapped. We have a lot of silica sand, which is used in the production of glass and you can use clay in producing ceramic. We have silica sand in about six local government areas in large quantities. I recently held a meeting with the Permanent Secretary and I found out that the ministry is not having equipment and if the resources are not there, we have little we can do but I know that the Miracle Governor has written a memo so we can get that equipment. Before now the monetary value of those minerals were not known but now the Governor is aware and willing to invest in those minerals.Bayelsa State is blessed with major revenue derivable resources like natural gas, salt and silica sand. These are largely under-utilised or untapped. The governor has directed that the state must look outside oil to grow her economy. This ministry has the ability to generate revenue outside oil.I dont see taxation coming in here because the petroleum profit tax is paid to the Federal Government but when we talk about gas, we hardly convert gas to liquid, you know we have a high deposit of gas across the nation, Bayelsa is one of the states having a high deposit of gas. I belong to the school of thought that government should not involve itself in business but should be able to attract investors into the state and the country. We are making interface. In Gbarien Phase3, their gas plant will soon start and we want to see how they will be able to use that to feed some other areas of the state. Also, His Excellency is aware that the Phase3 will be on soon and I have interfaced with them. They will come and brief the government on how that will be achieved, by the time that is through, I think the light situation will improve beyond what we see now.

Is your ministry involved in making sure the host community benefit from the gas industries?

There are certain things the state can not do, because the laws guiding the industry are been made by the Federal Government. Things will change with the Petroleum Industry Bill. Its for us to influence that law to see how gas flaring will stop and how it will benefit the state because that is the only thing we can do. As a Commissioner, I have been in touch with two states but I have not spoken to Akwa Ibom and Cross River and Edo states but I have spoken to my colleagues in Delta and also in Rivers states. My intention is that we should take it as a regional thing because I dont see one state having the weight to influence that but if we come up as a region, we can do something.

The state has to pay the oil companies for natural gas to boost for its electricity needs. Incidentally, gas is being flared and wasted daily. What is the middle ground to benefit all parties?

I have been speaking with a German. Though, he is third party but, in a position, to attract a lot of investors. As a little boy growing up in Brass local government area, I saw people cooking salt and over some days salt will come out. Now we are looking for how to mechanize it and improve on that and there is no way the ocean water will finish or go down. One of my duties is to market all of this investment opportunities. Silica sand has a wide range of usability. It is used for production of glass, filtration of water for both regular usage and agricultural purposes, ceramics, construction work, metal casting and production, paints and coatings, sports fields and golf courses, industrial abrasives and also in oil and gas.Who needs oil when we have such a rich deposit of this natural mineral resource? If the state can just concentrate on her other resources, no doubt, we can earn enough revenue to become very prosperous. How do we make silica sand a major revenue earner for the state? I learn by observing what is happening in the world first hand and also by asking questions and getting a feedback. To set up this glass industry is not expansive.Unlike natural resources, mineral resources in view of their non-renewable nature, overtime do suffer stock depletion and because of this finite nature concerns arise on their value mostly prior to their total depletion.To maximize, like the Silica sand it is not just used for the production of glasses, it is also you for filtration of waters production and many more. So when you look at the multiple usage, you can be able to make an effective and efficient use of those resources. But in terms of renewing, there is a tiny bit gap between natural resources and mineral resources all of them are natural because they are all God created. Unlike the crude that has a large deposit, sand and clay may not have that. So the best we can do as a state is to maximize their use, for salt if we can tap into that because the ocean can not run dry, there is nothing like renewable, the salt is always there. The good thing that we have as a state is that those natural resources are in large quantities in various areas. And to maximize the usage is to look for investors.

Is there any need for the government to train individuals so they can start up on a small scale?

It is easier to motivate people to produce salt, but for sand and clay, we have to first consider the culture of the people we are sending for this training. We have to consider if they have entrepreneurial skills. If you look at the Silica sand, people are already into the business because we have companies that are manufacturing paints and all that but when we have foreign investors, the focus of the people will be different, they will now know that this is possible. We also have to build up the interest of the people.It is a fact that most natural resource-based economies suffer from poor economic performance as a result of state ownership and control. The state is looking to change this narrative or norm to consolidate on her potentials for immediate and long term gain. Government participation in business and investment should be to provide ncentives, startup capital and securities for the companies to create this partnershipThe government has a say in items of the number of indigens to be employed all in form of PPP but government will not be involved in the day to day management of these companies.

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'Bayelsa is Blessed with Major Revenue Derivable Resources' - THISDAY Newspapers

An incoming Biden Administration and Democratic Congress will face the challenge of meeting the expectations of millions of voters who will want to see real progress on addressing climate change.

As former representatives from a coal state and an oil state, we understand climate change is real. We also understand that addressing the cause of climate change has enormous consequences on communities that grew from a carbon-based economy. Increasingly the conservation community is recognizing the dual needs of communities heavily impacted by climate change and communities disproportionately impacted from moving into a decarbonized economy.

The time is now to aggressively pursue a climate plan that addresses the root cause of climate change while also setting up new economic feedback loops that acknowledge restitution owed to carbon-dependent and climate-impacted economies. Congress recognized that communities needed to be made whole from the impacts of offshore oil and gas leasing when the Land and Water Conservation Fund was created. Now that LWCF is permanently authorized and funded, we should look at how to pool new streams of energy and natural resource revenues.

Projects developed on federal lands and water are not currently required to share revenue with local governments, and there is limited allocation of revenues for federal climate purposes. Additionally, funding for miners health and abandoned mine cleanup are on the brink of collapse. Added to this revenue and resource juggernaut are longstanding debates regarding the equitable share of revenue to Gulf states closest to the bulk of offshore oil and gas leasing.

Congress should learn from the old debates around revenue sharing and look at where the growth curves are for energy revenue while assessing the needs of communities and resources impacted by climate change. Coastal communities need help adapting to climate change in the same way coal communities need help moving to a different economic reality.

Commercial and recreational fishing interests along with ocean conservation advocates would all benefit from jointly developed science to help us protect the future of fishing and the aquatic ecosystems that sustain both humans and sea life. Finally, we have to make the necessary investments to clean up the air and water for communities of color that have suffered the worse.

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LTE - Rahall and Boustany - December | Journal-news - Martinsburg Journal

Cloud-banking technology has a great potential to support the recovery of the Philippine economy, according to a central banker and private sector experts.

At a virtual town-hall discussion organized by the Stratbase ADR Institute on Friday, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi Fonacier said the pandemic had emphasized the need for the banking industry to harness the power of technology.

In line with this, she added, the BSP has been laying the groundwork for an expanded digital finance ecosystem in the last decade. This includes using and recognizing cloud-based technologies as a tool for inclusivity and efficiency among financials.

In 2013, the BSP had the foresight to ensure that we cultivate an enabling environment for innovation, including the cloud-based technologies as we see [their] growing recognition and application, Fonacier said.

Through Circular 808, she said, the central bank provided a comprehensive information technology (IT) risk management framework, which guides entities in managing IT-related risks.

It also gave a particular force for cloud-based technologies to set the context for its definition, classification, vendor management and compliance-related items, such as governance, due diligence, security and data privacy, data ownership, and business-continuity arrangements.

Cloud-based core banking is a facility that is affordable, convenient and [offers] reliable computing services on demand. It also allows banks to gain access to critical infrastructure and computational resources that would otherwise be out of their financial reach, or are too complex to manage, the Bangko Sentral official said.

She added that cloud computing could also be an alternative channel for business continuity and disaster-recovery arrangements.

Recognizing that cloud computing is a key enabler of the new normal in banking, Fonacier announced that the BSP was revising its cloud-computing regulations to take into account, for example, that the Covid-19 crisis had reduced physical-banking touchpoints.

Nonetheless, she said the central bank, within its regulatory purview, would support the new economy setup and ensure that the face of digital transformation would proceed hand-in-hand with caution and adequate risk management.

There is no playbook on how we can reshape the economy in our continuing digital transformation, but we can be guided by our resolve that innovation and collaboration need to work hand in hand in the service of the unbanked and most vulnerable, Fonacier added.

A big plus

Also during the discussion, Bank of the Philippine Islands Chief Executive Officer and President Cezar Consing said the pandemic had demonstrated the importance of cloud computing.

The use of the cloud is a big plus. Above the line, it encourages innovation, more efficient ways of working and better integration. Below the line, think about operational resiliency, better IT security and frankly you only pay for what you use, he added.

Consing, also the president of the Bankers Association of the Philippines, said using the cloud would increase revenues and reduce lenders expenses.

Increased profitability will mean faster recovery for banks. In the Covid crisis, with the use of the cloud, my guess is it will take only three, maybe four years [to be profitable again], he added.

The estimated time was shorter than the six or seven years that banks spent to get their profits back after the 1997 Asian financial crisis.

Union Bank of the Philippines Vice Chairman Justo Ortiz said economic recovery would be ultimately anchored on enhancing the productivity and increasing the value created by the key players that drive economic growth in emerging markets like the Philippines.

As cloud-based services are now easily accessible to all firms, it can help micro, small and medium enterprises (MSMEs) to tech up without much capital and human resource, according to him.

Access to outsource micro services in platforms hosted in the cloud gives smaller companies [a] competitive advantage over vertically integrated and highly bureaucratic corporations because they are not burdened by large fixed costs from labor and tech and capital investments, Ortiz explained.

With cloud-based technology, he said small businesses would achieve world-class processes, higher productivity and scalability on demand, and greater market reach.

MSMEs become more competitive, and thus prosper, contributing in a meaningful way to the countrys overall economic growth, the UnionBank executive added.

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Cloud banking seen to aid economic recovery The Manila Times - The Manila Times

Ive been legally blind since elementary school, and lost all functional vision by my early thirties. My mother didnt want me to go to a school for the blind, and was determined to keep me in the public school system: I used the low-vision technologies available at the time, as well as learning how to walk with a cane and read braille.

I describe losing my sight as an inconvenience, nothing more! Im married, Im a father to three children, Ive competed in martial arts, I ski, climb mountains and Ive had a successful 20-year career in the tech industry.

People with disabilities are the greatest untapped resource on the planet: we are the perfect candidates for what I call desk jockey type jobs: todays technology is so accessible, and people with disabilities are extremely productive and loyal employees. In some ways, they are more productive than sighted people. For example, some blind people can listen to their screen readers at 300 words a minute. That is faster that a sighted person can consume the same amount of data, looking at a screen.

Lets face it, big companies dont hire a person with a disability because its a feel-good story. They hire them because they are going to work twice as hard and they are not going to job-hop. They hire them because they know that they are going to deliver.

Unsplash/Sigmund

Technology has opened up new work opportunities for the visually impaired.

There are now tremendous opportunities for gainful employment for persons with disabilities, particularly since the Americans with Disability Act (ADA) came into force. This has helped to bring more persons with disabilities into the workforce, thanks to access ramps to buildings, braille in elevators and accessibility technology built into popular operating systems.

Im committed to reducing the high unemployment rate among skilled blind and visually impaired IT and tech professionals, and this starts with changing the perceptions of potential employers. Thats why I started the Blind Institute of Technology (BIT). Were based in Colorado, and we help those with disabilities, particularly the blind and visually impaired, to find work, through education and placements.

My job is to go out there, kick in doors and let employers know just how easy it is to seamlessly integrate people with disabilities and add value to the bottom line and the corporate culture.

The better we are at getting people with disabilities into the workforce, the more the economy benefits. I call it the "Billion Dollar Initiative". A blind person over their working lifetime in the United States will consume about a million dollars in public assistance, including disability benefits, food stamps and housing benefits.

If we can get a thousand people with disabilities out of that system and into work, that is around a billion dollars saved in public assistance, and nearly one hundred million dollars of earned income generated every year through employment.

Unsplash/Dylan Gillis

Mike Hess established the Blind Institute of Technology in the United States to change perceptions of potential employers.

Im a glass half full person, but when the COVID-19 pandemic hit, I had to ask myself if a small non-profit like ours could survive, as most of revenue comes from placing people with companies.

In fact, weve thrived throughout 2020. Things started to turn around in April, when Salesforce, through its Office of Accessibility, offered us a 50,000 dollar grant. After that we received more grants from foundations, and another from Adobe.

I promised the donors that I would use all the money to supplement wages for our students, whose education is geared towards a career. We tell them that we have grant money, we have passionate students, and they need work experience. This is helping us to have more conversations with more companies.

The fact that so many people are working for home, because of the pandemic, is also an unexpected bonus: for many persons with disabilities, and not just blind and visually impaired people, getting to and from the office is a challenge, and many do not have access to public transport. For now, this problem has gone away.

Its true that opportunities for social interaction are more limited now but, even in "normal" times, persons with disabilities are often isolated. To counter this, were organizing virtual mentoring in school districts for young people, to let them know theres a support network out there, and to remind them that resilience is a muscle, that we can exercise together.

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First Person: 'people with disabilities are the greatest untapped resource on the planet' - UN News