Daily Archives: November 7, 2021

Different countries face different risks and opportunities as the world switches from fossil fuels to renewable energy, researchers say.

Green policies have traditionally been seen as costly to countries who implement them, while other nations can do nothing and "free-ride" leading to global inaction on the climate crisis.

However, the research team led by the universities of Exeter, Cambridge, the Open University and Cambridge Econometrics say this is a "poor description" of today's reality.

Instead, they say the transition is already happening and, for many countries, embracing it is the best strategy to reduce costs.

As the world economy transforms, free-riding may now be the risky approach not only environmentally but also economically.

According to the new study, the risks and opportunities vary dramatically between countries, depending on their degree of competitiveness in fossil fuel markets.

Countries fall into one of three categories each with different incentives driven by the green transition.

Large fossil fuel importers like the EU and China will gain multiple benefits from decarbonising.

Meanwhile, "large competitive fossil fuel exporters" like Saudi Arabia may avoid economic decline by flooding global markets with cut-price fossil fuels.

The third category "large uncompetitive exporters" such as the US, Canada and Russia could suffer due to stranded fossil fuel assets and lack of investment in new technological sectors.

However, the nations at the losing end can head off these impacts by diversifying their economies away from fossil fuels towards new technology sectors, including low-carbon exports.

"The costs and benefits of decarbonisation and related politics have been misunderstood and misrepresented for some time," said Dr Jean-Francois Mercure, of the Global Systems Institute at the University of Exeter.

"In fact, the green transition is well under way, whether people realise it or not, and those politics are already at play.

"Decarbonising is traditionally seen as expensive, but it really depends on how much high-carbon industry each country has to lose, versus how much can be gained in new technological sectors.

Professor Jorge Viuales, of the University of Cambridge and co-author of the study, said: The prevailing narrative that, while others decarbonise, you can free-ride them to your benefit must be turned on its head.

"As the economy transforms, if you do not decarbonise, you are shooting yourself in the foot.

"The key question is how to do it in the specific conditions of your country."

The study says the rapid replacement of fossil fuels with renewables will cause a "profound reorganisation of industry value chains, international trade and geopolitics".

The researchers outline a structure of incentives that differ depending on countries' positions relative to the fossil fuel industry:

The research suggests that unless this new geopolitical game is recognised and addressed, the world could become stuck in a deadlock in which some countries embrace the new technological wave, while others could become trapped in a vicious cycle of declining and obsolete fossil fuel-related industry, and ultimately, post-industrial decline.

The solution to industrial decline remains innovation in new sectors and economic diversification.

The disruptive nature of the low-carbon transition makes untenable a macroeconomic strategy based on business-as-usual, said Dr Pablo Salas, from the University of Cambridge Institute for Sustainability Leadership (CISL).

Supporting low-carbon innovation is the only way to maintain long-term competitiveness in a decarbonising economy.

The researchers stress that they are not advocating particular climate policies, but merely identifying the new global geopolitical situation ahead of the vital COP26 UN Climate Change Conference in Glasgow.

Professor Neil Edwards, who led the UK Natural Environment Research Council-funded project from The Open University, which provided the climate modelling used for the work, said: It remains a widely held belief that politicians have no motivation to enact the policies needed to protect the climate as laid out in the Paris Agreement.

"Our paper clearly shows there are strong political incentives and furthermore that change is under way."

Commenting on the choices facing countries such as the US, Canada and Russia, Cambridge Econometrics Chief Economist Hector Pollitt said: "We are predicting a bleak outlook that is conditional to policy-makers, businesses and people in those countries not changing their strategic behaviour and decision-making.

"However, this bleak outlook can be turned around if they manage an orderly transition, support job creation in new sectors and facilitate the mobility of workers between the old and new industries."

Dr Gregor Semieniuk, from the University of Massachusetts Amherst and another co-author on the study, said: "Developing countries face the largest challenges to insert themselves into the low-carbon technology supply chain.

"Richer countries with high-cost fossil fuel supply but a diversified economy actually have the choice to participate fully in the low-carbon economy with appropriate industrial policy. They only have to manage to make that choice."

Dr Mercure added: "Economic diversification away from fossil fuels is complex but necessary to protect economies from the volatility that usually occurs at the end of a technological era. We have to recognise that the end of the fossil fuel era is at our doorstep.

"We hope our paper helps to explain the current situation, and encourages global cooperation on the issue of climate change, to promote economic development worldwide."

The research funded by the Natural Environment Research Council was carried out by the University of Exeter, Cambridge Econometrics, the Open University, the University of Cambridge Institute for Sustainability Leadership (CISL), the Cambridge Centre for Environment, Energy and Natural Resource Governance (C-EENRG), the University of Massachusetts Amherst and the University of Macau.

Researchers involved in this paper are part of the Economics of Energy Innovation and System Transition(EEIST) project, led by the University of Exeter and funded by the UKs Department for Business, Energy and Industrial Strategy (BEIS).

The views expressed in the project's outputs do not represent the views or policy of the UK Government.

The paper, published in the journal Nature Energy, is entitled: "Reframing incentives for climate policy action."

Reframing incentives for climate policy action.

4-Nov-2021

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Green transition creates new risks and reward - EurekAlert

IT almost sounds too good to be true, but in the race to decarbonise our energy supplies, Scotland will soon be a green leader thanks to an ingenious plan to use renewable offshore wind to create hydrogen.

Thousands of jobs will be created in an investment worth billions, led by Norwegian-based companies who already have a strong track record of investing in Scottish renewables. Electricity can be used to split water into hydrogen and oxygen, a process known as electrolysis. Green hydrogen is produced when renewable energy is used to power the electrolysis of water.

Scotlands offshore wind farms can generate electricity to power water electrolysis to produce hydrogen, which could be used to fuel vehicles, or stored and then used in fuel cells to generate electricity during times of the day when the wind resource is low.

READ MORE:First step to Europe's first hydrogen powered ferry taken for Orkney route

At COP26, an ambitious new project was announced which will lead to Scotland becoming an exporter of clean energy. The Northern Horizons Project was unveiled by Norways Aker Offshore Wind, Aker Clean Hydrogen, and DNV, the Norway-based consultants who are leading experts in the transition to a hydrogen-based economy. According to reports from COP26, Northern Horizons aims to harness 10GW of renewable energy in the North Sea, where giant turbines are being installed on platforms almost 100 miles from Shetland.

This renewable energy will be used to power multiple floating installations which will produce green hydrogen for onwards transmission to a net zero hydrogen refinery on Shetland.

The refinery will itself be powered by floating offshore wind turbines, and will produce a range of zero carbon energy solutions for local consumption and export across the world, including ammonia, liquid hydrogen, and synthetic fuels.

The Northern Horizons initiative is a response to the Scottish Governments aim to develop Scotlands potential for exporting significant quantities of hydrogen.

The Scottish Government is targeting 5GW of hydrogen production by 2030 and is seeking international collaboration in the development of a shared hydrogen economy.

The project, which could start production from 2030, will deliver predictability for a fit-for-purpose Scottish supply chain ready to support the transition. According to reports, enough liquid hydrogen will be produced to power 40% of the total mileage of local UK buses, as well as enough synthetic fuel to make 750 round trips from the UK to New York.

Ditlev Engel, chief executive of Energy Systems at DNV, said: To meet the targets of the Paris Agreement, the world needs to transition faster to a deeply decarbonised energy system.

READ MORE:Use of offshore wind in green hydrogen production to be studied

This will require greater renewable power generation and electrification, but also extending the reach of renewable energy to hard-to-abate sectors that cannot be readily electrified through conversion to green hydrogen and synthetic fuels.

I am proud that DNV has worked on this project that really does show a profitable business opportunity creating economic growth and new job opportunities, whilst contributing greatly to the UKs net zero targets.

Sian Lloyd-Rees, managing director of Aker Offshore Wind UK, said: Such innovation and private sector investment are key to meeting the UK and Scotlands net zero targets and delivering the unprecedented ambition on display here in Glasgow at COP26. This is a technically and economically feasible plan to deliver floating offshore wind at the scale needed to deliver clean energy products which can be used to help decarbonise fuel-heavy industries such as shipping and aviation.

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Scotland set to be green leader with plan to use offshore wind to make hydrogen - The National

The best part of good governance under Prime Minister Modi is that the country suffers neither inertia nor ignorance, nor incompetence, nor dishonesty. Consequently, good governance during last seven years has yielded changed mindset of people within the country and globally about how governance is conducted amid probity and transparency

During 1978-80, I was doing my Masters in Economics from Gorakhpur University. Head of the department late Dr BK Singh, a learned no-nonsense person, used to teach Public Finance, and Richard and Peggy Musgraves magnum opus Public Finance in Theory and Practice that handled allocative, distributive and stabilisation functions of governments became soft clay in experienced hands of Dr Singh. For instance, he mixed pure, abstract theory with Indian economic scenario reducing indecipherable, semi-mathematical concepts to simple, plain narratives students of above average calibre could easily grasp. One day a fellow student asked him, Why India all along has problems in all the three areas: resource allocation, distribution of goods and stabilisation of economic activities? Dr Singh, with absolutely no demur and looking straight at that students face, responded, Because either you are incompetent or you are dishonest or you are both. Then finding the student nervous, he explained by you he did not mean that student but clusters of politicians and bureaucrats in charge of governance. Dr Singhs response holds key to this article.

Realities are inseparable part of governance. More so of both bad and good governance. One may wonder what good governance is. One can think of endless indices: rule of law, transparency, responsiveness, equity and inclusiveness, effectiveness, economy and efficiency, accountability, etc. Still more refined approach to understand good governance is given by Gunnar Myrdal in terms of indices that he summed as instrumental value premises incorporating elements as varied as per capita income, democracy at the cross-roads, gender equity, power to vote, etc. In common parlance, good governance in the context of fast developing nations like India may be defined as a form of governance characterised by a system of democratic government sponsored welfare offering a guarantee of collective social care to its citizens, while maintaining capitalist system of production. Myrdals belief was in continuous evolution of welfare state resulting from good governance ultimately leading to formation of what he called, the peoples home. He further desired a created harmony and social convergence to come into existence due to governmental interventions. Ultimately good governance is all about good politics and good policies, properly executed.

One of the areas of political economy explored variously is the relationship between politics, economics and policies. Only good politics where political processes are sorted out quickly and with gusto and determination produce enduring policies. A former Prime Minister once asserted that only fifteen paise of every rupee meant for downtrodden reached them. With such state of affairs during much of the period before Narendra Modi became Prime Minister of the country in 2014, good policies were few and far between. If significant allocations dont reach the targeted groups and disappear in between, it is as much a reflection on bad policies as on bad politics. Corruption pollutes good politics. Jeffery Sachs rightly observes corruption as a poverty trap: poverty causes corruption and corruption causes poverty. That is the fundamental cause of bad politics and bad policies. Added to that, dereliction of duty at various stages, absence of transparency, lack of accountability, inflexibility, circuitous decision-making processes, weak internal evaluation systems and lax and lazy political leadership in various ways hinder smooth working of economy and good governance. There were instances of inefficient expenditure and manpower management in various departments. If prescribed infrastructures in primary schools are not available or doctors/nurses as per norms are not adequately placed in hospitals, or costly equipment is either not installed or if installed, not put to use, or huge time/cost overruns characterise projects both big and small, short and long term, or health sector suffers absenteeism of health workers, how good governance would be delivered is a question none can answer. Good governance cannot be a reality unless at the micro level transparent evaluation of utilisation of allocated resources occurs. To begin with dereliction of duty of those in charge of governance needs to be tackled at the lowest level. It will unravel trails about how higher hierarchy behaves.

As Accountant General in charge of audit of departments of the government of Gujarat during 2008-2009, I noticed peoples tremendous faith in administrative skills and self-discipline of then Chief Minister Narendra Modi. Officially, I came across prompt and responsible response to audit requirements from very high positions like that of Chief Secretary/ACS (Home), etc. Responding to requirements of institutions by governmental functionaries is yet another trait of good governance and it was amply evident in Gujarat. Those who believe in self-discipline believe in discipline in society and transparency. Its a corollary. Gujarat under then Chief Minister Narendra Modi became a totally transformed state. The same spirit now extends to India. Let us take a few examples. In less than ten months, 100 crore vaccine doses have been administered. It is largely because of vaccine self-reliance and comprehensive institutional approach to problem solving something the Prime Minister has been supporting whole-heartedly. Look at the collective involvement of doctors, health workers, academia, administrators, scientists, entrepreneurs and government but for whose coordinated efforts this feat would have been impossible. In general, Sabka Ka Saath, Sabka Ka Vikas, Sab Ka Viswas, Sab Ka Prayas apart from being at the root of good governance is also an amalgamation of micro and macro approach of economics to good governance. Constantly guiding hands of the Prime Minister are visible everywhere.

Good governance as current ongoing process in India involves apart from transparency at every level, accountability, emphasis on new technology, flexibility, mass participation, government being pro-poor, etc, to name a few. None interested in good governance can evade market discipline or aging and inefficient enterprises where forthright governmental intervention justifies itself.

Economists like John Kenneth Galbraith believe that the distinction between microeconomics and macroeconomics should blur and ultimately disappear. This distinction being a legacy of Keynes, on the one hand gave responsibility for overall economic performance to the state while on the other hand left the traditional role of the classical market to the individual sectors of the economy. That segregation ran contrary to good governance. The undoing of it is the sine qua non for good governance. And this is what Prime Minister Modi has achieved. Recently addressing a joint conference of the CVC and the CBI at Kevadia in Gujarat, the Prime Minister stressed that earlier governments had maximum control which led to many wrong practices. Maximum control anywhere is inimical to enhancement of welfare. We believe in minimum Government and maximum Governance, the Prime Minister reiterated.

Power to the people paves the way for good governance. Under Prime Minister Modis guidance, the concept has become a reality. Initiatives like JAM (Jan Dhan-Aadhaar-Mobile) trinity are watershed schemes in empowering the poor. These have resulted in the elimination of middlemen and corrupt practices, and thereby direct benefits reach households without any interruptions. Institutional complexities of socio-economic development - allocation of resources, distributive justice, welfare theory, public economics, ease of business, etc - are resolved at reasonable speed and aggressively. It has led to success felt by men in the street. In 2019, while travelling in Gorakhpur, I asked the driver of the auto- rickshaw, a fifty-five year old man, How the present government compares with previous ones?

The driver was clear in his mind, Now people have expectations. They expect betterment. They are hopeful. Previously activities were negligible. We never sensed hands of governance. Thus there were no expectations. Earlier I used to go to my village in Bihar to hand over cash to my family. Now I send it through mobile monthly. I save my wages for the days that were wasted earlier when I went to my village. Saved wages are my savings. The driver indicated, in his own ways, his understanding of psychology of savings. Electronically transferred money systems like mobile transfers and using Aadhaar cut the cost of transferring savings to families. Such savings coupled with the present governments resolve to deliver have converted low level of expectations into higher ones. High expectations stem when socio-economic activities favourably affect peoples life at the lowest ebb in general.

Similarly coming to health sector, Ayushman Bharat: a comprehensive need-based health care service which aims at undertaking pioneering interventions to address the healthcare system (covering prevention, promotion and ambulatory care) at the primary, secondary and tertiary level in a holistic manner, adopts a continuum of care approach: yet another feat on the road to good governance. Digital empowerment of citizens of the country is amazing and citizens across the country can now access electronic and digital services of the Government.

Anyone looking at the website of any scheme realises the presence and value of crucial information about that scheme. People need not run around knocking at different doors for different information. Good economics believes in revealing maximum information to the beneficiaries. Thus at present poor people dont lack critical information about work done by the Government and hence they are sure of what the Government is doing for them under Prime Ministers directions and guidance and what are their rights and how to avail of the services. People believe they cannot be fooled. Earlier these people could be easily led to believe untruths and guided by factors like caste, region, and dominance of certain families in politics, used to place their votes in wrong baskets. But now they know the picture is clear: they vote for honest, transparent, development-focussed government rather than someone of their ethnic group even if voting for ethnic groups enhances chances of corruption and bigotry. People see the focus has been on infrastructure development and structural reforms.

Organisation is one of the most inescapable facts of democracy and contemporary life and the Bharatiya Janata Party (BJP) is a big organisation. Democratic style of functioning of the BJP since its inception has permeated into society in the form of good governance. Only a disciplined party can throw disciplined leaders who hand over to the most-needy and the most neglected ones fruits of good governance through democratic means.

Critics and their criticism of one of the most prominent leaders of the world Narendra Modi clearly establish how attempts are being made to malign such a courageous and far-sighted leader like him with his novelty of thinking, application of mind and approach. Absence of holistic perception required for judgment about the background against which decisions are taken after serious scrutiny at different levels really needs to be looked into and reassessed by critics. A proper appreciation of good governance as a concept and in practice requires that. Criticism based on far-fetched assumptions results in irrational conclusions which is the root cause of confusion. The best part of good governance under Prime Minister Modi is that the country suffers neither inertia nor ignorance, nor incompetence, nor dishonesty. Consequently, good governance during last seven years has yielded changed mindset of people within the country and globally about how governance is conducted amid probity and transparency.

The Prime Minister has a sound understanding of the processes of economic expansion and required structural changes through which peoples life can be improved. Now policies are better designed because of careful appreciation of constraints and motivations of all segments like poor people, taxpayers, industrialists, farmers, etc. Changes resulting from such good governance may look incremental but soon they will sustain and flourish. For Prime Minister Narendra Modi, with his highly innovative mind and unparalleled leadership qualities, good governance as a discipline is a relentlessly solemn pursuit. A rosier future gets reflected in the rosy present.

(The writer is a former Additional Deputy Comptroller & Auditor General from office of Comptroller & Auditor General of India. He is a poet, writer and columnist. Author of three volumes of poetry, his poems have been translated into Hindi (Andhere Se Nikli Kavitayen -VANI PRAKASHAN (2017) and his book Shadows of the Real into Russian by veteran Russian poet Adolf Shvedchikov. His fourth book Soliloquy of a Small-Town Uncivil Servant: a literary non-fiction published in March 2019 by Rupa Publications, New Delhi, has received international acclaim in literary field. His next book: a collection of Essays & Critiques is expected shortly. Views expressed here are his personal views.)

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In relentless solemn pursuit of good governance - Daily Pioneer

NEW DELHI :Greater use of technology in the agriculture sector and management of food can ensure food security and help in increasing farmers income, Vice President Venkaiah Naidu said on Sunday.

Noting that Indian agriculture is characterized by marginal and small farmers with fewer resources, Naidu said there was a need for increasing farmers income in various ways, including by way of improved resource use efficiency.

The developed world is already reaping benefits from the use of artificial intelligence (AI) in agriculture and India too must harness its potential to help improve farm income," an official statement said quoting the Vice President who spoke at the second annual convocation of Dr Rajendra Prasad Central Agricultural University, Pusa at its Piprakothi Campus in Bihar.

Naidu asked the University to work on the impact assessment of technologies and also evaluate alternative farming techniques and their sustainability.

Naidu urged the central and state governments, public leaders, universities, research institutions and the media to give more importance to agriculture. We must see that the agri-sector is given all the support that is needed for development and sustenance of agriculture," he said.

Promoting agro-based industries in rural areas would create employment opportunities for the rural youth, the Vice President said. Referring to the phenomena of reverse migration from cities to villages during the Covid-19 pandemic, he said that entrepreneurship in agriculture can immensely benefit the Indian economy by creating jobs in areas where they are needed the most. He emphasised on the need to promote farmer producer organisations through handholding and capacity building.

Referring to the robust agriculture output despite the challenges posed by the pandemic, the Vice President said that this was the first time since 2013-14 that agriculture regained this economic prominence.

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AI needs to be harnessed to improve farmers income: Vice President - Mint

To the Editor:

Creating a Village District is a complex process that involves multiple stakeholders and professionals. It is intended to address the goals of the Halls Road Master Plan Report, which were based on the past three years of research surveying the people and businesses of Old Lyme.

The Old Lyme Zoning Commissions next Public Hearing will be held Monday, Nov. 8, at 6:30 p.m. and will include the continuation of the towns application for the new Halls Road Village District.

Now is the time to pose questions to make this new zone the best it can possibly be. These can be sent ahead of the hearing to the zoning commission and/or in person at the meeting.We welcome your comments, support and suggestions. Please email them to hallsroadcommittee@oldlyme-ct.gov

Attached is the forward to the rezoning application (02 Reasons for Halls Road Changes.docx) that explains the reasons for the rezoning.

Visit this link to view the full application to Old Lyme Zoning.

Sincerely,

Edie Twining,Old Lyme.

Editors Note: i) The author is the chairman of the Halls Road Improvement Committee.

ii) For the benefit of our readers, the text below is the cover letter sent the Zoning Commission with the application to create the Halls Road Village District.

Dear Members of the Zoning Commission,

The Town of Old Lyme is excited to submit to the Old Lyme Zoning Commission this application to create the Halls Road Village District. This application is the result of years of work by the Towns Halls Road Improvements Committee (HRIC) in consultation with local businesses, residents, town and civic groups, and professionals in relevant fields.

The aim of the Halls Road Master Plan (attached) is to secure the long-term viability of the towns main retail district by a combination of improvements in the public realm, and changes in the zoning that regulates and guides the development of private parcels in the Halls Road district. The effort is intended to serve these and other needs of Old Lyme by changing the focus of development on Halls Road from isolated, car-centric, commercial-only strip centers to a walk-able, bike-able, mixed-use neighborhood that is safe and inviting, and is both more accessible to, and better integrated in form and function with, our historic civic center and arts district on Lyme Street. We believe these changes are needed to secure the towns continued vitality, and will best serve the near-universal desire of residents to maintain the small town rural New England look and feel of Old Lyme.

Making the Halls Road area safe, inviting, and accessible to pedestrians and cyclists, and giving them an attractive connection between Lyme Street and Halls Road is chiefly a matter of public realm improvements. These improvements are a major part of the Halls Road Master Plan, but they do not, in themselves, require changes to zoning. The zoning changes are required in order to implement the over-all plan and support the long-term viability of retail on Halls Road.

The two aspects of the plan work together, and each relies on the other.

The turn away from a strip center model and toward a mixed-use village district does require zoning changes as requested in this application. Briefly, these changes include:

Mixed UseThe introduction of mixed use in the new Halls Road Village District is a key part of the Halls Road Master Plan, and promotes the shared goals of Old Lyme on multiple levels.

Mixed use as proposed for Halls Road directly addresses a critical shortage of smaller-scale housing options in town, and places that housing in a village environment that is particularly attractive to older residents wanting to downsize, and to young families moving into town or just starting out in life. By making it possible for older residents to stay in town when they downsize, we keep friends together and support a community with deep connections. Younger families are the future of our town. They are the backbone of our all-volunteer support systems, including the OLFD, and their children are the whole purpose of our excellent schools. Without younger families, all of these institutions will wither.

Mixed use also helps to improve the general business climate of the town and of Halls Road in particular. Retail trade is under severe pressure from the Internet. There is increasing dis-investment in retail malls and little interest in retail investments generally. One type that does still draw investment is retail embedded in a mixed-use neighborhood, where foot traffic and casual browsing help bolster trade. Mega-malls tried to imitate a village setting but they failed. It turns out a neighborhood needs actual neighbors if it is to support local retail trade. It is not just the foot traffic, but the ambience of a vibrant living neighborhood that makes a retail area an interesting place to walk, browse, and meet ones friends. That is the goal for the Halls Road Village District, and mixed use is a crucial part of that aim. Over time, the Halls Road Village District should become a living neighborhood with a mix of retail, office and residentiala walk-able retail town center that complements the civic and arts district centers on Lyme Street and connects with them seamlessly.

Mixed use supports our retail trade, but it is also beneficial in an indirect way. None of the hoped-for changes in retail or housing along Halls Road can come about until private investors are willing to create them. It is true that investors are more likely to invest in the kind of town-focused retail space that serves Old Lyme if that retail is in a mixed-use neighborhood, but residential building is still more attractive in the current economic climate than retail space. We think it is important to account for this in the new zoning by, for example, mandating a minimum of retail construction on Halls Road frontage. With the current commercial-only zoning, Halls Road is primarily attractive to businesses focused on the highway, not the needs of Old Lyme. Allowing mixed use will help to attract the kinds of investments we want, creating competition for the limited space. Clear zoning and Design Guidelines will also help to attract the kinds of investments we want, and discourage those we do not want. People in business like certainty. Clear planning, zoning, and design guidelines can give them that.

In addition to its direct benefits, mixed use in the Halls Road Village District will add much-needed variety to the housing stock and new tax revenues to the town without increasing sprawl across the remaining open land elsewhere in town.

The goal is to create, over time, an attractive streetscape of shops and restaurants/cafes that encourage residents and visitors to stroll, browse, and meet their friends. When people park once and walk it is better for business, builds community, and helps the environment. What Halls Road lacks today, and what the Halls Road Village District is intended to supply, is a sense of place that says Old Lyme.

Mixed use of the type proposed:

Public Realm Improvements

The proposed public right-of-way roadway and sidewalk improvements (see attached Master Plan) will create safe pedestrian and bike routes along Halls Road from Neck Road (Rte. 156) to Lyme Street. Pedestrian lighting, landscaping, open green spaces, sidewalks, and crosswalks are all a part of the improvements the town will undertake. The plan also includes the most popular element suggested in town-wide surveys conducted in 2019: a new replacement for the old Bow Bridge. This biking and walking bridge will span the Lieutenant River at the old bridge abutment, creating a safe and beautiful connection between Lyme Street and our main commercial district on Halls Road. Work on these improvements will begin as soon as the town secures funding and the required regulatory approvals.

Private Property Improvements

The actual building and maintaining of a vibrant new Halls Road (commercial and/or residential) will be initiated and carried through by private investors and business people. The town can only open opportunities, provide guidance, and set limits; it cannot initiate in these areas. We hope to achieve a significant change, recreating a mixed-use town center for Old Lyme. That means responding to market forces and guiding development along Halls Road into the avenues that seem best for Old Lymes long-term future.

An illustrative plan was drawn up to show how Halls Road could be redeveloped to reflect community priorities and desires for this area. It is just an example of how new private investments could play out over the next 20 years. To allow this type of development to occur, new Village District zoning is needed to allow and attract retail and residential investment, and to no longer require the deep set-backs and large parking lots that favored strip centers. The zoning that once attracted strip centers now disproportionately favors investments aimed primarily at serving highway traffic (e.g. gas stations and fast food chains).

The town has said for decades it does not want Halls Road to be dominated by highway services. New zoning is required to address that. In addition, the 2020 Plan of Conservation and Development (POCD) states that visual details such as adequate buffering and landscaping, appropriate architecture, preservation of natural site features and vistas are among the critical components of the look and feel of Old Lyme, yet there are no regulations in place mandating attention to such details except in the Sound View Design District. The proposed zoning changes are intended to address these community concerns in the Halls Road area.

The Master Plan was used as a tool to help in writing new zoning language and design guidelines. In the new zoning, cluster housing, town houses, and second-story apartments will help ease the severe shortage of smaller-scale housing options in Old Lyme, and help turn a 9-to-5, commercial-only area into a living neighborhood with mixed useas Lyme Street was before the 1960s. The primary goals of the new Halls Road Village District zoning and Design Guidelines are to keep and attract the kinds of amenities that serve the needs of Old Lyme, and to create a look and feel in keeping with the rest of the town. The long-term goal is to create a mixed-use commercial and residential neighborhood that feels like a part of Lyme Street and the wider town of Old Lyme.

Zoning Regulations and Design Guidelines

Two additional (new) Zoning elements are proposed to help guide the redevelopment of the Halls Road area. One is a recommendation that the Town establish a new zoning district called the Halls Road Village District. The second is the preparation of Design Guidelines to be used by a new Halls Road Design Review Committee (under the Zoning Commission) to guide the design of new buildings and sites as well as the rehabilitation of existing buildings within the Halls Road Village District.

New Zoning Regulations for the Proposed Halls Road Village District

The proposed Halls Road Village District zoning is intended to encourage the redevelopment of this older commercial corridor in a manner that is more consistent with the architectural styles of the Historic District of Old Lyme. The proposed regulations have been written to encourage safe and healthy use of the area by providing for a mix of residential and commercial uses along or within close proximity of the road corridor to encourage walking and shopping within a village atmosphere. Further, the intent is to encourage a new mix of residential and non-residential uses within the district, and to encourage the creation of diverse housing types that are currently under-represented in Old Lyme.

Once the new and revised zoning is adopted, development in the district shall be designed to achieve the following compatibility objectives:

Design Guidelines to Supplement Zoning in the New Halls Road Village District

In surveys and public meetings, many residents said they wanted Halls Road to be a walk-able, bike-able area with safe streets, and the feel of a real neighborhood with mixed use a new town center. Older residents remember Lyme Street as just such a place before retail trade was deliberately moved to Halls Road. Old Lyme is one of the oldest settlements in New England, and as attached to its traditions as any small town needs to be. Traditions notwithstanding, the town has evolved over the centuries to meet changing conditions.

Most retail trade was banished from Lyme Street around 1960 and relocated to a series of strip centers with vast parking lots fronting Halls Road. Easy parking was the must-have of the car-centric 1950s. In exchange for more parking (and to relieve pressure on potential wastewater treatment capacity) the town broke with 250 years of community development in which commercial, residential, and civic uses had evolved together in mutually supporting roles. Something was gained, but something valuable was lost.

This is not a criticism of the people who made those decisions in the 1950s. They faced the challenges of their day, and chose the solutions that made sense then. We face different challenges. Today, the older mixed-use model seems most resilient in the face of online commerce, while strip malls fade. We must choose what makes sense now. If the specific choices seem opposites, the impulse is identical: to do what is best for Old Lymes future.

Despite efforts at tasteful design, the strip centers on Halls Road have never looked like a part of Old Lyme, nor of any other New England town. The Halls Road Village District Design Guidelines will look to Lyme Street as the basic model to set the style of future development along Halls Road. We believe that functional and aesthetic improvements to the Halls Road Village District will increase its value to businesses, residents, and property owners alike.

The purpose of the Design Guidelines and design review process is to implement design standards for new or renovated buildings that will:

Community Input and Process to Date

The preparation of the Halls Road Master Plan, and of the proposed new Halls Road Village District zoning and Design Guidelines, has been guided by:

A more complete discussion of these elements, including a timeline, summaries of actions and findings, and pointers to additional sources is included in this document as Appendix A.

As the formal Halls Road Master Plan was completed, HRIC went back to the community to gauge support, visiting local businesses, institutions, and civic groups to present the final plan and answer any questions. This is an ongoing effort, but the response to date in dozens of sessions involving scores of individuals has been very positive, often enthusiastically so.

Opinion seems to have evolved since the subject of change along Halls Road was first raised several years ago. Residents and other stakeholders have had time to consider the issues. Responses to the CERC survey of 2019 showed over 80% of respondents wanted some development along Halls Road, though only a minority at that time asked specifically for mixed use. Today the idea of mixed use on Halls Road has much greater and broader support, and its role in helping to achieve related aims is better understood.

Appendix A:

Community Input and Process to Date

The preparation of these proposed Halls Road Village District zoning regulations and Design Guidelines has been guided by: a recognition of changing economic and environmental circumstances, the established aims of the Town (as expressed in official planning documents), and a continuous and extensive effort to keep all stakeholders involved in planning a better future for Old Lymes main retail district along Halls Road.

Plan of Conservation and Development

The proposed changes address four long-standing concerns of Old Lymes formal planning efforts: the mix of retail trade along Halls Road, the viability of the towns main business center, the need for greater variety in the towns housing stock, and the over-arching concern of maintaining Old Lymes small-town look and feel.

Retail:

Because Halls Road is the connector between the two halves of Exit 70 it has always been attractive to businesses focused primarily on serving the through traffic on I-95, the main route between Boston and New York. The town has always insisted that Halls Road, the towns main shopping district, should be focused instead on the needs of Old Lyme residents (year-round and seasonal). The town has opposed any tendencies to allow Halls Road to become a mere service plaza for travelers. From the Old Lyme Plan of Conservation and Development (POCD) of 2000 and of 2020:

Old Lyme was once an active center of transportation as passengers awaited the ferries carrying people, goods and even railroad cars across the river. With the construction of a series of ever larger bridges, there is now little need to pause in Old Lyme during journeys along the Connecticut coast. The towns interests are focused on providing basic services and amenities for year round and summer residents and guests. It has successfully avoided any pressure to allow turnpike oriented* services such as multiple gas stations, fast food restaurants and motels. This is not an accident, but a deliberate choice. [Old Lyme POCD 2000, page 5, paragraph 3]

Although Old Lyme has two exits connecting to Interstate 95, the towns interests are focused on providing basic services and amenities for year-round and summer residents and guests. It has deliberately avoided any pressure to allow turnpike-oriented* services such as multiple gas stations, fast food restaurants and motels. [Old Lyme POCD 2020, page 8, paragraph 3]

*[I-95 shares the roadbed with the older (1958) Connecticut Turnpike from the New York border to Exit 76 (I-395) in East Lyme.]

Change:

Changing economic conditions are overtaking the confident language of the POCDs. Old Lyme long resisted the pressure to make Halls Road a mere service plaza for I-95, but it did so in a time when many other uses (more congruent with town aims) were competing for the same retail and commercial space. Since 2000 Internet commerce has come to dominate one retail segment after another. For goods or services that can be delivered electronically or by express truck, the Internet now offers a wider range at a lower price than any local bricks-and-mortar retailer can hope to match. Retail that is embedded in a viable mixed-use neighborhood (with foot traffic and walk-in trade) seems best able to resist the total virtualization of retail trade. Halls Road was always attractive to highway-focused services. In these new market conditions the commercial-only designation makes Halls Road attractive primarily to such businesses.

The proposed zoning changes and Design Guidelines are necessary to protect and promote the long-established aims for Halls Road set out in POCDs over multiple decades. They will help Old Lyme adapt to changing market conditions, and retain the convenience of town-focused retail trade along Halls Road.

Housing:

The proposed changes will address another long-standing concern of the Old Lyme Planning Commission: adding much-needed variety to Old Lymes housing stock, 92% of which is single-family homes on their own lot. For decades, Old Lymes POCDs have called for the addition of alternative housing types in appropriate locations. Halls Road is an appropriate location in which to meet some of the demand for smaller-scale, market-rate housing that is not of the dominant type.

Small Town:

The proposed zoning changes and Design Guidelines are intended to work together to ensure that Halls Road becomes more integrated with the rest of Old Lymes town center, both in form and in function. The aim is to create, over time, a mixed-use district that looks, acts, and feels like a living part of Old Lymea small town on the Connecticut shoreline.

Halls Road Improvements Committee

The Halls Road Improvements Committee (HRIC) was formed at the close of 2015. The initial impulse was public demand for safer pedestrian and bicycle access to the shopping district along Halls Road, and a desire to support the future commercial viability of the towns main retail area.

A 2015 change in Connecticut law had made it easier for towns to create Tax Increment Financing (TIF) Districts, and that was an early focus of the HRIC. A TIF district allows a town to fund current development (such as capital improvements) in the TIF district by earmarking future property tax revenue increases there for those purposes. The creation of a TIF district requires a formal plan of development for the district, and there was none for Halls Road. Funds were allocated for the planning work.

The improvements under consideration were not a trivial expense. Many residents objected that such a large sum should not be spent without looking more broadly at Halls Road and the various problems and opportunities it presents. Without a plan, how could we know what sort of development we wanted along Halls Road or what Halls Road should look like in 20 years, much less how the sidewalks should be laid out to accommodate that future? To build sidewalks without a plan for the future seemed unsound, so planning took precedence.

Early in 2018 HRIC was allocated $20,000 to begin the planning process. The town hired the Yale Urban Design Workshop (YUDW), which produced very helpful baseline drawings of the existing conditions at Halls Road. YUDW also ran two public meetings intended to introduce the town to the kinds of considerations typically encountered in a planning effort. Ultimately, HRIC felt YUDW failed to grasp the small town nature of Old Lyme, offering options more appropriate to an urban than a rural setting, and so recommended the town not engage YUDW for later phases.

The planning effort continued with local volunteer resources. During this process it became clear that Halls Road was not a project of the right scale and scope to take advantage of a TIF district, and that avenue was not pursued further. In 2018, HRICs volunteers produced a vision proposal for Halls Road.

In 2019 HRIC presented the vision proposal to multiple local groups, publicized it online and at the Mid-summer Festival, and held two open houses at which residents and business owners could speak one-on-one with committee members and register their opinion on specific aspects of the ideas under consideration.

EDC and CERC:

Also in 2019, the future of Halls Road figured prominently in economic research, surveys, and workshops conducted on behalf of the towns Economic Development Commission (EDC). The EDC engaged the Connecticut Economic Resource Center (CERC, now AdvanceCT) to help create a picture of the economic environment of Old Lyme and its place in the surrounding region.

As a part of that effort CERC and EDC conducted a major survey of Old Lyme residents and business owners. Nearly 10% of the adult residents and over 10% of the representatives of local businesses responded to the survey. It covered Old Lyme as a whole and broke out specific areas, including Halls Road, for particular questions. Most of the survey questions were in the form of ranking a set of attributes or aims by their importance. Respondents also had the option to provide additional comments. Among the findings were:

CERC ran two workshops with representatives of commercial property owners, local businesses, and civic groups. The workshops considered the Strengths, Weaknesses, Opportunities, and Threats (SWOT) relevant to Old Lymes future. Although the scope was town-wide, Halls Road (as the main shopping area) was a major focus. A wide variety of factors were identified and discussed, but a few stood out as areas of broader agreement. In order of their relative prominence under each heading, these were:

There was some confusion between weaknesses (~internal to the town) and threats (~external). Despite that definition, resistance to change was the most commonly cited threat to Old Lymes future, and Connecticuts lackluster economy accounted a weakness.

The need for different types of housing, and its role in ensuring a viable future for Old Lyme was far more prominent in the SWOT workshop discussions than it had been in the general survey. The fact that SWOT participants were all business- and civic-oriented may help to explain why they were more aware of the issue. Also, the SWOT workshops took place after the town-wide survey and many HRIC presentations, at a time when there was increasing public discussion of possible changes to Halls Road. The idea of mixed-use along Halls Road seems to have steadily gained public support over time, and continues to do so.

Formal Plan:

Feedback from HRICs town-wide presentations and interactions, and the results of EDC research provided additional direction to the planning process.

A formal plan for Halls Road required professional experience and knowledge. A search narrowed the field to three firms who presented proposals to HRIC. Of these, BSC won the contract at a cost within the limits of the funds previously allocated for planning. At the end of 2020, the town of Old Lyme engaged BSC Group, Inc. and their sub-consultant, Bartram & Cochran, to create a Master Plan, propose Public Realm (i.e. roadway, sidewalk and public open space) improvements, and to write Design Guidelines and recommended Re-Zoning Language for a new Halls Road Village District.

That work is now complete, and the re-zoning language and Design Guidelines are presented with this request.

Community Support

As the formal Halls Road Master Plan was completed, HRIC went back to the community to gauge support, visiting local businesses and civic groups to present the final plan and answer any questions. This is an ongoing effort, but the response to date in dozens of sessions involving scores of individuals has been very positive, often enthusiastically so.

Opinion seems to have evolved since the subject of change along Halls Road was first raised several years ago. Residents and other stakeholders have had time to consider the issues. Responses to the CERC survey of 2019 showed over 80% of respondents wanted some development along Halls Road, though only a minority at that time asked specifically for mixed use. Today the idea of mixed use on Halls Road has much greater and broader support, and its role in helping to achieve related aims is better understood.

See the article here:

Letter to the Editor: HRIC Chairman Invites Questions, Comments From Public on Halls Rd. Village District Application, Old Lyme Zoning Hearing...

I didnt think much before choosing my optional subject for the Civil Services Examination, 2020. Holding a BA (Hons) from SRCC and an MPhil in Economics from Oxford, it was a no-brainer, not to add the fact that I was working as an economist with a London-based research institute while I prepared for the examination.

For those from other fields who are considering opting for economics, I have some brief advice. Jump in only if you have a deep and sustainable interest in the subject. One of the two papers will be quite technical that some people may find a bit unsettling. A good way to test your interest in the subject is looking at Hal Varians Intermediate Microeconomics and Dornbusch and Fischers Macroeconomics textbooks. Also, read relevant op-eds in leading newspapers and Economic and Political Weekly (EPW) articles on the side and see whether you enjoy engaging with them.

A quick point on the booklist for Paper 1 Students often refer to bulky books written for UPSC aspirants. Although I bought them, I couldnt spend more than a few days reading the material. They are shabbily written and do a disservice to the beauty and nuance of the subject. Instead, I referred to my Delhi University reading list and only studied topics from those books. Economics can be somewhat difficult to understand for those who havent been exposed to its intricacies before, which is why I suggest referring to the best books for the theory paper at least.

For Microeconomics, Hal Varians and Nicholson and Snyders books are excellent. Macroeconomics and money can be covered from Blanchard and Dornbusch and Fischer, with Froyen being a fine companion. For international economics, you can refer either to Krugman or Salvatore. I had a look at both and preferred each one for different topics. And lastly, Debraj Ray will be very useful for the growth and development portion of the exam.

Of course, correlate the contents of these books with the UPSC syllabus and only study those topics that overlap. A simpler solution is to just cover the DU undergraduate syllabus for Introductory and Intermediate Microeconomics and Macroeconomics, Public Economics, Development, and International economics. Youll find readings for almost all topics in the syllabus here, including on environment and welfare. Finally, explore Google Scholar collections for resources on the remaining items like the basic needs approach and alternative distributive theories that are very dated concepts.

I neglected Economics until the very end and didnt spend more than a fortnight preparing for this paper. This also showed up in my results I only scored 109/250 but on a time-value basis, it was a wise decision that in hindsight worked quite well for me. I used the time it freed up to prepare for General Studies (GS) in which I had a relatively weak base. This years paper had some fringe worthy questions thrown in too, but thats just how Economics 1 operates.

In contrast, I devoted plenty of time to prepare for Economics 2. Uma Kapilas Indian Economy: Performance and Policies is a good starting point. However, what helped me fetch a decent 137/250 score was reading scholarly articles published in reputed journals like EPW, glancing over latest working papers by researchers at IGIDR and going through proceedings of academic events like NCAERs India Policy Forum. For the benefit of future aspirants, I have linked the ungated, freely available versions of all the 150-odd research papers I referred to on my website, grouped by topic: https://agrawalsarthak.wordpress.com/economics-ii/.

Critically engaging with op-eds, blogs and articles on economic issues occupied the rest of my time. Indian Express Explained section is fast becoming the #1 resource for UPSC aspirants. Moreover, it is impossible to miss Udit Mishras excellent weekly posts. If you can learn to write economics like he does, Indian economy will seem like a cakewalk. Vision IAS has a fine annual current affairs compilation too. Finally, referring to previous year papers is crucial I could easily find CSE papers going as far back as 2005 and students can also have a look at Indian Economic Service (IES) papers although those tend to be somewhat simpler and more factual.

However, make sure you read different perspectives while preparing for the Indian economy, and especially the pre-Independence portion that is (strangely) becoming quite important. For the latter, I again referred to my BA (Hons) syllabus, where we studied a semester-long course on Indias economic history. Later, I deliberately sourced writings by scholars on either side of the ideological divide and after carefully scouting through these papers, I synthesised the evidence and tried to arrive at my own opinions. I think having an evidence-driven stand is very important for Economics 2 so dont feel the need to dither if you can defend your viewpoint using data and theory.

A few weeks before the exam I tried to memorise data and statistics that were relevant to different parts of the syllabus. Besides remembering things verbatim, having a ballpark idea of various economic indicators is also quite useful. This will automatically happen when you read economics news regularly you dont necessarily need to refer to a business newspaper; The Indian Express is good enough. While preparing, I also made a bibliography of various papers I referred to along with the key empirical or theoretical contribution of each one of them and cited them liberally throughout my Economics 2 responses just as one does while writing an academic essay.

Besides sprinkling data in my answers, citing scholarly research, and taking a firm stand where necessary, I tried being concise in whatever I wrote. This is different from how one attempts GS papers, for instance. Keeping all these things in mind can help you fetch good marks in the Economics optional papers but more importantly reading well-written books and cutting-edge papers will help inculcate a deep interest in the subject that will survive long beyond your UPSC days.

(The author is AIR 17 in UPSC Civil Services 2020 and is a researcher at the World Bank)

Read more here:

UPSC Civil Services: Choose Economics as optional only if you are truly interested in subject, says AIR 17 Sarthak Agrawal - The Indian Express

ROCKLAND, Mass. & PEABODY, Mass.--(BUSINESS WIRE)--Independent Bank Corp. (NASDAQ Global Select Market: INDB) (Independent), parent of Rockland Trust Company, and Meridian Bancorp, Inc. (NASDAQ Global Select Market: EBSB) (Meridian), parent of East Boston Savings Bank, jointly reported the following in connection with Independents proposed acquisition of Meridian:

About Independent Bank Corp. and Rockland Trust

Independent Bank Corp. (NASDAQ Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. Rockland Trust was named to The Boston Globe's "Top Places to Work" 2020 list, an honor earned for the 12th consecutive year. In 2021, Rockland Trust was ranked the #1 Bank in Massachusetts according to Forbes World's Best Banks list for the second year in a row. Rockland Trust has a longstanding commitment to equity and inclusion. This commitment is underscored by initiatives such as Diversity and Inclusion leadership training, a colleague Allyship mentoring program, and numerous Employee Resource Groups focused on providing colleague support and education, reinforcing a culture of mutual respect and advancing professional development, and Rockland Trust's sponsorship of diverse community organizations through charitable giving and employee-based volunteerism. In addition, Rockland Trust is deeply committed to the communities it serves, as reflected in the overall "Outstanding" rating in its most recent Community Reinvestment Act performance evaluation. Rockland Trust offers a wide range of banking, investment, and insurance services. The Bank serves businesses and individuals through approximately 100 retail branches, commercial and residential lending centers, and investment management offices in eastern Massachusetts, including Greater Boston, the South Shore, Cape Cod and Islands, Worcester County, and Rhode Island. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender. To find out why Rockland Trust is the bank "Where Each Relationship Matters," please visit RocklandTrust.com.

About Meridian Bancorp, Inc.

Meridian Bancorp, Inc. (NASDAQ Global Select Market: EBSB) is the holding company for East Boston Savings Bank. East Boston Savings Bank, a Massachusetts-chartered stock savings bank founded in 1848, operates 43 branches in the greater Boston metropolitan area, including 42 full-service locations and one mobile branch. East Boston Savings Bank offers a variety of deposit and loan products to individuals and businesses located in its primary market, which consists of Essex, Middlesex, Norfolk and Suffolk Counties, Massachusetts. For additional information, visit http://www.ebsb.com.

Caution Regarding Forward Looking Statements

This communication may contain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Independent and Meridian, the expected timing of completion of the transaction, and other statements that are not historical facts. Such statements are subject to numerous assumptions, risks, and uncertainties. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.

While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: changes in general economic, political, or industry conditions; the magnitude and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions and the business, results of operations, and financial condition of Independent and Meridian; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve Board; volatility and disruptions in global capital and credit markets; movements in interest rates; reform of LIBOR; increased competition in the markets of Independent and Meridian; success, impact, and timing of business strategies of Independent and Meridian; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations; the failure to satisfy any of the conditions to the closing of transaction on a timely basis or at all or other delays in completing the transaction; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement; the outcome of any legal proceedings that may be instituted against Independent or Meridian; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Independent and Meridian do business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of managements attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; the dilution caused by Independents issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of Independent and Meridian. Additional factors that could cause results to differ materially from those described above can be found in Independents Annual Report on Form 10-K for the year ended December 31, 2020 and in its subsequent Quarterly Reports on Form 10-Q, including in the respective Risk Factors sections of such reports, as well as in subsequent SEC filings, each of which is on file with the Securities and Exchange Commission (the SEC) and available in the Investor Relations section of Independents website, http://www.rocklandtrust.com, under the heading SEC Filings and in other documents Independent files with the SEC, and in Meridians Annual Report on Form 10-K for the year ended December 31, 2020 and in its subsequent Quarterly Reports on Form 10-Q, including in the respective Risk Factors sections of such reports, as well as in subsequent SEC filings, each of which is on file with and available in the Investor Relations section of Meridians website, http://www.ebsb.com, under the heading SEC Filings and in other documents Meridian files with the SEC.

All forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Independent and Meridian assumes any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

Category: Merger Releases

Excerpt from:

Independent Bank Corp. and Meridian Bancorp, Inc. Report Receipt of All Regulatory Approvals and Anticipated Closing Date - Business Wire

Hi there,

I would like to share my thoughts on Education Reforms in Nigeria. As the Presidents Senior Special Assistant for Education Interventions, I work with states and development partners to fashion out programs that speak to our peculiar educational challenges. As a country, our educational history is replete with different types of education interventions. Some have been successful and I must say weve had our fair share of failed programs too.

Education is the most powerful weapon which you can use to change the world Nelson Mandela

Our Nation is a country with a population of over 200 million people. We are the most populous black nation on earth with Africas largest economy endowed with numerous natural resources. However, our most valuable resource remains our human capital. But the question is, how well are we doing in nurturing and developing our Human Capital Resource?

In terms of the Human Development Index (HDI) which is a summary measure used by the United Nations for assessing long-term progress in three basic dimensions of human development:

A long and healthy life

Access to knowledge

A decent standard of living.

Nigeria was measured at 0.539 points in 2019, which ranked us 161 amongst 189 countries. It is clear that we still have a lot of work to do in this area. To change our narrative, one of the most significant investments our country can make is to invest both its financial and political resources in bold and dispassionate education reforms.

Our Reality

One in five out-of-school children globally is in Nigeria, making up about 20% of children that are not getting any kind of formal education globally (UNICEF).

60 million or 30% of the Nigerian population are illiterate. (Ministry of Education).

In Nigeria, the average pupil to teacher ratio is 49 (UNESCO).

According to the HCI (2018), a child born in Nigeria will acquire, on average, 8.2 years of school by the age of 18. However, when the years of school are adjusted by the quality of learning Nigerians are learning the equivalent of only 4.3 years of school.

So, Why Do We Need Bold And Revolutionary Reforms?

Looking at our reality in the education sector, its apparent that the current system isnt meeting the needs of Nigerians. It is also evident that our education system needs revolutionary reforms. We cannot just tweak the current system We Need To Reform It!.

What Are We Doing Now?

The current administration has taken some bold steps in the education space.

Teachers;

A Special Salary Scale.

Free Tuition for their wards.

Automatic employment for graduate teachers.

Upward review of the retirement age from 60 to 65 years.

Years of service increased from 35 to 40 years.

Others;

Intervention funds for universities.

Approval of 15 university online learning centers.

School feeding programs that have helped to increase enrolments in schools across the country.

Allocation of N742.5 billion, representing 5.6% of the 2021 budget, to the educational sector.

The Better Education Service Delivery for All (BESDA) which is a program established by the World Bank in collaboration with states and thefederal government to increase equitable access for out-of-school children, improve literacy in focus states and strengthen accountability for results in basic education.

However, we still have a lot of work to do. The general consensus amongst education stakeholders is that successive administrations (including ours) have not been bold enough to carry out the necessary reforms that would transform our education system I agree. The truth is, given the challenges facing our education system, if we are serious about changing our narrative we are condemned to taking steps that will elicit significant pushback, resistance and heavy criticism.

In recent times, Mallam Nasir El-Rufai, the governor of Kaduna state took bold and decisive steps to change the narrative of education in his state. In 2015, he declared a state of emergency in the education sector. As a result, proficiency tests for teachers were carried out across the state. A significant number of teachers failed and they were laid-off. That decision was condemned by labour groups, education stakeholders, political parties and even some government officials. The general narrative was that this decision would cost him his second term re-election. His response was;

If losing the second term in office will give Kaduna State children a future with better primary education, I am ready to let it go.

Something we can learn from Governor El-Rufai is that to truly change things, you must be bold and courageous because you will definitely face stringent opposition. However, if you stand firm and people see that the reform is well thought through and articulated, being implemented dispassionately and yielding desired results they will ultimately rally behind you.

Another key intervention I was privileged to lead was ReadySetWork (RSW). RSW was a 13-week entrepreneurship and employability program that prepared final year students in all Lagos-based tertiary institutions for immediate entry into the workforce. The program commenced in 2016 with a pilot of 500 students, 1 center and 198 students placed in various internships. As of 2018, we scaled up to 25,000 students, 3 centers and over 1,000 of those students placed in internships across the state. This program positively impacted the lives of graduates in Lagos state.

Recently, the United Nations International Childrens Emergency Fund (UNICEF) in collaboration with the Nigerian government launched Generation Unlimited (GenU) Nigeria on the 26th of July 2021. GenU Nigeria aims to reach 2 million young people aged 10-24years by 2023 and 20 million by 2030 with education, skills training, employment, entrepreneurship and empowerment. I am excited to be one of the key stakeholders driving this intervention.

I must also applaud states like Edo, Kwara, Anambra among others, for the different interventions they are carrying out. However, the question is: Are we really doing enough? Are these interventions bold and big enough to change our educational sector? Will these interventions stand the test of time and be continued by future administrations?. Sadly, the answers to some of the questions above may not be evident to us all for another decade or so. In the unfortunate event that the answers to these questions are negative, then we would be in a more precarious state than we are now and that would be disastrous.

A trip down memory lane unfolds one intervention that was successfully implemented decades ago Chief Obafemi Awolowos Free Education Reform. This is one of the most courageous, bold, innovative and revolutionary reforms in the education sector to date. It was a unique approach to addressing educational difficulties in Western Nigeria. However, this intervention was not without certain inherent challenges, opposition and open hostility but the dedication, determination and commitment of the stakeholders to the project was critical to its success. I would be evaluating the reforms background, the pushbacks it faced and its results.

Background

In 1952, Chief Obafemi Awolowo proposed and presented a Free Education Reform, which was launched in January 1955. It was one of the key agendas of the Western Nigerian political party Action Group. From 1952 to 1954, the administration took several steps to meet its 1955 deadline. They initiated a large-scale teacher-training program, started extensive construction of primary and secondary schools across the region and made adequate provision for books and writing materials for the incoming students.

Pushbacks

This reform faced stiff opposition. Many people felt that the government of the day was overstepping its boundaries by imposing tax liabilities on parents to fund the program and for also making the program compulsory. This meant that parents would be held liable if they didnt send their children to school. Wow!, at that time this was unthinkable. In the 1950s, children were seen as legitimate and necessary contributors to the economic wellbeing of the family. Children served as farmhands, helpers in market places, workshops etc.

Key members of the government and education stakeholders were also opposed to the reform because of its scale and the huge resources that had to be allocated to it. Looking back at this reform, the level of hostility it encountered is astounding. However, Chief Obafemi Awolowo and his colleagues stood firm, remained undaunted and launched the program in 1955; the rest, as they say, is history.

Results

The launch of this scheme was a watershed moment in the educational history of Nigeria and indeed Africa. Its accomplishments were truly outstanding;

1954-1958

The number of primary schools in the region increased by 80.5 %, from 3,550 to 6670.

The number of secondary schools increased by 470%, from 68 to 389.

The number of elementary school students surged by 128%, from 456,600 to 1.04 million.

Other Fallouts

The reform ushered in a shift in peoples perception of female education. By 1966, 10 years after the programs inception, nearly two out of every five students in Western Nigeria were female!

People in the region enjoyed a higher share of personal advancement and modernization as a result of the reform.

The reform established a larger pool of applicants from which secondary schools and teacher training colleges could recruit.

In conclusion, there is no disputing the fact that the Free Primary Education intervention in Western Nigeria made a considerably remarkable impact and left an indelible imprint in the history of education in Western Nigeria and the country as a whole. This reform led to a faster-growing middle-class, which benefited higher education, the labour market and the economy.Furthermore, many more states in the country benefited and have been influenced positively by the impact of this intervention to date. This reform has also benefited me, the author of this article. Its been described as;

The boldest and perhaps the most unprecedented educational scheme in Africa South of the Sahara

In the second part of this article, I would be sharing my thoughts on some tough questions we need to answer if we are going to radically transform education in Nigeria.

Till the next time we meet here, remember we all have A Role to Play.

Bank-Olemoh is the Senior Special Assistant to the President on Education Interventions.

Read the original:

Educational reforms in Nigeria - TheCable