Category Archives: Resource Based Economy

VANCOUVER, British Columbia, Dec. 15, 2021 (GLOBE NEWSWIRE) -- Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (Ascot or the Company) is pleased to announce additional assay results from the 2021 exploration drill program at the Companys Premier Gold Project (PGP). This release summarizes assays from the Companys first two drill holes this year on the Sebakwe Zone near existing resources and the Premier mill building, along with an overview and background on the Sebakwe Zone itself.

Highlights from the drill results include:

Derek White, President and CEO of Ascot commented, In similar fashion to the Day Zone and Premier West, the Sebakwe Zone represents yet another exciting opportunity for Ascot to discover accretive, high-grade mineralization close to existing infrastructure and current underground resources. Given the sparse historical drilling, the mapped structural geometry, and the strong IP signature, we knew Sebakwe was highly prospective for high-grade gold mineralization. However, we were still pleasantly surprised by the impressive result of 36.2 g/t over 7.1m, including two very high-grade sub-intervals grading over 100 g/t and containing coarse visible gold.

Given the similarities to the structurally controlled Premier and Northern Light deposits adjacent to the south, our hypothesis is that Sebakwe could potentially be a third repeat of the same structure. While we only completed two drill holes at Sebakwe this year, the results were outstanding and this zone will be followed up on in a much more meaningful way in next years exploration program.

Sebakwe Zone

Two exploration drill holes (total of 820m) were completed in October 2021 targeting mineralization in the Sebakwe Zone to the north of established resources of the Premier deposit. Gold mineralization at Premier is hosted in two arcuate structures as depicted in Figure 1. The new drill holes targeted an area where historical drill holes from the 1920s and 1930s were completed, but did not have accurate location or survey information. These historical drill holes, and now the new holes, seem to indicate the possible existence of a third structure to the north of the two known structures.

The new drill holes intersected the prospective andesite stratigraphy at a depth of 290m (hole 2385) and 270m (hole 2386), respectively. Gold mineralization was intercepted at a vertical depth to topography of approximately 200m and at a similar elevation as the mill building approximately 600m to the west. The mineralized zone has an apparent dip of approximately 40 degrees to the north (see Figure 2) and is located about 150m to the north of the deepest part of the Northern Light structure, but the distance to an equivalent location on that structure may be as far as 500m which coincides with the distance between the Premier structure and the Northern Light structure.

The topography immediately above the Sebakwe Zone is very steep and given the gradually increasing depth of the Betty Creek Formation cover rock, this area was seldom drilled in the propertys history. The intercepts in the new drill holes confirm the results from historical drilling and open up exciting possibilities to establish additional high-grade resources in this area. The 2022 exploration program will aim to establish additional drill platforms to test the strike and dip extent of the Sebakwe Zone.

Figure 1 Location map of the new Sebakwe drill holes. The established gold mineralization in the Premier and Northern Light structures to the south are illustrated by blocks in the Indicated and Inferred category (Ascot PGP Resource, Bird 2020).

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Figure 2 Cross section showing the new Sebakwe drill holes superimposed on an induced polarization section illustrating that the location of mineralization is coinciding with a chargeability feature in the geophysical data.

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Figure 3 Visible gold occurrences in drill hole P21-2385 at approximately 370m depth.

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Table 1 Sebakwe drill results

Note: If the interpreted northerly dip of the mineralized zone is correct, reported intercepts are close to true width. However, there is limited information available for this area and interpretations will have to be confirmed by additional drilling.

Table 2 Drill pad location

Qualified Person

Lawrence Tsang, P.Geo., the Companys Senior Geologist provides the field management for the PGP exploration program. John Kiernan, P.Eng., Chief Operating Officer of the Company is the Companys Qualified Person (QP) as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this news release.

Quality Assurance/Quality Control

Analytical work is being carried out by ALS Canada Ltd. (ALS). Ascots quality-assurance and quality-control program includes the use of analytical blanks to monitor for cross contamination, certified reference material standards to assess analytical accuracy, and duplicate samples to quantify sampling precision. This is in addition to the internal quality assurance program employed by ALS.

Samples are dried and weighed by ALS. They are then crushed to 75% passing 2mm, with 250g split and pulverized to 85% passing 75m. Samples are processed at the ALS preparation lab in Terrace and sent to ALS in North Vancouver for analysis. There, all samples are dissolved using four acid digestion with an ICP-AES finish and fire assay with AA finish for gold. Samples over 100ppm silver are digested with aqua regia and then volumetrically diluted before an ICP-AES or AA finish (up to 1,500ppm). Samples over 1,500ppm silver are fire assayed with a gravimetric finish. Samples over 10ppm gold are fire assayed with a gravimetric finish. Identified or suspected metallic gold or silver are subjected to metallics assays. Sampling and storage is located at the Companys secure facility in Stewart.

On behalf of the Board of Directors of Ascot Resources Ltd.Derek C. WhitePresident & CEO

For further information contact:David Stewart, P.Eng.VP, Corporate Development & Shareholder Communicationsdstewart@ascotgold.com778-725-1060 ext. 1024

About Ascot Resources Ltd.

Ascot is a Canadian-based junior exploration and development company focused on re-starting the past-producing Premier gold mine, located in British Columbias prolific Golden Triangle. Ascot shares trade on the TSX under the ticker AOT. Concurrent with progressing the development of Premier, the Company continues to successfully explore its properties for additional high-grade underground resources. Ascot is committed to the safe and responsible development of Premier in collaboration with Nisgaa Nation as outlined in the Benefits Agreement.

For more information about the Company, please refer to the Companys profile on SEDAR at http://www.sedar.com or visit the Companys web site at http://www.ascotgold.com, or for a virtual tour visit http://www.vrify.com under Ascot Resources.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

All statements, trend analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as seek, anticipate, believe, plan, estimate, expect and intend and statements that an event or result may, will, should, could or might occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein are forward-looking statements, including statements regarding the Companys exploration and development plans, the success of the Projects, the implementation of the Agreement, the benefits of the Agreement to Nisgaa Nation, its citizens and businesses as well as the shareholders and stakeholders of Ascot, and related matters. Although Ascot believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since the Ascot can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Ascots periodic filings with Canadian securities regulators, and assumptions made with regard to: the anticipated benefits of the Agreement, the estimated costs associated with construction of the Premier Gold Project; the timing of the anticipated start of production at the Projects; the ability to maintain throughput and production levels at the Premier Mill; the tax rate applicable to the Company; future commodity prices; the grade of Resources and Reserves; the ability of the Company to convert inferred resources to other categories; the ability of the Company to reduce mining dilution; the ability to reduce capital costs. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from Ascots expectations include risks associated with the implementation of the Agreement, risks associated with the business of Ascot; risks related to exploration and potential development of Ascots projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and indigenous groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; risks associated with COVID-19 including adverse impacts on the world economy, construction timing and the availability of personnel; and other risk factors as detailed from time to time and additional risks identified in Ascots filings with Canadian securities regulators on SEDAR in Canada (available at http://www.sedar.com). The timing of future economic studies; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of the Premier Gold Project as well as those factors discussed in the Annual Information Form of the Company dated March 26, 2021 in the section entitled "Risk Factors", under Ascots SEDAR profile at http://www.sedar.com. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Ascot does not undertake any obligation to update forward-looking statements.

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Ascot Intercepts 36.2 g/t Gold Over 7.1 Metres Including Multiple Occurrences of Coarse Visible Gold in Exploration Drill Hole on the Sebakwe Zone -...

By CHRYSPIN AFIFU

Women constitute 89 percent of the workforce in the informal economies in sub-Saharan Africa.This sector constitutes economic activities, enterprises, and workers that are neither regulated nor protected by the government.

In East Africa, the informal economies make significant contribution to employment creation, income generation, poverty reduction and overall economic growth. However, gains made in this sector stand to be eroded by the COVID-19 pandemic.The International Labour Organization projected that 1.6 billion informal workers to have been among those most severely affected at the onset of the pandemic globally. Women in this sector have borne the brunt of the socio-economic shocks brought about by the pandemic.

Cycles of lockdowns, cessation of movements, social distancing, and other COVID-19 containment measures for almost 21 months for countries in East Africa proved disruptive to the informal sector, especially women workers in the sector.

Evidence from a study undertaken by the International Center for Research on Women (ICRW) on the impact of COVID-19 on informal women workers, demonstrates an increase in women working in this sector from 34% in June 2020 to highs of 83% in May 2021 in the region. Women in this sector also experienced (and continue to) increased vulnerabilities due to loss of livelihoods &income, gender-based violence, increased unpaid care and domestic work burden, mental instability, and lack of social and labour protections.

Notwithstanding, women in this sector are not a homogenous group. The pandemic had differential impacts on the informal economy, specifically the service (food and trading) sub-sectors. Workers in these sub-sectors were extensively affected by the restrictive movements, business closures, and all other COVID-19 containment measures which increased business operating costs and disruptions in supply chains and market operations.

While no country has been spared from the impact of the pandemic, the lack of gendered data further compounds this gap. Hence the lack of understanding on the exact impact of the pandemic on this sector, and the continued invisibility of the informal sector in current post-pandemic economic recovery and policy responses.

The significant repercussions of the pandemic to the informal sector demands pragmatic considerations for a gendered response of the pandemic. Governments ought to position the economic recovery for informal workers at the center of their recovery plans by recognizing the challenges encountered, barriers to their bounce back and opportunities for enhancing coping and resilience mechanisms by the informal workers.

What next for the informal women workers?

Job and social protections for workers: The increased burden of care placed on women workers underscores the need for childcare benefits as an income and job protection measure. Innovations towards setting up of workplace or community childcare infrastructure options for women in the informal sector are requisite in enabling a work- life balance by women in the sector and providing alternatives to reducing the care load. Investments by both the government and private sector will go along away in making this a reality for the informal workers.

Financial inclusion: Studies show that women depleted their savings to meet their business and household basic needs during the pandemic. Some of the workers traded off their assets, such as land and business equipment as a means to their survival. In building back, the economy, the need for access to low-cost credit and financing solutions by informal enterprises is a priority. Women in the informal economy continue to rely on loan sharks and fintech for alternative financing. While these alternatives are easy to access, they have high interest rates. Most of the women in this sector do not have a credible credit history to facilitate their access to finance from formal and regulated financial institutions such as banks and microfinance institutions. There is need therefore for actors in the financial sectors to design financial products and services that will benefit women in the informal sector.

Inclusive social protection packages: While vulnerable households were targeted by governments and civil society with cash transfers or food rations, there is insufficient evidence on whether the right beneficiaries were reached through these schemes. The absence of health insurance packages targeting informal workers is glaring in most of the East Africa countries. It is therefore imperative for the governments to invest in responsive, targeted social protection measures which gives entitlement to the women in the informal economy. This calls for sealing all loopholes in cross-sectoral programming, expanding social protection systems including scaling up social transfer programmes to protect female-headed households and their microenterprise from the worst secondary impacts of the continuing COVID-19 crisis.

Responsive tax regimes: The effects of emerging taxation regime that seem to target the informal businesses such the turnover taxes, the minimum taxes, value added taxes on essential commodities and digital taxes should be reconsidered in the period of recovery. They have a direct negative impact on the survivalist income drawn by the informal women workers. The IMF and World Bank Group recommend that fiscal policies should prioritize spending on human development programmes. Financial tracking and monitoring public finance systems for women-sensitive spending are imperative measures to ensure adequate resource allocation and expenditure to meet their economic needs not just taking away from them.

In conclusion, for women to thrive in the informal sector and overcome shocks and risks, gender smart investments by all relevant stakeholders must be made. The governments in the East African Community need to acknowledge the diversities among women in the informal economy to necessitate a gendered analysis of the pandemic, and the inclusion of the women in designing solutions contextualized to the various sectors and sub-sectors.

Chryspin Afifu is a Gender & Women Eonomic Empowerment Specialist at the International Center for Research on Women (ICRW)

By the REBUILD Project Team | International Center for Research on Women (ICRW)

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Adapting to the new normal sustainably: What next for informal women workers in East Africa? - The East African

Markisha Beacham is balancing classes and a work-study job while pushing toward a degree in administrative assistance at San Antonio College.

The 34-year-old mother of two struggles to provide for herself and her teenagers on her current salary.

Basically, its like, are we going to eat today or not eat today to get a bill paid? Beacham said.

She has turned to the colleges food pantry, a resource that often makes the difference between giving her kids a hot meal or a bowl of cereal for dinner.

And, Beacham found, theres an app for that. This year, the San Antonio Food Bank became one of the first in the nation to adopt OrderAhead, an online platform developed by the nonprofit network Feeding America.

Users enter their ZIP code, select a pickup time and location, choose from an array of available products and confirm their order. With a $20,000 grant from Feeding America, the Food Bank is testing the system at SAC.

San Antonio Food Bank staffer Herminio Pesina hauls a cart of groceries between two cars during a curbside distribution Wednesday. The San Antonio Food Bank is piloting a new model of charitable food distribution called OrderAhead. OrderAhead allows users to select from a variety of options and choose a designated pickup time and location, increasing efficiency and discretion. In addition, the food bank hosted curbside pickup sessions every afternoon of the week.

San Antonio Food Bank staffer Maureen Gallington loads a box of mixed vegetables into the back of a vehicle during a curbside distributionWednesday. The San Antonio Food Bank is piloting a new model of charitable food distribution called OrderAhead. OrderAhead allows users to select from a variety of options and choose a designated pickup time and location, increasing efficiency and discretion. In addition, the food bank hosted curbside pickup sessions every afternoon of the week.

People fill carts with groceries for a curbside distribution Wednesday. The San Antonio Food Bank is piloting a new model of charitable food distribution called OrderAhead. OrderAhead allows users to select from a variety of options and choose a designated pickup time and location, increasing efficiency and discretion. In addition, the food bank hosted curbside pickup sessions every afternoon of the week.

San Antonio Food Bank staffer Herminio Pesina pulls a cart of groceries to a vehicle during a curbside distribution Wednesday. The food bank is piloting a new model of charitable food distribution called OrderAhead. OrderAhead allows users to select from a variety of options and choose a designated pickup time and location, increasing efficiency and discretion. In addition, the food bank hosted curbside pickup sessions every afternoon of the week.

Volunteer Robert Bishop loads food onto carts as the San Antonio Food Bank conducts a curbside distribution Wednesday. The food bank is piloting a new model of charitable food distribution called OrderAhead. OrderAhead allows users to select from a variety of options and choose a designated pickup time and location, increasing efficiency and discretion. In addition, the food bank hosted curbside pickup sessions every afternoon of the week.

Volunteer Robert Bishop loads food onto carts as the San Antonio Food Bank conducts a curbside distribution Wednesday. The food bank is piloting a new model of charitable food distribution called OrderAhead. OrderAhead allows users to select from a variety of options and choose a designated pickup time and location, increasing efficiency and discretion. In addition, the food bank hosted curbside pickup sessions every afternoon of the week.

Lauren Granado with the San Antonio Food Bank loads bags of groceries into a vehicle during a curbside distribution Wednesday. The food bank is piloting a new model of charitable food distribution called OrderAhead. OrderAhead allows users to select from a variety of options and choose a designated pickup time and location, increasing efficiency and discretion. In addition, the food bank hosted curbside pickup sessions every afternoon of the week.

San Antonio Food Bank staffer Herminio Pesina loads groceries into a vehicle during a curbside distribution Wednesday. The food bank is piloting a new model of charitable food distribution called OrderAhead. OrderAhead allows users to select from a variety of options and choose a designated pickup time and location, increasing efficiency and discretion. In addition, the food bank hosted curbside pickup sessions every afternoon of the week.

About 60 percent of students there are considered food-insecure, which makes the campus a perfect proving ground, said Roger Narvaez, a former Food Bank employee and now the senior coordinator at the colleges Student Advocacy Center, which aims to improve retention and graduation rates by helping with nonschool needs.

You have to have food before you can focus on your studies or your education or school, Beacham said. Without that, you cant think about anything, because you have to survive first.

Narvaez described OrderAhead as very accessible, very easy, very user-friendly.

Its also private, designed to lighten the emotional burden of obtaining food help as well as improve the efficiency of distributing it.

The need for food assistance increased dramatically in 2020, when the coronavirus pandemic upended San Antonios service-based economy. The Food Bank went from serving 200 to 400 families at its frequent pop-up distribution events to 2,000 to 4,000 and was looking for ways to feed more people faster, said Eric Cooper, its president and CEO.

Integrating the app into its operations will help us reduce the stigma and increase dignity in how people access charitable food, Cooper said.

As a community, we have a high rate of inequity when it comes to those with resources and those without, and so we have, per capita in our population, one of the highest poverty rates in the country, Cooper said.

But the process of picking up food can be difficult and even humiliating, and clients might have to wait for hours to obtain a single box of supplies.

Ernest Garcia (left) watches as Maureen Gallington (from right) and Herminio Pesina with the San Antonio Food Bank load groceries into his vehicle during a curbside distribution Wednesday. Garcia said hes on fixed income and has twice sought the help of the food bank. The food bank is piloting a new model of charitable food distribution called OrderAhead. OrderAhead allows users to select from a variety of options and choose a designated pickup time and location, increasing efficiency and discretion. In addition, the food bank hosted curbside pickup sessions every afternoon of the week.

Maybe theres some embarrassment, Cooper said. (Maybe theyre thinking), I dont want to be seen, I dont want my family to know or I dont want someone to judge me.

Loading his trunk in front of the Food Banks sprawling warehouse recently, Jorge Quiroz said he had never had to rely on the organization before the pandemic. But work in the oil fields has been scarce, severely affecting his income.

Things get bad. I guess you got to try whatever, he said.

But Quiroz isnt comfortable with it. He doesnt relish feeling as though he has to rely on handouts to survive.

Im not used to it. Im used to working for what I get, he said. I never liked to live off food stamps or anything. I like to work for what I earn.

Food insecurity, or inconsistent access to sufficient amounts of nutritious food, is a nationwide problem. In 2020, 10.5 percent of households were food-insecure at some point during the year, according to the U.S. Agriculture Department.

Generally, the need is greatest in the South, according to a map of food insecurity maintained by Feeding America.

OrderAheads solution is to expand pickup locations to include less obvious venues such as schools and libraries, including the Alamo Colleges, which have established food pantries.

Cooper expects that the platform also will improve the existing model of food distribution by increasing flexibility.

Tools like OrderAhead mimic what one might experience (at) their local H-E-B or a restaurant and how they might use an app like Uber Eats or DoorDash, Cooper said.

Gastrointestinally speaking, one size does not fit all. Prepackaged boxes can include ingredients or entire meals that contain allergens or violate dietary restrictions. By taking individual needs and preferences into account, OrderAhead can cut down on waste.

They can pick what they want from their phone rather than have to go in and shop for it, said Narvaez, the coordinator at SAC.

No. 1 is convenience for the students, he said. It definitely is going to (save them time), especially when they have children, they have tests, theyre in between classes.

Beacham was eager to try the platform. She expects that it will make meal planning easier, potentially improving the quality of her familys diet in the long run.

You can just make better decisions when you have more time to pick your items, she said. When you go into a store, if you have 15 or 20 minutes, then youre going to probably just grab whatever. But if you dont have those options right in your face, youll do better with your choices.

Kelly Figueroa with the San Antonio Food Bank rolls a cart of groceries to a car during a curbside distribution Wednesday. The food bank is piloting a new model of charitable food distribution called OrderAhead. OrderAhead allows users to select from a variety of options and choose a designated pickup time and location, increasing efficiency and discretion. In addition, the food bank hosted curbside pickup sessions every afternoon of the week.

She hopes the platforms increased privacy will encourage her peers to use it.

For some people, I know theyre ashamed to even say they need help, Beacham said. A lot of students will rather go hungry than feel the shame.

Sometimes we just need a helping hand to get us to the point to where we can give back, she said. Because if we have nothing, what can you give?

caroline.tien@hearst.com

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Are we going to eat today? San Antonio Food Bank adds online ordering as COVID-19 increases need - San Antonio Express-News

Albertas finance minister says the recent bullish run on energy prices is part of a stronger economic story on the provinces bottom line that will be revealed in the upcoming second-quarter budget update.

Travis Toews says investment is gaining strength across a range of sectors, but he is not revealing details until the update is delivered Tuesday.

Certainly, rising energy prices are part of the good news story for Alberta, there's no doubt about that, but tomorrow we can talk about a much broader recovery, Toews told reporters at the legislature Monday.

We're seeing improved investment attraction across many key sectors in the province.

Toews introduced the budget back in February projecting an $18-billion budget deficit with West Texas Intermediate the North American oil benchmark price estimated to average US$46 a barrel throughout the year.

But both oil and natural gas, mainstays of Alberta's resource-based economy, have been enjoying banner years. That has prompted the province to adjust both revenues and projections.

In the first-quarter budget update in August, Alberta's West Texas forecast was raised to US$65 a barrel and the deficit projection halved to less than $8 billon.

Projected natural gas revenues more than doubled to $1.2 billion from February's budget.

Economist Trevor Tombe said up until last week West Texas was averaging US$71 a barrel alongside a price surge in natural gas to almost $3.60 a gigajoule up substantially from the $2.60 gigajoule predicted at budget.

He said all that could mean an extra $2 billion on top of the $10 billion the province was expecting to receive from all non-renewable resources this fiscal year.

Tomorrow we may very well see certainly above 10 (billion dollars), I think no question about that, but maybe 11 or 12,'' said Tombe, a professor at the University of Calgary. It depends how conservative the government wants to be (in its price forecasts).

Were still in a time of pretty incredibly high uncertainty (given COVID-19), so all of these numbers should be therefore taken with a grain of salt.

But it's nice that we've seen some really positive developments for Alberta in recent months,'' Tombe added.

Opposition NDP finance critic Shannon Phillips said the government is benefiting from a rise in energy prices, but it still needs to present a plan to help families dealing with the double whammy of a 4.7 per cent rise in inflation to go with higher user fees, bills and insurance rates imposed under Kenney's United Conservative Party.

Its time for Premier Jason Kenney (and) his finance minister to put their feet on the ground, get their heads out of the clouds and focus on what's actually worrying ordinary people,'' said Phillips.

2021 The Canadian Press

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Higher energy prices expected to deliver boost in Alberta budget update - JWN

An oil and gas platform off the coast of Africa. Jan

The 46 least developed countries (LDCs) are among the most vulnerable developing economies. Given the already high pressure for these countries to grow sustainably, reduce poverty and improve livelihoods for their people, they cannot afford to strand their assets. Stranded assets are those whose value has fallen so steeply they must be written off. The growing risk of stranded assets has implications on countries right to development or right to promote sustainable development, raising important questions of equity.

Throughout their history, many industrialised countries have engaged in deforestation, built dams and other environmentally disruptive infrastructure megaprojects, and used fossil fuels to develop. Latecomers to this stage of industrial development are being discouraged from engaging in these activities thus potentially limiting their scope to develop.

Many developing countries, particularly LDCs with significant fossil fuel resources, stand to lose the most from asset stranding and the adoption of renewables in the coming decades. According to2015 research, Africa, where most of the LDCs are located, will have to leave 26%, 34% and 90% of gas, oil and coal reserves untouched, implying huge potential losses for these countries. The Carbon Tracker Initiativeestimatedthat by 2030, new wind and solar energy will be cheaper than 96% of existing coal power, and that 42% of global coal capacity is currently unprofitable. A shrinking market for oil, natural gas, and coal would drain critical revenues that governments could spend on investments in health, education and infrastructure.

Most LDCs have limited ability to diversify their economies, exports and sources of government revenues. Economic diversification is not a new topic and has been on the agenda of fossil fuel-producing countries and many other commodity-dependent and natural resource-based economies for many decades, yet has proved difficult to implement.

Whether these countries can diversify will depend on how long it takes and how much it costs to diversify away from high-risk carbon components into modern and complementary energy sectors, such as renewable energies, as well as other economic activities, while developing strong, resource-led value chains. This includes action to support the entry of LDCs into higher-value added manufacturing sectors, and technology-based services, among other industries, to reduce their dependence on one or a few natural resource-based sectors.

Furthermore, economic and political forces in many LDCs create pressure to invest in sectors and projects based on fossil fuels to transform their economies. Domestic reluctance to engage in climate change mitigation could expose fossil-fuel sectors to the effects of new and stronger global climate policies, heightening the risk of creating new stranded assets and facing massive economic losses.

Stranding of assets is already happening, bringing both risks and opportunities to LDCs and not all countries rich in fossil fuels will be affected equally. Thus far, the concept of fossil fuels as unburnable carbon or stranded assets has had little traction in the agenda of resource-rich LDCs. An aggressive pro-climate agenda may even be perceived by developing country leaders as counter-productive and anti-development, especially when set against urgent poverty alleviation and infrastructure needs. Hence,the dialogue regarding a just transition away from fossil fuelsin these countries might best be framed in terms of national goals for sustainable economic diversification.In this vein, anew OECD initiativeis aiming to help policy makers design comprehensive strategies towards net zero, avoid high-carbon lock in, and leave no one behind in the pursuit of a global carbon-neutral economy.

At the international level, the issue of equity has so far been mainly limited to a focus on reducing emissions in climate negotiations. Despite recent increases, in 2019,LDCs were estimated to account for about 1.1% of total world CO2 emissionsfrom fossil-fuel combustion and industrial processes the main sources of greenhouse gas emissions globally. The dominant frame for dealing with this has been to acknowledge that some countries are both more responsible for contributing to climate change and have a greater capacity to reduce their emissions.

Despite the centrality of the notion of common but differentiated responsibility within climate negotiations, there has, to date, been almost no mention of equity concerns around stranded assets. These could reasonably fall within the same logic of common but differentiated responsibilities and respective capabilities, following the assumption that assets will be stranded based on how economically efficient it is to extract them.

Given that in the longer-term it is likely there will be no credible economic case for producing fossil fuels such as oil and gas from new reserves, LDCs will need to start thinking about how to best utilise oil and gas. For example by converting these reserves into hydrogen with carbon capture and storage technologies, as was done byBangladesh.Many LDCs have largely untapped but abundant renewable energy resources, including solar energy, wind power, geothermal energy, and biomass. In this regard, domestic and international support, in the form of financial, technology transfers, and capacity building from industrialised countries is strongly needed.

The article was first published on the OECD Development Matters website.

Excerpt from:

Least developed countries cannot afford to strand their assets, given their development challenges - UNCTAD

For nearly 100 years, St. Petersburg College has been a valuable and accessible resource for people seeking better lives for their families and fulfillment in their careers. Since we enroll more than 43,000 students each year in our degree and short-term training programs, its pretty likely that you or others you know have a diploma or certification from SPC or perhaps from St. Petersburg Junior College. But what you may not know is the profound effect that SPC has on the economic value of Pinellas County, the Tampa Bay area and beyond.

Recently, SPC contracted data analytics advisers Emsi to conduct an economic impact analysis, based on 2019-20 data. Emsi, a national leader in labor market data studies, performs analyses for colleges and universities all around the country. We at SPC already knew we were doing good things, but the results of the report truly tell the story of the impact we have on our students by providing them with pathways to economic opportunity, and on our community, through the increased health, safety and well-being that comes with an educated citizenry.

The research revealed just how much, in dollars, that St. Petersburg College gives back to the community. In the 2019-20 fiscal year alone, SPC added $2.3 billion in income to the Tampa Bay regions economy which is about 1.3 percent of the regions gross regional product (GRP). Zooming in on Pinellas County, the college added $1.2 billion in income to the countys economy, or approximately 2.2 percent of the countys total GRP.

Additional findings include:

SPC alumni contribute more than $950 million in added income to the county.

For every $1 that supports SPC, the community gains $8.40 in added income and social savings.

SPCs operations spending added $163.8 million to the countys income.

A major takeaway is that SPC trains a talented workforce, and our students tend to stay in Pinellas and the Tampa Bay area after they graduate. This adds great economic value to our entire region. In fact, the report showed that SPC and our students are responsible for 17,547 jobs in Pinellas and 30,000 regionally. That means that one in 36 jobs in Pinellas can be attributed to the efforts of St. Petersburg College.

The numbers also show that our average associate degree graduate will earn nearly $12,000 more each year than a person with a high school diploma or equivalent. That number skyrockets to additional annual earnings of $28,500 year with a bachelors degree. SPC offers 17 bachelors degrees in the areas of business, education, health services, public safety and many more.

The results certainly confirmed our belief that the work done by our faculty, staff and students upholds our visionary commitment to provide an excellent education that prepares our students for the good-paying jobs that keep our community up and running.

Behind these figures are thousands of citizens who have bettered their lives and the lives of their families and their communities through education. From the nurse who takes care of you at the local hospital, to your childs teacher, to the firefighter that arrives on scene, these are faces of St. Petersburg College. As we approach our 100th anniversary in 2027, I am proud to share what an impact a community college makes to our every day lives.

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Tonjua Williams is the president of St. Petersburg College, Floridas oldest community college. A St. Petersburg native, she serves on the Board of the American Association of Community Colleges and is an alumna of the inaugural class of the Aspen Presidential Fellows.

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St. Petersburg College gives the Tampa Bay economy a $2.3 billion boost | Column - Tampa Bay Times

First published DEC 2, 2021 Updated Dec 2, 2021

Economy

Comment: The state of the climate, resource depletion and degradation of nature requires immediate action, and this need could be met by moving our model of production and consumption to a circular economy.

A circular economy is characterised by designing waste out of the system, the highly efficient use of resources, and a continuous recirculation of post-consumer materials, while drawing from renewable energy. It is a strategy that addresses not only waste and pollution but also long-term resource security and price volatility.

It provides a new model for sustaining human wellbeing within planetary boundaries and provides opportunities to improve competitiveness and economic resilience.

Contrast these characteristics with the traditional system we currently operate, the so-called linear economy where more than 90 percent of materials extracted for the global economy are used only once, and then thrown away. Economically valuable materials are disposed of while pressing environmental challenges are created.

These facts are drivers for the need to transition towards a circular economy which would offer great challenges and tremendous opportunities to develop clean innovations based on values and systems that relate to Aotearoa New Zealand, that involve Mori and encompass Te Tiriti.

Transitioning towards such a system requires making conscious choices and changing how we design, manufacture, sell, consume, use, and manage materials, products and services. At the same time, it requires innovative technologies, products, strategies, and approaches to achieve sustainability and generate economic prosperity.

Achieving a circular economy requires the efforts of all members of society. Universities are particularly well-placed to contribute to the creation of a sustainable future through research and teaching. We are at the forefront of these activities which means we generate new knowledge and innovations that provide solutions to interconnected social, economic and environmental challenges. We must combine efforts from different groups to catalyse the scientific and technological expertise of universities, industry and government agencies.

The circular economy requires new skills and mindsets. Without adequate education and training programmes in place, these skills would be unavailable to industry and communities. It is crucial for universities to educate a new generation of graduates who can bring circularity and sustainability mindsets to this space. There is urgent demand from industry seeking skill-development in circular economy, waste minimisation and resource recovery technologies. From a university perspective, our response to this need from industry has the added benefit of preparing our graduates for the challenges of resource limitation, an area of increasing focus for New Zealand and international industries.

In-depth research is required to support uptake of this new model and overcome the barriers to circular economy ideas and implementation. Focusing on fundamental research and basic sciences, as the bedrock of advancement, will lead us to applied solutions.

The circular economy will require the tapping of transformative digital, engineering and biological technologies to enable cleaner and more efficient extraction, production and waste management. Some of the technology required is still underdeveloped or unproven. Applied scientific research will help to upgrade the technological capabilities of industrial sectors, facilitate sustainable and resilient infrastructure development and support domestic technology development. These innovative applied solutions can be advanced in all sectors of the economy: from traditional resource sectors to manufacturing to services.

For the circular economy to flourish, a change in mindset is needed in every segment of society, from government to business and consumers. Economic and organisational innovations create new methods and management systems that support closing the loops and increasing resource efficiency.

As we move toward a circular economy in Aotearoa New Zealand, we must ensure that our systems are based on values, ideas, and knowledge of all New Zealanders our inequality and climate change challenges will not be overcome without ensuring that.

Transformational changes required are more likely to succeed if there is a strong role for Mori that is consistent with Te Tiriti. The wellbeing of the environment and people are embedded in the Mori cultural mindset. This acknowledges that much can be achieved if we work closely with Mori researchers, communities and businesses in a way that respects rangatiratanga (the right for Mori to make decisions for Mori) and aligns with Te Ao Mori, Mtauranga Mori (Mori knowledge), and kaitiakitanga (guardianship and protection).

And further, investing in innovation and technological solutions for circularity, in a way that honours Te Tiriti o Waitangi, supports or creates the jobs, communities, businesses and markets that contribute to solving New Zealands intergenerational challenges.

Originally posted here:

All round benefits of NZ adopting a circular economy - Newsroom

Back in 2009, I was looking for ways to combine my interest in environmental policy with my interest in effective organizational management. I had always considered these two areas separate, but the more I examined the field of organizational management in the 21st century, the more I saw environmental issues becoming central to the field of management. This led to my 2010 book, Sustainability Management, and the development of Columbias Master of Science program in Sustainability Management. As we designed the curriculum, we developed an area of management study we required of all students that we called: the physical dimensions of sustainability management. This included: energy efficiency, renewable energy, waste management, climate science, environmental science, ecology, toxicology, hydrology, green architecture, and other topics that had a physical or scientific component that managers needed to understand in addition to typical management topics such as finance, organizational management, strategy, marketing, quantitative analysis, financial and performance management, and human resource management.

In the decade-plus since then, we have broadened the field to include issues of diversity, equity, inclusion, and access and added courses on forests, public space, the circular economy, corporate sustainability reporting, sustainable fashion, and a variety of new and fascinating topics. The area that has achieved the most attention has been sustainability finance developed and led by my colleague, Professor Satyajit Bose. We have pioneered a range of courses in this area, including green accounting, energy finance, climate finance and sustainable development, financing the clean energy economy, energy markets and innovation, sustainable investing and economic growth, and impact finance. New courses are being developed every semester, and sustainability finance has become very attractive to many of our students.

Last week, my colleague, environmental law professor Michael Gerrard, alerted me to some new developments in the green finance field. He sent me the link to a Bloomberg piece by William Patrick Geor Louch and Alastair Marsh reporting that Private Equity Propels Top ESG Hires Into 7-Digit Pay League. According to these reporters:

Private equity firms, along with hedge funds, are significantly ramping up the amount theyre willing to pay specialists in sustainable finance, as a field once at the lower end of the pay scale moves closer to the top. According to headhunters, a growing number of ESG specialists are now being propelled into a completely different income bracket from the one they inhabited just a few years ago. Thats as the market for environmental, social and governance assets hurtles past $35 trillion.

This is happening because the capital markets have finally figured out that corporations are not immune to environmental risk. Climate-induced drought and extreme weather can disrupt operations. Toxics and invasive species can harm ecosystems, and when contagious viruses are involved, can bring economies screeching to a halt as they disrupt supply chains which turn out to be less durable than we had thought. Some wealthy people and public pension funds are insisting upon green investments. We are also learning that just as companies need to pay attention to financial and reputational risk, they must also understand and manage their environmental risks. Corporate concern for reputational risk has grown to include areas such as diversity, equity, and treatment of workers. Corporate performance in these areas is increasingly an object of consumer questioning and consumer choice. Corporate governance, which in the U.S. has traditionally been a bastion of white male domination, is now subject to government and security market regulation. States like California are requiring diversity on corporate boards located within their jurisdiction. All of this requires management to pay more attention to issues of environmental impact, social impact, and corporate governance.

The mainstreaming of ESG resembles the growth of financial disclosure and the field of accounting back when the U.S. Security and Exchange Commission (SEC) was created and tried to make financial risk more transparent during the post-depression economic recovery of the 1930s. In the 1920s, stock market risk resembled a crooked casino. FDR and JFKs dad Joseph Kennedy (the first SEC chair), changed that and built the modern stock market. Accounting began its climb to professional status during that time. I believe that sustainability management is seeing a similar evolution right now.

For some observers, this trend became obvious at COP26, the periodic trade show of the climate industry, which seemed to have been dominated by corporations. According to the New York Times opinion writer Christopher Caldwell:

The big annual United Nations forum for debate on climate change ended this month in Glasgow in a way that left many attendees bewildered. Money men have taken the thing over. COP26, as the event was called, was less like its predecessors and more like a second Davos the January meeting of the World Economic Forum where the global economys moguls and regulators meet to map out our economic future. Dozens of private jets arrived for COP26, bringing investors and fossil-fuel lobbyists in embarrassing profusion. The finance writer Gillian Tett noted that between 2015 and today, the tribe of COP attendees had been transformed from one of environment ministers, scientists and activists to one of business leaders, financiers and monetary officials. That is bound to render the movements tactics and goals less democratic

Perhaps, but I dont see much democracy in global diplomacy in the first place. You have diplomats from democratic states negotiating with diplomats from autocratic states, and diplomats from the developed world negotiating with diplomats from the developing world. National self-interest dominates these discussions. The public is not consulted and the linkage from unelected diplomats to elected officials and then to the public at large is tenuous at best. After 26 of these meetings, awareness has been raised, and climate change is slowly moderating, but far too slowly for anyone to believe the status quo is working.

We know the problem and have even figured out the solution: We need to make a transition from a fossil fuel-based economy to one built on renewable energy. The transition will cost a lot of money and lots of money will be made and lost while its underway. That seems to have attracted plenty of attention from people who ignored environmental sustainability before. I have a hard time seeing that as a bad development. Caldwell is correctly concerned about the entrance of these financially self-interested folks to an arena previously dominated by mission-driven advocates, and conflict-averse relatively ineffectual bureaucrats. As Caldwell concludes in his Times piece:

At Glasgow a few self-nominated representatives from a very rich industry laid claim to a special role in shaping the human future. In doing so, they opened a rift. Climate activists were skeptical, noting that many alliance members continue to be involved in financing oil extraction. The bankers of the alliance, on the other hand, seem to believe society is ready to follow their lead. Voters, not bankers, should be the judge of that.

If only there were some place for voters to express themselves. Again, I dont see much democracy in global diplomacy. I see sustainability and climate policy as an arena for competing elites. The government leaders in charge so far have made some progress, but the forces controlling the fossil fuel corporations have dominated. They already play a special role in shaping the human future. This is not something new. What is new is that some of them have figured out that their wealth will not be worth much on a planet degraded by the onslaught of environmental destruction. They have discovered the reality of environmental risk. I think its called enlightened self-interest.

Yes, self-interest is now at play in an arena that was once the province of mission-driven advocates of environmental sustainability. But heres my take on this development, and I confess that its based on decades of being shut out of the mainstream. My interest in environmental policy began in the fall of 1975 when I wandered into Professor Lester Milbraths graduate course on environmental policy and politics at SUNY/Buffalo. Back then, environmental protection was a fringe issue, far from the mainstream of policy and governance. In 1977 I started working at EPA staffing a working group on public participation in Americas brand-new water pollution programs. EPA was seven years old and, five years earlier, Congress had passed the 1972 Water Act over Richard Nixons veto. In 1980 I worked in the Superfund toxic waste clean-up program, and in 1985 I worked on the program to eliminate leaking underground storage tanks. In 1987 I was able to start a tiny concentration in environmental policy at Columbias School of International and Public Affairs. In 2002 we started the MPA in Environmental Science and Policy program at Columbia. Through all those years until Barack Obama became president, the environment was a small and unimportant part of the political scene. We sat at the kids table. But then-President Obama started discussing climate change with global leaders, and by the time we established our masters program in Sustainability Management in 2010, I could sense the growing momentum behind the field of environmental sustainability and sustainability management.

These seven-figure ESG jobs and the corporate leaders at COP26 mean that sustainability management has hit the big time. Yes, there are dangers in this development, but there is opportunity as well. The scale of change needed to build a renewable resource-based economy is huge. We need capital and organizational capacity to achieve this change. We also need public policy and public investment. The Biden Administration understands this, and the presidents infrastructure law and Build Back Better bill provide the public leadership we need. We need both elected leaders and business leaders to get this job done. We are in a new and scarier world, but its arrival couldnt be timelier.

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Sustainability Management Hits the Big Time - Biden-Harris Administration - State of the Planet

( Vit-Mar - Shutterstock)

The question I have found myself trying to answer more than any other over the past few years (apart from my daughter asking when the COVID-19 pandemic will finally end) has been "Why move to the cloud? Is it really the IT nirvana people say it is?"

Like many of my colleagues working in technology, I have traditionally responded in rapid fire format with what I always assumed to be the strongest arguments, which typically include 1) the ability to scale 2) easier to maintain security standards 3) cost savings 4) reduced infrastructure complexity and 4) better IT resource optimization.

These arguments are all valid and fully support a move to the cloud, but they focus primarily on the internal benefits to an organization. A while back, I realized (during a sort of "Grinch Stole Christmas" epiphany) that the greatest benefits of moving to the cloud are not so much the internal IT efficiencies but rather the exceptional value it brings to employees and customers. In my view, this is the most compelling reason why companies should be moving to the cloud because it's the cloud which enables you to create truly exceptional and valuable experiences for both employees and customers, which when combined we call the experience economy. The nirvana of experiences!

For me, there are three main reasons why moving to cloud is important for creating this nirvana experience:

Companies today must accept and embrace the fact that their customers are always on and always connected whether they are B2B, B2C, or C2C. We can debate all we want about people spending too much time on their phones and in front of laptops, but the reality is they are connected non-stop, and this will never change. Like the invention of the wheel, once people experienced how it changed their lives, they were never again without it. Such is our destiny with technology, whether we like it or not.

And no industry is immune to this new reality. The local bank branch may close at 5pm but their customers are still banking online at midnight. The shoe factory may close for the weekend, but its customers are still buying shoes online on Sunday. And the local department of motor vehicles may not be open from 12-1pm, but the citizen still wants to complete an online license renewal during a lunch break.

And the pandemic has only made this argument even more compelling. "Analog" customers who were reluctant to embrace online services such as video conferencing and e-commerce were forced into a new world overnight and "analog" businesses who were never planning a move to the digital space were right behind them willing or unwilling.

This evolution is important. If your customers are always connected and your company is not, they'll take their business to the company who is available because they are providing the better customer experience. With the technology today, it's just that easy. In the end, it's the customer who decides which experience is better, not the company.

This is why cloud is so important. With the hyper-connected customers out there today across multiple channels and countless connected devices, it becomes more compelling than ever that companies leverage the power of the cloud to maintain the high levels of interaction, real-time data collection and interpretation necessary for a unified customer experience.

Not only are your customers always on and always connected, but they quite rightfully expect to have access to the data they need, and want, in real time.

Customers are much more tech-savvy today than they were 10 or 15 years ago and, in many cases, they have been inspired by interacting with companies who have adopted a real-time data mindset. Companies like Uber, Netflix, Tesla, Amazon, and Google have clearly demonstrated to customers the power of real-time data - whether it's connected cars or movies on-demand. Customers are now asking, "Why can't my package delivery service work more like Uber?" or "Why isn't my bank more like Amazon?" This is known as the "Uberization" (or disruption) of a company or industry based on a new business model. In Uber's case, this was the slow-to-evolve taxi market which was turned upside down by a new real-time customer experience addressing a critical market need.

Experiences like these are dramatically changing expectations. Customers now expect to be notified in real-time if there's a suspected fraudulent claim being made on their account. They expectto know in real-time where their package or food delivery is. And they expect to know in real-time what the temperature of their house is or if their flight or train has been delayed.

With real-time expectations like these, it becomes critical for companies to deliver a flawless real-time customer experience. Leveraging the power of the cloud is the best way to ensure that these massive amounts of data, across so many touchpoints and systems, can truly be understood and shared all in real-time.

So often we forget that employees are customers too and perhaps your most important ones! Richard Branson is well known for saying that your customer experience will never be better than your employee experience. The point he is making is that if you don't provide the best tools and environment for your employees then how can you expect those employees to provide the best customer experience? It makes complete sense.

So how do you achieve this? You do this by putting the right data into the hands of those employees who are responsible for determining what a customer experience will be. Customer support teams who can't provide information in real-time on lost baggage, financial transactions or order status, will not be able to provide an optimal customer experience. And consequently, employees who can't do their jobs effectively by supporting their customers become frustrated, demotivated, and are far more likely to leave their jobs due to low levels of satisfaction.

And the way you deliver that amount of real-time data to your employees most effectively and efficiently is you guessed it with the cloud. Once again, getting this amount of data effortlessly and seamlessly into the hands of the right employees is no trivial task, but leveraging the power of cloud computing is the way to do it.

When we talk about the benefits of moving to the cloud, we often focus on the more IT-focused benefits. While these are indeed valid and make a strong case for the cloud, the greatest benefit is, in fact, the value you'll deliver to your customers and employees, together creating the experience economy.

Who would have thought that moving IT systems to the cloud could help you win customer trust, improve customer experience, and empower employees? Just think about it.

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Why Cloud? Its all about the experience economy! - Diginomica

Ralph C. Wilson, Jr. Foundation Commits $200M to Arts & Culture and Economic Impact in New York & Michigan

To ensure the program has immediate impact on the sector and regional economies, the Wilson Foundation will provide an additional $3.75 million annually over nine years in each region, for a total of $67.5 million, allowing grantmaking to begin in 2022 while the endowment is built.

Finally, the Wilson Foundation is awarding a total of $15 million in capital campaign gifts, $5 million each, to the Motown Museum in Detroit, Mich.; The Strong National Museum of Play in Rochester, N.Y.; and the Buffalo AKG Art Museum (formerly, Albright-Knox Art Gallery) in Buffalo, N.Y.

"We are building upon years of substantial investment by critical public funding streams and philanthropic funders that have helped these institutions become the cultural treasures and economic drivers they are today," said Dave Egner, president & CEO, the Ralph C. Wilson, Jr. Foundation. "As a regionally focused foundation with a limited life, we saw a unique opportunity to make this significant contribution to impact the regions' quality of life and economy through jobs, tourism and more. We hope this annual operating support will help to strengthen the financial condition of these institutions and allow them to continue to develop creative, audience-centered initiatives that make them more inclusive, welcoming, and accessible places for all."

Of the $3.75 million in annual funding in Western New York,a total of $3 million will be dedicated to the following 13 institutions, including their annual grant allocation: Buffalo AKG Art Museum ($500,000 annually); Buffalo & Erie County Naval & Military Park ($100,000 annually); Buffalo History Museum ($150,000 annually); Buffalo Museum of Science ($200,000 annually); Buffalo Philharmonic Orchestra ($500,000 annually); Buffalo Zoo ($200,000 annually); Burchfield Penney Art Center ($100,000 annually); Explore & More: The Ralph C. Wilson, Jr. Children's Museum ($200,000 annually); Frank Lloyd Wright's Martin House ($100,000 annually); Michigan Street African American Heritage Corridor and anchor institutions ($100,000 annually); National Comedy Center ($250,000 annually); Shea's Performing Art Center ($100,000 annually); and The Strong National Museum of Play ($500,000 annually).

Of the $3.75 million in annual funding in Southeast Michigan,a total of $3 million will be dedicated to the following 11 institutions, including their annual grant allocation: Arab American National Museum ($100,000 annually); Charles H. Wright Museum of African American History ($300,000 annually); Detroit Historical Society ($200,000 annually); Detroit Institute of Arts ($700,000 annually); Detroit Symphony Orchestra ($700,000 annually); Detroit Zoological Society ($150,000 annually); Holocaust Memorial Center ($100,000 annually); Michigan Opera Theatre ($200,000 annually); Michigan Science Center ($200,000 annually); Motown Museum ($200,000 annually); and The Henry Ford ($150,000 annually).

The overall impact of these gifts is significant as these unrestricted funds can be designated for general operating needs. Each organization will also co-design, in partnership with each Community Foundation and national consultants, metrics and benchmarks that support their goals and strategic plans.

"This is a transformational gift for Motown Museum. Though we have operated for 35 years in the black, we have never enjoyed the benefit of endowment dollars to support our operations. This important giftthe first of its kind for our museumis an investment in the future sustainability of our organization, and of Detroit," said Robin Terry, Chairwoman and CEO of the Motown Museum in Detroit.

"As one of the oldest public arts institutions in the United States, the Buffalo AKGArt Museumhas for decades supportedthe local and state economiesas a tax generator, cultural resource, and tourism anchor," saidJanne Sirn, PhD, Peggy Pierce Elfvin Directorof the Buffalo AKG Art Museum (formerly, Albright-Knox Art Gallery)."The Wilson Foundation's remarkably generous support will empower the Buffalo AKGto activate the Seymour H. Knox Building, a zone of the museum that will be entirely free to the public and will welcome students, families, and visitors from across Western New York and around the world."

The Wilson Foundation is also dedicating $500,000 annually in each region to support other arts and culture nonprofits, primarily of small to medium size, across each region. These funds will be deployed flexibly based on organizational and community needs. Beginning in early 2022, each Community Foundation will work with sector leaders to conduct listening and engagement sessions to shape the specifics of this opportunity. The first grants will be awarded by the end of 2022.

The remaining $250,000 in annual funding in each region will support permanent capacity at each Community Foundation to manage and operate this endowment and grant program, which includes leading the efforts to advance inclusion and access within the grantees' individual operations and sector as a whole.

Since its inception in 2015, the Wilson Foundation has paid out more than $540 million in grants, including nearly $100 million within its "Entrepreneurship and Economic Development" focus area. In Western New York, this has included support for Launch NY, 43North, Open4, East Side Avenues, and more. In Southeast Michigan, this has included support for major projects including the New Economy Initiative's Inclusive Small Business Network Fund, Detroit's Strategic Neighborhood Fund, and more.

"Ralph had a deep and personal appreciation of the arts, and we recognize that arts and culture institutions collectively contribute to very fabric of community identity, making them essential in retaining and attracting top talent that fuel our business community. Through the Foundation's economic development focus, we are proud to invest in the long-term health of these organizations as economic drivers and in the cultural vibrancy of both regions," said Mary Wilson, Life Trustee, Ralph C. Wilson, Jr. Foundation. "While our aim was to make a substantial impact, we know there is more to be done and hope this gift will inspire others to continue to fund operations and endowment of cultural organizations across the sector."

ABOUT THE RALPH C. WILSON, JR. FOUNDATION:

The Ralph C. Wilson, Jr. Foundation is a grantmaking organization dedicated primarily to sustained investment in the quality of life of the people of Southeast Michigan and Western New York. The two areas reflect the devotion of Ralph C. Wilson, Jr. to his hometown of Detroit and greater Buffalo, home of his beloved Buffalo Bills NFL team. Prior to his passing in 2014, Mr. Wilson provided that a significant share of his estate be used to continue a life-long generosity of spirit by funding the Foundation that bears his name. Based in Detroit, the Foundation began with a grantmaking capacity of $1.2 billion over a 20-year period, which expires January 8, 2035. This structure is consistent with Mr. Wilson's desire for the Foundation's impact to be immediate, substantial, measurable, and overseen by those who knew him best.For more information visitwww.rcwjrf.org.

Contacts: Claudia Hensley, Berlin Rosen, 310.496.9857Carly Strachan, RCWJRF, 313.460.8100

SOURCE Ralph C. Wilson, Jr. Foundation

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Ralph C. Wilson, Jr. Foundation Commits $200M to Bolster Arts & Culture Sustainability and Economic Impact in Western New York & Southeast...