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| European Investment Bank to end all loans to oil and gas firms |
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Posted by: superadmin - 10-29-2021, 11:20 AM - Forum: Environment Protection News
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The European Investment Bank (EIB), the lending arm of the EU, has vowed to close a loophole that allows it to lend money to oil and gas firms despite a ban on financing fossil fuel projects.
The EIB, the world’s largest multilateral bank, which is active in 160 countries, announced in 2019 it was phasing out lending to fossil fuel projects within two years, as it sought to become a “climate bank”.
Although the move was welcomed as a victory for the climate movement, campaign groups said the bank had failed to close several loopholes.
Now the lender has acted to close one inconsistency with the bloc’s climate goals.
From 2022 onwards, the EIB will stop lending to polluting companies that want to finance low-carbon projects. This would mean, for example, the EIB will no longer finance an oil company’s wind energy project. All recipients of EIB loans will be required to draw up decarbonisation plans.
“At the EIB group, we have heard the warnings,” said its president Werner Hoyer, as the decision was published days ahead of the start of Cop26.
“As one of the leading multilateral banks for climate action, we are further increasing our climate ambition,” the bank said in a statement.
“In general, EIB will no longer finance standard low-carbon projects of high-emitting corporations if the corporation continues to operate or invest in activities that are not aligned with the goals of the Paris agreement.”
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| Umno, PAS team up for Melaka polls |
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Posted by: superadmin - 10-29-2021, 11:09 AM - Forum: Politics
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KUALA LUMPUR – Umno will continue its political cooperation with PAS in contesting for the upcoming Melaka election, said Umno secretary-general Datuk Seri Ahmad Maslan.
He said the Umno Supreme Council during a meeting last night agreed this is in line with Umno’s aim to consolidate the Muafakat Nasional pact, which was decided during its 2020 Umno General Assembly.
The decision, he said, was made during the meeting chaired by Umno president Datuk Seri Ahmad Zahid Hamidi.
However, he said, PAS will be using its own party logo during the upcoming polls.
“The basis of the cooperation with PAS is guided by the principle that PAS will use its own party symbol in line with the spirit and resolutions made by the Muafakat Nasional Consultative Committee on October 19 and November 18 last year,” Ahmad said in a statement.
“This is to avoid clashes with each other, and at the same time, maintain the use of our respective party logos in the election.”
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| Climate change: Major US oil companies face grilling by Congress |
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Posted by: superadmin - 10-29-2021, 11:03 AM - Forum: Environment Protection News
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Top oil executives have appeared before US lawmakers to face allegations they misled the public about climate change.
Major producers were quizzed about the impact of the fossil fuels they profit from and their environmental toll.
The hearing on Thursday, which Democrats hailed as historic, marked the first time oil bosses had answered questions publicly and under oath.
The six-hour session saw some heated exchanges, with firms such as BP and Shell facing tough questions.
"Some of us actually have to live the future that you are all setting on fire for us," Democratic Congresswoman Alexandria Ocasio-Cortez said.
But the executives of Exxon Mobil, Chevron, BP and Shell repeatedly spoke about their efforts to transition to clean energy and denied misleading the public.
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| US vs. China: How the world's two biggest emitters stack up on climate |
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Posted by: superadmin - 10-29-2021, 10:54 AM - Forum: Environment Protection News
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(CNN)China and the United States are the world's two biggest greenhouse gas emitters, so any attempt to address the climate crisis will need to involve deep emissions cuts from these two powerhouse nations.
China's emissions are more than double those of the US, but historically, the US has emitted more than any other country in the world.
There are many factors to consider when judging a country's climate credentials, and as leaders gather in Glasgow, Scotland for COP26 from Sunday, the US' and China's plans will be in the spotlight.
Here's how the two stack up against each other.
In 2006, China overtook the US as the world's biggest emitter of carbon dioxide (CO2) -- the most abundant greenhouse gas in the atmosphere.
In 2019, the last year before the pandemic hit, China's greenhouse gas emissions were nearly 2.5 times that of the US', and more than all the world's developed countries combined, according to an analysis from Rhodium Group.
In terms of CO2-equivalent -- which is a way of measuring all greenhouse gases as if they were CO2 -- China emitted 14.1 billion metric tons in 2019. That's more than a quarter of the world's total emissions.
By contrast, the US was responsible for 5.7 billion tons, 11% of total emissions, followed by India (6.6%) and the European Union (6.4%).
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| These World Heritage Forests have gone from removing carbon to emitting it |
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Posted by: superadmin - 10-28-2021, 09:13 PM - Forum: Environment Protection News
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These World Heritage Forests have gone from removing carbon from the atmosphere to emitting it
(CNN)Human activity and climate change-fueled disasters have turned 10 of the planet's internationally recognized forests, also known as World Heritage sites, from carbon absorbers into carbon emitters, researchers have found.
The report from UNESCO found these sites can absorb approximately 190 million tons of carbon dioxide from the atmosphere each year -- roughly half the amount of the United Kingdom's annual fossil fuel emissions.
But in the past 20 years, many of these sites showed an increase in emissions, some even exceeded how much carbon they were removing from the atmosphere.
UNESCO researchers said two main factors are causing forests to flip from sinks to sources: climate change-fueled extreme weather events including wildfires, storm and drought; and human land-use pressures such as illegal logging, wood harvesting and agricultural practices such as livestock grazing.
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| Banks must ‘make good’ on customers’ funds lost to fraud: BNM |
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Posted by: superadmin - 10-28-2021, 09:06 PM - Forum: Business. Economy and Investment
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KUALA LUMPUR – Banks are obliged to reimburse funds lost to fraudulent transactions that were not due to the fault of the affected customers, Bank Negara Malaysia (BNM) has indicated.
Responding to the case of a customer relations manager allegedly siphoning millions in clients’ savings, the central bank said it may also take additional supervisory and enforcement actions on the financial institution if warranted.
“Banks will make good on monies that are lost due to fraudulent transactions not attributed to depositors,” it said in a statement to The Vibes.
“In this regard, BNM will ensure that this incident is addressed promptly and fairly.”
On Monday, Bukit Aman Commercial Crimes Investigation Department director Datuk Mohd Kamarudin Md Din had said seven police reports have been lodged over criminal breach of trust (CBT) involving at least RM4 million allegedly embezzled by a bank’s customer relations manager.
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| Deputy minister admits certain parties politicising Timah issue |
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Posted by: superadmin - 10-28-2021, 09:03 PM - Forum: Politics
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KUALA LUMPUR – Timah whiskey did not face any public or government opposition when it was registered in 2019, but only came into the spotlight after certain parties politicised the issue, the Dewan Rakyat was told.
This was the admission made by Deputy Domestic Trade and Consumer Affairs Minister Datuk Rosol Wahid when responding to questions raised by lawmakers today.
He added that the whiskey brand was registered for trademark with the Intellectual Property Corporation of Malaysia (MyIPO) a few years ago, following which its application was displayed in the public sphere for two months.
“However, there was no objection made to the name then. This means that, by law, the name is valid. However, there was a bit of havoc and concern recently, and I agree that certain people are taking advantage.
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| Pandora Papers case needs swift govt action – Transparency International Malaysia |
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Posted by: superadmin - 10-28-2021, 08:58 PM - Forum: Politics
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TRANSPARENCY International Malaysia (TI-M) urges the government, helmed by Datuk Seri Ismail Sabri Yaakob, to keep its focus on the reform agenda and the ultimate goal of the National Anti-Corruption Plan – fighting corruption to ensure economic prosperity for the nation.
In doing so, TI-M implores the government to demonstrate its will and commitment in this regard by taking appropriate and immediate action within its jurisdiction on the information revealed in the Pandora Papers.
The government must distance itself from – and take stern action against – all individuals and organisations involved in corruption, money laundering, capital flight, and possible misuse of public funds such as that revealed in the 1Malaysia Development Bhd mega scandal.
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| How the Netherlands is turning its back on natural gas |
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Posted by: superadmin - 10-27-2021, 08:00 PM - Forum: Environment Protection News
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Natural gas has provided the Netherlands with cheap heat for generations. As the country's largest gas field slowly closes down, a wealth of clean alternatives are opening up to keep homes warm.
Gerrit Biert's feet have never been so warm. Leaning out of his doorway to point out new gas-free construction in his village, he keeps them planted inside. "It's wonderful," he says of his low-carbon underfloor heating, a recent addition in his rented house. "And completely off-grid."
A housing company tore down then rebuilt his home last year as part of a larger project on several streets in the village of Loppersum in Groningen, a northern province in the Netherlands. Biert is especially proud that the rebuild has allowed him to come off the natural gas network. "I have nothing to do with gas anymore," he says.
The effort to disconnect from fossil fuels in Loppersum is noteworthy, given its location. The village sits atop the largest deposit of methane, or natural gas, in Europe. The giant reservoir stretches under almost the entire province of Groningen and has fed the country's gas boilers, electricity plants and heavy industries since the 1960s. But eventually the extraction caused the ground beneath the province to sink. As a result, earthquakes have increased in force and frequency across the north in the last few decades, damaging many of the homes.
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