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Countdown to COP29: Accelerating Action Together to Fulfill the UAE Consensus Promise

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ABU DHABI, UAE, Sept. 30, 2024 /PRNewswire/ — In less than 50 days, world leaders will convene at COP29 to deliver a reinvigorated vision to accelerate climate action. Over the past week, leaders from the UAE have been in the US for high-level engagements, from the White House in Washington to the United Nations in New York, discussing advancements across climate finance, the UAE Consensus and global commitment to keep 1.5°c with reach, clean energy, green technology, nature and biodiversity, transforming food systems, and water resiliency. This lays the groundwork for the COP29 in Baku, which will present a vital opportunity to enhance collective ambitions, elevate more voices, and enable a new era of climate action, building global resilience for all.

At COP28 in Dubai, the UAE galvanized 198 Parties to deliver the historic UAE Consensus and pledged to keep 1.5°c within reach, accelerating a new era of ambitious climate action. Demonstrating the success of multilateralism and inclusion, the UAE Consensus set the world on a clear path, establishing ambitious targets to enable the world to reach Net Zero by 2050 as well as triple renewables and double energy efficiency by 2030. It also included commitments to end deforestation by the end of this decade, and significant firsts for climate finance, with the fund for loss and damage announced on the first day of COP28. This fund will help some of the most climate exposed nations respond to the impacts of climate change, recognizing the role of credit rating agencies for the first time, and scaling-up adaptation finance to meet evolving demands faced by climate-vulnerable communities.     

COP28 set about the delivery of a new era in climate action, encouraging voices from across industries, sectors, youth and communities to engage in open conversation to seek new solutions to co-create climate resilience. To ensure continuity, action, and sustained multilateral cooperation, the COP Presidencies Troika also emerged out of COP28, mandating the UAE in conjunction with Azerbaijan and Brazil, as the presidents of COP29 and COP30, to lock in continuity and drive climate action. This ‘Roadmap to Mission 1.5°c’ will transform the UAE Consensus from agreement into tangible, sustained action and bring accountability to the next round of Nationally Determined Contributions (NDCs), due by February 2025.

His Excellency Abdulla Al Balalaa, Assistant Minister for Energy and Sustainable Affairs at the UAE Ministry of Foreign Affairs, said: “The COP28 ambition looked to revitalize a global approach on climate change priorities. From the UAE Consensus to the Action Agenda, we wanted to bring diverse voices globally to the table and spearhead a new, more inclusive model for how we convene on climate. Together, this defines the challenge as an opportunity to reimagine how we can unite to build global resilience, future-proof our communities, and safeguard our planet for future generations. COP29 is an exciting milestone to continue accelerating action together and co-creating climate resilience, bridging global priorities and capabilities and ensuring that our multilateral partnerships translate into impactful, equitable outcomes.”    

Through the COP28 Presidency’s Action Agenda, climate action has been catalyzed across the pillars of: fast tracking a just and orderly energy transition; fixing climate finance to make it more available, affordable, and accessible; focusing on people, nature, lives and livelihoods; and fostering full inclusivity in climate action. COP28 also saw the swift adoption of the fund for loss and damage hosted by the World Bank with 19 countries, committing approximately $800 million pledged to date, including $100 million from the UAE, as well as the UAE’s creation of ALTÉRRA, a $30-billion private investment vehicle to catalyze climate finance in developing economies. All these efforts led to the mobilization of an unparalleled $85.1 billion for climate action and the launch of 11 pledges and declarations, elevating multilateral climate change mitigation and adaptation commitments to new heights.

Meeting with H.H. President Mohamed bin Zayed al Nahyan of the United Arab Emirates at the White House in Washington last week, US President Biden described the UAE as ‘a nation of trailblazers, always looking to the future,’ President Biden referred to the nations’ joint efforts: ‘growing cooperation in AI, in clean energy, in space, and investing in infrastructure to connect regions…shoulder to shoulder in the same most difficult places.’

The UAE plans to invest more than US$163 billion in clean and renewable energy over the next several years to achieve net-zero emissions by 2050, pledging to triple the production capacity of renewable energy by 2030. The National Food Security Strategy 2051 aims to develop a comprehensive national system to enable sustainable food production through modern technology. In partnership with the US, the UAE has also launched the global initiative Agriculture Innovation Mission for Climate (AIM for Climate/AIM4C) and committed to investing $16 billion in climate-smart agriculture and food systems to improve agriculture and food security. The initiative has garnered the support of more than 600 state and non-state actors and partners, bringing in more than $17 billion in investments.

His Excellency Abdulla Al Balalaa concluded: “As the international community turns to COP29, taking stock of the progress we have achieved against these targets – and the gaps that still need to be addressed – will be essential for the discussions this year. The UAE Consensus must continue to act as our guiding North Star, serving as an overarching framework to deliver on our collective ambition for transformative climate action, and building a more just and equitable future for all.”

For more information, please contact: media@uaeclimate.com 

Accelerating Action Together

The UAE invites all to the collective ambition of a new era of climate action.Building upon our ambitious Net Zero 2050 commitments, global collaborations at COP28, and the UAE Consensus, we accelerate action together to keep 1.5°c within reach to build global resilience and safeguard a more optimistic future for lives, livelihoods, and planet.Guided by the wisdom and values of those who came before, the UAE is a nation working together to build a climate-resilient economy and safeguard a more just and equitable future for our grandchildren’s children.Learn more at www.uaeclimate.com @UAEClimate (FB, IG, LinkedIn) and @UAE_Climate (X) #AcceleratingActionTogether.

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HKBN Signs HK$5.25bn Sustainability-Linked Loan

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HONG KONG, Dec. 24, 2024 /PRNewswire/ — HKBN Ltd. (“HKBN” or the “Company”; SEHK stock code: 1310) is delighted to announce the signing of its inaugural HK$5.25 billion syndicated Sustainability-Linked Loan (the “SLL Facility”) under the HKBN Ltd. Sustainability-Linked Financing Framework (“Framework”), with 11 leading international, regional and local banks. The facility includes enhanced terms and a greenshoe mechanism that allows HKBN to upsize the loan in the future. Proceeds from the SLL Facility will be used to refinance the Company’s outstanding loans.

The overwhelming response from the market is a vote of confidence in HKBN’s business plan. This landmark SLL Facility reaffirms HKBN’s long-term commitment to sustainability and responsible business practices while driving business growth. It also includes an interest rate adjustment mechanism that is linked to predetermined sustainability performance targets (SPTs). This will allow HKBN to benefit from savings in borrowing costs upon the successful attainment of the specified key performance indicators (KPIs).

The specified KPIs and SPTs are tailored to address climate change mitigation and cybersecurity within HKBN. The first KPI focuses on Scopes 1 and 2 emissions. The second KPI involves the average failure rate of phishing assessments for HKBN’s Talents. The third and final KPI comprises Scope 3 emissions. Emissions reduction targets were set in line with HKBN’s near-term GHG emissions reduction targets recently validated by the Science-Based Targets initiative (“SBTi”); while those for KPI 2 were set based on the performance results from impromptu simulated email assessments, which the company will conduct to evaluate its Talents’ susceptibility to phishing attacks – a vital and necessary exercise for measuring cybersecurity risk.

HKBN has appointed Sustainable Fitch to provide a Second Party Opinion (“SPO”) on the Framework with an overall rating of “Good”. The SPO affirms that the Framework aligns with the Sustainability-Linked Loan Principles set forth by the Loan Market Association, the Loan Syndications and Trading Association, and the Asia Pacific Loan Market Association.

The SLL Facility is led by Bank of China (Hong Kong) Limited, BNP Paribas, Cathay United Bank Company, Limited, Hong Kong Branch, Crédit Agricole Corporate and Investment Bank, Hong Kong Branch, DBS Bank Ltd., ING Bank N.V., Hong Kong Branch and The Bank of East Asia, Limited as the Mandated Lead Arrangers, Bookrunners and Underwriters and participated by Fubon Bank (Hong Kong) Limited, Natixis, Hong Kong Branch, Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch and Taipei Fubon Commercial Bank Co., Ltd. as the Mandated Lead Arrangers and Bookrunners. Crédit Agricole Corporate and Investment Bank, Hong Kong Branch and ING Bank N.V., Hong Kong Branch are the Joint Sustainability Coordinators. Rothschild & Co is the financial adviser for HKBN.

Derek Yue, HKBN Co-Owner & Chief Financial Officer said, “Through this refinancing deal, HKBN is not just reshaping our financial well-being with better loan terms, but setting a new standard for corporate accountability and sustainability. Our focus on achieving key performance indicators in climate change mitigation and cybersecurity reflects our dedication to a more sustainable future and a secure digital environment. We believe that by aligning our financing initiatives with these crucial objectives, we are not only strengthening our business but also contributing to a better world for all.”

Nancy Cheng, Managing Director, Head of Tech Coverage APAC, at Crédit Agricole Corporate and Investment Bank, commented, “Being a long-standing banking partner of HKBN, we are delighted to play a key part in HKBN’s inaugural SLL transaction, which is the very first in Hong Kong for the telecommunications market. It establishes a new benchmark for the sector, akin to how HKBN has continually set and raised the bar for broadband speeds in Hong Kong. We are dedicated to continuing our role in supporting HKBN’s financing and sustainability journey in the future.”

Shalini Sujanani, Managing Director, TMT & Healthcare for ING in Asia Pacific, commented, “We are pleased to support HKBN’s sustainability journey as Joint Sustainability Coordinator for this landmark facility. By embedding ambitious KPIs into their financing, HKBN demonstrates that sustainability and business performance can go hand in hand. This SLL Facility reflects the growing importance of aligning financial strategies with environmental and social objectives, and we are excited to help HKBN drive meaningful impact through this partnership.”

About HKBN Ltd.

HKBN Ltd. (SEHK Stock Code: 1310, together with its subsidiaries, “HKBN” or the “Group”) is an investment holding company.  Headquartered in Hong Kong with operations spanning across Hong Kong, Macau and mainland China, the Group is a leading integrated telecommunications and technology services provider. The Group provides a full range of one-stop, high-quality information and communication technology (ICT) solutions and an unlimited services portfolio. HKBN’s extensive tri-carrier fibre infrastructure covers around 2.6 million residential homes and 8,200 commercial buildings and facilities across Hong Kong. Committed to creating a lasting positive impact to wherever it operates, HKBN embraces a core purpose to “Make our Home a Better Place to Live” and has received a highest possible rating of AAA in MSCI’s 2024 ESG Ratings assessment in environment, society and governance. The Group is managed by hundreds of Co-Owners (supervisory and management level Talents in the Group) who invested their savings to buy shares of HKBN Ltd.. For more information about HKBN, please visit https://www.hkbn.net/group/en.

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SOURCE HKBN Ltd.

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Genifi Announces Transfer of Customer Contracts for tunl.chat Business

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TORONTO, Dec. 23, 2024 /CNW/ – Genifi inc. (TSXV: GNFI) (“genifi” or the “Company”) announced today that it has reached an agreement with Ada Support Inc. (“Ada”) to transfer the Company’s tunl.chat customers to Ada. tunl.chat has been a white label of Ada’s platform offered by the Company and given that the Company has now reduced its employee headcount and services business significantly it no longer made commercial sense to continue to offer this product.  Ada has agreed to pay $20,000 to the Company in connection with the transfer of the customers.  Completion of the transfer remains subject to the satisfaction of certain conditions. The transfer of customers is expected to be made effective in early January 2025. 

The Company also announced today that it has terminated the employment agreements with Tom Beckerman (CEO) and Andrew Hilton (CFO). Both Mr. Beckerman and Mr. Hilton will be retained as contractors to serve in the roles of CEO and CFO, respectively. Mr. Beckerman’s compensation will be reduced by 50% as part of this change and Mr. Hilton’s compensation will remain unchanged. The change in the nature of the retention of Mr. Beckerman and Mr. Hilton was made as a result of the fact that the Company has largely ceased active operations. The terminations also stop the accrual of potential future severance owing to Mr. Beckerman and Mr. Hilton. The Company’s independent directors have approved a severance payment to Mr. Beckerman equal to two years of salary and a severance payment to Mr. Hilton equal to six months of salary.

The Company will continue to review strategic alternatives and will provide updates in future press releases.

About genifi inc.:

Further information on the Company can be found at www.genifi.com.

Forward-Looking and Cautionary Statements

Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. Specifically, and without limitation, this press release contains forward-looking statements and information relating to the closing of the transaction with Ada and the timing thereof. Although genifi believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct.

Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, the ability to satisfy the conditions to the completion of the transaction with Ada, risk factors set forth in genifi’s Management’s Discussion and Analysis for the period ended September 30, 2024, a copy of which is filed on SEDAR+ at www.sedarplus.ca. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, genifi does not intend, or assume any obligation, to update these forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE genifi inc.

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TPIsoftware Partners with Vietnam’s Key Leaders to Realize ESG Strategies Through MOU Signing and Cross-National Collaboration

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TAIPEI, Dec. 24, 2024 /PRNewswire/ — Taiwan’s software company TPIsoftware (TWSE: 7781) and its partners are to sign a multilateral Memorandum of Understanding (MOU) to formalize the cross-border collaboration on facilitating greenhouse gases (GHGs) inventory with tech-driven solutions. The MOU signing will take place on December 26 in Hanoi, Vietnam, along with the product launch of GreenSwift—an AI-driven carbon management platform by TPIsoftware.

Earlier, TPIsoftware and Nam Cau Kien Eco-Industrial Park in Vietnam announced a pilot project to implement GreenSwift in the park. The project aims to strengthen the ESG initiative across the area by optimizing the efficiency of carbon management. Details of the project will be unveiled during the GreenSwift launch event.

The MOU sets forth a framework to strengthen the parties’ Environmental, Social and Governance (ESG) commitment with enhanced regulatory compliance and transparency, enabling enterprise carbon disclosure for a decarbonized, sustainable future. Led by TPIsoftware and Global Green Innovation Technology (GGI., Technology), the MOU signing brings together government officials, the private sector and ESG experts in Vietnam and will be witnessed by Dr. Nguyen Kim Anh, ESG Advisory Expert and Senior Scientist at Institute of Geography, Vietnam Academy of Science and Technology, Tony Kuo, Founder and CEO of Katina Capital Partners, Mai Hoai An, Chairman of ITD Group, Phan Quoc Dzung, Vice Chairman cum General Director of Bao Long Insurance, and Thomas Cheng, General Manager of ThinkTron Ltd.

Following the MOU signing, the GreenSwift product launch focuses on a comprehensive, practical approach to achieving net zero through carbon management and inventory enabled by advanced AI technology. Keynote speakers feature representatives from Vietnam’s Ministry of Transportation and Ministry of Science and Technology, who will delve into the opportunities and ongoing challenges of climate action and environmental sustainability in the country. Additionally, Dr. Nguyen Kim Anh will share an in-depth analysis of how ESG standards can be effectively implemented across industries in Vietnam. The event will be followed by a product demonstration presented by Do Vuong Phong, General Manager of TPIsoftware Vietnam, to showcase GreenSwift’s key features. The carbon management platform adopts Generative AI to enable efficient GHG inventory, streamline reporting and ensure compliance with international standards.

Yilan Yeh, General Manager of TPIsoftware, said, “GreenSwift is a SaaS-based carbon management platform designed to measure carbon reduction and maximize ESG efforts for enterprises. Together with ElectriSwift, TPIsoftware’s AI Building Energy Conservation System, enterprises are able to reinforce their ESG strategies through streamlining GHG accounting and energy saving, making their sustainability initiatives visible and impactful. We look to build a long-lasting cooperation with the local government, private sector and residents to realize their commitment to ESG goals.”

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SOURCE TPIsoftware

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