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Web Release
a day ago
- Business
- Web Release
ONEE and EBRD launch first sustainability-linked loan in Moroccan power system to drive a low-carbon future
The European Bank for Reconstruction and Development (EBRD) and Morocco's Office National de l'Electricité et de l'Eau potable (ONEE) have signed a €300 million loan agreement. ONEE is involved in generation, transmission and renewables. Morocco is strongly committed to the energy transition in order to achieve its objective of having 52 per cent of its installed capacity from renewables by 2030. In this context, ONEE and the country as a whole are taking important steps towards decarbonisation, while maintaining the security and affordability of energy. The loan is structured as a sustainability-linked loan (SLL) – the first one in the MENA and Africa region's energy sector. It provides an example of how energy utilities can link financing with support for the transition to a low-carbon economy. The proceeds will be used to improve the company's financial resilience, helping to alleviate the impact of the energy crisis. The SLL builds on ONEE's increasing climate ambitions via two key performance indicators – namely, reducing the carbon intensity of electricity generated in Morocco and increasing renewable sources' share of the country's total electricity production. The company's Sustainable Performance Targets (SPTs) are in compliance with Morocco's updated Nationally Determined Contribution (NDC) commitments, and a leading independent second-party opinion provider has confirmed the SLL's alignment with the internationally recognised Sustainability-Linked Loan Principles, rating the overall project as 'ambitious'. This verification process was supported by FSD Africa. As part of the loan, ONEE has committed to undertake retirement of some Carbone intensive thermal capacities in the medium term, building on Morocco's enhanced climate ambition of transitioning to a net-zero economy by 2050 as announced at COP28. The EBRD will be supporting ONEE's efforts to (i) prepare a decarbonisation strategy, (ii) improve its climate governance and expand the digitalisation of the company's core activities by establishing a digital roadmap strategy and implementing digital use cases. As part of this decarbonisation effort, ONEE is further strengthening its network and capacity planning to facilitate the renewables to be connected to the grid, as well as continuing to optimise electricity dispatch by taking into account the network's carbon intensity. Morocco is at the forefront of the climate action agenda, and the EBRD has been one of the leading financiers of green technologies in the country for more than a decade now, being particularly active in private-sector financing.' Mark Bowman, the EBRD's Vice President for Policy and Partnerships, said: 'This landmark sustainability-linked loan – the first of its kind in the region's energy sector – demonstrates that innovative finance can drive real impact. The EBRD's support, in close coordination with the Moroccan Government, is helping ONEE to accelerate its decarbonisation and digitalisation journey while strengthening its financial resilience in response to the energy crisis. This reflects our commitment to sustainable growth and long-term impact.' Tarik Hamane, the CEO of ONEE, commented: 'Under the guidance of His Majesty Mohammed VI, Morocco is recognised as having one of the most ambitious strategies in the region for promoting renewable energy and pioneering green technologies. We are proud that ONEE is playing a major role in the integration of renewables into the energy mix with a view to increasing renewables' share to 52 per cent by 2030. The EBRD has been a long-standing and trusted partner in supporting our decarbonisation and energy transition goals. This new partnership marks another important milestone in our joint efforts to build a more sustainable, resilient, and low-carbon power system.' Morocco is a founding member of the EBRD and?became a beneficiary of Bank resources in 2012. To date, the EBRD has invested more than €5.4 billion in the country through 119 projects.
Yahoo
14-06-2025
- Climate
- Yahoo
Experts raise red flags as record-breaking temps persist across entire nation: 'A stark warning'
The United Kingdom has officially notched its warmest spring on record, breaking the previous mark set just last year. This spring has also been crowned as the country's sunniest in recorded history. While some may be enjoying the extra rays, scientists have once again called for steps to address the continual and damaging rise of global temperatures. According to a June 2 news release from the Met Office — the UK's national meteorological service — 2025's spring earned the distinction as the warmest on record for the nation, with a mean temperature of 9.5°C, or 49.1°F. This blows past the UK's "long-term climatological average" of about 8.1°C. Although 2025 has seen this historically warm season, it remains in like company. The Met Office noted that eight of the 10 warmest springs on record have all occurred within the last 25 years. Alec Hutchings, chief climate adviser with the World Wildlife Fund, told The Guardian in early June that the new warm-weather record offers a sobering reminder. "This new Met Office data is a stark warning that climate change is no longer a distant threat — it's here now and it needs immediate action," Hutchings said. Emily Carlisle, a Met Office scientist, pointed to the larger picture in explaining the impact of the dramatic temperature increase: "This spring shows some of the changes we're seeing in our weather patterns, with more extreme conditions, including prolonged dry, sunny weather, becoming more frequent." "The data clearly shows that recent decades have been warmer, sunnier, and often drier than the 20th century average, although natural variation will continue to play a role in the UK's weather," Carlisle added. While extended higher temperatures may contribute to longer growing seasons for some farmers, others could face challenges from heat stress and drought. This easily may lead to disruptions in harvests, shortages in the food supply, and economic hardship for producers and consumers alike. The record warmth of this past spring has affected regional marine life as well. The Met Office said that sea surface temperatures reached record highs during the months of April and May, with some areas up to 4°C warmer than usual. Such changes can lead to ecosystem imbalances, altered breeding and migration patterns, and increased stress on sensitive species, which may even affect the local fishing industry. In an effort to alleviate the impact of record-setting temperatures, nations such as the UK have enacted proactive climate policies designed to reduce emissions and achieve carbon neutrality. In 2024, the UK set a goal to reduce emissions by 68% by 2030. This was a core component of its Nationally Determined Contribution to the Paris Agreement. Do you think your city has good air quality? Definitely Somewhat Depends on the time of year Not at all Click your choice to see results and speak your mind. While governments, advocacy groups, and community organizers work to keep us on track to reach such goals, individuals can cut down on the heat-trapping pollution that warms our planet with some smaller-scale transitions at home. Switching to energy-efficient appliances, utilizing renewable energy resources, and reducing waste can all help to make a difference. The interconnectedness of climate issues means that most of these actions have more than one benefit. Installing solar panels along with a battery system, for example, can not only cut down on dirty energy use but also lower utility bills and improve a home's resilience to power outages following extreme weather. Making residential updates can feel overwhelming, but leveraging resources like EnergySage's free tools can make it easy to compare quotes from trusted local installers and even save homeowners up to $10,000 on solar installations. If the upfront investment of buying solar panels doesn't fit your budget, you may find that leasing solar panels could be the perfect option for your home. Palmetto's LightReach solar panel leasing program will install panels at your home for no money down while also allowing you to lock in low energy rates. Talking with friends and family about making shifts to renewable energy and sustainable habits is another no- to low-cost resource to draw on. Whether the topic is using public transportation together, organizing a budget-conscious ride-share program, or learning how to support pro-environment policies, these conversations can turn a one-person action into a neighborhood-wide effort, providing stability and multiplying effects. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
India Gazette
05-06-2025
- Health
- India Gazette
"India has decoupled economic growth from emissions": Dy Chairman Rajya Sabha Harivansh at BRICS forum
Brasilia [Brazil], June 5 (ANI): Underlining India's key achievements and initiatives in its fight against climate change, Harivansh Narayan Singh, Deputy Chairman of the Rajya Sabha, said that India has decoupled economic growth from emissions. He was addressing a forum on Climate and sustainability at the 11th BRICS Parliamentary Forum in Brasilia, Brazil, on Thursday. Harivansh informed the forum that India's climate actions are based on equity and the principle of common but differentiated responsibilities. 'India has progressively continued decoupling economic growth from emissions. Between 2005 and 2020, India's emission intensity of Gross Domestic Product reduced by 36%,' he said. 'India has installed 232 gigawatt of non-fossil electric capacity, thereby already achieving its Nationally Determined Contribution (NDC) almost 8 years ahead of schedule,' he added. He also hoped that the upcoming COP30 in Brazil would be a critical milestone in global adaptation and resilience efforts. He urged the BRICS nations to join global sustainability initiatives such as the International Solar Alliance, the Leadership Group for Industry Transition, and the Global Biofuel Alliance to facilitate the ongoing efforts to address climate change. Earlier on Wednesday, the Deputy Chairman, in his remarks on the Global Health Alliance, underscored the urgent need for collective action for coordinated responses to emerging health challenges. He noted that Neglected Tropical Diseases remain deeply relevant areas of discussion, especially for low- and middle-income countries. In his address, Harivansh underlined various initiatives by the Indian government to expand and improve the quality of healthcare provided to its citizens. 'Our Pradhan Mantri Jan Arogya Yojana is the world's largest health insurance program, which covers hospitalisation costs up to approx. 6000 USD to cover approximately 155 million families and has reduced out-of-pocket health expenditure by 30%. This scheme has now been extended to cover all citizens over 70 years of age. To transform India into a digitally empowered society, we have implemented the 'Ayushman Bharat Digital Health Mission'. We also have a scheme to address gaps in health infrastructure, disease surveillance, and research,' he said. Earlier, he also delivered his remarks on the Alliance for Global Health. The Indian delegation is being led by Lok Sabha Speaker Om Birla, along with other Members of Parliament. The BRICS Parliamentary Forum discusses several other topics, such as 'New Paths for Economic Development', 'Co-operation for responsible and inclusive Artificial Intelligence', and 'Reform of Multilateral Peace and Security Architecture'. (ANI)
Time of India
15-05-2025
- Business
- Time of India
Net Zero Pathways: Centre approves setting up of 5 carbon capture and utilisation testbeds
NEW DELHI: In a first of its kind national initiative to combat industrial carbon emissions , the Centre has approved setting up five carbon capture and utilisation (CCU) testbeds in the cement sector that will showcase the 'net zero' decarbonisation pathways for industries through the CCU route. Tired of too many ads? go ad free now The CCU holds significant importance in hard-to-abate sectors like cement, steel, power, oil & natural gas, chemicals & fertilisers in reducing emissions by capturing carbon dioxide from industrial processes and converting it to value added products such as synthetic fuels, urea, soda, ash, chemicals, food grade CO2 or concrete aggregates. Thrust of the initiative, launched by the science & technology ministry, will be on developing CO2 capture and CO2 utilisation integrated units in an industrial set up through an innovative public private partnership (PPP) funding model. 'The move will go a long way in not only meeting India's climate action pledges - Nationally Determined Contribution (NDC) - under the Paris Agreement but also in achieving the country's 2070 'net zero' (carbon neutrality) goal,' said an official. The five testbeds for translational R&D under academia-industry collaboration will be set up by the National Council for Cement and Building Materials, Ballabhgarh, Haryana in partnership with JK Cement; IIT Kanpur with the JSW Cement; IIT Bombay with Dalmia Cement; CSIR-IIP, IIT Tirupati and IISc with the JSW Cement; and IIT Madras and BITS Pilani, Goa with the Ultratech Cement. Each testbed addresses a different facet of CCU, from cutting-edge catalysis to vacuum-based gas separation. 'Such move will also make these industries future ready ahead of the European Union's proposed Carbon Border Adjustment Mechanism (CBAM), which is to be implemented from next year,' said the official. CBAM is a tool to put a price on carbon intensive goods, like iron & steel, aluminium and cement through imposing border tax. India is, however, opposed to the EU's move as it will put a tariff burden on such products of developing countries and impact their trade.
Korea Herald
15-05-2025
- Business
- Korea Herald
Two-thirds of S. Korean manufacturers view carbon neutrality policy as regulatory burden: poll
Nearly two-thirds of South Korean manufacturers perceive the country's current carbon neutrality policy as a regulatory burden, a poll showed Thursday, underscoring the need for a shift toward a more incentive-based approach. According to the recent survey conducted by the Federation of Korean Industries on the country's leading 1,000 manufacturing companies, 64.2 percent of the 120 firms that offered responses said they consider the current carbon neutrality policy as a constraint. Of the respondents, 31.6 percent assessed the policy as neutral. Only 4.2 percent said they see the policy as providing sufficient incentives. The survey was conducted ahead of the government's submission of its updated Nationally Determined Contribution for 2035 to the United Nations and the establishment of the fourth phase of the country's national emissions trading scheme. South Korea aims to reduce greenhouse gas emissions by 40 percent from 2018 levels by 2030 under the current NDC scheme. However, 57.5 percent of respondents said they believe the target is unlikely to be achieved, while only 5 percent considered it feasible. The FKI attributed the industry's negative outlook to the country's carbon-intensive industrial structure. As of 2022, the steel, petrochemical and cement industries, sectors that rely heavily on carbon emissions, accounted for approximately 73 percent of emissions from the industrial sector. The federation expressed concern that the perception of the policy serving as a regulatory burden could hamper companies' business activities and undermine their global competitiveness. (Yonhap)
