Business

COP28 summit: Global dairy companies join alliance to cut methane

Published

5 months ago

December 5, 2023

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COP28 summit: Global dairy companies join alliance to cut methane

Six of the world’s largest dairy companies will soon begin disclosing their methane emissions as part of a new global alliance launched at the United Nations climate summit in Dubai on Tuesday.

Livestock is responsible for about 30% of global anthropogenic methane emissions, from sources like manure and cow burps, according to the U.N.’s Food and Agriculture Organization. Advocacy groups have said that tackling livestock methane should be a major priority at this year’s COP28 summit.

The five members of the Dairy Methane Action Alliance – Danone (DANO.PA), Bel Group, General Mills (GIS.N), Lactalis USA, Kraft Heinz (KHC.O) and Nestle (NESN.S) – will begin reporting their methane emissions by mid-2024 and will write methane action plans by the end of that year.

Methane is nearly 30 times more potent than carbon dioxide, according to the U.S. Environmental Protection Agency, making it a major focus of attempts to curb global warming.

Reducing dairy methane emissions means providing both technical and financial support to farmers around the world to experiment with possible solutions, like feed additives, said Chris Adamo, vice president of government and public affairs at Danone, on a call with reporters.

“There’s not one silver bullet. We have to look at this full spectrum of different options for farms across different geographies,” he said.

Danone this year pledged to cut methane emissions from its fresh milk supply chain by 30% by 2030.

Cutting human-caused methane by 45% this decade would keep global warming under 2 degrees Celsius, according to a 2021 assessment by the Climate & Clean Air Coalition and the United Nations Environment Programme.

Companies involved in the new alliance do not need to pledge to reduce their methane emissions by a specific amount, but stronger measurement and reporting are key tools for the companies to eventually reduce their emissions, said Katie Anderson, senior director of the Environmental Defense Fund’s business-sector food and forest program, on the press call.

“This is driving more accountability,” Anderson said. EDF is convening the alliance

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Business

Chinese firm aims to expand investments in Pakistan, shows interest in mining sector

Published

20 hours ago

May 17, 2024

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Chinese firm aims to expand investments in Pakistan, shows interest in mining sector

A notable Chinese company has expressed keen interest in expanding its investment in Pakistan, in yet another sign of investor confidence boost in the leadership of Prime Minister Shehbaz Sharif.

A delegation from Chinese firm MCC Tongsin Resources led by its Chairman Wang Jaichen called on PM Shehbaz here on Friday.

The premier invited the Chinese company to invest in Pakistan’s mining sector and manufacturing of export goods.

Shehbaz assured the delegation that his government would extend all-out facilitation to the company from minerals exploration and processing to the export of goods.

The PM instructed the relevant federal ministers and officers to continue consultation with the Chinese firm, taking the Balochistan chief minister, provincial departments and stakeholders on board.

The delegates reposed trust in PM Shehbaz’s leadership, and expressed keen interest in enhancing their investment in Pakistan’s mining and minerals sectors.

The delegation briefed Prime Minister Shehbaz about the construction of a mineral park in Pakistan and their future investment plans.

The premier welcomed the Chinese firm and highlighted the priority steps by his government to promote foreign investment in Pakistan.

He said that being a time-tested friend, China supported Pakistan in every difficult hour for which the Pakistani nation was grateful to the leadership and people of China.

Federal ministers Ahad Khan Cheema, Dr Musaddik Malik, Rana Tanveer Hussain, Jam Kamal Khan and relevant senior officers attended the meeting.

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Business

Govt jacks up power price by Rs1.47 per unit

Published

20 hours ago

May 17, 2024

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Govt jacks up power price by Rs1.47 per unit

The government on Friday increased the electricity tariff by Rs1.47 per unit.

According to Nepra sources, the collection from consumers will take place in August, September, and October.

The electricity companies had requested the funds as part of the third quarter adjustment for 2023-2024, seeking Rs 31.34 billion under capacity charges.

Sources said that Rs5.57 billion were requested for operation and maintenance costs, and Rs12.38 billion were requested for the transmission and distribution impact under monthly fuel cost adjustment.

Previously, Nepra had completed the hearing on the electricity companies’ request under the quarterly adjustment.

Nepra approved the Power Division’s request, allowing an increase of Rs 1.45 per unit in electricity prices.

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Business

Hong Kong allows China’s digital yuan to be used in local shops

Published

20 hours ago

May 17, 2024

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Hong Kong allows China's digital yuan to be used in local shops

Hong Kong will allow mainland China’s pilot digital currency to be used in shops in the city, the head of its de facto central bank said on Friday, marking a step forward for Beijing’s efforts to internationalise the yuan amid rising geopolitical tensions.

The programme, backed by Beijing, will allow mainland Chinese and Hong Kong residents to open digital yuan wallets via a mobile app developed by China’s central bank and will permit them to make payments in retail shops and some online stores in Hong Kong and in mainland China.

Transactions using e-CNY, predominantly for domestic retail payments in China, hit 1.8 trillion yuan ($249.27 billion) as of end of June 2023, with 120 million digital wallets opened, according to the latest disclosure from China’s central bank.

Using the wallet, users can make payments at over 10 million merchants in 17 provinces and cities in the mainland.

Each wallet used in the city will be subject to a balance limit of 10,000 yuan, with single transactions and daily payments capped at 2,000 yuan and 5,000 yuan, respectively, officials from the Hong Kong Monetary Authority said.

Peer-to-peer transfers will not be allowed at the moment, according to the HKMA.

“By expanding the e-CNY pilot in Hong Kong .. users may now top up their wallets anytime, anywhere without having to open a mainland bank account, thereby facilitating merchant payments in the mainland by Hong Kong residents,” HKMA Chief Eddie Yue said.

Currently, users of other digital yuan wallets such as those operated by Ant Group and Tencent can make payments in the city.

Industrial and Commercial Bank of China, Bank of China Ltd, China Construction Bank Corp and Bank of Communications Co have been selected as e-CNY wallet operators.

The yuan’s use in global finance remains low, though it has shown steady increases.

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