Oil Majors Seek Bids for Transport of Carbon From Singapore
A carbon capture project in Singapore led by oil giants Exxon Mobil Corp. and Shell Plc is seeking bids for transport and storage of the gas, as part of the country's efforts to limit industrial emissions.
The S-Hub consortium, which is the lead developer, 'has issued a Request for Proposal to companies across Asia Pacific for the provision of services to transport and store carbon dioxide,' a spokesperson from Singapore's Energy Market Authority said in response to a Bloomberg query.
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Forbes
35 minutes ago
- Forbes
EU Employment Committee Draft Opinion Opposes Reductions In Sustainability Reporting
JUNE 26: People walk by an European flag (Photo by) The future of sustainability reporting in the European Union is in peril as legislators debate the Omnibus Simplification Package. The current proposal includes significant changes to the Corporate Sustainability Reporting Directive and the Corporate Sustainability Due Diligence Directives. As the legislative process unfolds in the Parliament, members are submitting proposed amendments through various committees. In the Committee on Employment and Social Affairs, a draft opinion expresses clear opposition to any reductions to the CSRD or the CSDDD. From 2020 - 2024, a trilogy of directives were passed by the EU to force businesses to address climate change and report greenhouse gas missions. The Taxonomy for Sustainable Activities created a classification system for business and investors to know what activities are considered green or climate friendly. The CSRD created requirements for businesses to report GHG emissions and other environmental, social, and governance actions. The CSDDD, also known as the CS3D, created legal liability for companies in relation to their supply chain. While the gains excited activists, the cost of these proposals on businesses and the broader impact on the EU economy became a theme during the 2024 European Parliament elections. The shift to the right in EU politics embolden opponents to the European Green Deal directives. As a result, the Commission proposed a package of new directives to 'reduce the burden' on businesses. The Omnibus Simplification Package was officially adopted by the Commission in February. The proposal is being debated in the Council and the Parliament. In the Parliament, the debate is public and working through multiple committees, giving interest parties and MEPs the opportunity to voice their opinions. The Committee on Legal Affairs, known as JURI, is the primary committee that will produce the legislation that will be sent to the full Parliament for a vote. However, related committees will draft opinions to be considered during the process. Each committee designates a rapporteur to lead the drafting. The Parliament states that a 'rapporteur is appointed in the responsible parliamentary committee to draft a report on proposals of a legislative or budgetary nature, or other issues. In drafting their report, rapporteurs may consult with relevant experts and stakeholders. They are also responsible for the drafting of compromise amendments and negotiations with shadow rapporteurs.' The amendments change the Commission's language in the Omnibus Simplification Package, not the original CSRD and CSDDD. Rather than offering sweeping amendments that encompass every change a MEP or Party wants to see, every change to every subparagraph is offered in a separate amendment. This results in a high volume of amendments. The Committee on Economic and Monetary Affairs, known as ECON, and the Committee on the Environment, Climate and Food Safety, known as ENVI, posted 987 amendments proposed by their respective members. In the Committee on Employment and Social Affairs, known as EMPL, the committee chose to post a draft opinion by the rapporteur before posting amendments by members. Committee members have until June 3 to offer amendments before the June 4 vote. European Parliament The draft opinion was submitted by MEP Li Andersson of The Left, rapporteur for the opinion. The draft included language that directly criticizes the Commission and objects to changes. While the opinion is may not be adopted as the final committee draft, and will likely have minimal impact on the final vote, the language will certainly excite activists and like minded MEPs. In the 'short justification' included in opinions to provide context for canges, Andersson made her opposition to the changes clear. "The current Commission proposal risks watering down the core elements of this newly established sustainability reporting and due diligence framework. Although the aim of simplification in terms of reporting duties for companies is laudable… simplification cannot mean broad sweeping deregulation that changes the entire purposes of the previous directives. Dismantling core parts of the legislation risks not only creating regulatory uncertainty for companies, barring proper access to justice for those harmed, but also hampers the availability of quality, comparable and granular sustainability data that is much called for by investors and business partners alike…" Of the MEP's 49 proposed amendments, 40 simply delete language proposed the Omnibus Simplification Package, leaving the existing language in original directives intact. This includes the employee thresholds for companies to fall under reporting requirements. Three proposed amendments include language that is worth highlighting. The first proposed amendment addresses the first paragraph of the Omnibus in which the Commission states their reason for the changes. The Commission references 'A simpler and faster Europe: Communication on implementation and simplification' sent on February 11 in which they outline their vision. Andersson, and many like minded individuals, took issue with the process used and the need for action. Original language as proposed by the Commission: '… the European Commission set out a vision for an implementation and simplification agenda that delivers fast and visible improvements for people and business on the ground. This requires more than an incremental approach and the Union must take bold action to achieve this goal…' Andersson's Proposed Amendment: "…the European Commission set out a vision for an implementation and simplification agenda, which is leading to unpredictability and legal uncertainty by rolling back on legal obligations recently adopted at Union level under the guise of reducing administrative burden. The consequences of such an agenda will have rippling effects, with increasing political risks particularly for first movers. In order to safeguard the ambition of the current legal acquis, it is important to oppose such measures." The second proposed amendment addresses the second paragraph in which the Commission states their goals. Andersson not only takes issue with, what some perceive as, an overbearing approach by the Commission, but also addresses concerns relating to the process used. Those concerns have resulted in an investigation by the European Ombudsman, although they are unlikely to impact the final result. Original language as proposed by the Commission: "In the context of the Commission's commitment to reduce reporting burdens and enhance competitiveness, it is necessary to amend Directives 2006/43/EC3 , 2013/34/EU4 , (EU) 2022/24645 and (EU) 2024/1760 of the European Parliament and of the Council, whilst maintaining the policy objectives of the European Green Deal, and the Sustainable Finance Action Plan." Andersson's Proposed Amendment: 'In the context of the Commission's commitment to reduce reporting burdens and enhance competitiveness, the Comission (sic) has declared that it is necessary to amend Directives 2006/43/EC3 , 2013/34/EU4 , (EU) 2022/24645 and (EU) 2024/1760 of the, without conducting any impact assessment and limiting public consultation to a closed-door stakeholder event.' A major theme in the push for simplification is the impact sustainability reporting could have on small and medium-sized enterprises. In addition to the high cost on businesses that are required to comply with sustainability reporting requirements, businesses interests also expressed concerns that the costs will adversely impact SMEs that are not required to report, but are indirectly forced to gather information in the course of doing business with large companies. The Commission has made it clear they want to prevent SMEs from being forced to pay to gather data beyond minimum requirements. Original language as proposed by the Commission: "Member States shall ensure that, for the mapping provided for in paragraph 2, point (a), companies do not seek to obtain information from direct business partners with fewer than 500 employees that exceeds the information specified in the standards for voluntary use referred to in Article 29a of Directive 2013/34/EU…" Andersson's Proposed Amendment: 'Where necessary in the light of resource and knowledge constraints of an SME that is a business partner of a company, Member States shall ensure that companies provide targeted and proportionate support. Support may include financial support, providing or enabling access to capacity building or training, or support in upgrading management systems or facilitating the upgrading of such systems in order to support the identification of adverse impacts.' The Committee on Employment and Social Affairs has placed the draft opinion on the June 4 meeting agenda. Committee members have until June 3 to offer their own amendments. Given the amendments proposed in other committees, expect conflicting opinions to be stated. The draft opinion will be sent to the Committee on Legal Affairs for consideration. The final vote in the Parliament is expected to take place on October 13. The Commission, Council, and Parliament will then meet to negotiate the final changes to the sustainability reporting requirements. They are expected to be approved in December.
Yahoo
2 hours ago
- Yahoo
India's IndiGo to add 10 new international destinations to its network
(Reuters) -Indian airline IndiGo will add 10 international destinations and broaden its business class offerings overseas this year, CEO Pieter Elbers said on Friday, ramping up competition with rival Air India. The move marks a fresh push by IndiGo to tap into premium international travel, a space long dominated by Tata-owned Air India. IndiGo, which holds nearly 60% of India's domestic market, flew 1.8 million international passengers in the October–December quarter, just behind Air India and its budget unit's combined 2 million, DGCA data showed. The company will add business class seats on routes to Singapore, Phuket and Dubai, CEO Pieter Elbers said at an event in Delhi on Friday, without specifying the Indian departure points. The airline also plans to expand its long-haul network later this year with new destinations including London, Copenhagen, Athens, and Southeast Asian countries and cities like Hanoi and Cambodia. Earlier this year, IndiGo said it aims to increase international seat capacity and expand its fleet to over 600 aircraft by fiscal 2030. It has also signed a deal with Bengaluru International Airport to develop maintenance, repair and overhaul (MRO) infrastructure to support this growth. Connectez-vous pour accéder à votre portefeuille
Yahoo
2 hours ago
- Yahoo
Fall of Mongolian coalition government could lead to severe economic downturn
Mongolia faces a crunch parliamentary vote on Monday which could lead to fall of coalition government New analysis from Mongolian Economic Development Board indicates this could lead to a sharp fall in national income and foreign direct investment (FDI), as well as spiralling inflation Political instability will jeopardise economic progress achieved in the last few years ULAANBAATAR, Mongolia, May 31, 2025 /PRNewswire/ -- As Mongolia's parliament prepares to vote on Monday on whether the country's coalition government should remain in office, new economic analysis warns that the demise of the government could see the size of Mongolia's economy contract by over 20% within six months, and FDI fall by almost 40% year-on-year. Prime Minister Oyun-Erdene called on Wednesday for members of the Great State Khural to decide on whether the coalition government, which has been in place since last June's parliamentary elections, should remain as a way of ending recent political instability. The Prime Minister is due to address the Khural on Monday ahead of a 'confidence vote' – likely to be deemed one of the most important moments in Mongolia's political history since becoming a democracy in the early 1990s. As the vote approaches, new economic data – which can be viewed in full here – produced by Mongolia's Economic Development Board warns of the scale of the economic hit Mongolia could face, namely: A 22% reduction in Gross National Income within six months A 12.2% increase in inflation within a year Year-on-year unemployment rising to 2.5% The Mongolian Tugrik depreciating against the US Dollar by 17.9% by the end of 2025 An 18-point year-on-year decrease in Mongolia's Political Stability Index These forecasts are in line with the experiences of other countries where political instability has had a negative impact on the economy, including following the fall of a coalition government: According to data from the World Bank and other key sources, the coalition breakdown in Estonia caused FDI to tumble from 7.54% in 2021, to 0.74% in 2024, and its economic growth to stall from 7.3% in 2021, to -0.9% in 2024 An international study analysing data from up to 169 countries between 1960 and 2004 has concluded that high levels of political instability are associated with lower GDP per capita growth, particularly due to declining productivity growth and reduced accumulation of physical and human capital Commenting, Dr Batnasan B., Professor at the Business School of the National University of Mongolia and Member of the Economic Development Board, said: "The latest data clearly highlights the potential economic consequences of a collapse in Mongolia's coalition government: a sharp economic downturn, runaway inflation, and a rise in unemployment. "It is entirely appropriate that elected representatives decide who governs the country. But it is equally important that such decisions are made with full access to the facts and a clear understanding of the potential risks. "The Economic Development Board's analysis—combined with lessons from other countries that have faced similar circumstances—presents a compelling warning: all the hard-won economic progress Mongolia has achieved in recent years could be jeopardized if Monday's vote results in increased political instability." This new analysis, as well as precedent from around the world, clearly shows the magnitude of the decision to be taken by lawmakers on Monday, and the jeopardy to the significant economic progress Mongolia has made since the COVID-19 pandemic, including adding $9 billion USD to its economy and increasing GDP per capita by an additional $2,400. NOTES Economic Development Board of Mongolia: Full economic analysis available here: View original content: SOURCE Government of Mongolia Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
