Latest news with #Vanuatu
Reuters
a day ago
- Business
- Reuters
Australia's bet on natural gas endangers its climate credentials, experts say
SYDNEY, May 30 (Reuters) - Australia's approval of a 40-year extension for a huge gas project has overshadowed its bid to host a United Nations climate summit next year and tarnishes its green credentials, experts and two Pacific climate ministers said. This week's decision by the centre-left government, which took power in 2022 with a mandate for climate reform, clears Woodside Energy's North West Shelf project to run until 2070, subject to a final review. The step was hailed by the company and the energy industry, which see continued operation of liquefied natural gas (LNG) plants as a cleaner alternative to fuels such as coal. But it was criticised by climate ministers from Tuvalu and Vanuatu, who say the project's emissions could put at risk their nations' very existence, as well as by climate scientists worried about Australia's role in global emissions. "It's just a staggering number of extra emissions," said Malte Meinshausen, a climate scientist at the University of Melbourne. Woodside estimates the extension will pump out a further 4.3 billion tons of carbon emissions over the plant's lifetime. That is equivalent to 200 years of combined emissions from 14 Pacific island nations, says the Fossil Fuel Non-Proliferation Treaty Initiative, backed by 11 Pacific island nations and territories. "This goes beyond politics," said Tuvalu's Climate Minister Maina Talia. "It is about the moral clarity to stand with those most affected by climate change." The comment signals possible fallout for Canberra from Pacific island neighbours, such as Tuvalu and Vanuatu, in its bid to co-host the United Nations' COP31 climate summit next year with the region. Australia projects it will cut emissions to 42.7% below 2005 levels by 2030, on the path to a globally agreed target of net zero greenhouse gas emissions by 2050. Gas from the North West Shelf is primarily destined for export markets, meaning that most emissions will not count towards Australia's domestic net zero target. But Meinshausen, a contributor to past reports by the U.N.'s Intergovernmental Panel on Climate Change (IPCC), said Australia could not ignore its role in supplying fossil fuels causing global warming. "It's like the drug dealer's excuse saying, 'Well, we sell this stuff, but somebody else burns it,'" he said. "That doesn't work anymore in a world where you want to have a responsibility for your actions and being part of the international solution to climate change." In a statement, Australian Environment Minister Murray Watt, who unveiled the extension on Wednesday, said he would not comment further until the review process, opens new tab was complete. Australia sees gas as a transitional fuel on its path to full use of renewable sources of energy. "I think the penny is starting to drop with many around the importance of gas," Woodside Chief Executive Meg O'Neill told reporters after the decision. Extending the project has been a politically sensitive issue for the incumbent Labor Party, which was seen as hostile to gas when it took power but has since warmed to the industry. The decision was delayed until after a state election in Western Australia and a federal poll won decisively by Labor, which took seats from the environmentalist Greens, who had strongly opposed extension of the project. A regional diplomatic bloc of 18 countries, the Pacific Islands Forum, is backing Australia's bid to co-host the U.N.'s Conference of the Parties COP31 climate summit next year, with a decision seen imminent, despite some critical views. Before the project decision, Talia had called for Australia to block the extension if it wanted to co-host COP31 with the Pacific. After the decision, Vanuatu Climate Change Minister Ralph Regenvanu called the extension "a slap in the face" for Pacific island nations, while speaking to Australian state broadcaster ABC.
RNZ News
2 days ago
- Business
- RNZ News
Kiribati's considerable kava consumption
Vanuatu kava growers at work Photo: Hilaire Bule Kiribati was the world's largest consumer of Vanuatu kava in 2024. The Vanuatu Daily Post reported that last year the country imported 280 metric tonnes of kava from Vanuatu. Michael Louze, former chairman of the Vanuatu Kava Industry and a kava exporter to the United States, said when you break it down, it's about four kilograms of kava per person annually if half the population drinks. "Some drink more, some less. But even at that level, it's a solid figure for a country this size." In 2023, China was the world's largest importer of raw kava, but 99 per cent of it went towards extract production for re-export. "China was never a market for kava," Louze said. "It made more sense for the bulk product to go through China. But in Kiribati, it's different. They're drinking it - no processing, no re-export. Pure consumption." But one Kiribati kava bar owner, Kantaake Robapi, said there's too many of them now. "Each village has a kava bar. There are too many kava bars in Kiribati. "You pay AUD$150 [approximately US$97] for a licence. The Ministry of Health checks the premises - the toilets, tools for cleaning kava. Once they approve, you pay your fee to the Tarawa council." Kiribati's Minister for Women, Youth and Sports, Ruth Cross Kwansing, has raised concerns about kava's effects on society. Kwansing told the ABC the impact of high kava consumption is being felt at homes. "If fathers aren't home with their children and their wives, then obviously they're not looking after their families and their children," she said. "If they're spending all the money on kava, then where's the funds that the family needs for food and basic essentials?" She said men were exhausted from late-night kava drinking and not able to cut toddy or go out fishing and were not productive at home. Meanwhile, Tonga is calling on fellow Pacific kava producers to follow its lead in restricting the export of kava for extraction - a move that has sparked strong pushback from Vanuatu and Fiji, the region's two largest kava exporters. Tonga's positioncomes from concerns over cultural erosion and potential misuse, and promotes the idea that kava should only be consumed in its traditional, drinkable form - not processed into extracts for capsules, powders, or supplements abroad. There's also worries about a shortage in Vanuatu. Louze linked the shortage to several causes: the increasing number of kava farmers joining seasonal work programmes in Australia and New Zealand, damage caused by Tropical Cyclone Harold on Pentecost in 2020, and growing demand in the Port Vila market. A kava plant takes more than five years to mature before it can be harvested. "People in Port Vila are consuming tons of kava every week, but they are not planting it," he said. "The population is growing rapidly, and more young men and women are drinking kava daily." But he also said farmers cannot go wrong with planting kava with demand both locally and internationally growing, and prices have never been so high.
Yahoo
2 days ago
- Business
- Yahoo
Vantage Recognised at Wealth Expo Argentina 2025 with "Best Trading Platform"
PORT VILA, Vanuatu, May 29, 2025 /PRNewswire/ -- Vantage Markets proudly wrapped up a standout appearance at Wealth Expo Argentina 2025, held on 23–24 May, marking another milestone in its participation in international finance events. The event, known for bringing together top voices in finance and investment, served as the perfect stage for Vantage to showcase its leadership, innovation, and commitment to financial inclusion. Vantage was honored with the "Best Trading Platform" award during the expo, a recognition of the company's continued excellence in delivering cutting-edge technology, user-friendly features, and secure infrastructure to its global community of traders. This accolade reinforces Vantage's position as a trusted and performance-driven broker. "We are incredibly proud to be recognised as the Best Trading Platform at Wealth Expo Argentina," said Marc Despallieres, CEO of Vantage Markets. "This award not only affirms our commitment to delivering powerful trading solutions but also reflects our dedication to our global community of traders and partners who trust us every day. Events like this give us the opportunity to share knowledge and connect with the broader financial community." Over the course of the event, Vantage's team led a lineup of informative sessions aimed at sharing insights and promoting financial literacy. On the main stage, Alejandro Zelniker, Affiliates and Partners Business Strategist, presented "Your Money Security Comes First", highlighting best practices for safeguarding financial assets in today's increasingly digital economy. Meanwhile, at the workshop stage, Agustin Zanardo, Business Development Manager, addressed "Common Mistakes Among Traders," offering general insights to help participants better understand trading pitfalls and risk management concepts. In a compelling panel discussion, Juan Gonzalez, Client Relationship Growth Market Analyst at Vantage, contributed to the conversation around "Trading for Everyone: Challenges of Financial Inclusion." He discussed the challenges faced by underserved populations and how brokers can contribute to improving access to financial services through inclusive and education-driven solutions. Adding to the on-stage highlights, Vantage also hosted in-booth speaker sessions led by Alejandro Caravotta, a digital asset expert. The sessions served not only as educational touchpoints, but also as a chance for attendees to interact with Vantage experts, gaining valuable insights into financial markets in an informal setting. As the main sponsor of the official Wealth Expo Argentina Cocktail Event, Vantage brought together partners, influencers, and industry experts for an elegant night of luxury, networking, and entertainment. It was a fitting end to drive powerful dialogues, brand presence, and shared momentum. As Vantage continues to grow its global presence at finance events, the brand remains focused on empowering traders through innovation, education, and meaningful community engagement. Visit Vantage Markets, for more updates. About Vantage Vantage Markets (or Vantage) is a multi-asset CFD broker offering clients access to a nimble and powerful service for trading Contracts for Difference (CFDs) products, including Forex, Commodities, Indices, Shares, ETFs, and Bonds. With over 15 years of market experience, Vantage transcends the role of broker, providing a reliable trading platform, an award-winning mobile trading app, and a user-friendly trading platform that provide clients access to trading opportunities. trade smarter @vantage RISK WARNING: CFDs are complex instruments and carry a high risk of losing money rapidly due to leverage. Ensure you understand the risks before trading. Disclaimer: This article is provided for informational purposes only and does not constitute financial advice, an offer, or solicitation of any financial products or services. The content is not intended for residents of any jurisdiction where such distribution or use would be contrary to local law or regulation. Readers are advised to seek independent professional advice before making any investment or financial decisions. Any reliance you place on the information presented is strictly at your own risk. View original content to download multimedia: SOURCE Vantage
ABC News
3 days ago
- Business
- ABC News
Extension of Australia's largest oil and gas project a "slap in the face" for Pacific
The life of Australia's largest oil and gas project will be extended to 2070, with Australian Environment Minister Murray Watt giving the long-awaited environmental approval for the North West Shelf project to be extended beyond 2030. Woodside proposed the life extension to its West Australian gas facility six years ago, and it has sat under assessment since then. On Tuesday, Tuvalu's Climate Minister Maina Talia said the North West Shelf extension "would lock in emissions until 2070, threatening our survival" and undermine Australia's chances at hosting the next global climate conference in 2026 in partnership with Pacific nations. Vanuatu's climate minister said he is devastated by the Australian government's decision to sign off on an extension of Australia's largest oil and gas project until 2070. Vanuatu's Minister for Climate Change Ralph Regenvanu said that the extension of the project is "a slap in the face for Pacific Island countries who have repeatedly called on Australia to stop approving new fossil fuel projects". He continued to say that the approval "severely undermines our national security and sabotages our future. The single greatest thing the Australian Labor government could do to protect our region is to stop opening new coal and gas projects".
RNZ News
3 days ago
- Business
- RNZ News
Vanuatu's market mamas forced to move after December earthquake
Port Vila's "mamas" had to adapt to feed their communities after being displaced by the 7.3 magnitude earthquake which damaged the city's main market house in the centre of town. At the Port Vila Show Ground Market, groups of women sold their produce under a marquee-style tarpaulin shelter set up beside a permanent concrete verandah. Those operating under the temporary shelters once sold their wares at the Central Market House in downtown Port Vila before it was damaged in the quake. The earthquake killed 14 and injured more than 250. The NDMO said 80,000 people were effected and 1473 displaced from their homes. Fresh produce seller Leidab David said when the earthquake struck they were at the national market in town and they all ran. "We did not know where to go to do our market," she said. "After some days, weeks and months had passed now we have come together again. We have found ourselves here in the market house at Seaside." Each mama pays a table fee to the Port Vila Municipal Council to sell their goods. Photo: Grace Tinetali-Fiavaai/RNZ Under the marquee there are approximately 16 to 20 tables - about 8 to 10 on each side. Those on the concrete verandah are largely vendors who had already been based at the Show Ground Market. "Now the public and vendors know that the mamas that used to market in town, which is damaged - they are all coming to this place," David said. "Now we are starting to sell and now the room, the place is small." David said the manager has told them that if they come and it is full, sellers can go to Fres Wota Park and to Anamburu Park. For two older mamas, Susan Esau (63) and Elsie Solo (72), selling their produce daily earns them up to 20,000 vatu (US$165.48) a week. For two older mamas, Susan Esau (63) and Elsie Solo (72), selling their produce daily earns them up to 20,000 vatu (US$165.48) a week. Photo: Grace Tinetali-Fiavaai/RNZ Solo, who sells coconuts, said she has seven people in her family to feed while Easu, who sells fruit, said she has six mouths to feed. "Yes, it is enough" they say to help provide and put food on the table for their family. The Show Ground Market is now one of the few satellite markets with access to toilets and running water, an essential service for vendors who spend long days at their stalls. Leidab David said they need a better venue. "We need a big building; we need a safe place for all of us to come to and be safe," she said. "We want a good one like at the national market. Right now we are just doing things individually. We need a big space for us vendors to come to and be safe."
