Latest news with #climateadaptation
Malay Mail
5 days ago
- Business
- Malay Mail
Greener streets, cooler city: How Penang plans to refresh Unesco-listed George Town
GEORGE TOWN, July 20 — In George Town's historic core, one of Penang's oldest roads is about to get a major facelift, not just for heritage, but for the climate. Beach Street, once a waterfront artery for commerce and now a bustling financial centre, has been selected as the starting point for Penang's ambitious plan to cool down its inner city and return its streets to people, not just cars. The Penang Island City Council (MBPP) is launching a RM24.7 million pilot project that will transform a 1.76km loop around Beach Street into a climate-responsive, pedestrian-friendly zone. MBPP Mayor Datuk A. Rajendran said the aim is to reclaim public space and combat the heat island effect caused by concrete, tarmac, and the dense rows of old shophouses. 'We want to bring down urban temperatures by planting more trees and at the same time, increase the walkway width while reducing the carriageway,' he told Malay Mail in a recent interview. A map of the area identified for the PNBCAP @ Beach Street initiative, courtesy of MBPP The project is partly funded by a World Bank Adaptation Fund grant under the Nature-Based Climate Adaptation Programme for Urban Areas of Penang Island (PNBCAP), with MBPP covering the other half. 'This can be replicated in other streets in the city and it can be a model for other cities to replicate to bring down urban heat and improve walkability,' Rajendran said. He said stakeholder engagement sessions have so far been positive and the council has already awarded the contract, with work slated to begin on September 1 and complete by February 2027. The planned works will go beyond cosmetic upgrades. What to expect Footpaths will be widened, more trees planted, and new pocket parks added to encourage walking while reducing temperatures. The Queen Victoria Memorial Clock Tower, now surrounded by a traffic roundabout, will be transformed into a focal point for a pedestrian pocket park with safe street crossings. To make space for the changes, Beach Street and Church Street Ghaut will be converted into one-way streets, while the number of roadside parking spaces in the loop will be reduced from 293 to just 100. An artist's impression of the PNBCAP @ Beach Street initiative that will introduce wider walkways and more trees into George Town, Penang. — Picture courtesy of MBPP The project will also introduce clean energy solutions. These include solar panels to power street lights and phone charging stations, and a kinetic walkway that captures energy from footsteps to power low-energy infrastructure. Soil cell systems – underground structures that help trees grow healthy roots without damaging pavements – will be used to support the new trees. But for all its future-looking ambitions, this project is deeply rooted in George Town's past. An artist's impression of the PNBCAP @ Beach Street initiative that will introduce wider walkways and more trees into George Town, Penang. — Picture courtesy of MBPP Here is a closer look at the streets involved. Roads affected Beach Street, laid out in 1786 along with Light Street and Chulia Street, was among the first roads drawn up after Francis Light arrived in Penang. Originally hugging the eastern shoreline, it lost its coastal view after major land reclamations in the late 19th century pushed the sea further east. Today, it remains one of the busiest streets in George Town, lined with banks, offices, and heritage shophouses. But the upgrade will reach beyond Beach Street to the adjacent roads – each with their own layered stories. Weld Quay, for instance, was born of the same 19th-century land reclamation that distanced Beach Street from the sea. Named after Sir Frederick Weld, a former Governor of the Straits Settlements, the road once connected George Town to its thriving port and continues to serve as a vital link to Swettenham Pier, the Raja Tun Uda Ferry Terminal and RapidPenang's bus terminal. Chulia Street Ghaut, once a simple sandy track to the shoreline, emerged from that same wave of reclamation as an extension of Chulia Street, directly linking to Weld Quay. It now traces the old footprint of Yeoh Kongsi, a clan house once open to the waterfront. An artist's impression of the PNBCAP @ Beach Street initiative that will introduce wider walkways and more trees into George Town, Penang. — Picture courtesy of MBPP Pesara King Edward (also known as King Edward's Place), a short but significant stretch, connects Light Street to Weld Quay and was created during land reclamation between 1880 and 1904. It is home to early 20th-century godowns and post-war office buildings, and leads directly to Swettenham Pier and Penang Port Sdn Bhd's headquarters. Downing Street, inspired by its London namesake, was once the seat of British administration in Penang after land reclamation in the early 1880s. Though many of its colonial buildings were lost during World War II, the road remains a key part of the city's administrative memory, now occupied by a large parking lot. Church Street Ghaut was added as a reclamation-era extension of Church Street, historically lined with warehouses that supported George Town's maritime trade. Today, those old godowns are being revitalised as trendy cafés, art galleries and boutique lodgings. China Street Ghaut, once a boundary road for the Chinese tradesmen community, shares a similar story – created during the late 19th-century reclamation and now part of the city's heritage grid. Victoria Street, once mudflats along the coast, was built between 1880 and 1904 and earned the local Hokkien name hai kee sin lor, meaning 'new road by the sea.' Only a short 200-metre section of this nearly 1km-long road will be included in the redevelopment, but its transformation is no less symbolic. An artist's impression of the PNBCAP @ Beach Street initiative that will introduce wider walkways and more trees into George Town, Penang. — Picture courtesy of MBPP Across the entire loop, the MBPP aims to not only reduce surface temperatures but also bring back vibrancy through greener, safer streets. With climate change looming and urban temperatures rising, Penang hopes the new Beach Street can be both a nod to the past – and a blueprint for the future.
Independent Singapore
17-07-2025
- Business
- Independent Singapore
GIC backs Germany's Techem Group in deal valued at S$9.9 bllion
SINGAPORE: Singapore's sovereign wealth fund GIC is taking a leading role in real estate decarbonisation by investing in Techem. This move aligns with the fund's innovative findings on climate adaptation. GIC joined Partners Group, TPG Rise Climate, and Mubadala in the investment in an enterprise value (EV) of around €6.7 billion (S$9.99 billion). EV measures a company's total value. This includes its capitalisation, short- and long-term, as well as any cash equivalents on the company's balance sheet. GIC's recent research shows a changing economic landscape: global annual revenues from climate adaptation solutions are expected to rise from US$1 trillion today to US$4 trillion by 2050. Notably, US$2 trillion of this growth is directly linked to global warming, which is often ignored in traditional industry forecasts. Boon Chin Hau, GIC's Chief Investment Officer for Infrastructure, views Techem as a prime example of this new opportunity. 'We're not just investing in a company but in a key solution to global carbon challenges,' he explains. This investment reflects a wider strategic vision where climate adaptation becomes a trillion-dollar market. See also GIC bracing for low returns due to trade war The potential of this investment is significant. GIC predicts that the investment opportunity across public and private markets will grow from US$2 trillion today to US$9 trillion by 2050. Of this, US$3 trillion comes from growth directly connected to global warming, highlighting the economic need for climate solutions. Techem has 62 million connected devices in 18 countries and manages energy services for 13 million homes. This matches the type of scalable, technology-based solution that GIC sees as essential. The real estate sector produces 40% of global CO2 emissions, making this investment both financially sound and environmentally necessary. While GIC's model cautiously assumes that adaptation demand will respond to events, the fund believes growing awareness of climate risks could prompt quicker action. Techem's digital infrastructure, which includes AI-driven analytics and smart meters, represents the innovative solution that could drive this progress. The investment leverages Techem's solid growth history. Since 2018, it's grown its revenues to over €1 billion, with earnings before interest, taxes, depreciation, and amortisation (EBITDA) rising by 50%, metrics that fit well with GIC's forward-thinking investment approach. 'Our partnership with Partners Group, TPG, Mubadala, and Techem's management team will accelerate the business's strategy, unlocking future growth,' Hau emphasises, underlining how the investment connects technological progress with climate adaptation. The deal, expected to finalise in the second half of 2025, places GIC at the centre of a transformative economic opportunity. As buildings worldwide get ready for stricter environmental regulations, Techem's digital infrastructure becomes a vital asset in the US$4 trillion climate adaptation market. In the complicated world of global infrastructure investing, GIC has once again shown its skill in finding value at the key intersection of technology, sustainability, and strategic insight, turning climate challenges into investment chances. Commenting on the deal, Matthias Hartmann, CEO of Techem, stated: 'The new ownership consortium is ideal for Techem because it ensures continuity while also providing fresh impulses for the implementation of our strategy.' 'We look forward to working with them with on the next phase of our growth story as we capitalise on our momentum to further expand our position as the leading platform for the digitalisation and decarbonization of the building sector in Europe and beyond,' he adds.
BBC News
16-07-2025
- Politics
- BBC News
County council redirects net-zero cash to flood defences
A Reform UK council has reallocated £2m from an earmarked carbon reduction reserve to flood mitigation initiatives. Leicestershire County Council also approved a change in focus of its previously agreed net-zero action plan from reducing carbon emissions to climate adaptation and responding to severe weather events. Adam Tilbury, cabinet member for environment and flooding, told colleagues he "fully supports" moving the funds, saying the threat of flooding was "here and now". Conservative councillor Deborah Taylor warned in the coming years Parliament may expand the council's legal duties in tackling climate change and she could not see anything in the report that "mitigates this risk". In 2022 the previous administration set aside a £2m reserve to provide initial investment in carbon reduction initiatives and agreed a net-zero strategy to end Leicestershire's contribution to global warming by 2045. In February 2024, this was reassessed in light of the council's "increasingly constrained" financial position, and a target of 2050 to reach net-zero in the county was set, council documents addedDeputy leader of the council, Joseph Boam said: "I think it's absolutely great to see us starting to scrap the wasteful net stupid zero agenda."And instead putting the funding towards something that actually matters, like tackling flooding, which has been neglected for far too long in Leicestershire." 'Virtue signalling' Council documents said on 6 January, during an unnamed storm, significant rainfall led to the "worst flooding event" in recent history in to the authority, an estimated 900 properties across the Leicester, Leicestershire and Rutland (LLR) region were flooded - including a confirmed 717 in Leicestershire. Reform UK councillor Harrison Fowler said: "UK authorities of all sizes like to parade their net-zero efforts around like some badge of honour."But in reality, it's nothing more than shallow virtue signalling and PR."Council documents prepared for the meeting said the role of local government in combating climate change had been "constrained by a lack of a clear legal duty as well as a lack of funding from the government".The documents said the Environmental Targets Bill was currently before Parliament, which aims to introduce a statutory objective requiring public bodies to contribute to the delivery of targets to address climate report added: "In summary, the proposal under consideration presently appears lawful. "However, the cabinet should have in mind that, in the coming years, Parliament may well expand the council's legal duties."
Zawya
14-07-2025
- Business
- Zawya
My FarmWell App enters next phase: University of Sharjah and IBM celebrate next-stage advancements
Sharjah, UAE: The University of Sharjah (UoS), in collaboration with IBM through the IBM Sustainability Accelerator, is pleased to announce advancements to the My FarmWell mobile application - an innovative platform designed to support sustainable agriculture in water-scarce regions. Built using IBM Environmental Intelligence and UoS Welly Chatbot, My FarmWell integrates IBM Cloud and region-specific water and climate data to provide farmers with timely, farm-level insights. From optimizing irrigation strategies to understanding local regulations, the app offers a comprehensive toolkit to support more sustainable and productive agricultural practices. The new version will introduce several powerful enhancements aimed at expanding the app's global relevance and improving user experience. The new release will feature: Interactive maps with well locations, helping farmers visualize their proximity to monitored groundwater sources. Improved imagery and educational content to promote sustainable groundwater use and conservation. Updated farming tips focused on climate resilience, delivered through push notifications for greater engagement. An improved login system that will support access via both email addresses and phone numbers, enhancing security and usability. Global groundwater well-level and quality data, enabling users outside the UAE to access essential environmental information. These enhancements reflect the project's ongoing commitment to scalable impact. Once deployed, the updates will enable broader usage of the app by farmers and water users across different regions who face similar water management and agricultural challenges. Dr. Adewale Olalekan Giwa, Assistant Professor at University of Sharjah, Principal Investigator of the UoS-IBM Collaboration Project, commented: 'The enhancements align with the mission of the University of Sharjah and IBM Sustainability Accelerator, which supports technology-driven projects that address pressing environmental issues through collaboration with academic and nonprofit organizations'. Currently available for both Android and iOS, the app provides farmers with: Historical groundwater trends and severity assessment Integrated Water Quality Index (IWQI) ratings Smart crop recommendations based on water conditions Location-based weather insights powered by IBM Environmental Intelligence A chatbot for on-the-spot guidance, powered by University of Sharjah A water consumption calculator for crops, trees, and livestock Agricultural regulations and food market price updates for farming guidance. The updated version will be rolled out as a free upgrade to the app users.
Reuters
11-07-2025
- Business
- Reuters
Investing in climate adaptation is no longer optional. It's business-critical
July 3 - As world leaders prepare for COP30 in Belem this November, climate adaptation – adjusting to the current and future impacts of a changing climate – is finally moving from the sidelines to center stage. With world leaders and the private sector now acknowledging that 1.5C warming since pre-industrial times is already a reality, opens new tab, adaptation is no longer optional. It's an economic imperative. The financial stakes couldn't be higher. The world's largest companies face annual losses of $1.2 trillion by 2050 without adaptation measures, ranging from utilities burying power lines and substations to protect them from wildfires and flooding, to port operators building sea walls and restoring wetlands to prevent damage from extreme storms. Yet adaptation remains dramatically underfunded, receiving less than 10% of global climate finance and covering only one-sixth of expected physical climate risk costs by 2030. For responsible investors, this funding gap presents unprecedented opportunities to drive both impact and returns. Recent analysis shows that adaptation investments can deliver returns of $2 to $43 for every dollar spent. And some investors are already capitalizing on what they see as significant market mispricing of climate risks. Through Ceres's work with investors, we've identified some key investment themes emerging from early-stage adaptation strategies. The first is the importance of forward-looking risk assessment. Adaptation investors are moving beyond historical data to incorporate climate projections that correspond to investment time horizons, recognizing that past trends fail to capture how quickly risks are accelerating. The municipal bond market offers a stark illustration. Where traditional credit analysis might have deemed a 20-year municipal bond relatively safe based on a community's historical resilience to storms, forward-looking models reveal how sea-level rise, intensifying hurricanes, and changing precipitation patterns could alter that risk profile over the bond's lifetime. This mispricing of risks is why Breckinridge Capital Advisors, which manages investments across over 3,500 municipal issuers, implemented a comprehensive approach to integrating these risks into its municipal credit assessment process. The firm's analysis relies on third-party data providers that offer forward-looking risk projections under various climate scenarios, allowing it to assess risks that correspond to each municipal bond's maturity date. Another key strategy is analyzing supply chain vulnerabilities. A common misstep many investors make is limiting their risk assessment to direct operations – ignoring the supply chains, infrastructure networks, and communities that are equally exposed to severe climate impacts. This narrow focus can leave portfolios vulnerable to financial shocks. Take, for example, Hurricane Helene's impact on global semiconductor supply chains. Flooding and road closures halted, and then disrupted for months, the mining capacity of a high-purity quartz mine in North Carolina that supplied 80% of global demand for semiconductor manufacturing. This single point of failure hit companies throughout the global supply chain. In response to these kinds of risks, Impax Asset Management, an asset manager based in the UK, evolved its corporate engagement strategy. Where it initially requested basic geolocation data on vulnerable assets, Impax now has more sophisticated expectations for corporate risk disclosure. This includes reporting on geolocation data for key value chain hubs, the methodologies used to assess value at risk, and the specific actions and capital investments made for building resilience and planning for supply chain disruptions. Based on these sophisticated risk and vulnerability assessments, adaptation investors are working with their portfolio companies to ensure they're addressing those risks. For IFM Investors, a global investment fund and asset manager based in Australia, that means requiring every asset across its infrastructure equity portfolio, which includes ports, airports, toll roads, and pipelines, to develop and implement a climate transition plan addressing both emissions reduction and adaptation. That way, it can accurately assess how companies are evaluating climate risks and what they are doing to address them. For responsible investors, the choice is becoming clear: engage proactively with adaptation opportunities while markets still misprice climate realities, or face the mounting costs of reactive responses to an increasingly volatile climate system. As the world looks to COP30 for greater action, capital markets face pressure to develop more sophisticated approaches for assessing, pricing, and managing climate risks while identifying adaptation opportunities. This year's emphasis on implementation over negotiation is an opportunity to embrace practical financing mechanisms and cross-sector collaboration.
