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Companies are urged to contribute to a new UN fund for nature protection
A dedicated fund launched by the U.N. at a conference in Rome on Tuesday was a reminder to companies that use genetic coding to create products, ranging from cosmetics to weight loss drugs. This week, countries are participating in the COP16 to raise funds to stop the destruction of species and ecosystems. Many people argue for a greater role for the private sectors. The 'Cali Fund,' named after the Colombian town that hosted the beginning of the conference in last year's, is the U.N. Convention on Biological Diversity's first attempt to raise money directly from the business community. "The Cali Fund can be a game changer for communities that protect genetic resources. Environment Programme (UNEP), said a press release in Rome. Companies will be encouraged by the Fund to donate a portion of profits or revenues. At least half will go to local communities and indigenous peoples. The secretariat has said that although no companies have made any firm commitments yet, they are in advanced discussions with firms across several jurisdictions including the United States. Susana Muhamad said that the willingness of U.S. companies to participate, despite not being party to the agreement in the United States, showed that businesses recognised that nature is a global good that transcends the associations of a business with a particular country. The money raised by the fund is going to be used to help raise the $200 billion per annum that the United Nations has stated as being needed to protect the environment. Countries are working in Rome on a plan for raising this amount. The conference began on Tuesday with many countries reiterating their positions taken in Cali. They focused on who pays, where money should be kept, and who should supervise it. Panama, Egypt, and Russia expressed frustration at the developed countries. They urged them to first deliver on their agreement of finding $20 billion per annum for biodiversity, and not to pass that burden onto developing nations. On Tuesday evening, smaller negotiating groups will gather to refine their positions. EU Commissioner Jesskia Roswall informed reporters that she expects an updated draft text by Wednesday morning. (Editing by Simon Jessop & Gareth Jones).
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Eastern and Southern African blocs consider deployment in eastern Congo
According to a document that was seen on Tuesday, countries in Eastern and Southern Africa are considering the possibility of sending troops to secure eastern Democratic Republic of Congo areas now controlled by M23 rebels. EAC and SADC have called before for a ceasefire to be declared in the conflict in this mineral-rich area, where the Congo's Prime Minister said that 7,000 people had been killed since January. This document contains detailed recommendations for defence chiefs following a meeting with technical experts on the 23rd of February in Tanzania. Defence chiefs will prepare a report to be discussed at the weekend. The document states that the blocs may seek a mandate from the African Union to secure M23 controlled areas in North Kivu and South Kivu Provinces. It also says that MONUSCO, the U.N. mission for peacekeeping in the region, could be asked to increase its presence. A source from the African Union said that it was a proposal, but they had not been notified yet. They added that any AU involvement would have to be approved by their Peace and Security Council. The Rwandan-backed rebellions have taken control of the two largest cities in the country, Goma, and Bukavu. They also captured the airports serving them, cutting off main aid routes to hundreds of thousand of displaced persons. Experts from the two blocs suggest that M23 be negotiated with to reopen routes and Goma Airport in order to improve humanitarian assistance and help repatriate and evacuate the wounded. Document stating that the SAMIDRC mission, which is the Southern African Block's mission in Congo, should be discussed with the parties to the conflict. Since the beginning of 2025, the 16-member Southern African Development Community has suffered losses. The SADC extended its mission to the Congo in late 2018 to assist the Congolese Army fight the rebels. Rwanda denies that it has provided arms and troops to M23. M23 is the latest of a series of rebel groups led by ethnic Tutsi in eastern Congo. It claims to be defending itself from the threat of a Hutu-led militia that it claims is fighting with the Congolese army.
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EIA: US coal-fired electricity retirements will double by 2025
The Energy Information Administration announced on Tuesday that U.S. power producers plan to retire about 8.1 gigawatts of coal-fired generation capacity in 2019. This would be roughly twice the amount retired in 2024. The EIA's analysis shows that coal retirements slowed to 4 GW last year, a dramatic decrease from the 9.8 GW annually retired over the past decade. Why it's important As a result, the country's electricity production from coal has fallen to 16%. Natural gas and renewable energy are now cheaper alternatives. Government goals based on climate change have led to a decline in coal-fired electricity, which emits significantly more carbon dioxide than other sources of electricity. In the U.S. however, where a third of all data centers in the world are located, utilities have become more efficient. Retirement is delayed As a wave of new, sprawling data centers connect to the grid, fossil-fuel powered power plants will be displaced. By the Numbers The EIA stated that by 2025 some of the largest coal-fired power plants in the United States will be shut down. These include the 1.8 GW Intermountain Power Project, J H Campbell, in Michigan, and Brandon Shores, in Maryland. Both have a capacity of 1.3 GW. This year, more than 12,3 GW in total power capacity will be retired. That's a 65 percent increase compared to 2024. The coal-fired power plants account for 66% and the natural gas, 21%. The majority of natural gas power plants that will be retired in the future use single turbines which are less efficient than combined cycle plants. RENEWABLES on the Rise The EIA expects that as fossil-fired power plants retire in 2025, 63 gigawatts will be added to utility-scale electricity generating capacity. The EIA stated that solar power will make up the majority of these new additions. This will be followed by wind, battery storage and natural gas. The agency stated that the additions would represent a 30% increase over 2024 when the largest capacity was installed in a single calendar year since 2002.
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UAE's e& will sell a 40% stake in Khazna, a data center company for $2.2 billion
UAE telecoms group e& announced on Wednesday it had agreed with artificial intelligence company G42 to sell its 40% share in Khazna Data Center Holdings, for $2.2 billion. In a statement, the telecoms company said that this deal would generate a capital profit of $1.4 billion prior to federal royalty and corporate taxes and that the proceeds would be used to pay down its debt. Khazna designs, builds, and operates wholesale datacenters. Separately, MGX and Silver Lake will become minority shareholders in addition to G42, the majority shareholder. The deal is expected to be finalized by the end the first quarter. The UAE, an oil-rich country, invests billions in AI to increase its global influence long after the oil industry has ceased. The state-backed G42, MGX and Mubadala are the main players in this effort. e& acquired a 40% stake in Khazna in 2022. According to the website of this company, there are nine data centers in operation and many more in construction. e& stated in its statement that it will remain a "strategic partner" and a "major tenant" of Khazna. The Abu Dhabi Exchange has seen a 2.8% increase in the shares of e& this year.
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Alcoa warns Trump’s aluminum tariff may cost US jobs 100,000
Alcoa, the aluminum producer, said that President Donald Trump's plan of imposing a tariff on imported aluminum could cost around 100,000 U.S. workers and wouldn't be enough for it to increase production in this country. Trump said earlier this month that he would impose an aluminum tariff of 25% "without any exceptions or exclusions" to boost U.S. production. Aluminum is used in the manufacture of automobiles, cans, and other products. Tariffs will be in effect from March 4, 2019. Alcoa of Pittsburgh, which manufactures aluminum in Canada and other countries such as Iceland, Australia, and Australia, has reduced its output in the United States partly because of rising electricity costs. Bill Oplinger (CEO of Alcoa) told the BMO Global Metals and Mining Conference held in Florida that tariffs may cost 20,000 jobs in the U.S. Aluminum Industry and another 80,000 in the sectors that support the industry. "This is bad news for the U.S. aluminum industry." In a webcast, Oplinger, a trained engineer who will become CEO in 2023 and is an engineer by profession, said that it was bad for American workers. U.S. data shows that aluminum smelters only produced 670,000 metric tonnes of the metal in 2010, compared to 3.7 millions in 2000. In recent years, plant closures, such as those in Kentucky and Missouri have made the United States largely dependent on imports. The CEO stated that tariffs would not be sufficient to convince Alcoa officials to ask the company to restart some of the shuttered U.S. plants. Oplinger stated that it is difficult to make an investment, even for something as simple as a start-up, without knowing the duration of tariffs. He said he had also lobbied Trump officials to exempt Canadian aluminum imports. Oplinger stated that Alcoa might consider increasing its output in the United States if they had access to cheap power like their Icelandic operations. Aluminum smelting uses a large amount of electricity. Oplinger also said that he thought aluminum from Russia would be imported into Europe if the conflict between Ukraine & Russia was resolved. Oplinger said that he also believed the global aluminium market could consolidate. He did not provide any details. Alcoa shares fell 2.6% in early trading on Tuesday to $34,10. (Reporting and editing by Tomaszjanowski)
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Pinnacle West's quarterly revenue increases at higher rates
Pinnacle West Capital Corp announced a growth in revenue for the fourth quarter on Tuesday. The utility was boosted by higher rates and new customers. The company's biggest subsidiary, APS which provides electric service to about 1.4 millions customers in Arizona, experienced a 2.1% increase in customer growth over the course of the year and is expecting an average annual growth between 1.5% and 2.5% until 2027. The rate case, which is used to determine the price that customers will pay for services such as electricity, gas, steam, and private water, was also a major source of revenue. LSEG data shows that revenues for the third quarter were $1.09 billion, exceeding analysts' estimates of $1.04billion. Electricity sales are expected to rise between 4%-6% per year over the next 3 years due to record U.S. electricity consumption, a result of increased electrification. Ted Geisler, APS president, said: "A dramatic rise in the number of commercial and industrial clients in our service area - such as new semiconductor manufacturing facilities and expanding data centers - has led to an incredible economic boom and triggered a wave of historic demand for electricity in our State." APS plans to add 9,805 Megawatts of renewable energy, battery storage and gas to the grid from 2025 to 2028 in order to meet the increasing demand. The Phoenix, Arizona utility reported that the net loss attributable common shareholders increased to $6.8million for the quarter ending December 31 from a loss $23,000 one year earlier. The increase in interest costs was largely due to the fact that total expenses rose 10%, to $1.01billion from $917m. (Reporting from Seher Dareen, Bengaluru. Editing by Vijay Kishore.)
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Arctic doomsday vault receives more than 14,000 samples
The vault, which stores food crops seeds from all over the world in caves created by humans on an isolated Norwegian Arctic island, will receive 14,000 more samples on Tuesday. In 2008, the Svalbard Global Seed Vault was created as a backup to the gene banks around the world that store genetic codes for thousands of species. The vault, protected by permafrost and ice, has received samples all over the world and played an important role in the rebuilding of seed collections that were damaged in the Syrian war between 2015 and 2019. In a press release, Crop Trust Executive Director Stefan Schmitz said that the seeds represent more than just biodiversity. They also reflect the culture, knowledge and resilience of communities who care for them. The Crop Trust stated that the new contributions included a sample from 15 species of Sudan consisting of various varieties of sorghum, a plant which is important for both the food security of the country and its cultural heritage. The conflict between the Rapid Support Forces (RSF) and the army that erupted in April 2023 killed tens thousands and forced 12 million people to flee their homes. It also plunged half of Sudan into famine and other locations into hunger. In a recent statement, the Director of Sudan's Agricultural Plant Genetic Resources Conservation and Research Centre stated that "these seeds are a symbol of hope in Sudan". The Crop Trust announced that a total of 14,022 samples, including rice from Thailand and seeds from Nordic tree species, will be collected at 1430 GMT. (Reporting and editing by Terje Sollvik and Christina Fincher, and Louise Rasmussen).
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India's UltraTech Cement will spend $206 Million to enter the cable and wires business
UltraTech Cement will invest 18 billion rupees (206 million dollars) in a new wires and cable business to strengthen its position in the construction materials industry, the company announced on Tuesday. The building products division of UltraTech will include waterproofing products, TMT bars, plywood and sanitary ware as well as electrical products such as switchboards. UltraTech will build a factory by December 2026, with an investment spread over two-years. This is to capture demand in a market that has seen a growth of 13% annually between fiscal 2019-2024, according to the Aditya Birla Group. The sector is dominated primarily by Polycab and Havells, and is also plagued by the volatile price of copper - an important raw material – and fierce competition from smaller and cheaper local players. The infrastructure and construction industries - key clients for the wires and cable makers - will also likely experience a slowdown by 2025, due to the "modest" increase in capital expenditure announced earlier this month in the annual budget. The cement industry has seen several deals recently by industry leaders, including UltraTech and Adani Group. They are acquiring smaller firms in order to increase their presence. Reporting by Manvi Pan in Bengaluru, Editing by Savio d'Souza
Botswana, De Beers sign long-delayed diamonds deal
The Botswana government signed on Tuesday a long delayed diamonds sales contract with Anglo American's De Beers unit, expressing the hope that it will create jobs in an economy which is struggling.
The negotiations began in 2018.
The two sides agreed on terms in 2023, under the previous Botswana president. However, they never signed a formal agreement.
The new president Duma Boko, who came to power in October last year, made the signing of the De Beers deal a top priority.
The deal is crucial to Botswana, as its economy is heavily dependent on diamond exports.
"We are confident that this deal will take us forward." This agreement is for the people of Botswana. It's about the jobs that it will create," Botswana President Duma Boko told the crowd at a signing in Gaborone.
The deal is broadly in line with the terms agreed on in 2023.
Botswana is increasing its share of rough stone it receives from the Debswana joint-venture with De Beers, which it currently gets 25%.
The mining license of Debswana will be extended by 25 years, until 2054.
Botswana’s economy was believed to have contracted in 2017 due to a prolonged decline in the global market for diamonds.
In addition to a glut of supply and declining demand, the price of rough diamonds has fallen due to the popularity of lab-grown stones and the shift of younger consumers away the precious stone.
The government is hoping that the economy will improve.
The following are some examples of a successful return on investment
This year, the diamond market has improved globally and other sectors have performed better.
(source: Reuters)