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Energy Markets

Environment

Electric Utilities

Indonesia seizes eight containers of imported zinc powder contaminated by caesium 137

An official announced on Monday that eight containers of imported caesium powder were seized by Indonesia after it was discovered to be contaminated. The country is intensifying its efforts to intercept goods contaminated at the border and within the country. Bara Hasibuan said that the containers were originally from Angola. They are being held in a Jakarta port until the administrative procedures to re-export them have been completed, according to a press release by Bara Hasibuan. Indonesia created a task force to address the issue of radioactive pollution after seafood, cloves, and footwear destined for the United States had levels...

Environment

The international funding has stalled, putting the Indonesian coal phase-out program at risk

The top Indonesian official in charge of the program said that the plan to retire coal-fired plants with a capacity of 6.7 gigawatts by 2030 is likely to fail due to the stalled funding from rich nations. The Just Energy Transition Partnership, a coalition of ten donor countries, promised to raise $20 billion for Indonesia in three to five year by 2022. This was once called the "single largest climate finance transaction." The sum was to include funds to retire coal-fired plants that represented 13.5% of Indonesia's total power capacity. Paul Butarbutar (JeTP Indonesia Secretary) said that no one has...

Environment

Scientists blame rising temperatures for the destruction caused by Typhoon Kalmaegi in Southeast Asia.

Scientists warn that extreme weather events will only increase in frequency as temperatures continue to rise. At least 188 people were killed by Typhoon Kalmaegi in the Philippines. It also caused extensive damage to farmland and infrastructure across the archipelago. After landing in central Vietnam on Thursday night, the storm destroyed homes and uprooted many trees. The path of destruction of Kalmaegi coincides with the meeting of more than 190 delegates in Brazil's rainforest city of Belem for the latest round in climate talks. Researchers claim that the failure of leaders around the world to control greenhouse gas emission has...

Environment

Philippines starts cleanup after typhoon Kalmaegi kills at least 85

Residents in the central Philippines began scrubbing mud off streets and houses that were still standing after the typhoon Kalmaegi tore through the area, killing at least 85 people and leaving dozens of others missing. As floodwaters receded in Cebu, the province that was hardest hit, scenes of destruction were revealed. Homes reduced to rubble and vehicles overturned, streets choked by debris, lives upended. Marlon Enriquez, 58, of Cebu City tried to salvage the belongings left in his home by scraping off the thick mud. This was the first flood that we have experienced. "I've lived here for 16 years,...

Environment

The Philippines flood control project fails the poor

Infrastructure is key to flood control in the Philippines Advocacy group calls out'misalignment of flood control projects' Risk management must be 'holistic' to protect communities By Mariejo Ramos She said that heavy rains in Bulacan - a densely populated region north of Manila - knocked over trees and a bamboo stilt home one night in the summer. Bulacan is one of the provinces that are most prone to flooding in the country. In the last three years, Bulacan has seen the most projects for flood control built. The government spent over 500 billion Philippine Pesos (8.5 billion dollars) to build...

Environment

Three dead in Philippines as tropical storm Bualoi sweeps across the country

Three people have died in the Philippines following a tropical storm that intensified to a typhoon and hit land late Thursday. This comes days after the super typhoon which struck the north. In many parts of the Philippines, including Metro Manila, classes and government work were suspended in advance of Tropical Storm Bualoi. The storm hit just days after Super Typhoon Ragasa, which left a path of destruction in the Philippines' northern region, killing at least 14 people, before making a mess in Taiwan where 15 people were killed. The latest storm hit Eastern Samar, in central Philippines. It then...

Environment

At least three people have been killed by severe floods caused by the storm Wipha in Vietnam's Nghe An

In the province of Nghe An in central Vietnam, heavy rains caused by tropical storm Wipha led to severe flooding. At least three people have died and another is missing. Vietnam's long coastline, which faces the South China Sea is susceptible to typhoons. These storms can cause deadly flooding and mudslides. Wipha was the first major storm of the year to hit Vietnam. Wipha, which has been ravaging Hong Kong, China and the Philippines with monsoon rains causing flooding and severe weather conditions in the Philippines and Hong Kong for several days now, made landfall on Vietnam Tuesday. Kinh Te...

Environment

Philippines struggles to green school amid climate risks

Teachers urge investment in climate-resilient school infrastructure Philippines is facing a shortage of 165,000 classrooms Teachers fill funding and staffing gaps By Mariejo Ramos In the last decade, the government has adjusted the school calendars in order to avoid the typhoons season which begins usually in June. The government changed the school calendar to June to March this year after heatwaves forced the closure of schools in April and May. Teachers' groups are happy with the new calendar, but they also want the government do more than just tweak it. They want to invest in infrastructure to make schools resistant...

Oil & Gas

India's rice harvest is a record crop, resulting in a surplus of ethanol.

India has allocated record volumes of rice for ethanol production, as it battles with unprecedented inventories. These are expected to grow further when the new crop arrives. This is a turnaround from the earlier shortages which led to export restrictions. The conversion of more rice into ethanol helps reduce the rice stock in the world’s largest producer and exporter. It also keeps India’s ambitious ethanol blend programme on track, despite the drop in sugar cane supplies. India lifted the last of two years' worth of export restrictions in March. The poor rains had curtailed rice production. The abundant monsoon rainfall...

Environment

Small farmers are affected by China's massive feed shift to reduce soybean imports

Industry experts believe that China's plan to limit the use of soymeal as animal feed in order to reduce its dependency on imports will not only be feasible, but also costly and difficult for smaller farmers who produce one-third of the Chinese pork. China announced in April that it would lower the content of soymeal in animal feed to 10% by 2030. This is down from 13% as in 2023. The ongoing trade war between China and the United States has increased Beijing's urgency in bolstering food security. According to the Chinese agriculture ministry, soymeal made up 17.9% of animal...

Environment

UN: Southwest Pacific to be hit by unprecedented marine heatwaves in 2024

The UN's weather agency said that in 2024, unprecedented heat waves in Southwest Pacific will affect more than 10% the surface of the ocean, damaging coral reefs, and placing the last tropical glacier in the region at risk of extinction. In an annual report, the World Meteorological Organization stated that the average 2024 temperature in the region (which includes Australia and New Zealand and southeast Asian island countries like Indonesia and the Philippines) was nearly half a degree Celsius higher than the mean temperatures between 1991 and 2020. Blair Trewin of WMO, who is one of the authors of the...

Environment

Philippines uses mangrove buffer zones to protect its coasts

Negros Occidental is the first to introduce a coastal greenbelt Natural protection against storms, flooding and erosion The Senate is currently considering a bill to create a national coastal greenbelt. By Mariejo Ramos Local leaders, instead of relying on man-made barriers, have re-established natural barriers, such as 100-metre wide strips of vegetation. These include coastal mangroves, beach forest species, and other plants that can protect against storms and erosion. Negros Occidental started establishing its "coastal Greenbelt" in 2022. It was the first network of its kind to be established in the Philippines. The project led to the creation and protection...

Mining

Mining

Fibre cement maker James Hardie reports 2% drop in second-quarter profit

James Hardie, a fibre cement manufacturer, reported a 2% decline in its second quarter profit on Tuesday. The company attributed the drop to a weaker single-family housing market and inventory reductions that are ongoing in North America. Nigel Stein will take over as chairman of the board on November 17 after Ryan Lada, who succeeds Rachel Wilson, has been named as chief financial officer. James Hardle cited a challenging business environment. This included a modest decline in net organic sales in the siding and trim segment and a lower manufacturing utilization rate in its North America operations. All of this...

Mining

Mongolia's top court blocks attempt to remove prime minister, deepening the political deadlock

Mongolia's highest court has ruled that a vote in parliament to remove the prime minister was unconstitutional. Analysts say this could lead to further turmoil as factions within the ruling party fight over the economy. Montsame, an official news agency, reported Thursday that the Constitutional Court ruled that a motion by the State Great Khural (or parliament) to remove Prime Minister Zandanshatar Gombojav last Friday was without legal basis. The court agreed with the President KhurelsukhUkhnaa who, on Monday, vetoed a resolution of the Parliament to dismiss Zandanshatar citing procedural errors, such as the use an "incorrect vote formula." Zandanshatar...

Mining

Gulf markets are mixed early in the trading as US shutdown raises concern

The major Gulf stock markets opened mixed on Wednesday as the U.S. shutdown caused concern about the delayed release of vital jobs data and future interest rate trends. Deep partisan divides between Congress and the White House prevented them from reaching an agreement on funding. This could have led to a long, painful standoff, which could result in the loss of thousands federal jobs. The shutdown may delay the release key economic data such as the non-farm payrolls reports due on Friday. The U.S. monetary policy changes have a major impact on Gulf markets where the majority of currencies are...

Mineral Resources

Climate Change

Climate Change

Scientists blame rising temperatures for the destruction caused by Typhoon Kalmaegi in Southeast Asia.

Scientists warn that extreme weather events will only increase in frequency as temperatures continue to rise. At least 188 people were killed by Typhoon Kalmaegi in the Philippines. It also caused extensive damage to farmland and infrastructure across the archipelago. After landing in central Vietnam on Thursday night, the storm destroyed homes and uprooted many trees. At least five people were killed. The path of destruction of Kalmaegi coincides with the meeting of more than 190 delegates in Belem, Brazil's rainforest city for the latest round in climate talks. Researchers claim that the failure of leaders around the world to...

Climate Change

Ecotourism helps revive mangroves in a Filipino surfing location

Del Carmen Mangrove Reserve is a new Ramsar Site Siargao is awash with illegal fishing and mangrove cutting Ecotourism and behaviour change are key to protecting the mangroves By Mariejo Ramos He was once an illegal fisher, who cut down tropical woody trees for fuel. Now he protects them in a civilian patrol force. We were forced to sell and cut mangroves because life was hard back then. "We couldn't find another job," Longos said. Workers like Longos are now part of the solution because the local government has been working to provide job training and cultivate an ecotourism enterprise....

Power Markets

Philippines, UAE's Masdar agree $15 bln renewable resource project

United Arab Emirates state energy company Masdar has actually signed a $15 billion renewable energy handle the Philippines to develop solar, wind and battery energy storage systems, offering it with up to 1 gigawatt of tidy power by 2030. The project is in line with the Philippines' goal of decreasing its reliance on nonrenewable fuel sources and increasing the share of clean energy in its power mix. This partnership with Masdar marks a transformative step in our renewable energy journey, Philippine Energy Secretary Raphael Lotilla stated in a joint statement with Masdar. The job is prepared to be scaled approximately...

Climate Change

Is climate modification making tropical storms more regular? Scientists say it's uncertain

An uncommon cluster of hurricanes in the West Pacific and a series of powerful hurricanes in the Atlantic are raising questions about the effect that climate change is having on hurricanes around the world. As countries whipped out the information of a brand-new environment financing package at COP29 talks in Azerbaijan, the Philippines was struck by its sixth lethal tropical storm in a month while the United States was recuperating from two ravaging typhoons. Researchers state it stays uncertain just how much climate change is improving the storm season, or if it is accountable for the uncommon look of four...

Climate Change

Advancement lenders set brand-new climate financing target for poorer nations

The world's leading multilateral banks pledged on Tuesday to increase environment financing to low and middle earnings nations to $120 billion a year by 2030 as part of efforts at worldwide talks in Azerbaijan to agree an enthusiastic yearly target. Declaring a goal of capping international warming at 1.5 degrees Celsius above the pre-industrial average by 2050, the lending institutions said the new figure would consist of $42 billion to assist adjust to the effects of severe weather. With the U.S. government under Donald Trump anticipated to pull back from global efforts to fight environment change and lots of other...

Climate Change

ADB increases climate finance after United States, Japan offer world's very first sovereign guarantees

The Asian Development Bank will increase its climaterelated lending by up to $7.2 billion after the United States and Japan consented to finance danger for some existing loans, an ADB executive said, marking the first ever sovereign guarantees for climate financing. The brand-new technique, shared solely with Reuters, uses a. prospective design template for other advancement banks to follow as the. U.N.'s COP29 climate top in Baku, Azerbaijan, beginning this. week concentrates on increase the quantity of finance readily available to. developing countries. The ADB has set a long-term cumulative climate finance. providing target of $100 billion between 2019 and...

Fossil Fuels

ADB authorizes $500 mln loan for Indonesia's energy shift efforts

The Asian Advancement Bank ( ADB) stated on Friday it has approved a $500 million policybased loan to money a program developed to assist Indonesia's energy transition efforts. Resource-rich Indonesia, which is going for net-zero carbon emissions by 2060, has been attempting to lower the use of coal in its energy sector with the financial backing from the G7's Just Energy Transition Partnership (JETP), however disbursement of funds has been slow. Highlighting Indonesia's dependence on coal, the ADB stated in a declaration the program focuses on establishing a robust policy and regulatory framework for clean energy transition, enhancing sector governance...

Climate Change

World Court to hold hearings in case that may define countries' climate responsibilities

The International Court of Justice stated on Friday it would hold public hearings starting Dec. 2 in an advisory viewpoint case that may end up being a reference point in specifying nations' legal commitments to eliminate climate change. The ICJ, referred to as the World Court, is the United Nations' highest court for dealing with worldwide conflicts. In 2023, the U.N. General Assembly asked it for an official viewpoint on questions consisting of whether large states that add to greenhouse-gas emissions might be liable for damages caused to small island nations. While the ICJ's advisory viewpoints are not binding under...

Climate Change

Tropical storm Gaemi lashes southeast China after pounding Taiwan, flooding Philippines

Hurricane Gaemi lashed towns on China's seaside Fujian province on Friday with heavy rains and strong winds as the most powerful storm to hit the nation this year started its widely enjoyed trek into the populous interior. The storm, which has actually currently killed dozens of individuals as it swept through Taiwan and worsened seasonal rains in the Philippines, has actually impacted almost 630,000 people in China's. Fujian up until now, with almost half of them having to be moved,. the official Xinhua news firm reported. Gaemi was still packing winds of as much as 100.8 kph (62.6. mph) near...

Climate Change

China prompts Philippines to shut offshore gambling firms

China urged the Philippines on Friday to stamp out offshore gambling, an online market it referred to as a social ill motivating crimes such as kidnapping, human trafficking and murder. Senior Philippine government authorities have actually expressed concerns about the continued existence of illegal Philippine Offshore Video Gaming Operators (POGO), several of which are run by Chinese companies. President Ferdinand Marcos Jr. stated last month they might position a nationwide security risk and a senator has actually put forward a costs to outlaw them, however their fate is currently uncertain. The online gaming market emerged in the Philippines in 2016...

Climate Change

Severe heat is closing schools, broadening finding out spaces worldwide

Hena Khan, a grade 9 student in Dhaka, has actually had a hard time to concentrate on her studies this week as temperatures surpassed 40 degrees Celsius (104 degrees Fahrenheit) in the capital city. There is no genuine education in schools in this penalizing heat, she said. Teachers can't teach, students can't. concentrate. Rather, our lives are at danger. Khan is one of more than 40 million students who have actually been. shut out of classrooms in current weeks as heatwaves have actually required. school closures in parts of Asia and North Africa. As the environment warms due to the...

Climate Change

Southeast Asia 'woefully off track' on green investment, Bain says

South East Asia is woefully off track on green investments to reduce emissions and requires financial mechanisms and brand-new policies to assist bridge the gap, the international consultancy Bain & & Company said on Monday. With energy intake in the area anticipated to grow 40%. this decade, climate-warming carbon dioxide emissions stay on. the rise, with the region still depending on nonrenewable fuel sources, said. an annual report assembled by Bain, green financial investment group. GenZero and Standard Chartered Bank. While green investment grew 20% in 2015, it is way short. of the $1.5 trillion needed this decade, and emissions...