Fintech PR
New EU Carbon Emissions Tariff Will Significantly Impact Businesses, Highlights Report from The Conference Board
BRUSSELS, Sept. 28, 2023 /PRNewswire/ — European importers face rising prices and administrative bottlenecks as the EU’s new carbon emissions tariff comes into effect, as detailed in a new report from The Conference Board. The report comes in the lead-up to the first enforcement phase (starting October 1) of the EU’s Carbon Border Adjustment Mechanism (CBAM), a system that will levy imports of carbon-intensive goods, closing the price gap with EU-made products.
Navigating Europe’s Carbon Tariff: What is CBAM and What Does it Mean for Business? surveyed European Members of The Conference Board on how they expect CBAM to affect their companies. 83 percent of respondents–primarily senior procurement and sustainability executives–anticipate prices will rise, and 75 percent expect CBAM to influence their buying choices going forward.
“Our Europe-based Members are clear that implementing CBAM will increase prices of carbon-intensive products, possibly with knock-on effects for consumers,” said Sara Murray, Managing Director, International, The Conference Board. “Our latest insights will help our Members better understand their responsibilities and the challenges they must prepare for over the coming 18 months.”
Among the report’s key insights:
Prices for regulated products are expected to rise immediately from the start of implementation, years before the first tariffs are collected:
- Under the first phase of CBAM, importers of products in six regulated categories—iron & steel, cement, fertilizers, aluminum, electricity generation, and hydrogen—will have to begin reporting carbon emissions to EU authorities.
- Limited administrative capacity in some EU countries means that CBAM’s price impact will likely be felt even before the charging period for the tariff—likely around €100 per tonne of carbon emissions—comes into effect in January 2026.
Lack of verification capacity may create bottlenecks at key locations:
- Europe faces a serious shortage of qualified ‘verifiers’ who check importers’ declared carbon emissions.
- Belgium—the EU’s second-largest steel and iron importer and home to Antwerp, its second-largest port—has only two qualified verifiers.
- Six EU member states, including Ireland, have no verifiers at all.
Uneven customs capacity across the EU poses additional challenges for CBAM implementation—putting the onus on Brussels to take action:
- Varying levels of customs efficiency among different member states are likely to present another problem for businesses.
- Italy, for example, is the EU’s largest iron and steel importer, but its customs declaration process is lengthy—meaning that, with CBAM, importers may experience even longer queues to get their goods through Italian ports.
Current attempts to ease the administrative burden are likely to fall short:
- The EU is expected to relax some accreditation rules for verifiers, but such measures may not address the problem as many verifiers are already operating at capacity.
- It is already quite common for verifiers to decline new requests to audit European-based manufacturers’ emissions.
“Without fast action to address the administrative problems that importers will begin to face from next week, there is a risk that CBAM acts as a drag on the European economy,” said Anuj Saush, European ESG Center Leader at The Conference Board. “The six categories of goods that are regulated under the legislation account for 4.95 percent of all EU imports, valued at €133.21 billion. Companies importing goods into countries like Belgium, Italy, and Ireland should take a careful look at how they will meet demand over the next few months.“
Effects will vary widely depending on the origin of imports:
- CBAM has been designed to close the price gap between imports of carbon-intensive goods from non-EU countries without carbon-pricing schemes and EU-produced goods.
- Exports of these goods to the EU from countries that already have carbon pricing systems may not have to pay the fee, depending on how their carbon price compares to the EU’s Emissions Trading Scheme.
About The Conference Board
The Conference Board is the member-driven think tank that delivers Trusted Insights for What’s Ahead™. Founded in 1916, we are a non-partisan, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. www.ConferenceBoard.org
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PASAY CITY, Philippines, Dec. 26, 2024 /PRNewswire/ — The SM Group is approaching the coming year with cautious optimism, encouraged by the continued growth of the Philippine economy.
SM Investments President and Chief Executive Officer Frederic C. DyBuncio said that despite ongoing challenges of peso volatility and higher inflation, the business sector has adapted well.
Consistent demand sustained household spending in the third quarter, with Household Final Consumption Expenditure posting a year-on-year growth of 5.1%, maintaining the same level in the same quarter last year, data from the Philippine Statistics Authority showed.
“Any moderation in inflation should trigger a strong confidence rebound. This could create opportunities in consumer-focused sectors in the country and we are poised to cater to these evolving demands,” Mr. DyBuncio said.
To cater to growing demand, SM continues to expand into more underserved areas, contributing to sustainable economic development and collaborating with government stakeholders to enhance access to modern retail, financial services, and integrated property developments.
“By investing and expanding to more areas nationwide, SM creates new markets and improves access to these essential sectors, serving more communities and helping stimulate sustained economic activities,” he said.
Mr. DyBuncio also said SM continues to invest in promising ventures such as renewable energy and logistics, that foster economic activity.
SM has invested in the clean energy industry through Philippine Geothermal Production Company (PGPC) which produces 300 Megawatts of geothermal steam supply. SM aims to continue to develop geothermal concessions through PGPC in support of the Department of Energy’s goal of reaching 50% renewable energy supply by 2040.
To encourage circularity towards green energy production, SM’s property arm, SM Prime Holdings partnered with GUUN Co. Ltd. (GUUN) to implement the Japanese technique of reducing landfill impact. The technology converts non-recyclable and hard-to-recycle packaging into alternative fuel.
SM’s banking arm, BDO Unibank is one of the largest funders of renewable energy projects. BDO has funded PHP898 billion in sustainable finance, including loans to 59 renewable energy projects as of December 2023.
In logistics and tourism, the improvement of transport networks across the country’s archipelago connects tourist and industrial areas that will help create inclusive growth. SM though its subsidiary 2GO launched MV Masigla and MV Masikap in 2024 to help better connect goods to 19 ports across the country including Iloilo, Bacolod, Cagayan de Oro and Manila, further supporting the government’s push for medium term growth through an upgraded tourism infrastructure and ecosystem.
“Our focus for 2025 will be to drive purposeful growth, empowering communities and partners through our investments towards a sustainable future,” Mr. DyBuncio said.
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View original content:https://www.prnewswire.co.uk/news-releases/sm-approaches-2025-with-cautious-optimism-302339452.html
TAIPEI, Dec. 26, 2024 /PRNewswire/ — VIVOTEK (3454-TW), the global leading security solution provider, has once again demonstrated its outstanding commitment to sustainability. Participating for the first time in the 17th Taiwan Corporate Sustainability Awards (TCSA), VIVOTEK emerged victorious, earning the Sustainability Report Award for the Information, Communication, and Broadcasting Industry and the Taiwan Corporate Sustainability Excellence Award. These recognitions showcase VIVOTEK’s remarkable success in corporate governance, environmental protection, and social responsibility, affirming its dedication to sustainable growth.
Pioneering Sustainability with Dual Recognition
“For over seven years, VIVOTEK has independently published sustainability reports, actively driving and disclosing our internal sustainability initiatives.” said Allen Hsieh, VIVOTEK’s Spokesperson and Director of the Global Marketing Division. “These awards not only recognize our integrity and efforts in presenting operational performance, environmental data, and social impact but also serve as a strong motivation for us to continue advancing on the path of sustainable development.”
Driving Sustainability through AI Innovation
VIVOTEK delivers advanced AI-powered security solutions built on cutting-edge AI and edge computing technologies. Beyond innovation, the company drives green initiatives, reduces its carbon footprint, and fosters a sustainable, supportive workplace.
Committed to social responsibility, VIVOTEK leads the security industry’s sustainability efforts through its ‘Safety Map’ initiative. For four years, employees have formed security teams to enhance safety in neighborhoods, care centers, and schools with on-site assessments and improvement plans.
In 2024, VIVOTEK will expand its efforts to Hualien’s Dacheng Village, where it will help improve local safety environments and support cultural preservation and tourism revitalization. These actions reflect its dedication to sustainability, community well-being, and lasting societal contributions.
Security Sustainability as a Foundation for Social Impact
VIVOTEK proudly received two prestigious honors at the Taiwan Corporate Sustainability Awards, highlighting its dedication to sustainable practices. These accolades inspire the company to deepen its internal efforts and mark the start of an exciting new chapter.
Building on this achievement, VIVOTEK aims to strengthen its mission of becoming the world’s most trusted smart security brand. By aligning with global market needs and fostering collaboration with customers, partners, and employees, VIVOTEK is committed to shaping a sustainable future founded on mutual trust and shared success.
To learn more about VIVOTEK’s sustainability initiatives, please refer to the 2023 Sustainability Report.
View original content:https://www.prnewswire.co.uk/news-releases/vivotek-wins-double-honors-for-its-commitment-to-sustainability-302339223.html
Fintech PR
2024 Global Youth Design Contest on Chinese Characters Themed “Guiyang in Characters” Successfully Concluded
GUIYANG, China, Dec. 26, 2024 /PRNewswire/ — To fully implement the spirit of “carrying forward China’s cultural heritage” and “promoting the creative transformation and innovative development of fine traditional Chinese culture”, the 2024 Global Youth Design Contest on Chinese Characters Themed “Guiyang in Characters”, organized by the Publicity Department of the CPC Guiyang Municipal Committee and hosted by www.huanqiu.com, has successfully concluded on Dec.16. The contest drew thousands of teenagers from both China and abroad, who used cultural empowerment and innovative designs of Chinese characters to narrate and promote Guiyang.
At the “Colorful Guizhou • Literary Plateau” Farming and Reading Event, 59 outstanding works from 26 countries, along with 21 representative pieces from various countries and regions, were showcased. According to the organizing committee of the Global Youth Design Contest on Chinese Characters, “This exhibition serves as both a lasting commemoration of the event and a report to all those who care about the inheritance and promotion of Guiyang and Chinese culture.”
In their submissions, the teenagers selected Chinese characters or phrases they believed best represented Guiyang and reimagined them through innovative designs. Outstanding designs incorporated Guiyang’s iconic architecture and cultural landmarks into Chinese characters to present the city’s urban landscape and historical culture. Some works spotlighted Guiyang’s distinctive cuisine, offering a glimpse into the vibrant and diverse local culinary culture. Some other designs drew inspiration from martial arts villages in Guizhou and featured dragon motifs to symbolize the depth and vitality of Guizhou culture.
Saison from Tajikistan was among the participants in this year’s Global Youth Design Contest on Chinese Characters. Speaking about his design of the Chinese characters, he shared that his design sought to merge the beauty of Chinese characters with the charm of Guiyang. “Guiyang is a captivating place, known for its beautiful scenery, delicious food, and diverse ethnic minorities. I tried to incorporate the beauty of Guiyang into my Chinese character design, hoping to convey the city’s charm and the wonders of Chinese characters through my work.”
The contest officially opened for submissions on September 30. In an effort to boost public engagement and participation, a “cheerleading campaign” was organized for shortlisted works from November 22 to 29. Following expert reviews, 80 outstanding works were ultimately selected for public exhibition.
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View original content:https://www.prnewswire.co.uk/news-releases/2024-global-youth-design-contest-on-chinese-characters-themed-guiyang-in-characters-successfully-concluded-302339323.html
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