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His Highness Sheikh Mohamed Bin Zayed Al Nahyan and His Majesty King Charles III Open Inaugural Business & Philanthropy Climate Forum

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  • More than 1,000 private sectors leaders convene to align industry, finance, and country roadmaps to accelerate the achievement of climate targets

Note to Editors: The following press release was distributed on November 30, 2023 at 23:30 on the COP28 UAE website (Media Hub tab).

DUBAI, United Arab Emirates, Dec. 1, 2023 /PRNewswire/ — For the first time at the United Nations Framework Convention on Climate Change’s (UNFCCC) Conference of the Parties (COP), the COP28 Presidency of the United Arab Emirates has launched the inaugural COP28 Business and Philanthropy Climate Forum, convening more than 1,000 CEOs and philanthropists from over 80 countries. The Forum is being held alongside the World Climate Action Summit.

The Forum launched on November 30 with a high-level reception, which was hosted by the COP28 Presidency and the Sustainable Markets Initiative, in the presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and His Majesty King Charles III.

The Forum represents a paradigm shift in the COP process. With its strengths in low-carbon solutions and innovation, delivery and global networks, the private sector has – and continues – to invest trillions of dollars into the transition. With the objective of moving beyond commitments, the COP28 Business and Philanthropy Climate Forum will showcase global industry-by-industry delivery together with opportunities to accelerate, replicate, and scale, particularly in the Global South.

Private sector actors will join heads of state and government to focus on showcasing private sector progress and joint delivery. 

H.E. Dr. Sultan Al Jabar, COP28 President, said “For the first time at a UNFCCC COP, and in line with the vision of the UAE, the global private sector has a seat at the table on the first day of COP28.  No single party has all the solutions, and COP28 must bridge the trust gap between North and South, East, and West, and build a platform for action through partnership.  This is what the Business and Philanthropy Climate Forum represents.”

Badr Jafar, Chair of the Forum and COP28 Special Representative for Business and Philanthropy, said “There is no time to waste, and no need to wait. The Business and Philanthropy Climate Forum showcases over 20 major actions that CEOs and philanthropists can take now demonstrating accessible ways for private sector leaders to move beyond pledges and declarations and into action and implementation in ways that are suited to their capabilities and competencies.”

Jennifer Jordan-Saifi, CEO of the Sustainable Markets Initiative, said “Building on the vision of our founder, King Charles III, and the momentum of the Sustainable Markets Initiative’s CEO summits at COP26 and COP27, the COP28 Business and Philanthropy Climate Forum’s purpose statement amplifies calls from the private sector to be at the table for all future UNFCCC COPs.  It is time for a whole new model—one focused on real-world delivery and accelerated results.”

The Sustainable Markets Initiative is the Strategic Partner for the inaugural Forum. Other Forum delivery partners include the International Finance Corporation (IFC), the Organisation for Economic Co-operation and Development (OECD), World Economic Forum (WEF), Asian Development Bank (ADB), Africa Finance Corporation, Bill & Melinda Gates Foundation, Inter-American Development Bank Group (IDB Invest), World Business Council for Sustainable Development (WBCSD), and XPRIZE.

Other organizations participating in the November 30 reception and also at the COP28 Business and Philanthropy Climate Forum on December 1 and 2 include: UNFCCC, Food and Agriculture Organisation, International Telecommunication Union, World Health Organisation, International Civil Aviation Organisation, UN Office of Outer Space Affairs, Asian Infrastructure Investment Bank, Caribbean Development Bank, African Development Bank, Islamic Development Bank, International Monetary Fund, and World Trade Organisation.

The Business and Philanthropy Climate Forum’s Purpose Statement (Full Statement here):

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The UN Council for Trade and Development estimated that $4 trillion is required annually to meet climate and biodiversity targets.  To deliver, the COP28 Business and Philanthropy Climate Forum commits to:

  • Supporting an annual Business and Philanthropy Climate Forum alongside the world leaders’ summit at every UNFCCC COP until at least 2030.  This Forum will serve as the foundation for the private sector to: enhance alignment of industry, finance and country roadmaps; conduct an annual industry-by-industry assessment on progress; and, raise the bar on ambitions, including alignment with science-based targets.
  • Engaging in private sector diplomacy and the creation of innovative private sector mechanisms to support cross-border transition efforts, including blended finance and trade instruments.
  • Demonstrating the moral courage required as decision-makers to boldly lead the transition to a sustainable, just, and prosperous future.
  • Adopting an authentic sustainable orientation, embedding sustainability in business models, decisions, and actions.
  • Investing in sustainability-aligned research, development, commercialization, technology, and innovation alongside youth and supporting the green, sustainably focused jobs of the future.
  • Aligning country, industry, and financial roadmaps.  Moving together, create efficiencies and economies of scale that will enable collective progress and accelerate sustainable transitions.
  • Showcasing game-changing entrepreneurs, technologies and solutions that are emerging around the world.  At the same time, remove barriers that are impeding progress in deployment and scale-up of these technologies.
  • Bringing sustainable markets from niche to norm by reimagining mandates, project pipelines, financial structuring, and models of return. In this way entirely new sustainable industries, products, services, and supply chains can be created, while in parallel helping to transition and transform existing systems to a more sustainable trajectory.
  • Building conservation and nature-based solutions into the asset base, supply chains, and disclosures.
  • Addressing market challenges and helping reorient economic subsidies, financial incentives, and regulations in support of global climate, biodiversity, and UN SDG targets across all industries.
  • Adopting common standards, metrics, working definitions and traceability within, and wherever possible, across industries.

To learn more about the COP28 Business and Philanthropy Forum programming and events, please visit the www.bpcforum.org

Photographs will be available via the UNFCCC Flickr page: https://www.flickr.com/photos/unfccc

About Business & Philanthropy Forum 

Under the chairpersonship of the COP28 Special Representative for Business and Philanthropy, Badr Jafar, the first of its kind Business & Philanthropy Climate Forum (BPCF), runs alongside the COP28 World Climate Action Summit with Heads of State and Government from 1-2 December 2023 in the Blue and Green Zones.

Read more: www.bpcforum.org

Notes to Editors COP28 UAE:   

  • COP28 UAE will take place at Expo City Dubai from November 30-December 12, 2023. The Conference is expected to convene over 70,000 participants, including heads of state, government officials, international industry leaders, private sector representatives, academics, experts, youth, and non-state actors. 
  • As mandated by the Paris Climate Agreement, COP28 UAE will deliver the first ever Global Stocktake – a comprehensive evaluation of progress against climate goals. 
  • The UAE will lead a process for all parties to agree upon a clear roadmap to accelerate progress through a pragmatic global energy transition and a “leave no one behind” approach to inclusive climate action.

Read more: www.cop28.com

About the Sustainable Markets Initiative 

Founded by His Majesty King Charles III in 2020, as Prince of Wales, the Sustainable Markets Initiative has become the world’s ‘go-to’ private sector organisation on transition.  Launched in 2021, the Terra Carta serves as the Sustainable Markets Initiative’s mandate with a focus on accelerating positive results for Nature, People and Planet through real economy action.  Read more: www.sustainable-markets.org 

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Get a firsthand experience of the charisma of Xi

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BEIJING, Dec. 26, 2024 /PRNewswire/ — A report from Poeple’s Daily:

In May 2024, Chinese President Xi Jinping paid a state visit to Hungary. During this historic visit, leaders of the two countries announced the elevation of bilateral relations to an all-weather comprehensive strategic partnership for the new era, injecting renewed powerful impetus into cooperation between the two countries.

As the interpreter for Hungarian Prime Minister Viktor Orban during his meeting with President Xi, Simon Adrienn had the opportunity to again gain a firsthand glimpse into the charisma of President Xi as the leader of a major country.

In 2009, Xi, the then vice president of China, visited Hungary. Simon accompanied him as an interpreter for the first time to explore a memorial hall with rich Hungarian ethnic characteristics. “As I provided explanations, Xi listened attentively, showing a genuine interest in Hungarian history and culture. I could sense that he was a leader of great knowledge and insight”.

Since then, she has worked as an interpreter during meetings between the leaders of Hungary and China on numerous occasions. In her memories, Prime Minister Orban and President Xi are both candid and wise leaders who know about each other and trust each other. “President Xi’s clear articulation makes my job relatively easy. He is approachable, and respects and treats every staff member equally. In my view, this exemplifies the true essence of a great leader of a major country.”

Before kicking off this state visit to Hungary, President Xi published a signed article titled “Embarking on a Golden Voyage in ChinaHungary Relations” in the Hungarian newspaper Magyar Nemzet. The article provided a comprehensive overview of the successful practices and positive outcomes in the development of bilateral relations over the past 75 years since the establishment of diplomatic ties between the two countries. Simon translated the article into Hungarian. She said this experience was a valuable learning process, allowing her to gain a deeper understanding of President Xi’s views and thoughts.

In fact, this was not the first time that she translated President Xi’s books and articles. She once participated in the translation of President Xi’s book “Xi Jinping: The Governance of China“. In her eyes, President Xi drew upon numerous Chinese historical and cultural references in the book, prompting her to delve into the materials to identify the most suitable expressions. The process of translation provided her with profound intellectual enlightenment.

She deeply admires President Xi’s statement “Friendship, which derives from close contact between the people, holds the key to sound state-to-state relations.” As Hungary-China relations navigate a “golden channel,” closer people-to-people ties stand as a vital cornerstone. The Hungarian and Chinese people share many similarities, both valuing family harmony. The Hungarian people hold a profound appreciation for Chinese culture, evident through the presence of multiple Confucius Institutes, numerous traditional Chinese medicine clinics, and bilingual schools in Hungary that nurture a plethora of young talents for cultural exchanges between the two nations. Hungarian Chinese communities have also made substantial contributions to fostering deeper friendship between the two countries. People-to-people and cultural exchanges continue to strengthen, laying a solid foundation for cooperation between the two nations.

In the 1980s, student exchanges between Hungary and China began, and Simon was one of the beneficiaries. Her connection with China dated back to the third grade of primary school. At that time, she read many Chinese folk stories in the library. Upon graduating from high school, she seized the opportunity to study in China and spent six wonderful years there which had a significant impact on her life. Even today, she still enjoys reading Chinese folk stories and children’s literature. She has translated them into Hungarian, and organized Hungarian children to read them. she is always learning and improving, hoping to enhance mutual understanding between the two peoples through her work and continue to write new stories of friendly exchanges with her Chinese friends.

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WSPN Appoints Former EY Global Chief Innovation Officer Jeff Wong as Independent Director

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SINGAPORE, Dec. 26, 2024 /PRNewswire/ — Worldwide Stablecoin Payment Network (WSPN), a leading stablecoin infrastructure company, announces the appointment of Jeff Wong as Independent Director. Mr. Wong brings over 25 years of experience in technology innovation and enterprise transformation to WSPN. He most recently served as EY’s Global Chief Innovation Officer from 2015 to 2024, where he spearheaded the firm’s global innovation initiatives and established EY’s advanced technology labs focusing on Artificial Intelligence, Blockchain, Quantum Computing, and Web3.

Prior to EY, Mr. Wong held leadership roles at eBay and JPMorgan Partners. He is a member of the Council on Foreign Relations, the Forbes Technology Council, and the founding Chair of Asia Society’s Technology and Innovation Council, helping drive the innovation and transformation agenda. He was also a member of the World Economic Forum’s Global Future Council on Innovation Ecosystems. He has previously served on the Oxford Foundry Board at Oxford University and the Advisory Board for AI4All. Mr. Wong is a recipient of the Outstanding 50 Asian Americans in Business award and an honoree of the A100 List by Gold House, recognizing individuals with Asian Pacific heritage who have made a significant impact on American culture and society.

“Joining WSPN at this pivotal moment in the stablecoin industry is incredibly exciting,” said Mr. Wong. “I look forward to contributing my experience in emerging technologies and enterprise transformation to help WSPN build the next generation of digital payment infrastructure.”

“Jeff’s appointment represents a significant strategic addition to WSPN,” said Raymond Yuan, Founder and CEO of WSPN. “His deep expertise in innovation management, enterprise transformation, and emerging technologies, combined with his leadership experience at global institutions, will be invaluable as we accelerate our market expansion and global development.”

About WSPN

WSPN is a leading provider of next-generation stablecoin infrastructure, committed to building a more secure, efficient, and transparent payment solution for the global economy. Their flagship product, WUSD stablecoin, is pegged 1:1 to the U.S. Dollar and aims to optimize secure digital payments for Web3 users. WSPN’s Stablecoin 2.0 approach prioritizes user-centricity, community governance, and accessibility, paving the way for widespread stablecoin adoption.

Learn more: www.wspn.io | X | LinkedIn

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Sinopec Completes Construction of China’s Largest Petrochemical Industrial Base

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Refining Capacity of the Base Surpasses 50 Million Tons per Year

NINGBO, China, Dec. 26, 2024 /PRNewswire/ — China Petroleum & Chemical Corporation‘s (HKG: 0386, “Sinopec”) recently announced the mechanical completion of the second-phase expansion and advanced materials project at its Zhenhai Refinery. This milestone sets new benchmarks for innovation, smart manufacturing, and energy efficiency in large-scale projects. The refinery’s capacity has now been upgraded to 40 million tons per year, contributing to the Zhejiang Ningbo Petrochemical Industrial Base surpassing a total refining capacity of 50 million tons annually. The achievement solidifies its position as China’s largest, most advanced, and globally competitive petrochemical industrial base.

Located in the Yangtze River Delta, a key downstream product consumption hub, the Zhejiang Ningbo Petrochemical Industrial Base plays a vital role in Sinopec’s value chain. The second-phase expansion and advanced materials project, with a total investment of CNY 41.6 billion, incorporates 18 production units, including atmospheric distillation, catalytic cracking, polypropylene, and propane dehydrogenation units. By emphasizing chemical-focused processes, the project creates multiple high-value-added supply chains.

The facility’s expanded production capacity supports the development of high-end polyolefins, advanced materials, and specialty chemicals. It is expected to provide approximately 8 million tons of petrochemical products annually, significantly boosting the overall capacity of supply chains for industries such as automotive, home appliances, and textiles in the region. This expansion is forecast to generate trillions of yuan in upstream and downstream industrial value.

The project achieved remarkable progress in technological innovation and sustainability. Highlights include:

  • Localization of 10 core technologies, including the world’s highest-load vertical labyrinth compressor.
  • Extensive deployment of smart technologies, enabling simultaneous delivery of digital and physical factories.
  • Integration of a fully localized industrial operating system and a self-developed industrial internet platform to enhance decision-making and management.
  • Implementation of comprehensive energy-saving measures, achieving an overall reduction in energy consumption of 11.7%.
  • Safety and quality were paramount during construction, with over 90 million consecutive safe man-hours recorded and a 100% quality pass rate for all units, setting a new industry benchmark.

Zhenhai Refinery, Sinopec’s largest integrated refining and chemical enterprise, boasts an ethylene production capacity of 2.2 million tons per year. It is also the only enterprise in China consistently ranked in the top performance group of the Solomon Global Ethylene Performance Evaluation.

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