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Just 3% of companies in world’s top business hubs have green skills needed to transition

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  • Results from a new Economist Impact survey show that just a fraction (2.7%) of senior executives located in the world’s business capitals – Berlin, London, New York, Singapore, Sydney, and Tokyo – believe their organisations have sufficient levels of green skills. 
  • Yet nearly all (95.7%) of those surveyed expect green skills to become the most important skill workforces possess in the next five years.
  • Government action is considered as the most influential driver of companies to recruit workers with more green skills, but the level of investment required, lack of clarity around the definition of green skills, and lack of endorsement from corporate leadership are ranked as top challenges to doing so.
  • Research shows the shortage of workers needed for the green transition will rise to seven million workers by 2030 if this deficit is not addressed, complicating the route to achieving corporate sustainability goals. 

LONDON, Jan. 31, 2024 /PRNewswire/ — Workforces lack the green skills required to transition according to new research by Economist Impact, sponsored by Kyocera Document Solutions. Just 2.7% of the 300 senior business executives surveyed from six of the world’s biggest business hubs believe that their organisations have the green skills needed to meet their corporate climate goals.

Despite this, the report, A green edge: Green skills for the future, finds that nearly all (95.7%) of those surveyed expect green skills to become significantly more important for businesses to have in their workforces in the next five years—more so than digital, analytical, management and soft skills.

Executives said the leading benefit of increasing green skills in their workforces is improved brand reputation (86%), followed by resilience against extreme weather events (81.7%), and greater ability to achieve sustainability goals (77%).

The research by Economist Impact provides the very latest data and insights on corporate attitudes towards green skills and the future green workforce, shedding light on one of the most challenging aspects of creating a green economy.

Government regulations and policies were revealed as the leading influence for companies to adopt more green skills in their workforces, stated by the majority (80%) of the executives surveyed.

However the research reveals a disconnect between executives’ intentions and action: Executives see the importance of green skills but say the level of financial investment required is the top reason holding them back. Lack of endorsement from senior leadership and lack of clarity over what constitutes green skills ranked as the second and third biggest obstacles. 

“Cities are both laboratories of innovation and essential forces in the green transition. In partnerships with companies, they can make sure the green-skills revolution has the wind at its back”, says Andrew Staples, editorial director, Impact Initiatives & Alliances and Head of Policy & Insights (Asia), Economist Impact, but “We are still in the early laps of this race. Although the pace is likely to pick up, concerns remain that this may not happen quickly enough to forestall the worst consequences.”

Research finds that if the lack of green skill development is not addressed, the delivery of corporate net zero targets will falter. A critical shortage of workers in the green economy may rise to seven million by 2030[1]. In Europe alone, achieving the continent’s net zero commitments by 2050 will require the retraining of 18 million people[2].

Given that smaller companies may have fewer resources, they are placing less emphasis on green skills than their larger counterparts. Nearly a quarter (22.9%) of executives from organisations with less than 250 employees say they do not incentivise their employees to adopt or develop green skills. Comparably, in companies with over a workforce of over 25,000 people, this figure drops to zero.

About the research

“A green edge: green skills for the future” is an Economist Impact report, sponsored by Kyocera Document Solutions. The report accompanies a barometer that assesses the environment for green-skills development and adoption in six cities—Berlin, London, New York, Singapore, Sydney and Tokyo—via a survey of 300 executives. Expert interviews and an extensive literature review supplemented the survey findings. The purpose of the barometer is to study the green-skills ecosystem in the six cities of focus. It allows us to explore the drivers behind green-skills adoption as well as analyse businesses’ readiness and efforts to adopt green skills.

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[1] https://www.bcg.com/publications/2023/will-a-green-skills-gap-put-climate-goals-at-risk 

[2] https://www.weforum.org/agenda/2023/05/europe-green-skills-solar-wind/ 

About Economist Impact

Economist Impact combines the rigour of a think-tank with the creativity of a media brand to engage a globally influential audience. We believe that evidence-based insights can open debate, broaden perspectives and catalyse progress. The services offered by Economist Impact previously existed within The Economist Group as separate entities, including EIU Thought Leadership, EIU Public Policy, EIU Health Policy, Economist Events, EBrandConnect and SignalNoise. We are building on a 75-year track record of analysis across 205 countries. Along with framework design, benchmarking, economic and social impact analysis, forecasting and scenario modelling, we provide creative storytelling, events expertise, design-thinking solutions and market-leading media products, making Economist Impact uniquely positioned to deliver measurable outcomes to our clients.

About Kyocera Document Solutions Inc

Kyocera Document Solutions Inc. is a global leading provider of total document solutions based in Osaka, Japan. The company’s portfolio includes reliable and eco-friendly MFPs and printers, as well as business applications and consultative services which enable customers to optimise and manage their document workflow, reaching new heights of efficiency. With professional expertise and a culture of empathetic partnership, the objective of the company is to help organisations put knowledge to work to drive change.

Kyocera Document Solutions Inc. is a group company of Kyocera Corporation (Kyocera), a leading supplier of semiconductor packages, industrial and automotive components, semiconductor packages, electronic devices, smart energy systems, printers, copiers, and mobile phones. During the year ended March 31, 2023, the Kyocera Group’s  consolidated sales revenue totalled 2 trillion yen (approx. US$15.1 billion). Kyocera is ranked #672 on Forbes magazine’s 2023 “Global 2000” list of the world’s largest publicly traded companies, and has been named by The Wall Street Journal among “The World’s 100 Most Sustainably Managed Companies.”

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Statement From Universal Music Group N.V.

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HILVERSUM, Netherlands, Nov. 9, 2024 /PRNewswire/ — “We have taken note of Bill Ackman’s post in relation to Pershing Square and UMG on X yesterday. Neither UMG nor any of its other board members were involved in the formulation of the views in that post. As disclosed in UMG’s listing prospectus, Pershing has the right to request a listing in the US subject to a Pershing entity selling at least $500 million in UMG shares as part of the listing. Pershing does not have any right to require UMG to become a US domiciled company or delist from Euronext Amsterdam. While the company will endeavor in good faith to comply with its contractual obligations with respect to undertaking the process of a US listing at the request of Pershing, any actions or decisions beyond those necessary to comply (including any decisions to change the domicile of the company) will be based on an analysis taking into account what is value maximizing and in the best interests of all the shareholders of the company.”

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Manulife Investment Management aligns capabilities across regions under the newly created role of Global Emerging Market Equities CIO

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LONDON, Nov. 8, 2024 /PRNewswire/ — Manulife Investment Management today announced enhancement to its equity organization in leveraging expertise across its Asia and Emerging Markets teams to improve investment experience for its clients.  Charlie Dutton, an equity investment leader with substantial experience in Asia, is named to the newly created role of Chief Investment Officer, Global Emerging Market Equities. In this new role, Charlie will oversee and align our Asia ex-Japan and emerging market equity capabilities, ensuring we leverage local resources and insights across the organization.

Manulife Investment Management has operated in emerging markets for more than a century. Today, it has one of the largest equity teams based in Asia with over 90 investment professionals located across 10 markets in the region. By combining local insight with deep investment expertise, Manulife Investment Management will be able to leverage deeper information advantage over other asset managers based outside of Asia. The combined Emerging Market Equities organization manages over US$25 billion in AUM across Asia and emerging markets equity strategies.

“Collaboration and engagement have always been at the heart of our investment culture, and our emerging markets and Asia equity teams have participated in a variety of forums to exchange ideas and insights.  The closer alignment of the Asia equity team with the global Emerging Markets equity organization formalizes the longstanding sharing of ideas and insights between our Asia and our emerging markets equity teams.  We believe this alignment will translate into improved research sharing and investment decision making, and will enhance our ability to create custom-tailored solutions to meet client needs,” said Colin Purdie, Global Chief Investment Officer, Public Markets, Manulife Investment Management.

Charlie will be spending a considerable amount of time in Asia with the extensive investment teams across the region in the coming months. He will continue to be based in London, affording him the opportunity to work and communicate with the investment teams in London and across Asia effectively, ensuring connections between each.

Charlie brings more than 27 years of investment experience to this role, including over 25 years of Asia equity investment experience with seven years in Hong Kong as well as South Africa and London. Prior to joining Manulife Investment Management’s Emerging Markets Equity team earlier this year, Charlie was a fund manager at Ninety One as part of the Global Quality Capability team that managed assets across five strategies.

Before Ninety One, Charlie was a founding partner at Coupland Cardiff, an Asian investment firm, where he spent 10 years managing Asian focused equity funds. Prior to that, he was based in Hong Kong and served as director of Asia-Pacific research at JPMorgan and as a Hong Kong/China consumer analyst at JF Securities. Charlie started his career at HSBC based in Hong Kong as a HK/China Analyst.

“We are confident Charlie’s deep investment experience, including over 25 years investing in Asia equity, makes him ideally suited to take on the role of CIO, Emerging Markets Equities. We look forward to his leadership, combined with the support of our Asia investment teams, in building upon our strong foundation in the region, and leading our Asia business into the future,” said Steve Medina, Chief Investment Officer, Global Equities, Manulife Investment Management.

At the same time, Manulife Investment Management announced that Kathryn Langridge, Senior Managing Director, Senior Portfolio Manager, and Head of Emerging Markets Equity team, has shared her intention to retire effective October 31, 2025, after an impressive investment career spanning over 40 years.  Meanwhile, Ronald Chan, CIO, Asia ex-Japan Equity, is departing Manulife Investment Management.

“The alignment of the Asia and the Emerging Markets equity teams is a testament to the critical role Asia plays in today’s equity markets, and further draws attention to the deep pool of talent in Manulife’s investment organization,” said Charlie Dutton, Chief Investment Officer, Global Emerging Market Equities. “By globalizing and strengthening this capability, Manulife Investment Management is better positioned to deliver for its clients while expanding the pipeline of research and insight the Emerging Markets equity team can deliver for other capabilities at the firm on a global basis.”

About Manulife Wealth & Asset Management

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As part of Manulife Financial Corporation, Manulife Wealth & Asset Management provides global investment, financial advice, and retirement plan services to 19 million individuals, institutions, and retirement plan members worldwide. Our mission is to make decisions easier and lives better by empowering people today to invest for a better tomorrow. As a committed partner to our clients and as a responsible steward of investor capital, we offer a heritage of risk management, deep expertise across public and private markets, and comprehensive retirement plan services. We seek to provide better investment and impact outcomes and to help people confidently save and invest for a more secure financial future. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com

Media contacts: Carl Wong, Manulife Investment Management Asia, +852 2510 3180, [email protected]; Elizabeth Bartlett, Head of Wealth & Asset Management Public Relations, North America & Europe, Manulife Investment Management, +1 857 210 2286, [email protected]

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Palm Jebel Ali Project Surges Ahead in 2024: Milestones Achieved in Record Time for Dubai’s Most Anticipated Development

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DUBAI, UAE, Nov. 8, 2024 /PRNewswire/ — Nakheel, a member of Dubai Holding’s pioneering real estate arm Dubai Holding Real Estate, has marked significant progress in the development of Palm Jebel Ali in 2024, with the project progressing at pace to meet 2025 milestones.

The development masterplan was approved by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai in May 2023, who said at the time; “Palm Jebel Ali will further strengthen our urban infrastructure and consolidate the city’s emergence as one of the world’s leading metropolises. This new groundbreaking project reflects our strategic development plan centred on raising the quality of life and happiness of residents.”

The Palm Jebel Ali area received further recognition this year when His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, approved the master plan for the 6.6 kilometre development of Jebel Ali Beach. The project includes a five-kilometre sandy beach, to be developed by Nakheel, as well as a 1.6-kilometre-long Mangrove Beach, to be developed by Dubai Municipality.

Khalid Al Malik, Chief Executive Officer of Dubai Holding Real Estate, said; “At Nakheel we believe in developing dreams, inspired by the vision of our leaders and the hopes of our people. The rapid progress we are currently witnessing on ground at Palm Jebel Ali is testimony to the grand success of our key partnerships and our joint endeavours to ensure we deliver on our commitments.”

Several key contracts for the project were awarded throughout 2024, including the construction of a new 6-kilometre road, the contracts for the island’s marine works, dredging, land reclamation, beach profiling and sand placement, directly supporting the construction of villas. The first eight fronds of the project are expected to be site-ready for villa infrastructure and civil works by the first quarter of 2025.

Crucially, the contract for the construction of exclusive ultra-luxury villas on the first six fronds of the project has also been awarded and are scheduled for completion by late 2026. Nakheel recently announced their partnership with Dubai Electricity and Water Authority for the development of two substations on Palm Jebel Ali.

Video: Palm Jebel Ali

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Palm Jebel Ali three major contracts signing ceremony

 

Groundbreaking ceremony of marine works on Palm Jebel Ali with Jan De Nul Dredging LTD

 

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