Business

EU draft plan on green label for nuclear energy faces Germany’s objection

Published

2 years ago

23/01/2022

MNN

In its letter to Brussels, the German government pointed to the lack of any safety requirements regarding nuclear power plants, while adding that the question of where to store radioactive waste in the long term was still unanswered.

German Chancellor Olaf Scholz’s three-party coalition government has voiced its objections to a European Union draft plan to label nuclear power plants as a sustainable energy source in a formal letter to Brussels.

“As the federal government, we have once again clearly expressed our rejection of the inclusion of nuclear energy. It is risky and expensive,” Vice Chancellor and Economy Minister Robert Habeck said in a joint statement with Environment Minister Steffi Lemke on Saturday.

In its letter to Brussels, published by the Economy Ministry on its webpage, the German government also pointed to the lack of any safety requirements regarding nuclear power plants.

“Serious accidents with large, cross-border and long-term hazards to humans and the environment cannot be excluded,” Berlin said in its letter, adding that the question of where to store radioactive waste in the long term was still unanswered.

Habeck and Lemke said that, if the European Commission disregarded Germany’s objections and left the draft plan unchanged, Berlin should reject the plan in their opinion.

However, German government sources told Reuters earlier this month that coalition parties wanted to avoid an escalation in the EU dispute and agreed in coalition talks behind closed doors to abstain in any upcoming vote.

Debate continues

The EU taxonomy aims to set a gold standard for green investments, helping climate-friendly projects to pull in private capital and stamping out “greenwashing”, where investors and companies overstate their eco-credentials.

The EU rules have been long delayed, with countries split over whether nuclear energy and natural gas deserve a green badge.

Austria has already said it would take legal action if the European Commission proceeds with its draft plan to label both as sustainable investments.

The German government said in its letter it supported a temporary green label for natural gas as a bridge solution on the bloc’s path to climate neutrality.

“Gas-fired power plants can facilitate the rapid transition to renewable energies and the reduction of emissions in the energy sector as a whole,” it said.

During months of debate on the proposals, Germany and other EU member states argued that gas investments were needed to help them quit more-polluting coal.

Others said labelling a fossil fuel as green would undermine the credibility of the EU as it seeks to be a global leader in tackling climate change.

Emissions-free nuclear energy is similarly divisive. France, the Czech Republic and Poland are among those saying that nuclear power should have a big role in curbing global warming. Austria, Germany and Luxembourg are among those opposed.

The Commission hopes to adopt a final text by the end of the month.

Source: TRT

Business

CWEIC office to establish in Maldives, Janah as Chair

Published

2 days ago

16/05/2024

Commonwealth Enterprise and Investment Council (CWEIC) has announced decision to establish its office in the Maldives, and appoint President Dr. Mohamed Muizzu’s Principal Advisor Mohamed Ali Janah as its Country Chair.

CWEIC in a statement on Thursday, said the office will be established to connect the Maldives government with international investors and businesses.

The Maldives hub office of CWEIC will play a vital role in seeking prospective investment opportunities from all 56-member nations of the Commonwealth. The office will also enhance strategic alliances and partnerships between these countries and the Maldivian government.

Veteran entrepreneur, Janah boasts of over 30 years of business relations with the Middle East.

Source(s): sun.mv

Business

Dubai company awarded the development of SEZ

Published

6 days ago

12/05/2024

An agreement has been signed by the Maldivian administration with UAE’s International Free Zone Authority (IFZA) to develop Special Economic Zones (SEZ) in the Maldives.

The agreement, officially co-signed by Minister of Economic Development and Trade Mohamed Saeed and IFZA Chairman Martin Gregers Pedersen during a special ceremony, marks a significant milestone in economic development.

Speaking at the ceremony, Minister Saeed emphasized the timeline for finalizing the agreement, committing to reach a consensus within the next four months. As part of the agreement, Fonadhoo in Kaafu Atoll will be transformed into a financial hub, featuring a new financial center and a bridge connecting Male’ and Hulhule. IFZA will bear the expenses for these developments.

The Ministry of Economic Development and Trade further highlighted plans for the Economic Gateway project in Ihavandhippolhu, aiming to attract investors with IFZA’s expertise. Addressing the attendees, Chairman Pedersen expressed confidence in the success of the project, underscoring collaborations with investors to further enhance opportunities in the Maldives.

The development of SEZs remarkably aligns with the President Dr. Mohamed Muizzu’s vision to diversify the economy and stimulate financial growth. The Maldivian administration is optimistic about attracting future investments and positioning the country as a desirable destination for business opportunities.

Source(s): PsmNews

Business

Over USD 713M generated attributing to revenue increasing by 3.7%

Published

7 days ago

11/05/2024

Ministry of Finance has revealed a remarkable surge in the government’s revenue generated as of April 25, which exceeds USD713 million. The latest weekly fiscal report publicised by the ministry indicates that this contributes to a 3.7% increase in revenue in comparison to the revenue of USD693 million, generated within the same period, in 2023.

The fiscal report shows that the revenue comprises USD 596 million in tax revenue, USD116 million in non-tax revenue, and USD3 million in aid received. Tax earnings include import duty, business and property tax (BPT), goods and services tax (GST), as well as earnings from GST. The breakdown of revenue generation includes USD45 million from import duties, USD168 million from BPT, USD330 million from GST, USD24 million from green tax, USD22.6 million from airport service charges, and departure tax.

Expenditures until April 25 totalled USD817 million, with USD629 million allocated to recurrent expenses and USD181 million to capital expenditures. This represents a significant reduction in expenditures compared to the USD244 million spent by the government in 2023, during the corresponding timeframe. Recurrent expenses cover USD207 million for salaries and allowances and USD408 million for administrative work. Meanwhile, capital expenditure primarily encompasses expenses related to structural development.

Source(s): PsmNews