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Lufthansa and Environmental campaigners instruct the EU to set ‘e-kerosene’ green jet fuel targets.

Adam Layaan Kurik Riza

Published

3 years ago

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In a letter Lufthansa and a group of environmental campaigners, fuel producers and airports have stated that European Union should set binding targets for airlines to use a share of green “e-kerosene” to reduce carbon emissions.

According to the European Commission they will assign goals for airlines to use the minimum share of sustainable fuels on July 14.

The Commission reportedly dropped earlier draft plans for airlines to reach a 5 per cent share of low-carbon fuels in 2030, increasing to above 60 per cent in 2050, as the targets were deemed too low.

Brussels called on to set an additional target for airlines to use 0.5 per cent to 1 per cent for e-kerosene produced from green hydrogen in 2027 and 2.5 per cent in 2030, in a letter addressed to the bloc’s climate and transport chiefs by Lufthansa, campaign group Transport and Environment and others.

“The introduction of sustainable fuels and in particular e-kerosene will require careful consideration of measures to avoid competitive distortion to the disadvantage of European airlines,” cited in the letter.

If airlines are unable to comply, it was said in the letter that the consequence should be a fee equivalent to at least the difference in price between green fuels and cheaper fossil fuel alternatives. It also added that could help give investors certainty that there will be demand for such fuels, and encourage them to push money into scaling up e-kerosene production.

Furthermore, it was said that Sustainable aviation fuels (SAF), which can be produced from biomass or renewable energy, currently account for less than 1 per cent of Europe’s jet fuel consumption.

“E-kerosene can immediately and sustainably start reducing aviation’s climate impact without any changes to the way aircraft operate,” said Matteo Mirolo, aviation officer at Transport and Environment.

“The EU should go big and provide investors with an unambiguous signal that there will be a growing market for e-kerosene in Europe”. Aviation accounted for 3.7 per cent of EU emissions before the COVID-19 crisis.

 

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CWEIC office to establish in Maldives, Janah as Chair

FI

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2 days ago

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16/05/2024

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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

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Dubai company awarded the development of SEZ

FI

Published

6 days ago

on

12/05/2024

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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

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

FI

Published

1 week ago

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11/05/2024

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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

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