SINGAPORE - Jurong Island will be a sustainable energy and chemicals park by 2030 as part of Singapore's push to make industrial production processes and energy usage greener and to improve energy efficiency. The Republic also aims to develop itself into a sustainable tourism destination as well as a carbon services hub and a centre for green finance to facilitate sustainability efforts in Asia. In a statement announcing an inter-ministerial Green Plan on Wednesday (Feb 10), the Government said Singapore's sustainability efforts will bring new business opportunities. The Green Economy, one of five key pillars of the new Green Plan, aims to seek green growth opportunities to create new jobs, transform Singapore's industries and harness sustainability as a competitive advantage, the statement said. This also entails ensuring that new carbon-intensive investments brought into Singapore are among the best in class in terms of carbon and energy efficiency. Other initiatives … [Read more...] about Singapore’s Green Plan offers new jobs and economic growth
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NEW YORK: The fed funds futures market is pricing in negative US interest rates next year, a scenario the Federal Reserve has said it wants to avoid as many doubt that it would be an effective tool to stimulate growth. Setting interest rates below zero would punish banks for leaving excess cash with the central bank. The hope is to encourage lending, in turn boosting business investment and consumer spending. On Friday, the fed funds futures market priced in negative rates of about half a basis point in April 2021. The US central bank slashed the federal funds rate to near zero in March and has launched numerous programs aimed at boosting liquidity and stabilizing financial markets as the US economy reeled from the coronavirus pandemic. ARE FED FUNDS FUTURES A RELIABLE PREDICTOR? Not necessarily. Futures indicate market expectations, but those can change. Futures markets are also highly technical. They will not necessarily reflect what the effective fed funds rate that is … [Read more...] about Fed funds futures market sees negative rates by next April
JAKARTA: Indonesia's economy grew at its weakest pace since 2001 in the first quarter, as the coronavirus pandemic halted business activity in Southeast Asia's largest economy and fuelled expectations of a looming recession. The coronavirus crisis has hit consumption - the main driver of the economy - investment and vital commodity exports, although Indonesia's growth pace was still higher than some countries in the region. Gross domestic product in January-March expanded a slower-than-expected 2.97 per cent from a year earlier, the weakest pace since the first quarter of 2001, statistics bureau data showed, and down from the previous quarter's 4.97 per cent. A Reuters poll had a median forecast of 4.04 per cent, but some analysts had expected far weaker growth. Indonesia's main stock index pared gains to trade up 0.25 per cent by the midday break, after rising as much as 1.4 per cent earlier. The rupiah appreciated slightly to 15,030 per dollar. READ: COVID-19: Indonesia … [Read more...] about Indonesia’s Q1 GDP growth weakest since 2001, recession looms
When John Kerry was a kid, his mother took him for walks in the Massachusetts woods, where they often stopped and stood among the trees. “Just listen,” she told her son. Whatever he heard, it stuck with him. Kerry, who is 77, has been on the front lines of the war for a habitable planet since the first Earth Day in 1970, when he was just back from Vietnam, carrying shrapnel in his leg and a Silver Star for bravery in combat. Over the past 30 years, Kerry has been a central player in virtually every climate conference and U.N. climate meeting (he first got to know his wife, Teresa, at the Rio Summit in 1992). He has talked about the climate crisis when it would have been politically astute to keep his mouth shut. He backed cap-and-trade legislation to limit carbon pollution when other politicians were running for cover. As President Obama’s secretary of state, he spent months brokering a complex deal with China that cleared the way for the 2015 Paris climate agreement, in which … [Read more...] about Will America Finally Lead on Climate?
BANGKOK: In the months leading up to the COVID-19 pandemic, the world’s aviation industry was facing some of its steepest environmental and ideological challenges. Damaging carbon emissions remained on the rise and “flight shaming”, driven by teenage activist Greta Thunberg, had travellers questioning the climate impacts of flying. Within months, the skies have been largely emptied, on the back of an unprecedented crisis. The result will be a year of dramatically slashed aviation emissions, which normally contribute about 2 per cent of global carbon outputs, as well as a range of other pollutants. Research from The Australia Institute (TAI) released this month showed that commercial aviation emissions could be halved in Australia this year. The forecasts are flexible as lockdown measures are extended. It is modelling that could be replicated across the world. READ: Boeing supplier furloughs 2,300 employees on closure of facilities amid COVID-19 But vast cuts in damaging … [Read more...] about Airlines were tackling their greatest environmental challenges, then they were grounded by COVID-19