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Odds Are Against Completion of Australia Mega-Mine Project

first_imgOdds Are Against Completion of Australia Mega-Mine Project FacebookTwitterLinkedInEmailPrint分享The Guardian:Adani’s operations in Australia appear to be hanging on by a thread, as activists prove effective at undermining the company’s chances of getting the finance it needs.China seems to have ruled out funding for the mine, which means it’s not just Adani’s proposed Carmichael coalmine that is under threat, but also its existing Abbot Point coal terminal, which sits near Bowen, behind the Great Barrier Reef.The campaign against the mine has been long. Environmentalists first tried to use Australia’s environmental laws to block it from going ahead, and then failing that, focused on pressuring financial institutions, first here, and then around the world.The news that Beijing has left Adani out to dry comes as on-the-ground protests against construction of the mine pick up. Two Greens MPs, Jeremy Buckingham and Dawn Walker, have been arrested in Queensland for disrupting the company’s activities.Is China’s move the end of the road for Adani’s mega coalmine in Australia, and will the Adani Group be left with billions of dollars in stranded assets?One by one, each of the big four Australian banks ruled out financing the mineBut Australia’s environmental law leaves very little opportunity for challenging the merits of a minister’s decision – it only allows for challenges on whether those decisions considered everything required by the law. As a result, the minister needed only approve it again, after formally considering the impact on the two species.Another court challenge argued the approval was invalid because the emissions caused by the mine – which would be greater than those of New York City – were a threat to the Great Barrier Reef. Hunt argued in court, successfully, that there was no definite link between coal from Adani mine and climate change.It became apparent Australia’s environmental laws were unable to stop a project like this if the government of the day was determined to push it through.Although further court challenges remained on the cards, they could only serve to delay the project. So activists changed tactics, aiming to undermine the company’s chances of securing finance for the mine and its associated infrastructure.While threats to reputational damage were not effective against Adani Group, since it is family-owned, the same was not true of Australian banks, which were targeted heavily by activists.And one by one, each of the big four Australian banks ruled out financing the mine.By then Adani had seen the writing on the wall, and had shifted to seek finance from overseas institutions. It entered negotiations with the state-owned China Machinery Engineering Corporation (CMEC), which was thought to raise the potential of subsidised Chinese government loans.The Australian government, which was seeking to give Adani its own subsidised loan, had supported the company’s efforts in China, according to a freedom of information request by the Australia Institute that reveals “several hundred pages” relating to formal representations to foreign financiers by the Department of Foreign Affairs and Trade.In a Senate estimates hearing, it was revealed that the minister for trade, Steve Ciobo, and the deputy prime minister, Barnaby Joyce, had written a letter to the Chinese government confirming the mine had received all necessary environmental approvals.But even support from the highest levels of Australian government could not secure Chinese financing for the project – the activists won again.In a letter to ACF’s Geoff Cousins, China’s Australian embassy said that Beijing had “taken note” of his concerns, and that while a Chinese entity had been negotiating with Adani, it had terminated the negotiation process “due to the absence of commercial feasibility”.It also noted that “no Chinese banking institution has made any financing commitment to the project.”“Approaching China would seem like the last roll of the dice so Carmichael is now looking even more like the definition of a stranded asset,” says Simon Nicholas, an analyst from the pro-renewables Institute for Energy Economics and Financial Analysis (Ieefa).“Although there have been many twists and turns on Carmichael already, which makes it hard to predict,” Nicholas says. “Adani is faced with writing off their A$1.4bn investment if they can’t get the project going so they’ll continue to state that they are pursuing funding and make it sound like everything’s under control.”Tim Buckley, also from Ieefa, says the news is a major blow to the Carmichael project, and will mean there is unlikely to be much movement from Adani until after the federal court hears a case brought by representatives of the Wangan and Jagalingou, the traditional owners of the site of the mine.More: Is this the end of the road for Adani’s Australian megamine?last_img read more

Permitting slows European onshore wind installations, but investment remains high

first_imgPermitting slows European onshore wind installations, but investment remains high FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):Investments in new onshore wind farms in Europe rose to the highest level ever last year, even as the biggest wind markets on the continent saw a slowdown in new installations, according to an annual report from industry group WindEurope.In 2018, project developers made final investment decisions worth €16.4 billion, up by 11% from the previous year, to finance a total of 12.5 GW of onshore wind capacity, according to the trade body. Wind energy investments continued a trend of geographical diversification, with smaller markets attracting more money for new projects. Investments in non-E.U. countries rose by 75% to reach €5.1 billion even as stalwarts like the U.K., Spain and Sweden continued to attract the most resources.Despite the record investment, WindEurope CEO Giles Dickson warned that the slowdown in permitting procedures that has bogged down onshore projects in major markets like Germany and France, as well as a more challenging environment amid the switch to competitive auctions for renewables in many countries, were seriously threatening the future of the sector.“Beneath the surface, many things are not right” for onshore wind, said Dickson, highlighting that 2018 was the worst year for new installations since 2011. “Growth in onshore wind fell by over half in Germany and collapsed in the U.K. And twelve E.U. countries didn’t install a single wind turbine last year.”Europe installed 11.7 GW of gross additional wind power capacity in 2018, down by 32% from the previous year. In Germany, where a clumsy switch to competitive auctions for renewables and ongoing permitting issues have led to a large backlog of projects, capacity additions decreased by more than half, from 5.3 GW to 2.4 GW. In France, where permitting processes for wind projects have been delayed or even suspended in some parts of the country, installations fell slightly, from 1.7 GW to 1.6 GW.More ($): Onshore wind investment at record high as growth slows in major European marketslast_img read more

Over 100 participants for National ‘Skip to My Lou’ Jump Rope Team Championship

first_img… Banks DIH, NSC, Minister Norton express optimism of successOVER 100 students, drawn from 50 primary and 50 secondary schools from eight districts around the country, will participate in the inaugural National Skip to My Lou – Jump Rope Team Championship, which is set for Thursday, September 28, at the Cliff Anderson Sports Hall from 10:00hrs to 16:00hrs.The ‘Skip to My Lou’ Jump Rope competition originated in Linden and the realisation of the national tournament is a promise kept by Director of Sport Christopher Jones and the National Sports Commission (NSC), as well the foundation sponsor Banks DIH under their Coca Cola brand.AS per competition rules, each team will comprise five jumpers, who will be able to participate in Individual Freestyle, Individual Single Rope/Double Dutch Teams and Last Man Standing.“Jump Rope (Skipping) is a physical activity that has experienced a great deal of growth in the school system since its introduction to Guyana through the Trinidad and Tobago Alliance for Sport and Physical Education in 2010,” said Dr George Norton, Minister of Social Cohesion and who also holds the portfolio as the Minister responsible for Sport.Dr Norton was speaking at the launch of the event yesterday at his ministry’s boardroom on Main Street, Georgetown.According to the minister, “There is no doubt about the fact that this competition has numerous benefits, one of which is the fostering of Social Cohesion. Participants will be able to develop better interpersonal skills through interaction with others from various educational districts. At the same time, the competition will allow for the students to engage in team-building.”“It is our aim to very soon have a well-established National Jump Rope Federation in Guyana. With such a body in place, we will have jumpers to participate at world class competitions such as the Pan-American Jump Rope Competitions and the International Double Dutch League,” said Norton.Troy Peters, Communication Manager at Banks DIH, told the gathering that this company is happy to play its part in the growth of the event, reflecting on their sponsorship of the Schools Jump Rope competition in Linden, which has grown to become one of the main attractions among schools in the Mining town.Jones thanked Banks DIH and Dr Norton’s ministry for helping to bring his commitment to light; one he made to Lindley Langhorne in Linden this year.The Director of Sport said that through the NSC and the ministry, he will ensure the longevity of the championship; a commitment which was welcomed and echoed by Banks DIH.The NSC ensured that Guyana, for the first, participated at this year’s World Jump Rope Championship and Camp, July 1 – July 10, at the University of Central Florida in Orlando, Florida. Shavin Green and Mackenzie High School student Adriell Wilson were Guyana’s representatives.“Hosting a national championship is something that we aimed for and I want to thank the Minister, NSC and especially Banks for making this possible,” Green said at yesterday’s launch.Green told the media that the competition will allow for the growth in the sport, and also help to spot Guyana’s future representatives for next year’s World Jump Rope Championship.Minister Cathy Hughes and her Ministry of Public Telecommunications also came in for high praise, being named as one of the sponsors of the event, through the E-Governance unit.The Public Telecommunications Ministry donated two laptops as part of the prizes offered for the top performers.last_img read more