Germanys climate

BRUSSELS: European Union environment ministers are set to agree this week to make the bloc's pledge to be climate neutral by 2050 legally binding, although tough questions about how deeply to cut emissions over the next decade will be left to leaders to discuss in December. The bloc, which takes big decisions by consensus among its 27 member states, is inching its way towards tighter emissions goals in time for a year-end deadline under the Paris climate agreement to spell out targets for 2030. Its longer term goal is net zero emissions of planet-warming greenhouse gases by 2050, which the executive European Commission says will drive the economic recovery from the coronavirus crisis, as countries invest in renewable energy, electric cars and other technologies. READ: Commentary: A note of precaution for ECB's greener monetary strategy Over the next decade, the Commission wants to cut emissions by at least 55 per cent from 1990 levels. But some countries, especially those … [Read more...] about EU ministers to agree to make climate neutrality by 2050 binding

FRANKFURT/BERLIN: TUI secured a third bailout on Wednesday, striking a deal with private investors, banks and the German government for an extra €1.8 billion (US$2.2 billion) as the world's largest holiday company tries to ride out the coronavirus-linked travel slump. London-listed TUI has already received €3 billion in state loans this year and the latest government aid prompted calls from opposition lawmakers for Berlin to ensure that it came with strings attached. TUI, which last year took 23 million people on holiday, lost €1.1 billion euros in the second quarter after the COVID-19 pandemic brought global travel to a halt. The travel slump has wiped out TUI's revenue and strained its balance sheet as it burned through between €550 million and €650 million a month. TUI's largest shareholder, Russian billionaire Alexey Mordashov, who owns 25 per cent of the company, said he is expanding his investment in TUI Group as part of the capital measures. Including the new rescue … [Read more...] about TUI secures third bailout in COVID-19 travel slump survival battle

BERLIN: German consumers remain gloomy ahead of the traditionally big-spending Christmas season and a temporary reduction in sales tax worth up to 20 billion euros has failed to get them into shops or online - even when companies have passed it on. The six-month cut in value-added tax from 19per cent to 16per cent was the centrepiece of a 130 billion euro (US$155 billion) stimulus package launched by Finance Minister Olaf Scholz in June to drag Europe's biggest economy out of a pandemic-induced slump. Those measures, including cash handouts for parents and incentives to buy "green" cars, helped fuel growth of 8.5per cent in July-September, a big rebound from the previous quarter's unprecedented 9.8per cent plunge. But households remain focused on savings while many firms have used the VAT relief to shore up their battered margins rather than lowering retail prices, data and interviews show. "Even if I wanted to spend more on the things that I like such as travelling and … [Read more...] about Analysis: German stimulus fails to turn anxious savers into big spenders

TOKYO: In his inaugural speech before the Japanese Diet, newly-appointed Prime Minister Yoshihide Suga laid out his policy plan for the nation. It included policy responses to the COVID-19 crisis, regulatory reforms, government digitalisation, international affairs and economic policy for rural areas. Among the many issues raised, one caught particular attention: The announcement of a carbon neutrality goal by 2050. Suga has upgraded the previous goal of 80 per cent emissions reduction by 2050, which was formally communicated to the UN Framework Convention on Climate Change (UNFCCC) under his predecessor Shinzo Abe. According to the Japanese media, the pledge is intended to cover all greenhouse gas emissions. But the cabinet is using the term “carbon neutrality”. LISTEN: Just how will a Biden presidency move US and global action on climate change? | EP 13 READ: Japan lawmakers declare climate emergency after government sets net zero emissions goal The … [Read more...] about Commentary: Pay attention to the fine print of Japan’s carbon neutrality pledge

SINGAPORE: Before bringing her recyclables down to the blue bins below her block, Cheryl Lee always takes the time to clean or wash the items that accumulate in her recycling corner at home. She and her mother make sure to remove all the non-recyclable parts like stickers and loose plastic packaging. For cardboard boxes, they even try to cut out the parts with plastic or tape that cannot be removed before recycling the rest. On top of recycling in the correct way, the 28-year-old digital communications assistant manager tries to live as sustainably as possible - she uses reusable containers and packaging, and only buys second-hand clothes, among other things. However, she is well aware that people who go to the same lengths or even further are rare in Singapore, and she only knows of one or two others like her. Whenever she and her ex-colleagues bought lunch back to the office, Ms Lee always brought along used plastic bags to carry the food - not just for herself, but for … [Read more...] about IN FOCUS: ‘It is not easy, but it can be done’ – The challenges of raising Singapore’s recycling rate