#CII economic assessment

[townpostin]

Budget Boosts Economic Optimism in Jharkhand: Arun Prakash

CII official lauds growth-centric fiscal plan Government’s financial roadmap garners praise for its focus on infrastructure, MSMEs, and tax reforms. JAMSHEDPUR – Local industry leader commends the latest budget for its potential to drive economic progress. The recent budget announcement has received a positive reception from Jharkhand’s business community. Arun Prakash, a key figure in the…

[news365timesindia]

[ad_1] Taggd, in collaboration with CII, Masters’ Union, and PeopleStrong Academy, has unveiled the India Decoding Jobs Report 2025. The report highlights key employment trends and actionable insights into hiring trends, emphasizing India’s transformative growth and resilience amid global economic challenges.   Launch of India Decoding Jobs 2025 by Taggd, in collaboration with CII, Masters’ Union, and PeopleStrong Academy Talking about the launch of the report, Devashish Sharma, CEO and founding member at Taggd said, “Despite external challenges, India’s industries are thriving. The overall hiring intent for FY2025- 26 stands at an impressive 9.75%, driven by a mix of replacement hiring and capacity-building for new roles, contributing over 24% to workforce expansion.”  India’s transformative journey, marked by robust economic stability and strategic resilience, is setting a new benchmark for global economic leadership. As global economies confront challenges of deglobalization and uncertainties, India is paving the way forward with a growth trajectory poised to make it the third-largest economy by 2028. Some of the highlights of the report include : Growth of GICs: India’s Global In-House Centers (GICs) are expanding rapidly, with 1,600 centers employing 1.66 million professionals. By 2025, the sector is expected to grow by 36%, adding 800 new centers, particularly in Tier 2 and Tier 3 cities. Regional Shifts: Emerging cities like Jaipur, Indore, and Coimbatore are becoming talent hubs, attracting fresh graduates and mid-level professionals. This shift is driven by cost savings and untapped talent pools, supported by industries like BFSI, manufacturing, and IT. Hiring Trends: Companies prioritize mid-level experience for faster impact and domain expertise. AI integration in hiring is significant, with 50% of firms using AI for skill assessments and 36% for resume screening, enhancing efficiency and diversity. Sustainability: India is creating green roles aligned with its net-zero carbon goals, balancing rapid growth with environmental commitments. Upskilling and STEM: STEM education and industry-specific training programs are equipping the workforce with skills in AI, robotics, and cybersecurity. Upskilling initiatives prepare middle management to drive global operations effectively. Introducing the India Decoding Jobs Matrix This year, Taggd has also introduced the India Decoding Jobs Matrix, offering a nuanced view of India’s evolving job landscape. The matrix captures the intersection of aspirational value and growth potential across seven critical industries: Automobile, Pharmaceuticals, BFSI, Heavy Engineering & Manufacturing, IT/Tech, FMCG, and Core sectors. This comprehensive analysis provides key insights for both employers and job seekers, empowering informed decision-making and strategic workforce planning. As India stands at the brink of unparalleled economic and social progress, the hiring landscape reflects its aspirations for a transformative century. With a strategic blueprint and robust fundamentals, the nation is set to onboard talent that will drive innovation and sustainability, ensuring its position as a beacon of economic stability and growth. About Taggd Taggd, India's Digital Recruitment firm, is recharging talent acquisition for Indian and Multinational Enterprises with its industry-leading solutions. With a record of matching 55 K jobs with the right candidates across 14+ sectors annually, Taggd combines data and human knowledge to provide businesses with ready-to-hire talent. It has partnered with prominent brands like Honeywell, Tata Motors, Mahindra & Mahindra, HPE, Hyundai, Wipro and many more to deliver its Talent Mandate successfully. Taggd's expertise in recruitment strategies, talent network access, and data intelligence has solidified its position as a leader in the industry.

It is the only RPO player from India to feature as a Star Performer in Everest Group's RPO PEAK Matrix® Assessment 2024 - Asia Pacific.   !function(f,b,e,v,n,t,s) if(f.fbq)return;n=f.fbq=function()n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments); if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0'; n.queue=[];t=b.createElement(e);t.async=!0; t.src=v;s=b.getElementsByTagName(e)[0]; s.parentNode.insertBefore(t,s)(window,document,'script', 'https://connect.facebook.net/en_US/fbevents.js'); fbq('init', '311356416665414'); fbq('track', 'PageView'); [ad_2] Source link

[news365times]

[ad_1] Taggd, in collaboration with CII, Masters’ Union, and PeopleStrong Academy, has unveiled the India Decoding Jobs Report 2025. The report highlights key employment trends and actionable insights into hiring trends, emphasizing India’s transformative growth and resilience amid global economic challenges.   Launch of India Decoding Jobs 2025 by Taggd, in collaboration with CII, Masters’ Union, and PeopleStrong Academy Talking about the launch of the report, Devashish Sharma, CEO and founding member at Taggd said, “Despite external challenges, India’s industries are thriving. The overall hiring intent for FY2025- 26 stands at an impressive 9.75%, driven by a mix of replacement hiring and capacity-building for new roles, contributing over 24% to workforce expansion.”  India’s transformative journey, marked by robust economic stability and strategic resilience, is setting a new benchmark for global economic leadership. As global economies confront challenges of deglobalization and uncertainties, India is paving the way forward with a growth trajectory poised to make it the third-largest economy by 2028. Some of the highlights of the report include : Growth of GICs: India’s Global In-House Centers (GICs) are expanding rapidly, with 1,600 centers employing 1.66 million professionals. By 2025, the sector is expected to grow by 36%, adding 800 new centers, particularly in Tier 2 and Tier 3 cities. Regional Shifts: Emerging cities like Jaipur, Indore, and Coimbatore are becoming talent hubs, attracting fresh graduates and mid-level professionals. This shift is driven by cost savings and untapped talent pools, supported by industries like BFSI, manufacturing, and IT. Hiring Trends: Companies prioritize mid-level experience for faster impact and domain expertise. AI integration in hiring is significant, with 50% of firms using AI for skill assessments and 36% for resume screening, enhancing efficiency and diversity. Sustainability: India is creating green roles aligned with its net-zero carbon goals, balancing rapid growth with environmental commitments. Upskilling and STEM: STEM education and industry-specific training programs are equipping the workforce with skills in AI, robotics, and cybersecurity. Upskilling initiatives prepare middle management to drive global operations effectively. Introducing the India Decoding Jobs Matrix This year, Taggd has also introduced the India Decoding Jobs Matrix, offering a nuanced view of India’s evolving job landscape. The matrix captures the intersection of aspirational value and growth potential across seven critical industries: Automobile, Pharmaceuticals, BFSI, Heavy Engineering & Manufacturing, IT/Tech, FMCG, and Core sectors. This comprehensive analysis provides key insights for both employers and job seekers, empowering informed decision-making and strategic workforce planning. As India stands at the brink of unparalleled economic and social progress, the hiring landscape reflects its aspirations for a transformative century. With a strategic blueprint and robust fundamentals, the nation is set to onboard talent that will drive innovation and sustainability, ensuring its position as a beacon of economic stability and growth. About Taggd Taggd, India's Digital Recruitment firm, is recharging talent acquisition for Indian and Multinational Enterprises with its industry-leading solutions. With a record of matching 55 K jobs with the right candidates across 14+ sectors annually, Taggd combines data and human knowledge to provide businesses with ready-to-hire talent. It has partnered with prominent brands like Honeywell, Tata Motors, Mahindra & Mahindra, HPE, Hyundai, Wipro and many more to deliver its Talent Mandate successfully. Taggd's expertise in recruitment strategies, talent network access, and data intelligence has solidified its position as a leader in the industry.

It is the only RPO player from India to feature as a Star Performer in Everest Group's RPO PEAK Matrix® Assessment 2024 - Asia Pacific.   !function(f,b,e,v,n,t,s) if(f.fbq)return;n=f.fbq=function()n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments); if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0'; n.queue=[];t=b.createElement(e);t.async=!0; t.src=v;s=b.getElementsByTagName(e)[0]; s.parentNode.insertBefore(t,s)(window,document,'script', 'https://connect.facebook.net/en_US/fbevents.js'); fbq('init', '311356416665414'); fbq('track', 'PageView'); [ad_2] Source link

[wealthview]

CMR Green Technologies IPO Date, Price, GMP, Review, Company Profile, Risk, Financials 2023

New Post has been published on https://wealthview.co.in/cmr-green-technologies-ipo/

CMR Green Technologies IPO Date, Price, GMP, Review, Company Profile, Risk, Financials 2023

CMR Green Technologies IPO: CMR Green Technologies Ltd. is a subsidiary of the CMR Group, India’s largest producer of aluminum and zinc die-casting alloys. They operate through twelve manufacturing plants across India and are known for utilizing advanced technology and sustainable practices in their metal recycling and alloy production processes.

CMR Green Technologies IPO Details:

IPO Dates: The IPO dates have not yet been officially announced.

Offer Size: The offer size is also not yet disclosed.

Price Band: The price band for the issue is yet to be determined.

Recent News Updates:

CMR Green has been consistently expanding its operations and production capacity, showcasing strong financial performance. They have also received recognition for their commitment to environmental sustainability, which could attract ESG-focused investors.

Potential concerns: The current economic climate and volatility in the metals market could pose some challenges for the IPO. Additionally, the lack of specific details about the offer size and price band might make it difficult for investors to assess the potential risks and rewards.

CMR Green Technologies Company Profile:

Founded in 2006, CMR Green Technologies Ltd. is a subsidiary of the CMR Group, India’s largest producer of aluminum and zinc die-casting alloys.

CMR Green focuses on metal recycling and alloy production, operating through 12 manufacturing plants across India.

They utilize advanced technology and sustainable practices to process scrap metal into high-quality alloys for various industries, including automotive, construction, and consumer goods.

Market Position and Share:

CMR Green holds a dominant position in the Indian metal recycling market, with an estimated market share of 25-30%.

They are recognized as a leader in sustainable metal recycling, winning awards for their innovative practices and environmental commitment.

Key Details:

Founded: 2006

Headquarters: Faridabad, Haryana, India

Chairman and Managing Director: Mr. Gurbinder Singh

Employees: Over 2,500

Website: https://cmr.co.in/

Prominent Brands and Partnerships:

CMR Green supplies alloys to major automakers like Maruti Suzuki, Hyundai, and Mahindra & Mahindra.

They have joint ventures with renowned Japanese companies like Toyota Tsusho Corporation and Nikkei MC Aluminium for advanced alloy production.

Milestones and Achievements:

Achieved a production capacity of over 310,700 MT of aluminum and zinc die-casting alloys.

Received prestigious awards like the CII Green Building Award and the Greentech Technology Award for their sustainable practices.

Successfully expanded operations internationally, with a presence in the Middle East and Southeast Asia.

Competitive Advantages and Unique Selling Proposition (USP):

Technological expertise: CMR Green invests heavily in R&D, employing cutting-edge technology for efficient and environmentally friendly recycling processes.

Strong brand reputation: They are recognized for their quality products, reliable supply chain, and commitment to sustainability.

Vertical integration: CMR Green controls the entire metal recycling value chain, from scrap collection to alloy production, ensuring cost-effectiveness and quality control.

Focus on sustainability: Their commitment to environmentally responsible practices attracts customers and investors who value ESG (environmental, social, and governance) principles.

Financials:

Particulars FY21 FY20 FY19 Revenue 2913.2 0.00 0.01 EBITDA 336.53 -0.01 -0.01 PAT 40.7 0.12 0.05 EPS (basic in Rs.) 0.98 0.05 0.02 ROE 0.23% 0.57% 2.84% ROCE 23.6% 21.5% 24.3%

Particulars FY21 FY20 FY19 Total Assets 2924.6 121.7 39.5 Share Capital 0.33 0.39 0.39 Total Borrowings 481.2 0.02 0.01

CMR Green Technologies: Potential Risks and Concerns for Investors

Market Volatility:

Indian stock market fluctuations: The Indian stock market, like any other, is susceptible to economic and political uncertainties. A downturn could negatively impact the IPO performance and post-listing share price.

Global market influence: Global market trends and events, such as economic recessions or geopolitical conflicts, can also affect the IPO and subsequent share price.

Industry Headwinds:

Metal prices: Fluctuations in metal prices can impact CMR Green’s profitability. A significant drop could squeeze margins and reduce earnings.

Scrap availability: Dependence on the availability of scrap metal could create challenges if supply chains are disrupted or if competitors drive up prices.

Competition: The metal recycling industry is competitive, and new entrants or established players could pose challenges to CMR Green’s market share.

Environmental regulations: Stricter environmental regulations could increase operating costs for CMR Green, potentially impacting profitability.

Company-Specific Challenges:

Limited financial information: Without access to CMR Green’s financial statements, assessing their financial health and potential red flags is difficult. The official IPO prospectus will be crucial for in-depth analysis.

Expansion risks: CMR Green’s ambitious expansion plans (new plants, markets) carry inherent risks. Execution challenges or unforeseen circumstances could hinder success.

Key personnel dependence: Reliance on key management personnel or specific suppliers could create vulnerabilities if these individuals or entities cease to be available.

Financial Health Analysis:

Once the IPO prospectus is released, key financial ratios like debt-to-equity, P/E, and return on equity should be evaluated. These will provide insights into the company’s financial stability, valuation compared to industry benchmarks, and profitability.

Look for any inconsistencies or lack of transparency in the financial information provided. Ambiguous or overly aggressive future growth projections could be red flags.

Investor Advice:

Conduct thorough research: Read and analyze the official IPO prospectus carefully.

Seek professional guidance: Consult with financial advisors who specialize in IPOs and understand the associated risks.

Diversify your portfolio: Don’t put all your eggs in one basket. Spread your investments across different sectors and asset classes to mitigate risks.

Remember past performance is not indicative of future results: CMR Green’s past successes do not guarantee future profitability or share price growth.

Disclaimer: This information is for educational purposes only and should not be considered financial advice. Always conduct your own research and consult with a financial advisor before making any investment decisions.

CMR Green Technologies Limited – DRHP

Also Read: How to Apply for an IPO?

[taxaccountantlondon]

Insurance and Risk Management for Construction Businesses: A Financial Perspective

Introduction

Construction businesses play a vital role in the growth of economies around the world. However, these companies are often exposed to various risks and uncertainties, both in the short and long term. Managing these risks is crucial for their financial stability and growth. In this blog, we will explore the importance of insurance and risk management from a financial perspective, shedding light on the latest statistics related to this topic. Additionally, we will discuss how pension services, wealth management advisors, tax accountants in London, and business accounting services can play a crucial role in ensuring the financial well-being of construction businesses.

1. Understanding the Risks in Construction

Before delving into the financial aspects of insurance and risk management, it's essential to understand the risks inherent in the construction industry. Construction businesses face a wide range of potential risks, including:

a. Health and Safety Risks: Construction sites are inherently dangerous places. Accidents can lead to injuries, lawsuits, and increased insurance premiums.

b. Environmental Risks: Construction activities can have an impact on the environment, leading to potential liabilities.

c. Project Delays: Delays in construction projects can result in financial losses, penalties, and damaged client relationships.

d. Economic and Market Risks: Fluctuations in the economy and the construction market can affect project demand and profitability.

e. Legal Risks: Construction companies must navigate complex legal and contractual issues, which can result in litigation and financial liabilities.

Latest Stats: According to a report by the Construction Industry Institute (CII), construction projects encounter an average cost overrun of 18.7%, emphasizing the importance of risk management in the industry.

2. The Role of Insurance in Construction

Insurance is a critical tool for mitigating risks in the construction industry. While it involves a financial cost, the protection it provides is invaluable. Construction companies typically need various types of insurance, including:

a. General Liability Insurance: Protects against claims for property damage and bodily injury.

b. Workers' Compensation Insurance: Covers medical costs and lost wages for injured employees.

c. Builder's Risk Insurance: Provides coverage for property under construction, including materials and equipment.

d. Professional Liability Insurance: Protects against claims of errors or negligence in design or consulting services.

Latest Stats: A study by the National Association of Insurance Commissioners (NAIC) indicates that the construction industry spends over $50 billion annually on insurance premiums in the United States alone.

3. Risk Management Strategies

Risk management goes beyond insurance and involves identifying, assessing, and mitigating risks proactively. Construction businesses can implement several strategies to manage risks effectively, such as:

a. Project Risk Assessments: Conduct thorough assessments before starting a project to identify potential risks and develop mitigation plans.

b. Contract Review: Ensure contracts are well-drafted and protect the company's interests, including indemnification clauses.

c. Safety Protocols: Implement stringent safety procedures and provide ongoing training to minimize accidents.

d. Technology Adoption: Utilize construction management software to monitor projects, costs, and timelines effectively.

e. Financial Planning: Maintain a robust financial reserve to cover unexpected expenses and mitigate the impact of project delays.

Latest Stats: According to a survey conducted by Dodge Data & Analytics, construction companies that prioritize risk management have a 64% higher chance of completing projects on time and on budget.

4. The Role of Financial Advisors in Risk Management

Financial advisors, including wealth management advisors and tax accountants in London, can play a crucial role in risk management for construction businesses. Here's how they contribute:

a. Wealth Management Advisors: These professionals assist construction business owners in building and preserving wealth. They help in creating investment portfolios, retirement plans, and financial strategies that can safeguard the owner's personal wealth in case of business setbacks.

b. Tax Accountants in London: Expert tax accountants can optimize the company's tax structure, reducing the financial burden and ensuring compliance with tax laws.

Latest Stats: According to a survey conducted by the Chartered Institute for Securities & Investment (CISI), 68% of construction business owners believe that wealth management advisors have played a significant role in their financial success.

5. Business Accounting Services for Construction

Business accounting services are essential for construction companies looking to maintain financial stability and transparency. These services include:

a. Financial Statement Preparation: Accurate financial statements are crucial for understanding the company's financial health.

b. Tax Planning and Compliance: Ensure that the business complies with tax laws and leverages available tax incentives.

c. Budgeting and Forecasting: Develop budgets and financial forecasts to make informed decisions.

d. Cost Control: Identify and manage costs efficiently to maintain profitability.

Latest Stats: A report by the Association of Chartered Certified Accountants (ACCA) shows that 78% of construction companies that use business accounting services report better financial management and more strategic decision-making.

Conclusion Insurance and risk management are integral to the financial well-being of construction businesses. The latest statistics highlight the significance of these aspects in the industry. Additionally, the involvement of pension service, wealth management advisors, tax accountants in London, and business accounting services can further enhance a construction company's ability to manage risk and maintain financial stability. By combining these elements, construction businesses can thrive in a challenging and dynamic environment, ensuring long-term success.

[fibre2fashion]

India will become a global powerhouse by 2047: Piyush Goyal

India is on the path to become a powerhouse driving global growth by 2047, said union minister of commerce and industry, consumer affairs, food and public distribution, and textiles Piyush Goyal when recently addressing the business community of southern California.

Goyal also noted that the completion of the Indo-Pacific Economic Framework (IPEF) is an important milestone for free and fair trade with like-minded countries, who share the objective of having rule-based international order and a transparent economic system, according to a press release by India’s ministry of commerce and industry.

Politically stable and open economies in the Indo-pacific region are coming together to expand economic activities amongst each other, he added. 

Goyal added that the transformational work happening in India has taken the country to the 5th spot among world economies. Assessing the impact of the foundational changes and structural transformation that has happened in the last few years, Goyal mentioned that CII estimates India in 2047 to be a $35-45 trillion economy, bringing the country into the league of developed nations.

Read more about India will become a global powerhouse by 2047: Piyush Goyal

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Taplow Group – 11th Pandemic Business Overview – 30th November 2020

 Taplow partners across the globe have combined to bring you up todate local and regional economic and business insights.

Key Finding: Companies: With the announcements of successful vaccine trials, companies are planning for an upturn in business in 2021. Although the rollout of vaccines is dependant on governments having initially pre-ordered the successful vaccines, there is still concern about certain regions being able to afford or effectively distribute the vaccine to allow their economies to bounce back. Executives: Local focus is the key to companies’ executives understanding the impact on their businesses through the end of the year and into Q1 of 2021.Knowledge of what is happening on the ground enables successful strategies being rolled out. Employees: Uncertainty of Covid regulations coupled with fast changing strategies is causing stress within the workforce. Employees are often on the front line of implementation of strategies and require clear and concise communication. AFRICA As Sub-Saharan African countries have managed to keep the COVID-19 virus (coronavirus) under control with relatively low number of cases, the pandemic continues to take a toll on African lives and economies. Economic activity is projected to decline by 3.3% in 2020, confirming the region’s first recession in 25 years. The substantial downturn in economic activity will cost the region at least $115 billion in output losses this year, in part caused by lower domestic consumption and investment brought on by containment measures to slow the spread of the coronavirus. Below are key points from our partners in each country. South Africa South Africa’s economy is expected to bounce back in the third quarter of the year – with finance group BNP Paribas even expecting things will work out better than the South African Reserve Bank expects. Q4 growth performance is now also more subdued at +1% q/q, and indicates an economy, which still looks likely to contract 8% in 2020. After this year’s projected contraction at the hands of Covid-19, the economy is seen to be rebounding in 2021 as domestic and foreign demand revive. That said, high unemployment and persistent electricity shortages are likely to weigh on growth, while frail fiscal metrics and a ballooning public debt stock pose additional risks. Focus economics panellists see the economy expanding 3.6% in 2021, which is down 0.1 percentage points from last month’s forecast, and 2.5% in 2022. ASIA The region as a whole is expected to grow by only 0.9 percent in 2020, the lowest rate since 1967. While China is forecasted to grow by 2.0 percent in 2020 – boosted by government spending, strong exports, and a low rate of new COVID-19 infections since March, but checked by slow domestic consumption – the rest of the EAP region is projected to contract by 3.5 percent. Below are key points from our partners in numerous countries in the region. Australia In Australia, conditions continue to improve across the nation from a COVID-19 pandemic perspective and from a markets and consumer sentiment perspective. Consumer sentiment jumped a further 2.5% in November, leaving the headline index at its highest level since late 2013. High frequency payrolls and housing data were also robust and consensus forecasts for Australian GDP growth in 2021 are now starting to move higher. (Source: Bloomberg and JBWere. Sally Auld Chief Investment Officer, JB Were.) Past performance is not a reliable indicator of future performance. Domestic travel options continue to open up in Australia to all regions without quarantine restrictions and the frequency of air travel is increasing. The return of office workers to Central Business Districts is being staged in most major cities with strict guidelines for use of public transport, social distancing and hygiene protocols including masks and sanitiser use. International returns of Australian citizens are also being increased with Victoria likely to once again open its international gateway in December adding to the other gateways already open. India India's IT and business services market is expected to increase by 5.4% annually to reach US$ 13 billion, research firm IDC said. A new study reported that in 2020 mobile phone exports in India are expected to record the highest shipments ever of US$1.5 billion by value, out of which 98% will be smartphones. Flipkart Group, including Myntra, dominated as India’s online retailers clocked a 65% jump in gross merchandise value (GMV) during festive season sales this year. This year’s festive sales saw 88% customer growth from last year, as close to 40 million shoppers from tier-2 and beyond cities tapped e-commerce platforms The Internal Working Group of RBI (Reserve Bank of India) has suggested opening banking systems to large Corporate & Industrial Houses, as promoters of Private Banks. This report by IWG has led to a lot of discussion in the market, with as many critics as well as supporters. Digital Payments: Approximately US$270.7 billion in transactions worth US$66.6 billion are projected to move from cash to cards and digital payments in India by 2023 and expand further to US$856.6 billion by 2030, Accenture said on Tuesday. India may attract US$120-160 billion per year of foreign direct investment (FDI) by 2025, leading to an increase in the ratio of FDI to GDP from 3-4% to less than 2%, CII and EY researchers reported. Over the past 10 years, the country has seen GDP rise 6.8%, with FDI increasing to GDP at 1.8%. It reported that in terms of attractiveness, investors ranked India third, at least 80% have plans to invest in India in the next two to three years, and nearly 25% reported investments worth more than US$ 500 million, The Economic Times reported. Singapore Singapore’s economy is expected to shrink between 6 per cent and 6.5 per cent this year. However, amid the COVID-19 pandemic, Singapore managed to secure S$13 billion worth of fixed asset investment commitments in the first four months of 2020. That was among the highest in recent years and reflected businesses’ confidence in Singapore’s “high levels of connectivity, openness, and brand of trust”, according to the latest public sector report released. Singapore also continued to be highly regarded as a place to do business. This year, the country ranked second in the World Bank’s Ease of Doing Business Index, after consistently placing in the top three for the past 14 years. Singapore was ranked among the world’s most competitive economies by the World Economic Forum in 2019, and by the International Institute for Management Development (IIMD) in 2020. This year, it was also the only Asian country in the top 10 of the IIMD’s world talent ranking. Streamlined regulations and improved government to business (G2B) services make it easy to start and grow a business, as well as pursue innovation. It takes only 1.5 days to start a business in Singapore. Companies and banks will soon get more support to obtain and develop green and sustainable financing under a new scheme by the Monetary Authority of Singapore (MAS). The Green and Sustainability-Linked Loan Grant Scheme (GSLS), announced on Tuesday (Nov 24), will take effect from Jan 1 next year. Describing the GSLS as "the first of its kind globally",MAS said in a media release that it seeks to support companies of all sizes to obtain green and sustainable financing. Under the scheme, MAS will defray up to S$100,000 of the expenses that companies incur to validate the green and sustainability credentials of a loan. This includes expenses to engage independent sustainability assessment and advisory service providers to develop green and sustainability frameworks and targets, obtain external reviews and report on the sustainability impact of a loan.It will defray up to 60 per cent of expenses, capped at S$120,000, incurred by banks to engage independent sustainability assessment and advisory service providers, obtain external reviews and report on the allocated proceeds of loans originated under the framework.   New Zealand Tourism exports normally account for around 5% of GDP, and the halt on tourist inflows since March has been a significant drag on earnings and employment in sectors like accommodation and hospitality. In contrast, outside of the travel and tourism sectors, much of the ground lost earlier in the year has already been recovered, with many parts of the domestic economy rebounding faster than expected after the lockdown. At the head of the pack, businesses linked to the building industry are reporting strong demand. There have also been lifts in manufacturing activity (including exports) and gains in the retail sector. Against this backdrop and on a positive note, there seems to be a rise in the number of businesses who are planning to take on new staff. Covid-related support spending is now winding down, but there will be ongoing increases in general Government spending and huge infrastructure investment over the coming years. There is a public appetite for fiscal spending to tackle a wide range of social concerns, including child poverty, access to housing, and the provision of both health and education services. Helping to boost households’ spending appetites has been the roaring strength of the housing market, which has defied expectations for a significant downturn in the wake of the Covid-19 outbreak. When the economy first went into lockdown most of New Zealand’s major banks forecasted that house prices would initially fall by up to 7% and would later shoot higher in response to low interest rates. However, what occurred was a decline of only 2% followed by an earlier and bigger boom, with prices now up a whopping 14% over the past year. EUROPE The region’s predicted “2nd wave” of Covid19 is here as the winter starts. A number of key countries have announced either complete lockdown or regional lockdowns that will undoubtedly weaken the return to economic growth, The Gross Domestic Product (GDP) in European Union contracted 4.30 percent in the third quarter of 2020 over the same quarter of the previous year. Below are key points from our partners in numerous countries in the region. France Most of the macroeconomic figures for the third quarter of 2020 are now available. They retrace, with those of the second quarter, an unprecedented sequence in which a large part of the economy came to a standstill before starting up again. The rebound was strong. The French GDP grew by 18.2% in the third quarter compared with the second, bringing the year-on-year change to -4.3% (compared with -18.9% in the previous quarter). This major swing took place over a fairly short period of time, i.e. the bulk of the rebound took place in May and June, even before the start of the third quarter. It was encouraged by an economic policy aimed, via the increase in public debt, at preserving as far as possible the productive fabric and household incomes. The partial activity scheme has allowed employment to fall much less than the volume of paid work since last March. The second wave of the pandemic and the 2nd lockdown of the population are nevertheless thwarting this rebound and changing the temporality of the crisis. The contraction of private sector activity in France worsened in November as the French government tightened containment measures to stem the spread of the Covid-19 epidemic, according to preliminary data released by IHS Markit. France's composite PMI index (i.e. Purchasing Managers’ Index) fell to 39.9 in November, its lowest level in six months, from 47.5 in October. A figure above 50 indicates an expansion of activity compared to the previous month, while a figure below 50 indicates a decline. In detail, the PMI index for the services sector fell to 38 in November, its lowest level in six months, after 46.5 in October. The PMI index for the manufacturing sector also fell to 49.1, its lowest level in six months as well, after 51.3 in October. Beyond the contraction in GDP now expected in the fourth quarter, it is now quite likely that the health and economic situations will continue to be linked, for at least the first half of 2021. The expectations of economic players are therefore adapting accordingly. The prospect of a vaccine, if it materialises, suggests however that the horizon for the end of the health crisis may be drawing nearer. Finland GDP is up 2.5% in Q3 after 4.5% down in the previous quarter so there is some financial recovery in place. However, the new restrictions and second wave of Covid-19 will have its effect. No major drops in employment rate yet. Covid-19 situation in Finland is still among the best in Europe but getting worse and we are applying new restrictions. In Finland, people are rather compliant towards authorities and regulations which can be seen in wearing masks and trying to keep social distance. Even though the pandemic situation is as serious or even worse than in spring, there is a big threshold in closing the restaurants or gyms etc. Success of the winter season in Lapland is crucial for the whole travel industry and is now based on domestic travel only. National airline company Finnair is relying heavily on owners’ help to get through the pandemic. Germany After the corona recession, the economic experts are expecting significant growth again in the coming year (GDP +3.7%). For 2020, they expect a decrease of only 5.1%. However, due to the increasing number of infections, experts still see many risks. The prospect of a corona vaccine improves the chances for a faster economic recovery. GDP for Germany Q2, -10.1% compared to Q1; Q3, +8.2% compared to Q2 (-4.1% compared to Q3 2019). The unemployment rate fell from September to October by 0.2% to 6.0%. The use of short-time work continues to decline. However, there are still clear signs of the first wave of the corona pandemic on the labour market. Business Advisory – Market Entry and Growth Opportunities for Tech-SMEs We stand for Strategic Consulting and Executive Search. Together with selected experts we offer a holistic approach tailored to our clients' international strategy and growth opportunities. In Q4 2019 Taplow (Germany) started a new initiative focusing on the fast-developing sector of climate-relevant and environmental technologies and is now profiting from initial consulting projects. According to the ideas of the federal states, the protection rules in force until the end of November are to be extended for the time being until December 20 and in some cases tightened. For example, private meetings will be restricted to five persons from a maximum of two households. However, this is to be relaxed from Christmas to New Year. Norway Business in Norway is still improving halfway into Q4. Gross National Product for the year is however expected to be down between 5 and 8%. Current unemployment is about 6.6%, up from 3.1% in 2019. ‘Semi-lock-down’ - Most businesses go as usual, but large corporations are encouraged to let as many as possible to work from home. Restaurants and bars are not able to serve alcohol after 23:59, and not allowed to let new guests in after 22:00 Generally, travel and tourism is hurt badly. Norwegian Airline, with almost 200 aircrafts and 15,000 employees has filed ‘chapter11’. Elementary Schools are functioning as usual. High-Schools are following one week on, and one week off campus routine. Russia The Russian government approved the increase of income tax to 15% on annual salaries larger than RUB5 million. Before, the income tax was only 13% on all wages regardless of income level. The government prolonged the pandemic regime until January 1st, 2022. For businesses, it means that all extended sanitary norms will continue to be obligatory - extra cleaning and disinfection, providing employees with masks, gloves, and sanitizers all next year. Therefore, we can assume that instead many companies will keep the remote working regime or a combination of home and office work. In Moscow a minimum of 30% of employees must work from home until January 15th, 2021, and companies try to rotate them. The Russian retail sector has experienced a very heterogeneous development during 2020. Smaller stores, malls and local fashion retailers faced a high decrease in their sales volumes. At the same time, online retail is booming, and hypermarkets are reporting a record year in their sales and number of visitors. This development is not only related to lockdowns but mainly to the changing consumer behaviour during the pandemic. Consumers prefer to visit fewer stores but with bigger space, to keep distances and buy all necessities in one place. Another remarkable development we can see in the HORECA and tourism industry. These sectors have been hit hard around Russia, except for the Krasnodar Region, particularly the city of Sochi, which had seen higher numbers of visitors in summer than during the 2014 Olympics and tour bookings increased by 121% compared to last year. Yet, increased numbers of visitors resulted in increasing coronavirus infections and now during the winter months occupation of hotels and resorts is at only 68% of their capacity. An IMF statement says that Russia’s strong fiscal, monetary, and macro-prudential response to the crisis helped put a floor under the downturn and fostered a stronger-than-projected rebound of third-quarter GDP. IMF experts project the Russian economy to contract by about 4% this year, and to expand by some 2.5% in 2021, assuming the COVID-19 situation gradually normalises. UK The UK economy recovered in Q3 2020 with its largest ever increase in GDP. UK GDP grew by 15.5% in Quarter 3 (Jul to Sep) 2020. In September, monthly GDP was 8.2% lower than the levels seen in February 2020, before the full impact of the coronavirus pandemic. Q4 will see a contraction due to the national 1-month lockdown that ends on December 2nd and will be replaced by a severe 3-tier system that will see 99% of the UK citizens having restrictions imposed on them. January 1st 2021 sees the Brexit negotiating period coming to an end. Although the EU and UK governments are still negotiating and say a Brexit trade deal is close, timeframes to conclude matters keep shifting and businesses are planning for a “no deal” outcome that would see the UK trading in Europe under WTO rules, but businesses still want and hope for a trade deal to be signed in December. The services sector remains 8.8% lower than the level in February 2020, before the main impacts of the coronavirus were seen. The production sector remains 5.6% lower than the level in February 2020, before the main impacts of the coronavirus were seen. AMERICAS The Americas and particularly regions in the USA are continuing to see uncertainty of the pandemic and elections also created economic stagnation. Although the USA continues to show economic recovery, it is showing signs of increasing infection rates and uncertainty about how countries tackle the issue. Below are key points from our partners in numerous countries in the region. South America The continent is dealing with the pandemic from a weak economic base. Countries are adopting a variety of measures, but many countries are unable to effectively support businesses and this will no doubt lead to an increase in unemployment. Brazil Brazil slipped into recession in the second quarter of 2020 as the spread of COVID-19 across the country not only weighed on economic activity but also people’s worries about contracting the virus, social distancing measures, and a deterioration in the labour market affected consumer spending in Q2. The pandemic and its economic impact so far have also added to the uncertainty for businesses that have cut down on investment spending. While fiscal stimulus and monetary easing have aided a nascent economic recovery in Q3, it is too early to say whether there will be any swift upward movement in growth. The economy contracted for the second successive quarter in Q2 2020 as the spread of COVID-19 hit consumer spending and business investment. Real GDP fell by 9.7% in the second quarter compared to the previous one with domestic demand declining by 12.7%. Compared to a year ago, real GDP was down 11.4% in Q2. Monthly data on key indicators suggest that a recovery is currently underway. Manufacturing, for example, has been recovering after a sharp contraction in April and May. Canada Canada's economic outlook for 2020 is improving slightly because of growth in the real estate market, residential investment, and household consumption, although a number of factors that contributed to the 2019 slowdown remain. As a result of the COVID-19 (coronavirus) pandemic, the gross domestic product (GDP) of Canada is projected to decline 5.6% in 2020. The business index represents the most accurate measure of business confidence in Canada. More specifically, a value of 0.0 indicates completely neutral business sentiment, with lower and higher values respectively corresponding to negative and positive perceptions of the business environment in Canada. In 2020, the index is projected to have a value of -2.3. This index considers a variety of operating conditions for businesses, including business activity, pressures on production capacity, price trends and credit conditions. In 2020, the index is projected to decline a staggering 8,427.3% as coronavirus cases are once again on the rise in Canada, thus reflecting widespread negative business confidence as the resumption of normal business operations may be delayed further. USA Annual US GDP is projected to decline 4.4% in 2020 due to the adverse economic effects of the COVID-19 pandemic. This would be the first decline since 2009 and the worst decline since 1946. Even though a coronavirus vaccine is expected in the first half of 2021, the economy will likely take time to recover to pre-pandemic levels and uncertainty with consumer behaviour will likely remain. Despite continuing economic concerns and the reluctance of our President to accept the outcome of the election, the US business community remains optimistic about growth as the vaccines are apparently about to be distributed in the US market. Despite the obvious loss in the election, President Trump continues to foster conspiracy theories and is trying to influence the “Electors” from each state to vote for him rather than vote the results of the vote in their state. We have not seen such an effort previously, but it is doubtful the courts, even the judges selected by the current administration will support that notion. We hope that you, your family, and work colleagues continue to stay healthy and safe. We at The Taplow Group are here to support you and your business through this crisis. We will be back with another update soon.

[myallywynn]

IMO Environment Committee approves amendments to cut ship emissions

Draft amendments to the MARPOL convention would require ships to combine a technical and an operational approach to reduce their carbon intensity. 

Draft new mandatory regulations  to cut the carbon intensity of existing ships have been approved by the International Maritime Organization (IMO) Marine Environment Protection Committee (MEPC), meeting in virtual session from 16-20 November 2020..

This builds on current mandatory energy efficiency requirements to further reduce greenhouse gas emissions from shipping.

The MEPC also agreed the  terms of reference for assessing the possible impacts on States, paying particular attention to the needs of developing countries, in particular Small Island Developing States (SIDS) and least developed countries (LDCs).

The draft amendments to the MARPOL convention would require ships to combine a technical and an operational approach to reduce their carbon intensity.

This is in line with the ambition of the Initial IMO GHG Strategy, which aims to reduce carbon intensity of international shipping by 40% by 2030, compared to 2008.

The amendments were developed by the seventh session of the Intersessional Working Group on Reduction of GHG Emissions from Ships (ISWG-GHG 7), held as a remote meeting 19-23 October 2020.

The draft amendments will now be put forward for formal adoption at MEPC 76 session, to be held during 2021.

IMO Secretary-General Kitack Lim, said, “Considerable further work on the implementation of the measures is still ahead of us, but I am confident that, the IMO spirit of cooperation, shown during the past years, will enable swift progress with the development of technical guidelines and a Carbon Intensity Code as well as the essential further work on the comprehensive assessment of impacts of the measures on developing countries, SIDs and LDCs. I express my gratitude to all Member States that have indicated a commitment to supporting these efforts.”

He said the approved amendments were important building blocks without which future discussions on mid and long-term measures will not be possible.

The progress in developing the short-term measures follows the timeline as set out in the initial IMO GHG strategy. The strategy proposed that short-term measures should be those measures finalized and agreed by the Committee between 2018 and 2023.

  Draft MARPOL amendments

The draft amendments would add further requirements to the energy efficiency measures in MARPOL Annex VI chapter 4.  Current requirements are based on the Energy Efficiency Design Index (EEDI), for new build ships, which means they have to be built and designed to be more energy efficient than the baseline; and the mandatory Ship Energy Efficiency Management Plan (SEEMP), for all ships.

The SEEMP provides for ship operators to have in place a plan to improve energy efficiency through a variety of ship specific measures.

The draft amendments build on these measures by bringing in requirements to assess and measure the energy efficiency of all ships and set the required attainment values.

The goal is to reduce the carbon intensity of international shipping, working towards the levels of ambition set out in the Initial IMO Strategy on reduction of GHG emissions from ships.

The set of amendments includes: the technical requirement to reduce carbon intensity, based on a new Energy Efficiency Existing Ship Index (EEXI); and the operational carbon intensity reduction requirements, based on a new operational carbon intensity indicator (CII).

The dual approach aims to address both technical (how the ship is retrofitted and equipped) and operational measures (how the ship operates).

  Attained and required Energy Efficiency Existing Ship Index (EEXI)

The attained Energy Efficiency Existing Ship Index (EEXI) is required to be calculated for ships of 400 gt and above, in accordance with the different values set for ship types and size categories. This indicates the energy efficiency of the ship compared to a baseline.

Ships are required to meet a specific required Energy Efficiency Existing Ship Index (EEXI), which is based on a required reduction factor (expressed as a percentage relative to the EEDI baseline).

  Annual operational carbon intensity indicator (CII) and CII rating

The draft amendments are for ships of 5,000 gross tonnage and above (the ships already subject to the requirement for data collection system for fuel oil consumption of ships) to have determined their required annual operational carbon intensity indicator (CII).

The CII determines the annual reduction factor needed to ensure continuous improvement of the ship’s operational carbon intensity within a specific rating level.

The actual annual operational CII achieved (attained annual operational CII) would be required to be documented and verified against the required annual operational CII. This would enable the operational carbon intensity rating to be determined.

The rating would be given on a scale – operational carbon intensity rating A, B, C, D or E – indicating a major superior, minor superior, moderate, minor inferior, or inferior performance level. The performance level would be recorded in the ship’s Ship Energy Efficiency Management Plan (SEEMP).

A ship rated D for three consecutive years, or E, would have to submit a corrective action plan, to show how the required index (C or above) would be achieved.

Administrations, port authorities and other stakeholders as appropriate, are encouraged to provide incentives to ships rated as A or B.

  Review mechanism 

The draft amendments would require the IMO to review the effectiveness of the implementation of the CII and EEXI requirements, by 1 January 2026 at the latest, and, if necessary, develop and adopt further amendments.

  Next steps 

The draft amendments can now be adopted at the MEPC 76 session, to be held during 2021.

The MARPOL treaty requires draft amendments to be circulated for a minimum six months before adoption, and they can enter into force after a minimum 16 months following adoption. The amendment procedures are set out in the treaty itself.

  Impact assessment 

The comprehensive impact assessment will be based on the Procedure for assessing impacts on States of candidate measures, adopted in 2019, which says a comprehensive impact assessment should provide a detailed qualitative and/or quantitative assessment of specific negative impacts on States, and  be evidence-based and should take into account, as appropriate, analysis tools and models, such as, cost-effectiveness analysis tools, e.g. maritime transport cost models, trade flows models, impact on Gross Domestic Product (GDP); updated Marginal Abatement Cost Curves (MACCs); and economic trade models, transport models and combined trade-transport models.

The final comprehensive impact assessment of the short-term combined measure should be submitted to MEPC 76. Based on this, a possible framework for reviewing impacts on States of the measure adopted, and addressing disproportionately negative impacts on States, as appropriate, would be considered.

  Initial IMO GHG Strategy 

The initial IMO GHG Strategy, adopted in 2018, sets ambitious targets to halve GHG emission from ships by 2050, compared to 2008, and reduce carbon intensity of international shipping by 40% by 2030 compared to 2008.

The strategy lists a number of candidate measures which could also be considered to further reduce emissions and help achieve the targets in the strategy, in particular 40% reduction of carbon intensity from shipping by 2030.

Short-term measures could be measures finalized and agreed by the Committee between 2018 and 2023, although in aiming for early action, priority should be given to develop potential early measures with a view to achieving further reduction of GHG emissions from international shipping before 2023.

Dates of entry into force and when the measure can effectively start to reduce GHG emissions would be defined for each measure individually. A procedure for assessing the impact on States of a measure has been approved.

The post IMO Environment Committee approves amendments to cut ship emissions appeared first on Shipping and Freight Resource.

from Moving https://www.shippingandfreightresource.com/imo-environment-committee-approves-amendments-to-cut-ship-emissions/ via http://www.rssmix.com/

[fiinovationopportunity]

Fiinovation okhla : the best CSR advisors in the world

All the universally accepted definitions of CSR underscore the impact that businesses have on communities and environment. Seemingly, the concept of CSR has evolved from welfare activities (such as philanthropy, donations, charity, relief work and others) to the one that now incorporates corporate citizenship, strategic philanthropy, shared value, corporate sustainability and business responsibility. CSR in India has travelled through different phases, such as community engagement, socially responsible production and socially responsible employee relations. Initially, it was more about philanthropic endeavors that were performed but not deliberated and documented. Prior to Independence, it had a national character encapsulated within it that extended support to India's freedom movement. CSR in India now appears to be thoughtful and it incorporates global knowledge of CSR in its discourse. 

Innovative Financial Advisors Pvt. Ltd. (Fiinovation) is a research-based organization that offers fiinovation practices in sectors like Healthcare, Environment, Education, Skill Development and Livelihood with emphasis on Corporate Social Responsibility and Sustainability. Fiinovation believes  Project Implementation and Impact Assessment has efficiently helped us to bridge the gaps between businesses and communities and has a well proven history. Fiinovation considers CSR of strategic importance.  Fiinovation offers end to end CSR consulting services and simplified solutions that has helped various Corporations channelize their resources for the upliftment of community on societal, economical and ecological aspects in accordance to their CSR charter. They assist their partners in adopting sustainable approaches in their businesses as well as in undertaking impactful social initiatives as a part of their CSR mandate. Some of their proud partners include major corporations and organizations such as Uflex Limited, Flex Foods, PI Industries, Laurus Labs, IL&FS-Skills, JK Tyre, Mytrah Energy, Pipavav Railway Corporation, RPG Foundation & KEC International, amongst others. They constantly strive towards strengthening the commitment and improvising the socio-economic and ecological indices of the society for an inclusive growth. 

Fiinovation ceo, Dr. Soumitro Chakraborty said,”What we take from the community, we must give back to it”. Today, Corporate Social Responsibility (CSR) is no longer a matter of mandate, but an affair of commitment that companies behold towards the society at large. It marks the best time for social interventions to take place, and an opportunity for the country to create a sustainable future for our youth. Fiinovation projects hold expertise in the following practices are Initiative Design & Management for Corporations & SME's, Social Return on Investment, Initiative Implementation, Development Communications, Monitoring & Evaluation, CSR-CSO partnership, Impact Assessment. Fiinovation company customises the various welfare activities as per the need and ensures the achievement with an alignment with the objectives. Fiinovation csr working on authenticity, quality, and confidentiality core values. Fiinovation is a knowledge partner of industry bodies such as Confederation of Indian Industries (CII) and Institute of Directors (IOD). With CII, the partnership emphasizes research for the promotion of affirmative actions along with CSR and social enterprises. Fiinovation organization has deliberated with various industrial leaders at numerous conferences conducted on corporate governance, environment management, and CSR & sustainability during the course of its path breaking partnership with IOD. 

These fiinovation reviews show how their clients are happy and also you can see reviews on Fiinovation glassdoor that show the friendly company environment, which is what every employee wants. Every employee who is working at fiinovation said “All the basic needs are taken care at Innovative Financial Advisors Pvt. Ltd ”. We can contact Fiinovation through their social media sites like Facebook, Twitter, Linkedin as they keep transparency about their work.

Fiinovation Delhi  address: 24/30, Ground Floor, Okhla Industrial Estate, Phase III New Delhi – 110020, Delhi, India.

[weelectronicstudentreviewstuff]

Coronavirus COVID-19: CII submits recommendations to Centre on lifting the shutdown in a safe and calibrated manner | Economy News

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Confederation of Indian Industry (CII) on Wednesday (April 8) submitted its recommendations on the graded re-start of economic activities after the end of 21-day lockdown imposed by Prime Minister Narendra Modi on April 14.

The CII has prepared the recommendations after the assessment of the economy and the prevailing situation on the ground. In its recommendation, the CII has said that…

[bigyack-com]

‘Some measures soon’: Finance Minister Nirmala Sitharaman reviews coronavirus impact on industry - business news

Finance Minister Nirmala Sitharaman has said that the government is soon going to announce measures to arrest the disruption in some sectors due to coronavirus outbreak.“The government has reviewed impact of outbreak of coronavirus on industry,” Sitharaman said at a press briefing on Tuesday, adding, “Based on comprehensive consultation, some measures will be announced shortly.”It is too early to talk about the impact of the outbreak on Make-in-India initiative, said Sitharaman, assuring that there are no concerns about price rise so far.Sitharaman addressed the mediapersons after meeting the industry representatives and other stakeholders on Tuesday afternoon to assess the impact of the novel coronavirus, which is now officially known as Covid-19.The meeting is convened after the industry expressed apprehensions that the outbreak of the disease in China would also damage the Indian economy, which is struggling to raise consumption and accelerate the economic growth.The Finance Minister said that pharmaceutical, chemical and solar equipment makers have raised voice about some disruption due to the outbreak.The Confederation of Indian Industry (CII) had earlier said in a report that India as well as other countries require to have strategies for “minimising risks and managing the situation”.“China is facing a quarantine-like situation with movement of goods and people to and from the country facing a lockdown. While the situation for human impact is very serious, the economic impact will cascade into loss of employment, markets, and small enterprises,” it said.The recently released official trade data reflected the impact of the epidemic on both exports and imports. India’s merchandise exports in January 2020 fell by 1.66 per cent in January to $25.97 billion and imports dropped by 0.75 per cent ($41.14 billion) on an annual basis amidst rising fear of global trade disruptions due to the spread of the coronavirus.The CII report said, “The outbreak of Covid-19 in China is expected to have significant global economic impact.”According to domestic retailers, India may face supply crunch due to shutdown of several Chinese factories.China supplies items such as toys, furniture, hardware, footwear, fabric, consumable goods, gift articles, watches, mobiles and mobile accessories, electronic goods, electrical products, medical and surgical equipments, surgical goods, pharmaceuticals, iron, steel, engineering goods, chemicals, construction instruments, kitchen equipments, auto spare parts, paper, stationary items, fertilisers, plastic and plastic products, fancy decorative items, cosmetics, computers and computer accessories, solar panels, and bamboo sticks for making ‘agarbatti’. Read the full article

[chemicalworldnews]

Asia Pacific chemical sector in midst of steady recovery

By Mahesh Hegde

Asia Pacific (APAC) chemical sector has been staging a tentative recovery from tough economic phases over the past few years. Driven partly by China’s surging chemical demand, the sector is likely to gain an uptick owing to a leap in merger & acquisition deals, and investment activity in the region. A challenging and steadily recovering global economy is leading towards increased joint ventures in APAC.

Changing regulations to influence growth of chemical sector

European Chemicals Agency (ECHA) imposed REACH and CLP regulations related to chemical manufacturing in the previous decade. ECHA helps chemical companies in complying with the legislation, advancing safe utilization of chemicals and providing associated information as well as addressing concerns. These regulations aim to ensure the protection of environment and human health from hazards associated with chemicals and their production, promoting alternative procedures for assessment of hazardous substances, while enhancing innovation and competitiveness.  

REACH and CLP regulations are not only impacting Europe but also influencing the chemical sector in Asia Pacific. Several APAC countries have reviewed their chemical policies & regulations, referring to REACH as a model. For example - India published the Draft National Chemical Policy, aiming to consolidate multiple legislations into one law. In addition, Korea introduced K-REACH, the Registration & Evaluation of Chemical Substances Act. Even Japan has followed the footsteps of the European REACH regulation. Representatives from Japan and Korea visited ECHA for learning more about the way of ECHA’s implementation of REACH and CLP regulations. These incidences have made rapid changes to the chemical sector in Korea, India and Japan, focusing more on public health, safety and environment. Formerly, Indian chemical sector discerned REACH and CLP regulations as technical barriers, however, post-initiative of Confederation of Indian Industry (CII) as well as Sustainable Support Services, events were organized across the nation for creating awareness about REACH compliance.

[acchelpcementplant-blog]

ACC Help Cement Chikkaballapur

CII-ITC Sustainability Award 2015 for “Outstanding Accomplishment” of Corporate Excellence in Sustainability ACC has been recognized for its Corporate Excellence in Sustainability and felicitated with the prestigious CII-ITC Sustainability Award 2015 for “Outstanding Accomplishment” in the category A (companies with turnover > INR 2000 crores). This is one of the country's most coveted awards in the field of corporate sustainable development. At an awards function organised by CII in New Delhi on December 15, 2015, the then CEO & MD Mr. Harish Badami of ACC Limited was presented the CII-ITC Sustainability Award 2015 trophy and certificate by a distinguished panel led by Mr Suresh Prabhu (Hon'ble Union Minister for Railways), Mr Y C Deveshwar (Chairman ITC Ltd and Chairman, CII-ITC Centre of Excellence for Sustainable Development), Dr R A Mashelkar (former Director General CSIR and presently President, Global Research Alliance), Ambassador Mr Shyam Saran (former Foreign Secretary and presently Chairman Research & Information System for Developing Countries) and Mr Chandrajit Banerjee (Director General, CII). The award citation mentioned "ACC is awarded Outstanding Accomplishment for Outstanding Policy, Practice and Results under category A (turnover more than Rs 2000 crores) on the journey to Excellence in Sustainable Business". Asked to highlight critical success factors responsible for this award, ACC listed highlights of its environmental, social and economic performance in its cement plants – notably proactive environment and energy management measures that enabled overall carbon emissions to be cut by almost 33 per cent since 1990 and achieve lowest absolute CO2 emissions in the cement industry; maintain its best in-class production of low carbon Blended Cements; its success in embedding sustainability in its Corporate Governance; an effective co-processing programme for managing industrial, municipal and bio-mass wastes; the new Green building Centres programme to promote affordable housing besides a large social footprint covering half a million people over 150 villages. The CII-ITC awards, instituted in 2006, recognise and reward organisations that are exploring ways to become more sustainable in their activities. Winners of this Award are considered as India’s Most Sustainable role models. The Awards are a part of continued efforts undertaken by the CII-ITC Centre of Excellence for Sustainable Development to create awareness and stress the significance of sustainability practices. ACC Limited is the only company in the cement industry to win in this group. This is the second time ACC has won this cherished award, the first time being in 2013. Such recognitions are the result of ACC’s policy on creating a harmless work environment without disturbing the natural ecosystems. Ever since its inception, ACC never compromised on the industrial regulations and promoted sustainability in its realm. Previously in 2009, ACC Limited inaugurated the Thondebhavi Cement Works in Chikkaballapur district of Karnataka, which became their second new cement plant in that district. Being a Greenfield Project, several environmental measures like waste prevention and reduction, assessing compliance with regulatory requirements, and facilitating control of environmental practices were taken into account. At that time, this Chikkaballapur cement plant was installed with a capacity of 1.60 million tons, to produce fly-ash based Portland Pozzolana Cement (PPC).

[vsplusonline]

Industry hails Assam budget 2020-21, CM Sonowal terms it as pro people

New Post has been published on https://apzweb.com/industry-hails-assam-budget-2020-21-cm-sonowal-terms-it-as-pro-people/

Industry hails Assam budget 2020-21, CM Sonowal terms it as pro people

GUWAHATI: Assam chief minister Sarbananda Sonowal said the state budget 2020-21, presented on Friday in Assam Legislative Assembly, was pro-people.

The industry said it was inclusive and growth oriented.

Opposition Congress walked out, alleging the proposals were leaked online before presentation.

Sonowal said that the budget will benefit all sections of the people living in all districts. He also said that the budget will stimulate development and lend equal dignity, equal growth to all.

The CM also said that the budget has provided steps to catapult social, economic, educational empowerment along with providing social security to all in the state.

He also thanked Finance Minister Himanta Biswa Sarma for presenting a Budget which will be the catalyst for equal development and equal dignity of all sections of the people belonging to all districts.

Confederation of Indian Industry (CII) welcomed the budget proposals. “The Budget clearly reflects the State Government’s focus on inclusive and sustainable development, job creation and structural reforms,” Pradeep Bagla, Chairman, CII Assam State Council & Managing Director, Amrit Cement Pvt Ltd., said.

“The proposal to acquire 13.65% additional stake by the Government of Assam in Numaligarh Refinery Limited will boost up the economy of the State and will play the role a growth engine in the years to come.

Bagla complemented the State Government on the remarkable achievement of ensuring 17% increase in the State GST collection in comparison to the national average of 4% growth.

Pankaj Goswami, Vice Chairman, CII Assam State Council & Chief General Manager Oil India Limited, described the State Budget as forward-looking. “The Budget took major steps for transforming the educational scenario of the state. The announcement of establishing several medical and engineering colleges and universities in different parts of the state will let higher education easily accessible even in the remotest corner of Assam. Adequate emphasis has been given for building women capacities and ensuring their safety and comfort”, he added.

“Overall, the Budget is well balanced, and can create enablers for growth and unlock the true potential of the State,” said the Vice Chairman of CII Assam State Council.

Ranjit Barthakur, Chairman FICCI North East Advisory Council said “this is a very pragmatic budget, particularly given that the resources available to the state Government is limited. The focus on infrastructure development under Asom Mala, Chuburi Poka Rasta Asoni and City infrastructure development fund will go a long way in boosting the states economic prospects”

He also welcomed the focus on Education and Health care “the initiative to provincialize teachers posts, creation of new technical institutes and the focus on educational institutions in the Tea gardens will have far reaching impact on development of the state” he said.

Ashish Phookan, Chairman FICCI, Assam State Council while welcoming the budget proposals said “ the focus on development of entrepreneurship by including entrepreneurship in school and college curriculums and initiatives like support for the development of entrepreneurs groups villages and micro enterprise support fund have the potential to transform the states economic landscape in the near future”.

He also welcomed decision to make special provisions for development of Sibsagar as an Iconic Tourism Destination and the initiatives for welfare of tea tribes.

The Joint Forum of Assam Tea Planters’ Association (ATPA), North Eastern Tea Association (NETA) and Bharatiya Cha Parishad (BCP) hail the Assam Budget 2020. “We are grateful to Chief Minister, Finance Minister and Industries Minister for announcing TEA MISSION in the budget. Under the Tea Mission, a subsidy of Rs. 7/- per kg for production of “Orthodox tea”, withdrawal of Agricultural Income Tax for three years and 3% interest subvention on all term loans & working capital loans would be of great help especially when the tea industry is passing through crisis period,” the body observed.

“However, we appeal to the Finance Minister to include Green Tea, White Tea, Purple Tea, Yellow Tea, Oolong Tea and all other specialty teas under the Rs.7/- per kg subsidy scheme so that small tea growers engaged in production of specialty teas can also avail the scheme”, said Bidyananda Barkakoty, Adviser NETA.

“Presently the production of Orthodox tea, Green tea and other specialty teas in Assam is to the tune of about 70 million kgs annually, which is about ten percent of Assam’s total production. This subsidy will encourage tea producers to produce more orthodox tea, which has a global demand. This will also help in increase in price of CTC tea variety because of less production due to some quantity getting converted to orthodox variety”, said Barkakoty.

Tea Association of India (TAI)stated that Finance Minister of Assam presenting budget for five consecutive terms has made strong pitch for the Social Security Sectors.

TAI commends on some of the important reliefs announced for the Tea Industry in Assam which should provide immediate relief to the beleaguered Tea Industry of Assam, for example reported withdrawal of Agriculture Income Tax for the next three years, an orthodox subsidy of Rs.7/-per kg which should usher an immediate relief to the beleaguered Tea Industry. Moreover to increase the demand of Assam Orthodox tea in the International Market, subsidy or purchase of orthodox machinery commencing is a much thought about provision on the part of the Government.

TAI stated, ” It remains grateful to the Government for the realistic assessment made by it on the State of the Industry and its decision to provide 3% interest subvention on all term loans, working capital loans should prove to be a boost for the Tea Industry”.

TAI added that for the tea industry, in specific social security assurances for the Tea garden workers for each tea garden worker to get Rs.50,000/- payment of Gratuity on the very day of retirement from service, expecting mothers in the tea garden to be paid Rs.18,000/- to take care of their health are very significant.

“Some other benefits such as free electricity to tea garden workers and BPL families, family Assistance to widows financial assistance, to Tea Tribal and Adivasis students who have passed HSLC or HSC provided they continue to pursue their education, lays a strong foundation for raising education capabilities of Tea Garden youth and Releasing of third tranche of Direct Benefit Terms of Rs.3000/- to over three lakhs tea garden workers and allocation of 4 kg of free sugar novel Schemes for the tea garden population of Assam which constitutes roughly 20% by the State’s population”.

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Current Affairs Dated On 20-07-2019

C.A Dated On 20-07-2019 GS-2 National register of citizens How many face deportation?  The number of people being left out of the NRC is not yet final, and it is not clear if any of them can be deported at all.  First, the numbers. The final draft NRC had left out 40 lakh applicants. Another 1 lakh, originally among the 2.89 crore included in that draft, were removed after subsequent verification.  However, the number is unlikely to remain at 41 lakh. There could be more deletions as objections have been filed against 2 lakh of the names included.  There are likely be some additions, too. Of the 40 lakh excluded from the draft, 36 lakh have filed claims and some of them may have proved their citizenship with documents later.  Then there is the possibility of the government reintroducing and passing the Citizenship (Amendment) Bill, having allowed it to lapse earlier this year.  If the Bill does become law, it would greatly reduce the number of individuals excluded from the final NRC.  The final NRC is scheduled on July 31. Those left out will have a series of options for appeal, which is a long haul. Only after that will the question of deportation come up, if at all. What makes deportation so uncertain?  For a country to be able to deport a mass of individuals to another country, the second country has to accept that they were its citizens who entered the first country illegally. C.A Dated On 20-07-2019  According to government data until February 2019, and published in The Indian Express earlier, Assam has since 2013 deported 166 persons (162 “convicted” and four “declared”) including 147 to Bangladesh.  The NRC context is vastly different: this is not about a few hundred but lakhs of individuals, many of whom have lived in Assam for decades and been identifying themselves as Indian citizens.  Over the years, Bangladeshi leaders have frequently been quoted in the media as denying the presence of its nationals in India. If not deportation, then what?  The various points of appeal imply that the process of establishing citizenship or illegal stay in Assam could take years, if not decades.  First, there are the quasi-judicial Foreigners Tribunals, which those left out of the final NRC will approach. If their claim is rejected again, they have the option of approaching the High Court and the Supreme Court.  In between, there is the prospect of being sent to one of the six existing detention camps, or one of the 10 being planned.  These have often come into focus for lack of basic facilities, and the Supreme Court recently allowed conditional release of those who have completed three years in detention, against a bond.  For lakhs of people, what the future holds is uncertain as ever. Only a long court battle is certain, while a stateless identity with curtailed rights is a possibility. Deportation, if it ever happens, appears a long way away. GS-3 C.A Dated On 20-07-2019 Agricultural growth Context India’s dream of becoming a $5-trillion economy by 2024 is now in the open with a ‘blue sky’ vision envisaged in the Economic Survey this year. The document lays down a clear strategy to augment the growth of key sectors by shifting gears as the current economic conditions are smooth in terms of macroeconomic stability to expand growth. However, unless there are adequate investment reforms in primary sectors, steps taken to augment growth in other sectors would be futile. What is needed? According to the Food and Agriculture Organisation (FAO), insufficient investment in the agriculture sector in most developing countries over the past 30 years has resulted in low productivity and stagnant production.  Frst, the wave of investment should touch segments such as agro-processing, and exports, agristartups and agri-tourism, where the potential for job creation and capacity utilisation is far less. Integrating the existing tourism circuit with a relatively new area of agri-tourism (as a hub-andspoke model), where glimpses of farm staff and farm operations are displayed to attract tourists, would help in boosting the investment cycle and generate in-situ employment.  Second, investment needs to be driven to strengthen both public and private extension advisory systems and the quality of agri-education and research through collaboration and convergence.  Third, given that India has the highest livestock population in the world, investment should be made to utilise this surplus by employing next-generation livestock technology with a strong emphasis not only on productivity enhancement but also on conservation of indigenous germplasm, disease surveillance, quality control, waste utilisation and value addition.  This would lead to a sustained increase in farm income and savings with an export-oriented growth model.  Fourth, investment in renewable energy generation (using small wind mill and solar pumps) on fallow farmland and in hilly terrain would help reduce the burden of debt-ridden electricity distribution companies and State governments, besides enabling energy security in rural areas.  Fifth, a farm business organisation is another source of routing private investment to agriculture. C.A Dated On 20-07-2019  Linking these organisations with commodity exchanges would provide agriculture commodities more space on international trading platforms and reduce the burden of markets in a glut season, with certain policy/procedural modifications.  Finally, data is the key driver of modern agriculture which in turn can power artificial intelligence-led agriculture, e-markets, soil mapping and others Conclusion Agriculture and its allied sectors are believed to be one of the most fertile grounds to help achieve the ambitious Sustainable Developmental Goals (SDGs).v An inclusive business model facilitating strong investor-farmer relations should be created, with a legal and institutional framework for governance. Expanding institutions is essential to accommodate the developmental impacts of foreign agricultural investment. Investment in power sector Why in news? One of the key requirements for a $5-trillion economy is an investment of about ₹5 lakh crore in the power transmission sector over the next few years, in order to cater to the 1.8 lakh crore units of electricity that India is likely to consume by 2025, according to a White Paper released by the Confederation of Indian Industry (CII). Current scenario The transmission sector, CII added, had seen a reduction in investments to below ₹1.8 lakh crore in the last five years. The White Paper goes on to enumerate eight action points that the government must work on to enhance the transmission sector in line with the growth of the economy that is envisaged. Need for huge investment? C.A Dated On 20-07-2019  “Traditional coal-fired power plants took 5-6 years to build compared to three to four years for construction of transmission lines required for power evacuation,” the White Paper said. “In comparison, wind or solar plants take 12-18 months to build, implying the need for advance planning of transmission projects.��  “Increasing urbanisation, evolving demographics, expanding renewables and changing market dynamics have placed extraordinary pressure on utilities to solve energy-delivery challenges in an economical manner in the shortest possible time with minimum disruption. RBI committee Why in news? A committee set up to recommend the appropriate economic capital framework for the Reserve Bank of India (RBI) has recommended the transfer of excess capital from the central bank to the government over 3 to 5 years, according to a senior official. It has also recommended the framework should be reviewed periodically. . What is the committee's mandate? The Committee was set up in December last year following discussions between the finance ministry and the RBI about the manner in which the central banks' surplus can be shared with the government. It was expected to submit its report within 90 days of its first meeting; What are the key contentious issues? C.A Dated On 20-07-2019  First and foremost is the issue of transferring past reserves including unrealised gains in gold and currency revaluation accounts.  The other big issue pertains to RBI’s profits. The committee was set up to “review status, need and justification of various provisions, reserves and buffers presently provided for by the RBI; and (to) review global best practices followed by the central banks in making assessment and provisions for risks which central bank balance sheets are subject to.” What is at stake?  According to Section 47 of the RBI Act, profits of the RBI are to be transferred to the government, after making various contingency provisions, public policy mandate of the RBI, including financial stability considerations.  For the year ending June 2018, RBI had total reserves of Rs 9.59 lakh crore, comprising mainly currency and gold revaluation account (Rs 6.91 lakh crore) and contingency fund (Rs 2.32 lakh crore).  Many economists and expert committees have in the past argued that the RBI is holding much higher capital that required to cover all its risks and contingencies.  Former Chief Economic Adviser Arvind Subramanian said in Economic Survey 2016-17 that the RBI is “is already exceptionally highly capitalized” and nearly Rs 4 lakh crore of its capital transfer to the government can be used for recapitalising the banks and/or recapitalising a Public Sector Asset Rehabilitation Agency.  This proposal was opposed by the then RBI Governor Raghuram Rajan Status of vulture in India Why in news? C.A Dated On 20-07-2019 The Union Environment Minister says the population of three species of endangered resident Gyps vultures – white-backed vulture, long-billed vulture and slender-billed vulture is 6,000, 12,000 and 1,000, respectively. There has been a sharp decline in the population of vultures in the country which has come down from 40 million to 19,000 in a span of over three decades, the Environment Ministry told the Parliament on Friday. Surveys being done  The nationwide vulture surveys are being carried out by the Bombay Natural History Society (BNHS) every four years sponsored by the Ministry of Environment and Forest Departments of various States since 1990.  “The surveys are carried out mainly for the three species of critically endangered resident Gyps vultures.  These three species were very common in the country with an estimated population of 40 million in early eighties.  Based on the latest survey carried out in 2015 and the results published in 2017, there were about 6,000 White-backed vultures, 12,000 Long-billed vultures and 1,000 Slender-billed vultures. Causes of mortality  The major cause of mortality of vultures was found to be the veterinary non-steroidal antiinflammatory drug ‘Diclofenac’, given to cattle in pain and inflammation.  Diclofenac was found to be extremely toxic to vultures and causes renal failure. The Government of India banned the veterinary use of the drug in 2006 which was gazetted in 2008, but the misuse of multi-dose vials of human formulation of the drug in treating cattle was still causing mortality in vultures. Steps taken  Eight Vulture Conservation Breeding Centres (VCBCs) were established in various States.  “Four of the centres, Pinjore in Haryana (established in 2004), Rajabhatkhawa (in 2006) in West Bengal, Rani in Assam (in 2009) and Kerwa near Bhopal (established in 2008) are managed by C.A Dated On 20-07-2019 respective State Forest Departments with support from BNHS and the Union Ministry of Environment.  “Four more centres i.e. Junagarh in Gujarat (established in 2006), Nandankanan in Odisha (in 2006), Hyderabad in Telangana (in 2006) and Muta in Ranchi are established in State zoos and are being run by State Forest Departments with support from the Central Zoo Authority (CZA) of the Ministry of Environment and technical support from BNHS.  According to the figures, between 2016 and 2019, the government released a total of ₹12.53 crore for vulture conservation to five States - Punjab, Haryana, Kerala, Uttarakhand and West Bengal.  For protection and conservation of vultures in the country, the government has also upgraded the status of White-backed, Long-billed and Slender-billed vultures from Schedule IV to Schedule I of the Wild Life (Protection) Act, 1972.  To conserve the remnant population of vultures and facilitate their reintroduction into the wild from breeding centres, attempts are being made to create Vulture Safe Zones in the areas where there are vulture populations.  “The area in a radius of 100km around the VCBCs is made secure by community participation by ensuring that there is no use of vulture toxic veterinary NSAIDs, there is enough food and habitat and there is no other threat to vultures.  This is done by a targeted advocacy and awareness programme.  The Ministry said it has also taken initiatives to strengthen mass education and awareness for vulture conservation in the country.

[myallywynn]

IMO working group agrees further measures to cut ship emissions

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Proposed amendments to the MARPOL convention would require ships to combine a technical and an operational approach to reduce their carbon intensity​.

Draft new mandatory measures to cut the carbon intensity of existing ships have been agreed by an International Maritime Organization (IMO) working group.

This marks a major step forward, building on current mandatory energy efficiency requirements to further reduce greenhouse gas emissions from shipping.

The proposed amendments to the MARPOL convention would require ships to combine a technical and an operational approach to reduce their carbon intensity.

This is in line with the ambition of the Initial IMO GHG Strategy, which aims to reduce carbon intensity of international shipping by 40% by 2030, compared to 2008.

The amendments were developed by the seventh session of the Intersessional Working Group on Reduction of GHG Emissions from Ships (ISWG-GHG 7), held as a remote meeting 19-23 October 2020.

The draft amendments will be forwarded to the Marine Environment Protection Committee (MEPC 75), to be held in remote session 16-20 November 2020.

The MEPC is the decision-making body. If approved, the draft amendments could then be put forward for adoption at the subsequent MEPC 76 session, to be held during 2021.

The ISWG-GHG 7 also discussed the next steps in assessing the possible impacts on States of the proposed combined measure.

The group agreed the proposed terms of reference for assessing the possible impacts on States, paying particular attention to the needs of developing countries, in particular Small Island Developing States (SIDS) and least developed countries (LDCs).

Despite the COVID-19 pandemic and postponements of meetings during the first half of the year, the progress on developing the short-term measures has continued, with two informal remote sessions in July and early October preceding the formal working group session.

The progress follows the timeline as set out in the initial IMO GHG strategy. The strategy proposed that short-term measures should be those measures finalized and agreed by the Committee between 2018 and 2023.

In more detail: 

Proposed MARPOL amendments

The proposed draft amendments would add further requirements to the energy efficiency measures in MARPOL Annex VI chapter 4.

Current requirements are based on the Energy Efficiency Design Index (EEDI), for new build ships, which means they have to be built and designed to be more energy efficient than the baseline; and the mandatory Ship Energy Efficiency Management Plan (SEEMP), for all ships.

The SEEMP provides for ship operators to have in place a plan to improve energy efficiency through a variety of ship specific measures.

The draft amendments build on these measures by bringing in requirements to assess and measure the energy efficiency of all ships and set the required attainment values.

The goal is to reduce the carbon intensity of international shipping, working towards the levels of ambition set out in the Initial IMO Strategy on reduction of GHG emissions from ships.

These are two new measures: the technical requirement to reduce carbon intensity, based on a new Energy Efficiency Existing Ship Index (EEXI); and the operational carbon intensity reduction requirements, based on a new operational carbon intensity indicator (CII).

The dual approach aims to address both technical (how the ship is retrofitted and equipped) and operational measures (how the ship operates).

Attained and required Energy Efficiency Existing Ship Index (EEXI)

The attained Energy Efficiency Existing Ship Index (EEXI) is required to be calculated for every ship. This indicates the energy efficiency of the ship compared to a baseline.

Ships are required to meet a specific required Energy Efficiency Existing Ship Index (EEXI), which is based on a required reduction factor (expressed as a percentage relative to the EEDI baseline).

Annual operational carbon intensity indicator (CII) and CII rating

The proposals are for ships of 5,000 gross tonnage and above to have determined their required annual operational carbon intensity indicator (CII).

The CII determines the annual reduction factor needed to ensure continuous improvement of the ship’s operational carbon intensity within a specific rating level.

The actual annual operational CII achieved (attained annual operational CII) would be required to be documented and verified against the required annual operational CII.

This would enable the operational carbon intensity rating to be determined. The rating would be given on a scale – operational carbon intensity rating A, B, C, D or E – indicating a major superior, minor superior, moderate, minor inferior, or inferior performance level.

The performance level would be recorded in the ship’s Ship Energy Efficiency Management Plan (SEEMP).

A ship rated D for three consecutive years, or E, would have to submit a corrective action plan, to show how the required index (C or above) would be achieved.

Review mechanism

The draft amendments would require the IMO to review the effectiveness of the implementation of the CII and EEXI requirements, by 2026 at the latest, and, if necessary, develop and adopt further amendments.

Next steps

The draft amendments developed by the Working Group will be forwarded to the MEPC for discussion with a view to approval. If approved, they could then be put forward for adoption at the subsequent MEPC 76 session, to be held during 2021.

The MARPOL treaty requires draft amendments to be circulated for a minimum six months before adoption, and they can enter into force after a minimum 16 months following adoption. These are amendment procedures set out in the treaty itself.

Impact assessment

The comprehensive impact assessment would be initiated after MEPC 75, following the Committee’s approval of the terms of reference for the impact assessment.

The impact assessment would be based on the Procedure for assessing impacts on States of candidate measures, adopted in 2019, which says a comprehensive impact assessment should provide a detailed qualitative and/or quantitative assessment of specific negative impacts on States, and be evidence-based and should take into account, as appropriate, analysis tools and models, such as, cost-effectiveness analysis tools, e.g. maritime transport cost models, trade flows models, impact on Gross Domestic Product (GDP); updated Marginal Abatement Cost Curves (MACCs); and economic trade models, transport models and combined trade-transport models.

The final comprehensive impact assessment of the short-term combined measure would be submitted to MEPC 76. Based on this, a possible framework for reviewing impacts on States of the measure adopted, and addressing disproportionately negative impacts on States, as appropriate, would be considered.

Initial IMO GHG Strategy

The initial IMO GHG Strategy, adopted in 2018, sets ambitious targets to halve GHG emission from ships by 2050, compared to 2008, and reduce carbon intensity of international shipping by 40% by 2030 compared to 2008.

The strategy lists a number of candidate measures which could also be considered to further reduce emissions and help achieve the targets in the strategy, in particular 40% reduction of carbon intensity from shipping by 2030.

Short-term measures could be measures finalized and agreed by the Committee between 2018 and 2023, although in aiming for early action, priority should be given to develop potential early measures with a view to achieving further reduction of GHG emissions from international shipping before 2023.

Dates of entry into force and when the measure can effectively start to reduce GHG emissions would be defined for each measure individually. A procedure for assessing the impact on States of a measure has been approved.

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