Global Business NewsGlobal Business News
NORFOLK, Va., Dec. 2, 2023 /PRNewswire/ -- Two leaders from PRA Group, Inc. (Nasdaq: PRAA), a publicly traded global leader in acquiring and collecting nonperforming loans, were honored in the 20th annual Stevie Awards for Women in Business. PRA Group UK Head of Customer Services Vikki Wilkins has been named the winner of a Gold Stevie Award in the Female Employee of the Year, Business category. Vice President of Business Development and Client Services Melissa Roomsburg earned a Bronze Stevie Award in the same category. The Stevie Awards for Women in Business honor the achievements of women executives, entrepreneurs, employees and the companies they run—worldwide. The Stevie Awards have been hailed as the world's premier business award. More than 1,600 entries were submitted this year for consideration in more than 100 categories, including Executive of the Year, Entrepreneur of the Year, Female Employee of the Year, Company of the Year, Startup of the Year, Women Helping Women and Women Run Workplace of the Year. Leading customer service for the publicly traded global financial services company's UK operation, Wilkins has transformed trainings and processes for addressing vulnerable populations both within PRA Group and across the industry. Roomsburg conducts critical work not only in building and maintaining relationships with banks and other creditors and the successful purchase of portfolios of nonperforming loans, but also in serving as co-chair of PRA Group's Women in Business Advocates Employee Resource Group and on the board of Arts for Learning Virginia. PRA Group Spokesperson and Senior Vice President of Communications and Public Policy Elizabeth Kersey said, "Vikki and Melissa each lead teams that are vital to our global business at distinct stages of our process, but they have in common a determination to take a hands-on approach to generating growth where they see the opportunity for improving operations and the development of their colleagues. We offer these women our congratulations on this significant accomplishment and our gratitude for all they contribute to PRA Group." Gold, Silver and Bronze Stevie Award winners were determined by the average scores of more than 200 business professionals around the world, working on six juries. Maggie Miller, president of the Stevie Awards, said, "In its 20th year, the Stevie Awards for Women in Business received an outstanding body of nominations from women in organizations of all types, in 26 nations. We are gratified by how meaningful it is to women to win a Stevie Award, and how impactful it can be on the futures of their careers and their organizations. We congratulate all of this year's Grand, Gold, Silver and Bronze Stevie Award winners for their achievements." Details about the Stevie Awards for Women in Business and the list of winners in all categories are available at www.StevieAwards.com/Women. About PRA GroupAs a global leader in acquiring and collecting nonperforming loans, PRA Group, Inc. returns capital to banks and other creditors to help expand financial services for consumers in the Americas, Europe and Australia. With thousands of employees worldwide, PRA Group companies collaborate with customers to help them resolve their debt. For more information, please visit www.pragroup.com. Media Contact:Elizabeth KerseySenior Vice President, Communications and Public Policy(757) 641-0558Elizabeth.Kersey@PRAGroup.com Investor Contact:Najim Mostamand, CFAVice President, Investor Relations(757) 431-7913IR@PRAGroup.com About the Stevie Awards Stevie Awards are conferred in eight programs: the Asia-Pacific Stevie Awards, the German Stevie Awards, the Middle East & North Africa Stevie Awards, The American Business Awards®, The International Business Awards®, the Stevie Awards for Great Employers, the Stevie Awards for Women in Business, and the Stevie Awards for Sales & Customer Service. A ninth program, the Stevie Awards for Technology Excellence, will debut in 2024. Stevie Awards competitions receive more than 12,000 entries each year from organizations in more than 70 nations. Honoring organizations of all types and sizes and the people behind them, the Stevies recognize outstanding performances in the workplace worldwide. Learn more about the Stevie Awards at http://www.StevieAwards.com.
The new UL Solutions laboratory is one of the most extensive in South Korea, helping automotive battery manufacturers advance safety and access global markets PYEONGTAEK, South Korea, Dec. 2, 2023 /PRNewswire/ -- UL Solutions, a leading global safety science company, today announced the opening of its Korea Advanced Battery Laboratory. This new facility is located in Pyeongtaek, a key electric vehicle (EV) battery manufacturing hub in South Korea and provides customers with improved access to the latest safety technology to increase innovation and speed to market. UL Solutions leaders and South Korean dignitaries officially opened the UL Solutions Korea Advanced Battery Laboratory. This new facility is in Pyeongtaek, a key electric vehicle (EV) battery manufacturing hub in South Korea. It provides customers with improved access to the latest safety technology to increase innovation and speed to market. The new facility provides evaluation, certification and analysis services tailored to EV battery systems. Staffed by top safety science engineers with extensive EV battery expertise, the laboratory evaluation and analysis services cover essential stages of product development, including concept and design verification and product validation. "We are thrilled to be part of this region's innovation ecosystem, where we will sit side-by-side with the world's top automotive and electric vehicle battery product manufacturers and high-tech companies focusing on the future of mobility and electrification," said Jeff Smidt, senior vice president of Industrial Testing, Inspection and Certification at UL Solutions. "The development of our Korea Advanced Battery Laboratory demonstrates UL Solutions' commitment to operating at the forefront of the industry and applying our safety science expertise to enable technological innovation and speed to market." The tests offered at the UL Solutions Korea Advanced Battery Laboratory follow industry-leading standards, including UL and International Electrotechnical Commission (IEC) standards, United Nations (UN) goals and initiatives, and Society of Automotive Engineers (SAE) standards. We can also test to customer specifications. This new facility joins other UL Solutions laboratories located near automotive and EV battery hubs in the United States, Europe and China dedicated to helping fuel the transition to battery-powered transportation. "As demand for electric vehicles grows, consumers seek assurance of reliability and performance, including safer, fast-charging, long-range capabilities and high-power output," said Yun Chung, regional managing director of UL Solutions in South Korea. "Our strategy to serve the automotive market locally is exemplified by the new UL Solutions Korea Advanced Battery Laboratory aimed at helping South Korean automotive original equipment manufacturers achieve their product reliability and performance goals in a cost-effective and efficient manner." To learn more, visit korea.UL.com. About UL Solutions A global leader in applied safety science, UL Solutions transforms safety, security and sustainability challenges into opportunities for customers in more than 100 countries. UL Solutions delivers testing, inspection and certification services, together with software products and advisory offerings, that support our customers' product innovation and business growth. The UL Certification Marks serve as a recognized symbol of trust in our customers' products and reflect an unwavering commitment to advancing our safety mission. We help our customers innovate, launch new products and services, navigate global markets and complex supply chains, and grow sustainably and responsibly into the future. Our science is your advantage. Press contacts:Steven BrewsterUL SolutionsULNews@UL.comT: +1 (847) 664.8425 Tyler KhanUL SolutionsTyler.Khan@UL.comT: +1 (847) 664.2139
BEIJING, Dec. 2, 2023 /PRNewswire/ -- A report from People's Daily: Chinese President Xi Jinping inspected a government-subsidized rental housing community and learned about the city's efforts in constructing government-subsidized rental housing projects in Shanghai on Nov. 29. It is reported that the rental housing community provides affordable rental accommodation for new urban residents and young people. The rental pricing takes into account both market prices and the income levels of the targeted group. Each apartment in the community is equipped with independent cabinets, a bathroom, and a kitchen. Public spaces such as shared kitchens, laundry rooms, recreational areas, and book corners are also provided. Shanghai is a megacity. It attracts frontline workers and managers across the country engaging in its urban construction and function. They are important contributors to the city's development and orderly operation. In recent years, Shanghai has actively explored the provision of more rental housing with good location, high quality and low rent for frontline laborers, thus better satisfying their actual demands. It has implemented precise supply to ensure their life and work in Shanghai with more safety, comfort and dignity, which have been welcomed by the targeted group. Adhering to the principle that "cities are built by the people and for the people," Shanghai has been working to promote high-quality development, improving people's living quality, and pursuing high-efficiency governance, to make urban management more science-based, refined and intelligent, and to make people's life more convenient, comfortable, and enjoyable. In the construction of the city, Shanghai always puts the people's needs in the first place. It has expedited efforts to revitalize and transform old buildings and urban villages. This year, the city has renovated 85,200 square meters of lower-grade, scattered, old housing and refurbished 247,700 square meters of aging residential properties. Ten urban village renovation projects have been launched. Shanghai is actively exploring sustainable development models for urban renewal, while establishing and improving relevant policy systems and mechanisms. Remarkable progress has been made in key urban renewal projects, such as the Fangua Long in Jing'an District, the ancient Panlong Town in Qingpu District, and Wukang Building in Xuhui District. Meanwhile, an additional 68,000 affordable rental apartments have been constructed. With an aim to build an urban space that is not only livable but also enjoyable and engaging, Shanghai has worked to ensure coordinated development, management, and quality enhancement of the Huangpu River and the Suzhou Creek. The Suhe Bay Green Space, a maritime park in the North Bund, and the Dongjiadu Road Skywalk have become popular destinations for citizens and visitors. Furthermore, eight kilometers of riverside paths in Pudong and Minhang have been connected and opened to the public. Shanghai is accelerating the construction of sponge city demonstration areas and pilot zones for green and low-carbon development, to enhance the overall quality of the city. This year, it has built 75 "beautiful blocks." To build a green, smart, and resilient metropolis, Shanghai has reinforced the management of green building projects, and advanced the development of green urban spaces. This year, approximately 2.6 million square meters of ultra-low energy-consuming buildings are underway, complemented by energy-saving renovations in 5.3 million square meters of existing public structures. Shanghai has been solidifying the digital infrastructure of urban governance, pursuing digital transformation in all areas of urban construction and management. Particular attention has been focused on gas supply safety, while the control and emergency response to major risk sources are fortified, to forge a robust security line for this megacity. These explorations and practices of Shanghai are the epitome of China's commitment to sustainable development and the promotion of new urbanization. In recent years, China has been continuously advancing a people-centered approach to new urbanization, strengthening the construction of major projects to ensure people's livelihood, and improving the quality of life for its citizens. It has accelerated the renovation and upgrading of urban pipelines, increased the availability of inclusive elderly care and medical services, improved urban ecology through the construction of "pocket parks," and continuously enhanced public fitness facilities. In the first seven months of this year, investment in the production and supply of electricity, heat, gas, and water in China increased by 25.4 percent. During the same period, renovation was launched for a total of 46,600 old urban residential communities nationwide, benefiting 7.95 million households.
HONG KONG, Dec. 2, 2023 /PRNewswire/ -- Prestige Wealth Inc. (Nasdaq: PWM) (the "Company" or "Prestige Wealth"), a wealth management and asset management services provider based in Hong Kong, today announced its unaudited financial results for the six months ended March 31, 2023. Mr. Hongtao Shi, the Company's Chairman and Chief Executive Officer, commented, "Reflecting upon the first half of fiscal year 2023, we faced some undeniable headwinds in our wealth management business, largely stemming from the ramifications of the COVID-19 pandemic. However, amidst these challenges, there's a silver lining that underscores our resilience and adaptability: we successfully garnered a significant part of our total revenues from fresh engagements in asset management, compared to the same period of financial year 2022." Mr. Shi continued, "Peering into the horizon, we are filled with a strong sense of optimism. The signs are evident that the China market is poised for a robust recovery from COVID-19 pandemic. This presents us with immense opportunities, and we want to assure our clients and stakeholders that we are in prime position to harness these prospects. We're committed to continually elevating our offerings, in keeping with the evolving preferences of our discerning clientele. By doing so, we not only aim to achieve stellar asset management returns but also fortify the trust bestowed upon us. In sum, our unwavering focus remains to deliver exceptional value for our shareholders, laying down a roadmap that promises growth and prosperity for all stakeholders." First Half of Fiscal Year 2023 Financial Results For the Six Months Ended March 31, 2023 2022 Change Change USD USD USD % (Unaudited) (Unaudited) Selected Unaudited Interim Condensed Consolidated Statements of Income Data: Net revenues 565,330 1,789,681 (1,224,351) (68.41) Operation cost and expenses (308,774) (296,653) (12,121) 4.09 Income from operations 256,556 1,493,028 (1,236,472) (82.82) Other income 3,335 58,350 (55,015) (94.28) Income before income taxes 259,891 1,551,378 (1,291,487) (83.25) Income taxes expenses (21,019) (246,209) 225,190 (91.46) Net income 238,872 1,305,169 (1,066,297) (81.70) Earnings per ordinary share – basic and diluted 0.030 0.163 (0.133) (81.70) Net Revenues Net revenues were $565,330 in the six months ended March 31, 2023, compared to $1,789,681 in the six months ended March 31, 2022. The decrease was primarily due to decrease in net revenue from wealth management services, partially offset by the increase in net revenue from asset management services. Net revenue from wealth management services was $74,875 in the six months ended March 31, 2023, compared to $1,765,325 in the six months ended March 31, 2022. The decrease was primarily due to the Company did not generate revenue for providing wealth management services to US client. Net revenue from asset management services was $490,455 in the six months ended March 31, 2023, increased from $24,356 in the six months ended March 31, 2022. The increase was primarily due to the Company provided asset management related advisory services to new clients. Operating Costs and Expenses Operating costs and expenses are primarily comprised of selling, general and administrative expenses. Selling, general and administrative expenses were $308,774 in the six months ended March 31, 2023, compared to $296,653 in the six months ended March 31, 2022. The increase in selling, general and administrative expenses was mainly due to the increases in traveling expenses. Income from operations Income from operations was $256,556 in the six months ended March 31, 2023, compared to $1,493,028 in the six months ended March 31, 2022. Income Tax Expenses Income tax expenses were $21,019 in the six months ended March 31, 2023, compared to $246,209 in the six months ended March 31, 2022, primarily because the Company had net taxable loss from one of its subsidiaries. Net Income Net income was $238,872 in the six months ended March 31, 2023, compared to $1,305,169 in the six months ended March 31, 2022. Basic and Diluted Earnings per Share Basic and diluted earnings per share was $0.030 in the six months ended March 31, 2023, compared to $0.163 in the six months ended March 31, 2022. Balance Sheet As of March 31, 2023, the Company had cash and cash equivalents of $473,374, compared to $66,778 as of September 30, 2022. Cash Flow Net cash used in operating activities was $454,660 in the six months ended March 31, 2023, compared to net cash provided by operating activities of $1,054,428 in the six months ended March 31, 2022, mainly due to the decrease in the net income. Net cash provided by investing activities was $1,414,297 in the six months ended March 31, 2023, compared to net cash used in investing activities of $1,366,478 in the six months ended March 31, 2022, due to loan and interest repayment from a related party. Net cash used in financing activities was $545,499 in the six months ended March 31, 2023, compared to $324,152 in the six months ended March 31, 2022, mainly due to increase in deferred offering costs for initial public offering. Recent Accounting Pronouncements On October 1, 2022, the Company adopts the Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842), which supersedes the lease accounting guidance under Topic 840, and generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. The Company also adopts the ASU 2016-13, Financial Instruments-Credit Losses (codified as Accounting Standard Codification Topic 326), since October 1, 2022, which requires measurement and recognition of current expected credit losses for financial instruments held at amortized cost. Recent Developments On July 10, 2023, the Company completed its initial public offering. The gross proceeds of the Offering were approximately $5 million before deducting underwriting discounts and commissions and offering expenses. The ordinary shares began trading on the Nasdaq Capital Market on July 6, 2023, under the symbol "PWM." About Prestige Wealth Inc. Prestige Wealth Inc. is a wealth management and asset management services provider based in Hong Kong, assisting its clients in identifying and purchasing well-matched wealth management products and global asset management products. With a focus on quality service, the Company has retained a loyal customer base consisting of high-net-worth and ultra-high-net-worth clients in Asia. Through the Company's wealth management service, it introduces clients to customized wealth management products and provides them with tailored value-added services. The Company provides asset management services via investment funds that it manages and also provides discretionary account management services and asset management-related advisory services to clients. For more information, please visit the Company's website: http://ir.prestigewm.hk/index.html. Forward-Looking Statements Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions in this prospectus. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. For more information, please contact: Prestige Wealth Inc.Investor Relations DepartmentEmail: email@example.com Ascent Investor Relations LLCTina XiaoPhone: +1-646-932-7242Email: firstname.lastname@example.org PRESTIGE WEALTH INC. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2023 September 30, 2022 (Unaudited) CURRENT ASSETS Cash and cash equivalents $ 473,374 $ 66,778 Accounts receivable 604,228 281,632 Contract asset 108,725 137,001 Amounts due from related parties 1,615,049 2,995,246 Income tax receivable 67,697 109,863 Prepaid expenses and other assets 3,039,363 2,406,990 Total current assets 5,908,436 5,997,510 NON-CURRENT ASSETS Right-of-use asset $ 10,068 $ — Deferred tax assets 16,745 — Total non-current assets $ 26,813 $ — Total assets $ 5,935,249 $ 5,997,510 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Income tax payable $ 108,503 $ 282,385 Lease liability 10,110 — Amounts due to related parties — 27,962 Deferred tax liabilities 17,131 21,785 Other payables and accrued liabilities 177,051 287,426 Total current liabilities $ 312,795 $ 619,558 Shareholders' equity Ordinary share ($0.000625 par value, 160,000,000 shares authorized, 8,000,000shares issued and outstanding as of March 31, 2023 and September 30, 2022)* $ 5,000 $ 5,000 Additional paid in capital 735,367 735,367 Retained earnings 4,917,617 4,678,745 Accumulated other comprehensive loss (35,530) (41,160) Total shareholders' equity $ 5,622,454 $ 5,377,952 Total liabilities and shareholders' equity $ 5,935,249 $ 5,997,510 * The shares are presented on a retroactive basis to reflect the Company's share subdivision on July 15, 2022. PRESTIGE WEALTH INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the six months ended March 31, 2023 2022 (Unaudited) (Unaudited) Net revenue Wealth management services Referral fees $ 74,875 $ 1,765,325 Asset management services Advisory service fees 464,852 — Management fees 25,603 24,356 Subtotal 490,455 24,356 Total net revenue 565,330 1,789,681 Gross Margin 565,330 1,789,681 Operation cost and expenses Selling, general and administrative expenses 308,774 296,653 Total operation cost and expenses 308,774 296,653 Income from operations 256,556 1,493,028 Other income 3,335 58,350 Income before income taxes 259,891 1,551,378 Income taxes expenses 21,019 246,209 Net income $ 238,872 $ 1,305,169 Other comprehensive income (loss) Foreign currency translation adjustment 5,630 (33,151) Total comprehensive income $ 244,502 $ 1,272,018 Earnings per ordinary share Basic and diluted $ 0.030 $ 0.163 Weighted average number of ordinary shares outstanding* Basic and diluted 8,000,000 8,000,000 * The shares are presented on a retroactive basis to reflect the Company's share subdivision on July 15, 2022.
UAE President and King of Malaysia witness Major Step Forward in development of 10GW clean energy projects by Masdar and MIDA
In the presence of UAE President, His Highness Sheikh Mohamed bin Zayed Al Nahyan and the King of Malaysia, His Majesty Al-Sultan Abdullah Sultan Ahmad Shah, Masdar exchanges implementation roadmap with MIDA to advance 10GW of clean energy projects in Malaysia UAE clean energy champion also signs five agreements unlocking up to 8GW of renewable energy projects in Malaysia DUBAI, UAE, Dec. 2, 2023 /PRNewswire/ -- In the presence of UAE President, His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Majesty, Al-Sultan Abdullah Sultan Ahmad Shah, King of Malaysia, Abu Dhabi Future Energy Company PJSC – Masdar, the UAE's clean energy powerhouse, has agreed an implementation roadmap to advance the development of 10GW of clean energy projects in Malaysia. UAE President, His Highness Sheikh Mohamed bin Zayed Al Nahyan; King of Malaysia, His Majesty Al-Sultan Abdullah Sultan Ahmad Shah; Citaglobal Executive Chairman and President, Tan Sri Mohamad Norza Zakaria; and Chief Executive Officer of Masdar, Mohamed Jameel Al Ramahi The implementation roadmap, signed with the Malaysian Investment Development Authority (MIDA) to develop up to 10GW of renewable energy projects, including ground mounted, rooftop and floating solar power plants, onshore wind farms and battery energy storage systems, follows the signing of a memorandum of understanding in October. The agreement was exchanged between Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Datuk Wira Arham Abdul Rahman, Chief Executive Officer of MIDA - paving the way for five additional agreements to develop new solar and wind energy projects in Malaysia. Together, these five deals will unlock up to 8GW of clean energy across the Southeast Asian nation: A joint development agreement for 2GW of solar plants with Citaglobal Berhad & Tiza Global in Malaysia A collaboration agreement with Tadau Energy and PSK to develop 2GW of wind power in Malaysia A Strategic Memorandum of Understanding with Cypark Resources Berhad for up to 1GW of renewable energy projects in Malaysia Heads of agreement with Malakoff to develop solar photovoltaic power projects development with a targeted aggregate capacity of up to 1GW Memorandum of Understanding with Citaglobal Berhad and TNB Renewables to develop 2GW of renewable energy projects These agreements, signed at COP28, demonstrate Masdar's ongoing commitment to Malaysia and to supporting the country's ambitious target of 70 percent renewable energy installed capacity and net-zero emissions by 2050. HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President, said: "As we begin COP28, Masdar is spearheading the UAE's endeavors to help achieve a just and inclusive energy transition for countries around the world. The signing of this implementation roadmap represents an important progression in the partnership between the UAE and Malaysia in the development of renewable energy projects." Datuk Wira Arham Abdul Rahman, CEO of MIDA commented: "Our strategic collaboration with Masdar marks a significant stride towards the realization of Malaysia's sustainable energy ambitions. It reflects our dedication to steering positive change and embracing the transition towards a more environmentally conscious and sustainable future. In close partnership with Masdar and key Malaysian companies committed to advancing Renewable Energy, MIDA has been actively fostering innovation and collaborative solutions to curtail carbon emissions. This aligns seamlessly with the Malaysian Government's resolute commitment to achieving the Sustainable Development Goals 2030 and embracing the Net Zero 2050 vision. "Our efforts extend beyond the present, acknowledging the escalating significance of renewable energy sources in Malaysia. This Implementation Roadmap articulates MIDA's proactive initiatives and facilitation for our MOU partner, MASDAR, in delineating the targeted 10GW projects for Malaysia's sustainable energy landscape." Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, added: "Strategic partnerships have been at the core of Masdar's growth and development as a clean energy pioneer, deploying clean energy projects at scale at home and all around. These latest partnerships with Malaysia are a testament to this proud legacy as a pioneer and partnership builder. Masdar looks forward to continuing to strengthen our partnership with Malaysia as we help it to unlock its clean energy potential and drive forward its energy transition." Southeast Asia is a key investment destination for Masdar. In addition to its projects in Malaysia, the company has developed the region's largest floating solar facility in Indonesia - the 145MW Cirata Floating Solar PV plant – which will generate enough electricity to power 50,000 homes. In February 2023, Masdar entered the geothermal energy sector through a strategic investment in Indonesia's Pertamina Geothermal Energy. Established in 2006, Masdar has developed and partnered projects in over 40 countries with a total combined electricity generation capacity of more than 20GW. It has invested, or committed to invest, in worldwide projects with a combined value of more than US$30 billion with ambitious growth plans to reach 100GW and 1 million tonnes of green hydrogen by 2030. About Masdar Abu Dhabi Future Energy Company (Masdar) is the UAE's clean energy champion and one of the fastest growing companies in the world, advancing the development and deployment of renewable energy and green hydrogen technologies to address global sustainability challenges. Established in 2006, Masdar has developed projects in over 40 countries, helping them to achieve their clean energy objectives and advance sustainable development. Masdar is jointly owned by Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company (Mubadala), and Abu Dhabi National Energy Company (TAQA), and under this ownership the company is targeting a renewable energy portfolio capacity of at least 100 gigawatts (GW) by 2030 and an annual green hydrogen production capacity of up to 1 million tonnes by the same year. For more information please visit: http://www.masdar.ae and connect: facebook.com/masdar.ae and twitter.com/masdar Photo - https://mma.prnasia.com/media2/2290914/Masdar.jpg?p=medium600Photo - https://mma.prnasia.com/media2/2290915/Masdar_2.jpg?p=medium600Photo - https://mma.prnasia.com/media2/2290913/Masdar_3.jpg?p=medium600Logo - https://mma.prnasia.com/media2/1973446/4434705/Masdar_Logo.jpg?p=medium600 UAE President, His Highness Sheikh Mohamed bin Zayed Al Nahyan; King of Malaysia, His Majesty Al-Sultan Abdullah Sultan Ahmad Shah; Citaglobal Executive Chairman and President, Tan Sri Mohamad Norza Zakaria; and Chief Executive Officer of Masdar, Mohamed Jameel Al Ramahi UAE President, His Highness Sheikh Mohamed bin Zayed Al Nahyan; King of Malaysia, His Majesty Al-Sultan Abdullah Sultan Ahmad Shah; Citaglobal Executive Chairman and President, Tan Sri Mohamad Norza Zakaria; and Chief Executive Officer of Masdar, Mohamed Jameel Al Ramahi
His Highness Sheikh Mohamed Bin Zayed Al Nahyan and His Majesty King Charles III Open Inaugural Business & Philanthropy Climate Forum
More than 1,000 private sectors leaders convene to align industry, finance, and country roadmaps to accelerate the achievement of climate targets Note to Editors: The following press release was distributed on November 30, 2023 at 23:30 on the COP28 UAE website (Media Hub tab). DUBAI, United Arab Emirates, Dec. 2, 2023 /PRNewswire/ -- For the first time at the United Nations Framework Convention on Climate Change's (UNFCCC) Conference of the Parties (COP), the COP28 Presidency of the United Arab Emirates has launched the inaugural COP28 Business and Philanthropy Climate Forum, convening more than 1,000 CEOs and philanthropists from over 80 countries. The Forum is being held alongside the World Climate Action Summit. Photo credit: COP28 Presidency of the United Arab Emirates The Forum launched on November 30 with a high-level reception, which was hosted by the COP28 Presidency and the Sustainable Markets Initiative, in the presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and His Majesty King Charles III. The Forum represents a paradigm shift in the COP process. With its strengths in low-carbon solutions and innovation, delivery and global networks, the private sector has – and continues – to invest trillions of dollars into the transition. With the objective of moving beyond commitments, the COP28 Business and Philanthropy Climate Forum will showcase global industry-by-industry delivery together with opportunities to accelerate, replicate, and scale, particularly in the Global South. Private sector actors will join heads of state and government to focus on showcasing private sector progress and joint delivery. H.E. Dr. Sultan Al Jabar, COP28 President, said "For the first time at a UNFCCC COP, and in line with the vision of the UAE, the global private sector has a seat at the table on the first day of COP28. No single party has all the solutions, and COP28 must bridge the trust gap between North and South, East, and West, and build a platform for action through partnership. This is what the Business and Philanthropy Climate Forum represents." Badr Jafar, Chair of the Forum and COP28 Special Representative for Business and Philanthropy, said "There is no time to waste, and no need to wait. The Business and Philanthropy Climate Forum showcases over 20 major actions that CEOs and philanthropists can take now demonstrating accessible ways for private sector leaders to move beyond pledges and declarations and into action and implementation in ways that are suited to their capabilities and competencies." Jennifer Jordan-Saifi, CEO of the Sustainable Markets Initiative, said "Building on the vision of our founder, King Charles III, and the momentum of the Sustainable Markets Initiative's CEO summits at COP26 and COP27, the COP28 Business and Philanthropy Climate Forum's purpose statement amplifies calls from the private sector to be at the table for all future UNFCCC COPs. It is time for a whole new model—one focused on real-world delivery and accelerated results." The Sustainable Markets Initiative is the Strategic Partner for the inaugural Forum. Other Forum delivery partners include the International Finance Corporation (IFC), the Organisation for Economic Co-operation and Development (OECD), World Economic Forum (WEF), Asian Development Bank (ADB), Africa Finance Corporation, Bill & Melinda Gates Foundation, Inter-American Development Bank Group (IDB Invest), World Business Council for Sustainable Development (WBCSD), and XPRIZE. Other organizations participating in the November 30 reception and also at the COP28 Business and Philanthropy Climate Forum on December 1 and 2 include: UNFCCC, Food and Agriculture Organisation, International Telecommunication Union, World Health Organisation, International Civil Aviation Organisation, UN Office of Outer Space Affairs, Asian Infrastructure Investment Bank, Caribbean Development Bank, African Development Bank, Islamic Development Bank, International Monetary Fund, and World Trade Organisation. The Business and Philanthropy Climate Forum's Purpose Statement (Full Statement here): The UN Council for Trade and Development estimated that $4 trillion is required annually to meet climate and biodiversity targets. To deliver, the COP28 Business and Philanthropy Climate Forum commits to: Supporting an annual Business and Philanthropy Climate Forum alongside the world leaders' summit at every UNFCCC COP until at least 2030. This Forum will serve as the foundation for the private sector to: enhance alignment of industry, finance and country roadmaps; conduct an annual industry-by-industry assessment on progress; and, raise the bar on ambitions, including alignment with science-based targets. Engaging in private sector diplomacy and the creation of innovative private sector mechanisms to support cross-border transition efforts, including blended finance and trade instruments. Demonstrating the moral courage required as decision-makers to boldly lead the transition to a sustainable, just, and prosperous future. Adopting an authentic sustainable orientation, embedding sustainability in business models, decisions, and actions. Investing in sustainability-aligned research, development, commercialization, technology, and innovation alongside youth and supporting the green, sustainably focused jobs of the future. Aligning country, industry, and financial roadmaps. Moving together, create efficiencies and economies of scale that will enable collective progress and accelerate sustainable transitions. Showcasing game-changing entrepreneurs, technologies and solutions that are emerging around the world. At the same time, remove barriers that are impeding progress in deployment and scale-up of these technologies. Bringing sustainable markets from niche to norm by reimagining mandates, project pipelines, financial structuring, and models of return. In this way entirely new sustainable industries, products, services, and supply chains can be created, while in parallel helping to transition and transform existing systems to a more sustainable trajectory. Building conservation and nature-based solutions into the asset base, supply chains, and disclosures. Addressing market challenges and helping reorient economic subsidies, financial incentives, and regulations in support of global climate, biodiversity, and UN SDG targets across all industries. Adopting common standards, metrics, working definitions and traceability within, and wherever possible, across industries. To learn more about the COP28 Business and Philanthropy Forum programming and events, please visit the www.bpcforum.org Photographs will be available via the UNFCCC Flickr page: https://www.flickr.com/photos/unfccc About Business & Philanthropy Forum Under the chairpersonship of the COP28 Special Representative for Business and Philanthropy, Badr Jafar, the first of its kind Business & Philanthropy Climate Forum (BPCF), runs alongside the COP28 World Climate Action Summit with Heads of State and Government from 1-2 December 2023 in the Blue and Green Zones. Read more: www.bpcforum.org Notes to Editors COP28 UAE: COP28 UAE will take place at Expo City Dubai from November 30-December 12, 2023. The Conference is expected to convene over 70,000 participants, including heads of state, government officials, international industry leaders, private sector representatives, academics, experts, youth, and non-state actors. As mandated by the Paris Climate Agreement, COP28 UAE will deliver the first ever Global Stocktake – a comprehensive evaluation of progress against climate goals. The UAE will lead a process for all parties to agree upon a clear roadmap to accelerate progress through a pragmatic global energy transition and a "leave no one behind" approach to inclusive climate action. Read more: www.cop28.com About the Sustainable Markets Initiative Founded by His Majesty King Charles III in 2020, as Prince of Wales, the Sustainable Markets Initiative has become the world's 'go-to' private sector organisation on transition. Launched in 2021, the Terra Carta serves as the Sustainable Markets Initiative's mandate with a focus on accelerating positive results for Nature, People and Planet through real economy action. Read more: www.sustainable-markets.org