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News - Mining, Tunnelling, Geotechnics, Energy

05.11.2021 (351 Clicks)

Hastings Line reopens following Landslip Prevention Project

Rail passengers are returning to the Hastings line following a seven-day closure that saw over a hundred engineers carrying out landslip prevention work along the 160-year old route. The line was handed back on time for the start of services on Saturday.

 

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05.11.2021 (417 Clicks)

Thiess secures Wahana Renewal in Indonesia

Thiess has secured a three-year $A220 million contract renewal to continue providing mining services at PT Wahana Baratama Mining’s (Wahana) coal mine in South Kalimantan, Indonesia.

 

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04.11.2021 (429 Clicks)

Epiroc completes Acquisition of Specialist in Mining Vehicle Battery Conversions

Epiroc, a leading productivity and sustainability partner for the mining and infrastructure industries, has completed the acquisition of the business and assets of FVT Research Inc., a Canadian company with expertise in converting diesel-powered mining machines to battery-electric vehicles.

 

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04.11.2021 (452 Clicks)

COP26 – Global Finance Ministers discuss Transition to Net Zero


  • Finance Ministers gather in Glasgow to discuss mobilising funding for rapid, large-scale climate action
  • Discussions follow new pledges of public climate funding from developed nations at COP26 World Leaders Summit, including significant pledges for climate adaptation
  • Finance commitments for climate mitigation led by new announcement at Leaders Summit of $8.5 billion Just Energy Transition to help South Africa move to clean energy
  • UK Presidency welcomes alignment of $130 trillion of private finance to science-based net zero targets and near term milestones, through the Glasgow Financial Alliance for Net Zero.

Finance Ministers, International Finance Institutions and the financial sector are meeting at COP26 to get global finance flowing for climate action.

Mobilising finance is critical if we are to deliver the urgent action we need to limit global temperature rises to 1.5C. Trillions of dollars of additional investment a year are needed to secure a low-carbon future and support countries already living with the devastating impacts of climate change.

COP26 President Alok Sharma said: 'Today, there is more public and private finance for climate action than ever before. But to meet the commitments made in the Paris Agreement and keep 1.5 alive, we need developed countries to deliver on public finance, and to unleash the trillions required in private investment to create a net zero future and protect lives and livelihoods from the devastating effects of climate change. That is why we have made finance such a key focus of COP26, why these new commitments from nations and the private finance sector are so welcome, and why we continue to push for countries to do more to meet their finance obligations. Countries are telling us what they need, now global finance needs to respond.”

Meeting the S100 billion commitment and financing adaptation

Countries made new commitments to increase finance to support developing countries to deal with the impacts of climate change, including a commitment from Norway to triple its adaptation finance, commitments from Japan and Australia to double their adaptation finance, and commitments from Switzerland, the US and Canada for the Adaptation Fund.

This included the largest US adaptation finance commitment to date, to reduce climate impacts on those most vulnerable to climate change worldwide. While Canada committed to allocate 40% of its climate finance to adaptation.

New commitments for climate financing also came from the United Kingdom, Spain, Japan, Australia, Norway, Ireland and Luxembourg, that build on the plan set out ahead of COP26 to deliver the $100 billion per year to developing countries.

To combat the difficulties many countries face with the bureaucracy of securing climate investment, £100 million in new funding from the United Kingdom was announced today to support the approach of the Taskforce on Access to Climate Finance, co-chaired by the UK and Fiji.

The taskforce launched a partnership with five ‘pioneer countries’ – Bangladesh, Fiji, Jamaica, Rwanda and Uganda – to support them and their local communities to get the finance they need for their climate plans.

Further commitments are expected over the coming days, including on adaptation. COP will also see the launch of discussions on a new global finance goal to replace the $100 billion goal from 2025.

Public finance for a net zero future

Demonstrating the direct benefits of what public climate financing can achieve: leaders from South Africa, the United Kingdom, the United States, France, Germany and the European Union yesterday announced a ground-breaking partnership to support South Africa with an accelerated just energy transition.

As a first step, the international partnership announced that $8.5 billion can be made available over the next 3-5 years to support South Africa – the world’s most carbon-intensive electricity producer – to achieve the most ambitious emissions reduction target within its upgraded and ambitious Nationally Determined Contribution.

Mobilizing private finance

Finance Ministers also discussed that the billions of dollars in public finance must be used to leverage the trillions of dollars in private finance needed for a climate resilient, net zero future, and how to support developing countries to access that finance.

The United States, the European Commission and the UK also committed to work in partnership with countries to support a green and resilient recovery from COVID-19 and boost investment for clean, green infrastructure in developing countries.

The UK also committed £576 million at COP for a package of initiatives to mobilise finance into emerging markets and developing economies, including £66 million to expand the UK’s MOBILIST programme, which helps to develop new investment products which can be listed on public markets and attract different types of investors.

Initiatives announced by the World Bank Group and Asian Development Bank will share risk with developing countries and aim to raise up to $8.5 billion in new finance in support of climate action and sustainable development. There was also the launch of an innovative new financing mechanism – the Climate Investment Funds’ Capital Markets Mechanism (CCMM) that will boost investment into clean energy like solar and wind power in developing countries.

Aligning private finance for net zero

Private financial institutions also took a major step to ensure that existing and future investments are aligned to the global goal of net zero.

Thirty five countries agreed to mandatory actions to ensure that investors have access to reliable information about climate risk to guide their investments into greener areas. And to ensure common standards, 36 countries welcomed the announcement of a new international body, the International Sustainability Standards Board (ISSB).

Over $130 trillion of private finance is now committed to science-based net zero targets and near term milestones, through the Glasgow Financial Alliance for Net Zero, led by Mark Carney.

GFANZ members are required to set robust, science-based near-term targets within 12-18 months of joining, and more than 90 of the founding institutions have already done so. A key focus of GFANZ is supporting developing countries and emerging markets.

The UK Chancellor also announced plans to make the UK’s financial centre aligned to net-zero. Under the proposals, there will be new requirements for UK financial institutions and listed companies to publish net zero transition plans that detail how they will adapt and decarbonise as the UK moves towards to a net zero economy by 2050.

Source: COP26



COP26, fincance, minister, global, discussion, Net Zero, climate, environment, transition

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04.11.2021 (431 Clicks)

Check out the virtual Information Room of Sydney Metro West

Sydney Metro has created a virtual engagement room to help you learn more about its second Environmental Impact Statement for the West project. Set deep underground, the virtual engagement room gives you a chance to explore and learn more about the proposed station caverns and railway tunnels.

 

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04.11.2021 (411 Clicks)

Nordic Iron Ores has initiated a Process to recruit a new CEO

Nordic Iron Ore's current CEO Lennart Eliasson will retire at the turn of the year. The Board has begun the process of recruiting a new CEO.

 

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02.11.2021 (454 Clicks)

Epiroc acquires remaining Share of Mobilaris MCE

Epiroc, a leading productivity and sustainability partner for the mining and infrastructure industries, has acquired the remaining share of Mobilaris MCE AB, a Sweden-based company that provides advanced situational awareness solutions that optimize operations in mining and civil engineering.

 

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02.11.2021 (397 Clicks)

Sika opens new national Subsidiary in Ghana

Sika is continuing to expand its presence in Africa and has established a new national subsidiary in Ghana.

 

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01.11.2021 (414 Clicks)

Mexico Pacific Limited announces Collaboration with ConocoPhillips LNG and Bechtel

Mexico Pacific Limited LLC, developer of a North American LNG export project based in Puerto Libertad, Sonora, Mexico, announced that it has entered into a collaboration agreement with ConocoPhillips LNG Licensing LLC and Bechtel, working with Techint S.A. de C.V., to advance the global energy transition and to assist in lowering greenhouse gas emissions by pursuing innovative lower carbon LNG design solutions for the MPL LNG Project future phases.

 

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01.11.2021 (405 Clicks)

New Executive Vice President Sustainability & Innovation Skanska Group

Lena Hök has been appointed Executive Vice President Sustainability & Innovation for the Skanska Group. Lena will step into her new position and join Skanska’s Group Leadership Team on November 1. Lena currently holds the position as Senior Vice President Sustainability, Skanska Group.

 

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