Alaska Permanent Capital Management to be acquired by holding company, Blue Umbrella, LLCPune: Cyber cheats dupe citizens of nearly ₹ 1 crore in six cases lodged on December 22. A 59-year-old resident of Sinhagad Road has lodged a complaint with the Parvati police stating that he was cheated of ₹ 22.89 lakh while he was trying to book hotel room for a prominent ashram in Gujarat. The cyber cheats claiming to provide a refund to the victim cheated him. In the second case, a 25-year-old professional was defrauded of ₹ 29.60 lakh in a task fraud case. A 34-year-old resident lost ₹ 9 lakh to fraudsters who promised high returns in online share trading ventures. In the fourth case, a 26-year-old resident has lodged a complaint with the Lonikand police stating that he was cheated of ₹ 10.30 lakh after he was gulled into online share trading bait. In the fifth case, a 62-year-old resident was cheated of ₹ 10 lakh by unidentified fraudsters who goaded him to invest money in online share trading promising exorbitant returns. A 54-year-old resident was cheated of ₹ 15.84 lakh by unidentified fraudsters in the name of online share trading. The Pune cyber police have advised citizens to be cautious while transacting online and to verify the authenticity of websites, emails, and social media profiles before sharing personal information or making payments.
The European Union has committed to achieving net-zero greenhouse-gas (GHG) emissions by 2050, and there are strong signals that EU policymakers will approve a new target to reduce emissions by 90% by 2040. The science is clear on what must be done to limit global warming to 1.5C above pre-industrial levels: rapid and dramatic cuts in emissions and the removal of 6-10 gigatons of carbon dioxide from the atmosphere annually. And yet the former receives far more attention than the latter. This must change – and fast. Removal of atmospheric CO2 will require scaling up investment in carbon-removal technologies from $5-13bn today to $6-16tn by 2050. For comparison, this is at least double the amount of revenues generated by the oil and gas industry each year. Setting aside the moral – one could say existential – obligation to protect the climate, there is a business case for deploying carbon-removal technology across the EU. By 2050, a global carbon-removal industry capable of achieving net-zero emissions could be worth between $300bn and $1.2tn. Besides private- and public-sector investments, carbon markets – where companies purchase credits to offset their emissions – have emerged as one of the most important sources of finance for carbon-removal projects. By putting a price on carbon, businesses are incentivized to improve energy efficiency and develop and deploy green solutions across their operations. Today, there are two main approaches to carbon pricing: compliance and voluntary carbon markets. The compliance market is regulated by mandatory carbon-reduction regimes, mainly targeting high-emitting industries such as steel, oil, and transportation, while the voluntary market operates independently, without direct regulatory oversight. The EU’s Emissions Trading System (ETS), the bloc’s compliance market, works on a cap-and-trade principle, whereby firms in specific sectors receive emission allowances, the supply of which is capped at a level that reduces total CO2 emissions. They can sell unused allowances on the market, often to companies that require additional ones. By contrast, voluntary carbon markets allow businesses and individuals to purchase credits from verified offset projects in order to meet sustainability goals independently from any emission allowances. These markets use different methodologies to ensure that the emissions reductions are real, measurable, and permanent. Unfortunately, despite the urgency of climate action, recent debates about voluntary carbon markets have cast doubt on their usefulness. Sceptics argue that the lack of transparency and inconsistent standards lead to low-quality credits based on offsets that fail to deliver the promised emissions reductions. In their view, these markets allow large companies to engage in a sophisticated form of greenwashing. The controversy came to a head earlier this year, when naysayers questioned the legitimacy of the Science Based Targets initiative (SBTi), which develops the global standards and tools that enable companies to set GHG targets in line with reaching net-zero emissions by 2050. The SBTi’s decision to allow firms to include voluntary carbon credits in the calculation of their indirect emissions triggered a significant backlash, with many challenging the credibility of such instruments. A few months later, the SBTi revised its position, clarifying that environmental attribute certificates – including carbon credits – cannot be used to offset a company’s value-chain emissions. These developments have held up critical financing for climate solutions – especially carbon removal. Neither the EU ETS nor the bloc’s voluntary carbon markets can sustainably fund carbon-removal technologies. Many have suggested using advanced technology to improve the transparency and accountability of carbon markets. But given the situation’s complexity and the lack of unified voluntary standards, scaling up carbon removal requires another tool: regulation. Japan serves as a good example. The country’s compliance carbon market now accepts credits from carbon-removal methods, including direct air capture and bioenergy carbon capture and storage. California’s Carbon Dioxide Removal Market Development Act could likewise foster the widespread adoption and deployment of this technology by defining which types of emissions it can counterbalance. The EU should require companies to reduce emissions to a certain threshold and purchase “negative emissions credits” to compensate for their remaining climate impact. Equally important, clear rules for certifying carbon-removal practices to ensure their effectiveness and long-term storage will incentivize businesses to invest in these technologies. Some progress has already been made. The EU’s adoption of the carbon removals certification framework this year was an important first step toward regulating this technology. But more must be done. For starters, it is unclear how this new framework will work with existing regulations, including the ETS. Moreover, standards-setting organisations such as the SBTi must better integrate “beyond value chain mitigation” – a firm’s efforts to reduce GHG emissions outside of its own business activities – and carbon removal into short-term corporate climate targets to help guide the regulatory response. As the EU prepares to revise the ETS in 2026, it must take advantage of this opportunity to take the lead in promoting a crucial green technology. Disclosure: The authors of this article are, respectively, the CEO of a company that certifies credits for voluntary carbon markets and an investor with a stake in the company. — Project Syndicate, Ludovic Chatoux is CEO and Co-founder of Riverse, a carbon-crediting platform. Sophia Escheu is an investor in climate and industrial technology companies at Speedinvest. Related Story GCC agreements to enhance carbon market services, liquidity Qatar establishes WEF's Centre for Fourth Industrial Revolution
Logistical issues meant that thousands of Namibians were still waiting to vote in pivotal presidential and legislative elections late on Wednesday as the polling stations were scheduled to close. The vote could usher in the desert nation's first woman leader even as her party, the ruling South West Africa People's Organisation (SWAPO) faces the strongest challenge yet to its 34-year grip on power. Some voters told AFP they queued all day, for up to 12 hours, blaming technical problems which included issues with voter identification tablets or insufficient ballot papers. According to Namibia's electoral law, those in the queue before the polls closed -- scheduled at 9:00 pm (1900 GMT) -- should be allowed to vote. "We have the obligation to make sure that they pass their vote," said Petrus Shaama, chief officer of the Electoral Commission of Namibia (ECN). The main opposition party, the Independent Patriots for Change (IPC) has blamed the ECN for the long lines and cried foul play. "We have reason to believe that the ECN is deliberately suppressing voters and deliberately trying to frustrate voters from casting their vote," said Christine Aochamus of the IPC. She said the party had "started the process" of approaching a court "to order the ECN to extend the voting time". At one polling station inside Namibia's University of Science and Technology in the capital Windhoek, hundreds of people were still in line at 09:00 pm despite some having arrived at 6:00 am, an hour before polls opened. It was a similar situation at the Museum of Independence, according to an AFP reporter, where one voter said he arrived 12 hours earlier and was still in line with hundreds of others. SWAPO's candidate and current vice president, Netumbo Nandi-Ndaitwah, was one of the first to vote and called on Namibians "to come out in their numbers". An estimated 1.5 million people in the sparsely populated nation had registered to cast their ballot. SWAPO has governed since leading mineral-rich Namibia to independence from South Africa in 1990 but complaints about unemployment and enduring inequalities could force Nandi-Ndaitwah into an unprecedented second round. Leader of the IPC, Panduleni Itula, a former dentist and lawyer said he was optimistic he could "unseat the revolutionary movement". "We will all march from there and to a new dawn and a new era of how we conduct our public affairs in this country," the 67-year-old told reporters after voting. Itula took 29 percent of votes in the 2019 elections, losing to SWAPO leader Hage Geingob with 56 percent. It was a remarkable performance considering Geingob, who died in February, had won almost 87 percent five years before that. Namibia is a major uranium and diamond exporter but not many of its nearly three million people have benefitted from that wealth. "There's a lot of mining activity that goes on in the country, but it doesn't really translate into improved infrastructure, job opportunities," said independent political analyst Marisa Lourenco, based in Johannesburg. "That's where a lot of the frustration is coming from, (especially) the youth," she said. Unemployment among 15- to 34-year-olds is estimated at 46 percent, according to the latest figures from 2018, almost triple the national average. For the first time in Namibia's recent history, analysts say a second round is a somewhat realistic option. That would take place within 60 days of the announcement of the first round of results due by Saturday. "The outcome will be tight," said self-employed Hendry Amupanda, 32, who queued since 9:00 pm the night before to cast his ballot. "I want the country to get better and people to get jobs," said Amupanda, wearing slippers and equipped with a chair, blanket and snacks. Marvyn Pescha, a self-employed consultant, said his father was part of SWAPO's liberation struggle and he was not going to abandon the party. "But I want SWAPO to be challenged for better policies. Some opportunistic leaders have tarnished the reputation of the party, they misuse it for self-enrichment," the 50-year-old said. While lauded for leading Namibia to independence, SWAPO is nervous about its standing after other liberation-era movements in the region have lost favour with young voters. In the past six months, South Africa's African National Congress lost its parliamentary majority and the Botswana Democratic Party was ousted after almost six decades in power. clv/br/lhd/sbkIsrael launches new airstrikes on Lebanon as leaders draw closer to a ceasefire with HezbollahLeslie's, Inc. Announces Fourth Quarter & Fiscal 2024 Financial Results; Provides First Quarter Fiscal 2025 Outlook
Saving the planet isn’t as squeaky clean as it’s hyped to be – as some quarters of the green energy sector have been morphing as hotspot for carbon emissions trading scams and potential money laundering havens, leaving well-intentioned investors caught into the crossfire of the ‘dirty hustles’ of shady players who are just out to make a quick buck. Just recently, the green energy world was shaken by a multi-billion-dollar fraud – when a German firm's investment in carbon emissions reduction anchored on the installation of energy-efficient technologies at an oil field in China—was exposed as a massive scam; as the supposed investment was nothing more than a paper trail of fabricated documents. The Philippines is among the economies in the world with bold decarbonization strategies - not just with massive renewable energy (RE) installations, but also with ambitious net zero targets of businesses and a comprehensive drive for a low-carbon economy that cuts through various industries. On the policy front, carbon emissions trading is getting a full-throttle push from many relevant stakeholders, while the Philippine electricity spot market has just recently rolled out the commercialization of renewable energy (RE) certificates trading —an innovative incentive mechanism within the green finance sphere; which is designed to entice fresh wave of capital into clean energy investments. Deceptive power play With growing concerns over scams and potential money laundering activities in the clean energy sector, the Philippines faces a critical question: how exposed is the country to these perilous fraudulent schemes that could then undermine its honest-to-goodness energy transition agenda? Sources from global banks have been warning that countries with fragile financial systems are prime targets for dubious money—often streamed into renewable energy and clean technology investments. Similarly, economies with loose carbon emissions trading protocols and limited expertise are ripe for exploitation—and unfortunately, the Philippines still finds itself dangerously classified in both of these high-risk categories. At this stage, the Independent Electricity Market Operator of the Philippines (IEMOP) qualified that trading of renewable energy (RE) certificates will initially be limited to the renewable portfolio standards (RPS) compliance of mandated players in the domestic scene, thus, minimizing immediate risk of exploitation by offshore buyers. However, the long-term strategy must be approached with caution and rigorous analysis, especially if the country eventually opens the market to international purchasers, which could expose the RE market to greater vulnerabilities. Beyond that, the Department of Environment and Natural Resources (DENR) has a broader plan for future carbon emissions trading, but this policy is still in the works – hence, leaving some fog of uncertainty as well as many ‘unknowns’ that even industry players are still scrambling to understand. By design, carbon credit trading is meant to drive companies to cut emissions by allowing them to trade unused credits—but as the market grows, so does the window of opportunity for fraudsters to exploit the system for their own gain. As already evident, shady companies or operators have discovered loopholes to manipulate carbon credits and emissions reduction – with them either resorting to falsifying data, inflating credits, or peddling non-existent carbon allowances—and these scams are notoriously hard to trace, because typically, the entire trading process relies on intangible assets that could then allow fraudulent activity to be buried beneath layers of red tape and convoluted paperwork. Another escalating fear in the 'green finance' world is the influx of sketchy capital - whether from money laundering or terrorist financing; because when these illicit funds are funneled into new companies, the quickest escape for dodgy players is to pour them into clean energy investments, be it for renewable energy and decarbonization projects to energy efficiency ventures, all while obscuring their true origins behind a green façade. Bank sources explained that money laundering in green investments would typically involve criminal or terrorist-leaning organizations as well as corrupt individuals or politicians who may inject money into businesses under the guise of green investment – and these projects could range everything from solar farms to wind energy installations, and even fake carbon offset schemes. Typically, these projects are packaged as ‘legitimate investments’ – with all the warranted certifications and service contracts, but in reality, they serve as a smokescreen for washing dirty money. These shady deals are already happening in many parts of the world – be it in Asian energy markets, Latin America and many African countries, hence, the intensified call on policymakers and regulators to enforce rules and policies that can invoke transparency into carbon markets – ensuring that emission reductions are accurately reported and there shall be robust verification process and stringent auditing systems; and that green projects are properly vetted, including the fund sources as well as the ultimate beneficial owners of companies, especially those that have layered corporate registrations across various countries. Then for regulators in the country’s financial system, policies must be enforced to close the gap as well as recalibrate the ‘grey areas’ and blind spots in the prevailing money laundering law; then improve the monitoring of financial transactions in the green investment space.USC women move to No. 4 in AP poll as top three unchanged
The Danish government is reportedly committing more than $1 billion in defense spending to protect Greenland as President-elect Donald Trump continues expressing interest in acquiring the massive island. Denmark’s Minister of Defense Troels Lund Poulsen told Danish outlet Jyllands-Posten Tuesday that it’s “ironic” the spending package was announced shortly after Trump called U.S. control of Greenland “an absolute necessity” in a social media post announcing his new ambassador to Denmark. “We have not invested enough in the Arctic for many years,” Poulsen explained. “Now we are planning a stronger presence.” Denmark’s investment in defense is expected to buy new inspection ships, long-range drones and dog sled teams, according to the BBC. A civilian airport will also reportedly be upgraded to support F-35 supersonic fighter jets. Trump first floated the idea of adding Greenland to the United State’s real estate portfolio when he was president in 2019. Officials in Denmark and Greenland scoffed at the idea of parting with the semi-autonomous territory that’s home to more than 50,000 people and rich with minerals. They don’t seem to have warmed up to the idea in the years that have passed. “We are not for sale and will never be for sale,” Greenland’s Prime Minister Múte Egede said in a statement Monday. President Harry Truman expressed interest in paying the equivalent of $1.4 billion for a deal involving Greenland shortly after World War II due it its North Atlantic and Arctic geopolitical importance. The U.S. established a military base in the the area around that time. Trump has also referred to Canada as a U.S. state and expressed interest in taking control of the Panama Canal since being elected last month. With News Wire Services