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Smelly and saturated with seawater, the marsh muck sucks at the waders of UC Santa Cruz graduate student Aliya Khan as she walks along a channel in Elkhorn Slough. She places a tube into the water, which will collect samples that will help uncover the salt marsh’s ability to serve as a carbon dioxide vacuum and vault. Khan’s research is taking place at an important time. “The year 2024 is on track to be the warmest year on record,” says the World Meteorological Organization in a press release published earlier this week. It will also be the first year with global temperatures more than 1.5 degrees Celsius above pre-industrial levels, a milestone that will intensify fires, floods, and other climate-fueled disasters. Salt marshes, which have historically been drained and turned into farms or land ripe for real estate development, are emerging as a powerful tool in the fight against global warming. “The vegetation that falls into standing water that has no oxygen never decomposes,” Khan says. “So that CO2 never goes back to the atmosphere.” They differ from land-based ecosystems like forests, which release most of their stored carbon dioxide when trees die and decompose. Scientists are measuring how much carbon dioxide Elkhorn Slough can suck from the atmosphere. Their research is funded by a $3.5 million grant awarded in 2022 by the University of California Office of the President. It is part of a broader effort to find ways to remove greenhouse gasses from the atmosphere. “Wetlands are one of the best natural systems to sequester CO2,” says Adina Paytan, a principal investigator at the UCSC Center for Coastal Climate Resilience. She is leading the study. A 2023 review estimates that restoring the world’s degraded salt marshes could sequester up to 0.5% of the carbon emitted by fossil fuels annually, a big number for an ecosystem that covers less than 1% of Earth’s surface. But the authors admit massive uncertainties. Alicia Karspeck, co-founder and chief technology officer of (C)Worthy, a nonprofit that studies ocean-based carbon dioxide removal, also emphasizes that there are many unknowns. A myriad of environmental variables can change how living systems behave. “We don’t know exactly what is the best design to maximize the benefits,” Paytan concurs. She and colleagues are studying carbon storage in the Sacramento River Delta, South San Francisco Bay and Elkhorn Slough to find the combination of conditions that maximizes wetlands’ climate-cooling effects. Their findings will have real-world applications. Paytan says they have a team that is studying governance to convert their findings into policy. One idea is to create a carbon market where polluters can fund the restoration of salt marshes to offset their emissions. There is also an environmental justice arm that is looking into who might benefit and who might be harmed by restoration projects. Methane emissions could also limit their climate-cooling effects. Bacteria that live in marsh muck produce methane, a greenhouse gas that is 80 times more potent than carbon dioxide. One study found that a freshwater swamp in the Sacramento River Delta produces enough of it to offset the cooling effects of sequestering CO2. Those bacteria, however, do not like salt, so salt marshes produce less methane. Quantifying Elkhorn Slough’s carbon storage is a complicated process. J.J. Jabuka, a graduate student in Paytan’s lab, studies one part of the equation. She uses large towers full of sensors to measure the amount of carbon dioxide and methane that study sites in Elkhorn Slough exchange with the atmosphere. She uploads her data to Ameriflux, a database that contains similar data from over 500 ecosystems across the Americas. Her early findings suggest that a healthy, established section of Elkhorn Slough is absorbing lots of carbon, while Hester Marsh, a site that was restored in 2018, sequesters a smaller amount. “That information is going to be really helpful for us to understand the rate at which our restoration projects become more functional,” says Monique Fountain, director of the Tidal Wetlands Program at Elkhorn Slough. Khan’s research focuses on the fate of the carbon that Elkhorn Slough absorbs. While some is stored in the soil, much of it is swept out to sea by tides. She analyzes what types of carbon molecules the water at the slough contains. Some forms of carbon quickly turn into CO2 and re-enter the atmosphere, while others will remain buried underwater for millennia. Her research is ongoing. In the meantime, Khan thinks we should prioritize protecting existing salt marshes over building new ones. Restored marshes “don’t necessarily have the same ecosystem benefits as a longstanding, healthy one,” she says. “Protection over restoration, when that’s an option, 100% of the time.”
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Home affordability is top of mind for most Americans — but, even with mortgage rates trending higher, there are still cities where it’s possible to own a home without stretching your income too far. In evaluating the biggest metros in the country, Realtor.com® found that there were five cities where less than 30% of households could afford a home. Los Angeles , Oxnard , San Diego , and San Jose in California and New York City were the least affordable in the country . But, in five cities— Pittsburgh , Akron, OH , Baltimore, Detroit , and St. Louis —nearly 60% of households can afford a home. And the income required to buy a home there is less than $84,000 annually. In Akron, for instance, where the median list price is $228,200, 68.5% of households can afford to buy a home. The median household income required to buy a house is just $55,732. Akron also ranked No. 9 on the Realtor.com Hottest Housing Markets list in October. “It’s affordable in Akron, which makes a really big difference,” says real estate agent Ali Whitley, of Re/Max Crossroads in Akron. “Gen Z are becoming first-time homebuyers here. It’s a great place to buy in a great area for a reasonable price.” Affordability is the name of the game in the five money-saving metros below. Pittsburgh, PA Akron, OH Baltimore, MD Detroit, MI St. Louis, MO
MACAU, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Studio City International Holdings Limited (NYSE: MSC) (“Studio City” or the “Company”), a world-class integrated resort located in Cotai, Macau, today announces that the Company’s subsidiary, Studio City Company Limited (“Studio City Company”), has entered into a senior credit facilities agreement, dated November 29, 2024, with a syndicate of banks (the “2024 Credit Facilities Agreement”). Under the terms of the 2024 Credit Facilities Agreement, lenders have made available to Studio City Company HK$1.945 billion (equivalent to approximately US$250.0 million) in revolving credit facilities for a term of five years (the “Senior Revolving Facility”). The Credit Facility Agreement also provides an option to increase the commitments under the Senior Revolving Facility in an amount not exceeding US$100 million for Studio City Company to incur further indebtedness under the Senior Revolving Facility, subject to the satisfaction of certain conditions. The Senior Revolving Facility is secured and is supported by a guarantee from the Company, Studio City Investments Limited and each subsidiary of Studio City Company. The Company intends to use the proceeds from the Senior Revolving Facility to refinance outstanding indebtedness and for general corporate and working capital purposes. Studio City Company has also entered into an amendment and restatement agreement, dated November 29, 2024, with, among others, Bank of China Limited, Macau Branch, in relation to the senior secured term loan and revolving facilities agreement dated March 15, 2021 (as amended and restated from time to time, and currently representing HK$234.0 million of committed facilities) (the “Existing Credit Facilities”) to, among other things, align certain terms of the Existing Credit Facilities with the terms of the 2024 Credit Facilities Agreement. Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Studio City International Holdings Limited (the “Company”) may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) the pace of recovery from the impact of COVID-19 on our business, our industry and the global economy, (ii) risks associated with the amended Macau gaming law and its implementation by the Macau government, (iii) changes in the gaming market and visitations in Macau, (iv) capital and credit market volatility, (v) local and global economic conditions, (vi) our anticipated growth strategies, (vii) gaming authority and other governmental approvals and regulations, and (viii) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “anticipate”, “target”, “aim”, “estimate”, “intend”, “plan”, “believe”, “potential”, “continue”, “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company undertakes no duty to update such information, except as required under applicable law. About Studio City International Holdings Limited The Company, with its American depositary shares listed on the New York Stock Exchange (NYSE: MSC), is a world-class integrated resort located in Cotai, Macau. For more information about the Company, please visit www.studiocity-macau.com . The Company is majority owned by Melco Resorts & Entertainment Limited, a company with its American depositary shares listed on the Nasdaq Global Select Market (Nasdaq: MLCO). For the investment community, please contact: Jeanny Kim Senior Vice President, Group Treasurer Tel: +852 2598 3698 Email: jeannykim@melco-resorts.com For media enquiries, please contact: Chimmy Leung Executive Director, Corporate Communications Tel: +852 3151 3765 Email: chimmyleung@melco-resorts.com