Latest news with #carbonneutrality
LBCI
6 hours ago
- Business
- LBCI
EU proposes 90% climate emission cuts by 2040, with flexibility
The European Commission proposed on Wednesday to cut greenhouse gas emissions by 90 percent by 2040, with flexibility to address concerns from EU member states that must approve the plans. The long-delayed target is a key milestone on the path to the European Union's 2050 carbon neutrality goal. To sway skeptical capitals, the EU executive proposes that from 2036, the bloc's 27 countries can count carbon credits purchased to finance projects outside Europe for up to three percent of their emission cuts. AFP
Yahoo
3 days ago
- Business
- Yahoo
Hanon Systems Releases 2024 Sustainability Report
Key highlights include SBTi validation of carbon emission reduction targets and recognition in S&P Global's 2025 Sustainability Yearbook Eighth consecutive sustainability report, fourth report published in both Korean and English SEOUL, South Korea, June 30, 2025 /PRNewswire/ -- Hanon Systems (KS:018880), a leading global automotive thermal management supplier and subsidiary of Hankook & Company Group, is pleased to announce the release of its eighth annual sustainability report, published in both Korean and English for the fourth consecutive year. The 2024 report highlights continued progress in environmental, social, and governance (ESG) performance, including the formal approval of the company's near-term 2030 greenhouse gas (GHG) reduction goals and 2050 net-zero target by the Science Based Targets initiative (SBTi), along with its second consecutive inclusion in the S&P Global Sustainability Yearbook. As part of its long-term climate change strategy, Hanon Systems aims to reduce absolute Scope 1 and Scope 2 emissions by 50% and Scope 3 emissions from purchased good and services by 55% per ton of purchased raw material by 2030, compared to the 2019 baseline. By 2040, the company aims to achieve carbon neutrality by reducing absolute Scope 1, Scope 2, and Scope 3 emissions by 90%. And by 2050, Hanon Systems commits to reach net-zero for all greenhouse gas emissions across the value chain. "We are dedicated to building a sustainable future, driven by continuous technological innovation and a strong commitment to creating value for our customers and shareholders," said Soo Il Lee, Vice Chairman and CEO of Hanon Systems. "We remain committed to advancing ESG initiatives, developing talent, and strengthening global collaboration to reinforce our position as a leading company in future mobility." Since 2022, the company's ESG Committee has been responsible for establishing, managing and overseeing environmental, social and governance matters. The committee approves ESG strategies and implementation plans, and defines mid- to long-term targets. View the report on the company's website here. About Hanon Systems Hanon Systems, founded in 1986, is a global leader in thermal management solutions. In January 2025, it became a subsidiary of Hankook & Company Group. Its offering includes a wide range of solutions in the areas of heating, ventilation and air conditioning (HVAC), powertrain cooling, compressor, fluid transport, and electronics and fluid pressure. The company currently operates 50 manufacturing sites and three regional innovation centers and employs more than 20,000 people across 21 countries. To learn more, visit Follow Hanon Systems:LinkedIn: View original content to download multimedia: SOURCE Hanon Systems Sign in to access your portfolio
Zawya
25-06-2025
- General
- Zawya
Qatar: Pilot project to transform mosques into green buildings launched
Doha, Qatar: In a pioneering step toward environmental sustainability, Al Wakrah Municipality has launched a project to convert one of its mosques into a green, sustainable building. The initiative, carried out in cooperation with the Ministry of Awqaf and Islamic Affairs, is part of the broader campaign titled 'Al Wakrah on the Path to Carbon Neutrality.' The project aims to enhance the operational efficiency of mosques while significantly reducing carbon emissions. This will be achieved by integrating renewable energy sources and adhering to the Gulf Building Code's sustainability standards—all without compromising the comfort and spiritual ambiance for worshippers. The launch was marked by a coordination meeting chaired by Director of Al Wakrah Municipality Jaber Hassan Al Jaber. The meeting brought together representatives from the Ministry of Awqaf and Islamic Affairs, Earthna - Center for a Sustainable Future, and Qatar General Electricity and Water Corporation (Kahramaa). A joint task force, led by the municipality, has been established to oversee the project's implementation. A clear execution timeline has been drawn up, and results from this pilot phase will be announced at a future press conference. If successful, the initiative is expected to expand to other mosques across the country. The project not only supports national environmental goals but also serves as a model for integrating traditional religious infrastructure with modern sustainability practices. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
South China Morning Post
24-06-2025
- Business
- South China Morning Post
China ‘dominates' global hydropower development amid energy storage push: report
China continued to play a dominant role in global hydropower development in 2024, accounting for the vast majority of Asia's newly added capacity as it invests heavily in energy storage solutions , according to a new report. The country was responsible for 14.4 gigawatts of the 24.6GW of new hydropower capacity that came online globally last year, as it bets big on the energy source as an effective way to maintain a stable grid amid the green transition. More than half of the hydropower capacity China added last year came in the form of pumped storage hydropower (PSH) projects, which store massive amounts of water in reservoirs that can then be released when an electricity grid is running low on power, according to the International Hydropower Association study released on Wednesday. The energy storage technology is becoming increasingly popular around the world, with governments searching for ways to cope with large fluctuations in solar and wind energy without resorting to fossil fuels. China has doubled down on its dam-building spree since 2020, when Beijing set a target of achieving carbon neutrality by 2060. 'With more than 200GW of PSH projects under construction or approved, China is on track to exceed its 2030 target of 120GW, potentially reaching 130GW by the end of the decade,' the study said. China currently has nearly 436GW of installed hydropower capacity, which represents more than three-quarters of Asia's total capacity, according to the report.
Zawya
18-06-2025
- Business
- Zawya
Oman Green hydrogen: Treasure to global energy markets
With abundant solar radiation, expansive wind corridors, promising government policies, and world-class port infrastructure, Oman offers an unrivaled combination of natural and logistical assets. As the global pursuit of carbon neutrality accelerates, green hydrogen is quickly emerging as the cornerstone of a cleaner energy future and Oman is uniquely positioned to lead the charge. Situated at the crossroads of Europe, Asia, and Africa, the Sultanate of Oman is not simply embracing another alternative fuel; it is shaping its role as a pivotal player in the energy systems of tomorrow. With abundant solar radiation, expansive wind corridors, promising government policies, and world-class port infrastructure, Oman offers an unrivaled combination of natural and logistical assets. While others contend with sluggish bureaucracy, Oman has enacted agile policies and rolled out attractive incentives that are already drawing serious investment. This proactive approach provides the country with a vital head start. But the implications go far beyond economic gains. In an era when energy independence equates to geopolitical influence, green hydrogen presents Oman with a chance to move from energy supplier to strategic architect on the global stage. Globally, green hydrogen momentum is building at unprecedented speed. The International Energy Agency (IEA) estimates that global electrolyser capacity could reach between 134 and 850 gigawatts by 2030, with up to 8 million tonnes of hydrogen produced annually. Germany has pledged €9 billion to establish 5 GW of domestic electrolyser capacity. Japan has earmarked $21 billion over 15 years in subsidies. Meanwhile, Australia's Western Renewable Energy Hub envisions up to 26 GW of combined solar and wind dedicated to green hydrogen and ammonia export. Saudi Arabia's $8.4 billion NEOM project plans to deliver 1.2 million tonnes of green ammonia annually by 2026 using 3.9 GW of renewable capacity. For Oman, this transition is not just about sustainability. It's a strategic leap one that can reshape the national economy and redefine the country's place in global energy geopolitics. With abundant solar radiation, expansive wind corridors, promising government policies, and world-class port infrastructure, Oman offers an unrivaled combination of natural and logistical assets. Oman, however, is not simply following this trend it is writing its own chapter. Under Vision 2040 and its National Energy Strategy, the country aims to generate 30% of its electricity from renewables by 2030. Established in 2022, Hydrogen Oman (Hydrom) oversees the licensing, policy frameworks, land auctions, and infrastructure required to scale up the hydrogen economy. By early 2024, Hydrom had signed six landmark agreements around the ports of Duqm and Salalah, partnering with major global firms such as BP, ACME, Uniper-DEME (Hyport Duqm), EDF-JPower-Yamna, ACTIS-Fortescue, Green Energy Oman, and Marubeni Samsung. These deals, which represent approximately 15 GW of planned renewable capacity, are expected to produce over 700,000 tonnes of green hydrogen and draw nearly $20 billion in investment. Time is of the essence. As countries advance toward 2050 net-zero commitments, Oman's natural endowment and control over key maritime routes position it to seize a narrowing window of opportunity. Green hydrogen's promise lies not only in its environmental credentials produced via renewable-powered electrolysis with zero emissions but in its remarkable versatility. Unlike grey hydrogen, which emits greenhouse gases, or blue hydrogen, which depends on still-unproven carbon capture technologies, green hydrogen has the unique ability to decarbonise hard-to-abate sectors like steel manufacturing, aviation, maritime shipping, road transport, fertiliser production and large-scale renewable energy storage. Among the standout projects is Hyport Duqm, a collaboration between OQ, Uniper, and DEME Group, which will use 1.3 GW of solar and wind to operate a 500 MW electrolyser system, generating 60,000 tonnes of green hydrogen per year, convertible into 330,000 tonnes of green ammonia. Phase one is set for 2026. Meanwhile, ACME's Duqm based facility, a $3.5 billion project powered by 3 GW of solar and 500 MW of wind, aims to deliver up to 900,000 tonnes of green ammonia annually. In Salalah, consortia including EDF/JPower/Yamna and ACTIS-Fortescue plan to install 4–4.5 GW of renewable capacity to produce between 175,000 and 200,000 tonnes of green hydrogen annually, with the goal of exporting one million tonnes of green ammonia. These initiatives are beginning to pay off. Oman is projected to claim 60% of the Middle East's green hydrogen exports by 2030, outpacing regional competitors like the UAE and Saudi Arabia. Beyond decarbonisation, this shift offers economic resilience. As oil and gas gradually decline in global relevance, hydrogen promises to diversify Oman's GDP, stabilise state revenues, and create an estimated 70,000 high-skill jobs, including 17,000 leadership roles, by 2050. Oman's integrated strategy sets it apart. Unlike nations struggling with fragmented regulations or isolated infrastructure, Oman offers a coordinated, investor-ready ecosystem led by Hydrom and supported by free-trade zones in Duqm and Salalah. Its hydrogen program matches or surpasses benchmark initiatives like Saudi Arabia's NEOM or Australia's Pilbara region not just in capacity but in execution. Now entering its implementation phase, Oman's hydrogen vision is rapidly becoming reality. What began as policy ambition is evolving into structural transformation. Green hydrogen is reinvigorating industry, attracting global alliances, and enhancing Oman's international profile. Guided by Vision 2040 and powered by its renewable wealth, Oman is no longer just entering the hydrogen race; it is helping define it. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
