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<?xml version="1.0" encoding="utf-8"?><?xml-stylesheet href="https://www.acnnewswire.com/rss/rss2full.xsl" type="text/xsl" media="screen"?><?xml-stylesheet href="https://www.acnnewswire.com/rss/itemcontent.css" type="text/xsl" media="screen"?><rss version="2.0"><channel><title>ACN Newswire</title><link>https://www.acnnewswire.com</link><description>ACN Newswire press release news - Recent Press Releases</description><item><title>COP29 Climate Change Conference Must Address Acute Challenges of Developing Countries Such as Bangladesh - Summit Power International Limited</title><pubDate>Sat, 09 Nov 2024 12:50:00 +0800</pubDate><description><![CDATA[<img src="https://www.acnnewswire.com/images/company/Summit.jpg" border="0" />Dhaka, Bangladesh, Nov 9, 2024 - (ACN Newswire) - The U.N. Climate Change Conference next week needs to urgently address major gaps in funding and technology and adopt fresh approaches to meet the challenges of developing countries with vulnerable communities such as Bangladesh, Summit Power International Limited (“SPIL”), the country’s largest private sector power generation company, said today.Singapore-headquartered SPIL, the leading foreign direct investor in Bangladesh’s power sector, said it hoped the widely anticipated COP29 Climate Change Conference starting 11 November in Azerbaijan will lead to an actionable agenda that can balance global net zero targets with the needs of poorer countries seeking to eradicate poverty and create jobs on an accelerated scale.SPIL operates 18 power plants with a combined capacity of 2,255 MW or approximately 17% of the total installed private power generation capacity in the country of 173 million people. As a responsible company with a strong track record of providing energy and power to Bangladesh, SPIL is acutely aware of the international initiatives to de-carbonise.At COP21 in 2015, 196 countries signed the Paris Agreement with collective commitments to limit global warming. However, subsequent global financing initiatives have been deadlocked. Among the key initiatives of COP29 is a New Collective Quantified Goal to deliver substantive climate financing to regions that need it most.Beyond the pledges, global climate goals must also take into consideration challenges unique to each country, especially the lesser developed, said SPIL. Prior to COP29, SPIL had outlined its internal Climate Action Plan to support Bangladesh’s stated goal (declared at the COP26 in Glasgow in 2021) to achieve up to 40% of clean energy use in its power generation mix by 2041.“Both the national and SPIL’s own de-carbonisation targets have to be viewed against the backdrop of the pandemic and subsequent supply chain disruptions as well as the conflict in Ukraine which drove up prices of fossil fuels. Bangladesh, which has to contend with cyclones and flooding on a regular basis, has felt the impact of such disruptions more acutely than most other countries.“We hope COP29 – whose leaders have promised engagement, ambition, and action – will address decisively real-world issues from the perspective of developing nations and responsible corporates involved in the energy eco-system, such as SPIL. We look forward to holistic approaches that avoid a one-size-fits-all mindset,” SPIL said.SPIL’s Founder and Chairman, Mr Muhammed Aziz Khan, a Singapore citizen, said: “We hope COP29 adopts approaches fairly and equitably to address the social and economic impact, particularly for vulnerable communities and workers in fossil fuel industries in developing countries. A just energy transition must promote circular economy principles that benefit local populations to ensure resilience.Second, international organisations, governments, and corporations must provide funding and technology to support the energy transition. For developing countries such as Bangladesh, such approaches must combine development finance and foreign direct investments.Third, different regions will have different timelines to progress towards net zero. For the near term, Bangladesh’s power sector – which has been facing issues of imbalance of supply and demand and delays in payments – needs to reduce dependence on coal or heavy fuel oil and increase usage of natural gas which is less carbon-intensive, even as it pursues initiatives in renewable energy.”As part of its Climate Action Plan, SPIL has committed not to develop new liquid fuel-fired power plants in Bangladesh. It will also reduce its Scope 1 and Scope 2 emissions by 10% by 2030 as compared to its 2021 baseline and plans to derive 40% of its energy generation portfolio from clean energy sources by 2040. SPIL has also formed a Sustainability Task Force under the leadership of the CEO.While recognising geographical limitations in Bangladesh for large-scale solar or wind farms, SPIL has outlined plans to invest or obtain international financial support for up to USD 3 billion in renewable energy projects in the country.About Summit Power International Limited (“SPIL”)SPIL is the largest Independent Power Producer (IPP) in Bangladesh, reflecting 17% of the country's total private installed capacity and 7% of the country’s total installed capacity. SPIL owns and operates a total of 18 power plants with a combined generation capacity of 2,255MW. It also operates Bangladesh’s second Floating Storage and Regasification Unit (FSRU) and LNG import terminal with daily regasification capacity of 500 million cubic feet.SPIL is a privately-held Singapore-registered company that is 78%-owned by the family of Mr Muhammed Aziz Khan. In 2016 SPIL acquired Bangladesh-registered Summit Corporation Ltd (SCL) in a transaction that was financed primarily by International Finance Corporation, the World Bank’s private sector arm. SCL holds various infrastructure assets in Bangladesh. In 2019, JERA Co., Inc., Japan’s largest power generation company, acquired a 22%-stake in SPIL and remains its second largest shareholder to date.Learn more at: <a href="http://www.summitpowerinternational.com">www.summitpowerinternational.com</a>   Media Contact WeR1 Consultants Pte Ltd WhatsApp (Text): (+65) 9748 0688 Email: <a href="mailto:summit@wer1.net">summit@wer1.net</a> Copyright 2024 ACN Newswire. All rights reserved. www.acnnewswire.com]]></description><link>https://www.acnnewswire.com/press-release/english/93759/</link><guid>https://www.acnnewswire.com/press-release/english/93759/</guid><category>Energy, Alternatives, Alternative Energy, Government</category><stock_tickers>SGX:1579715D</stock_tickers><summary>The U.N. Climate Change Conference next week needs to urgently address major gaps in funding and technology and adopt fresh approaches to meet the challenges of developing countries with vulnerable communities such as Bangladesh, Summit Power International Limited ("SPIL"), the country's largest private sector power generation company, said today.</summary><featuredimage /></item><item><title>Summit Group Urges Government of Bangladesh to Reverse Decision to Terminate FSRU Project</title><pubDate>Tue, 08 Oct 2024 21:00:00 +0800</pubDate><description><![CDATA[<img src="https://www.acnnewswire.com/images/company/Summit.jpg" border="0" />Dhaka & Singapore, Oct 8, 2024 - (ACN Newswire) - Summit LNG Terminal II Co Ltd (“SLNG II”), a unit of Summit Group, has urged the Government of Bangladesh to reverse its decision to terminate the third Floating Storage and Regasification Unit (“FSRU”) project in the country.SLNG II said it had received a notice from the Bangladesh Oil, Gas & Mineral Corporation (“Petrobangla”) on 7 October notifying the termination of the project situated at Moheshkhali in Cox’s Bazar.The Moheshkhali terminal (“2nd FSRU”) in southeast Bangladesh is the second floating gas terminal project undertaken by Summit Group with a planned regasification capacity of 600 million standard cubic feet per day.In response to media queries, SLNG II wishes to clarify the following: 1) In late 2020, the Government of Bangladesh made a strategic decision to transition from coal-fired power generation to natural gas, a cleaner energy source. The initiative was also aimed at boosting gas supply to ensure energy security and support industrial growth. Summit Group submitted a proposal on 11 October 2021, to implement a FSRU on a Build, Own, Operate, and Transfer (BOOT) basis. The proposal was approved by the Cabinet Committee on Economic Affairs on 14 June 2023.The approval followed two years of extensive negotiations and consultations with international law firms to address the contractual and technical challenges.2) Summit, in collaboration with Petrobangla and Rupantarita Prakritik Gas Company Limited (“RPGCL”), finalized the Terminal Use Agreement (“TUA”) and Implementation Agreement (“IA”) on 12 October 2023. These were legally vetted and approved by the Cabinet Committee on 12 December 2023.3) SLNG II signed the TUA and IA on 30 March 2024 with Petrobangla and Government of Bangladesh (“GoB”) for the 2nd FSRU. On the same day SLNG II also signed a long-term Sale and Purchase Agreement (“SPA”) to supply 1.5 million tonnes of liquefied natural gas (“LNG”) to Petrobangla, starting in October 2026.4) To fulfil the initial conditions precedent (“CPs”) of the agreements signed on 30 March 2024, SLNG II has to date committed investments of approximately USD 15 million to implement the 2nd FSRU.5) The termination notice received on 7 October 2024 was issued on the basis that the agreements signed on 30 March 2024 had not become effective as a performance bond was not submitted within 90 days as stipulated, i.e. on 28 June 2024. SLNG II said that as that date fell on a Friday (not a banking day in Bangladesh), the performance bond was delivered on the next possible working day, with acknowledgement by Petrobangla.6) SLNG II’s lawyers have confirmed that SLNG II had not breached any CPs of the agreements of 30 March 2024. Even if any CP was delayed, Petrobangla did not notify SLNG II within the agreed 30-day window and had therefore deemed the CP as accepted.“SLNG II is owned by Summit Power International Limited (“SPIL”), the largest private sector investor in energy in Bangladesh with a proven track record of developing long-term infrastructure projects in a responsible and transparent manner. SPIL has stated that our investments have helped to catalyse foreign direct investment (“FDI”) into Bangladesh. We respectfully urge the Government of Bangladesh to uphold the sanctity of contracts and to ensure that investors' rights are protected and treated fairly and equitably,” SPIL said.Media Contact WeR1 Consultants Pte Ltd Isaac Tang and Shindy Kaur WhatsApp (Text): (+65) 9748 0688 <a href="mailto:summit@wer1.net">summit@wer1.net</a> Copyright 2024 ACN Newswire. All rights reserved. www.acnnewswire.com]]></description><link>https://www.acnnewswire.com/press-release/english/93186/</link><guid>https://www.acnnewswire.com/press-release/english/93186/</guid><category>Energy, Alternatives, Alternative Energy, Government</category><stock_tickers>SGX:1579715D</stock_tickers><summary>Summit LNG Terminal II Co Ltd ("SLNG II"), a unit of Summit Group, has urged the Government of Bangladesh to reverse its decision to terminate the third Floating Storage and Regasification Unit ("FSRU") project in the country.</summary><featuredimage /></item><item><title>Wadaoki Forest at the Mihara Machinery Works Certified as 'Nationally Certified Sustainably Managed Natural Site' by Ministry of the Environment</title><pubDate>Wed, 02 Oct 2024 14:42:00 +0800</pubDate><description><![CDATA[<img src="https://www.acnnewswire.com/images/company/MHI_new.jpg" border="0" />TOKYO, Oct 1, 2024 - (JCN Newswire) - Mitsubishi Heavy Industries, Ltd. (MHI) announces that its "Wadaoki Forest," a forested area cultivated near the site of the company's Wadaoki Plant at the Mihara Machinery Works in Mihara, Hiroshima Prefecture, has been certified as a "Nationally Certified Sustainably Managed Natural Site" by Japan's Ministry of the Environment. <img style="display: block; margin-left: auto; margin-right: auto;" src="https://photos.acnnewswire.com/WadaokiForestFig1.jpg" alt="" width="650" height="373">A "Nationally Certified Sustainably Managed Natural Site" is a system in which the national government certifies areas where biodiversity is being conserved through private-sector efforts, part of the effort aimed at achieving "30by30," an international target to effectively conserve at least 30% of land and sea areas as healthy ecosystems by 2030. Certified areas will also be registered in international databases as OECMs (Other Effective area-based Conservation Measures)."Wadaoki Forest" is an 8.3-hectare forest cultivated by MHI, started in 1974 when the company began planting trees on land that originally had no vegetation. Over the last 50 years, through proper maintenance and management, MHI has created a landscape that is in harmony with the natural environment around the plant, as well as a healthy ecosystem where about 40 species of birds can be seen throughout the year. "Wadaoki Forest" was recognized for its value as an "area for provision of ecosystem services, where there exists a healthy ecosystem consisting of a variety of plant and animal species, mainly native species." MHI will continue its efforts to conserve biodiversity.The Mihara Machinery Works, as a pilot plant for achieving carbon neutrality, has been at the forefront of MHI Group's environmental initiatives. As a result of measures implemented through FY2023 to install solar panels, along with wide-ranging energy conservation and streamlining, the plant is within sight of a 97.7% reduction in CO2 emissions compared to FY2021 levels, and has acquired practical know-how for achieving carbon neutrality. Currently, MHI is proactively concentrating carbon neutrality solutions at the plant, working to achieve carbon neutrality in stages.In accordance with the MHI Group's Declaration on Biodiversity formulated in April 2023, MHI Group is promoting measures to conserve and restore biodiversity and natural capital in the regions where Group companies operate, both in Japan and overseas. In addition, MHI Group has adopted "MISSION NET ZERO," a program to achieve carbon neutrality by 2040, and is working to realize net zero CO2 emissions from the corporate group and its entire value chain. MHI Group, recognizing the close relationship between biodiversity loss and climate change, will continue to work in an integrated way for nature positive and carbon neutrality measures, and contribute to the realization of a sustainable world. <img style="display: block; margin-left: auto; margin-right: auto;" src="https://photos.acnnewswire.com/WadaokiForestFig2.jpg" alt="" width="650" height="222"> About MHI GroupMitsubishi Heavy Industries (MHI) Group is one of the world’s leading industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit <a href="https://www.mhi.com/">www.mhi.com</a> or follow our insights and stories on <a href="https://spectra.mhi.com/">spectra.mhi.com</a>. Copyright 2024 ACN Newswire. All rights reserved. www.acnnewswire.com]]></description><link>https://www.acnnewswire.com/press-release/english/93098/</link><guid>https://www.acnnewswire.com/press-release/english/93098/</guid><category>Energy, Alternatives, Environment, ESG</category><stock_tickers>TYO:7011, OTCMKTS:MHVYF, FRA:MIH</stock_tickers><summary>Mitsubishi Heavy Industries, Ltd. (MHI) announces that its "Wadaoki Forest," a forested area cultivated near the site of the company's Wadaoki Plant at the Mihara Machinery Works in Mihara, Hiroshima Prefecture, has been certified as a "Nationally Certified Sustainably Managed Natural Site" by Japan's Ministry of the Environment.</summary><featuredimage>https://photos.acnnewswire.com/tr:n-650/WadaokiForestFig1.jpg</featuredimage></item><item><title>Clean Energy Transition Asia (CETA) Exhibition and Summit to Align with Malaysia's NETR Roadmap in Regional Push for Sustainability</title><pubDate>Thu, 26 Sep 2024 09:39:00 +0800</pubDate><description><![CDATA[<img src="https://www.acnnewswire.com/images/company/collab220.jpg" border="0" />KUALA LUMPUR, Sept 26, 2024 - (ACN Newswire) - The Clean Energy Transition Asia (CETA) Exhibition and Summit is set to take place  at the Kuala Lumpur Convention Centre (KLCC) from 9-11 October, 2024, uniting leaders from the clean energy sectors to accelerate Asia’s transition to a sustainable energy future.  <img style="display: block; margin-left: auto; margin-right: auto;" src="https://photos.acnnewswire.com/ceta.jpg" alt="" width="604" height="340">Co-located with the distinguished International Greentech & Eco Products Exhibition and Conference Malaysia (IGEM) 2024 and the MobilityX Asia, CETA will provide an integrated platform for both public and private stakeholders to collaborate on innovative solutions, driving sustainability and energy security across the region.This year’s event will closely align with Malaysia’s National Energy Transition Roadmap (NETR), positioning CETA as a key driver in the nation’s vision for energy transition. Launched last year by Prime Minister Datuk Seri Anwar Ibrahim, the NETR outlines a comprehensive strategy for achieving net-zero carbon emissions by 2050, and emphasises the importance of balancing economic growth with sustainability and energy security.  The Summit will serve as a platform to advance the country’s ambitious green energy agenda while setting a model for the region.McKinsey & Company and Rystad Energy join CETA as Knowledge Partner and Strategic Partner respectively, lending strength to the Summit with their key research and insights.Vishal Agarwal, Senior Partner at McKinsey & Company, stated, “Our assessment shows that in Asia alone, there is a potential for new value pools in green businesses worth $3 to $5 trillion in the next decade. This includes areas such as renewables, green data centres, electrification and transportation, and green materials.”Mel Lanvers-Shah, CEO of The Co_Lab Pte Ltd, the event's owner and organizer, emphasised, “CETA’s alignment with Malaysia’s National Energy Transition Roadmap demonstrates the crucial role that industry collaboration plays in achieving our collective sustainability goals. Together, we can build on the NETR's vision and extend its impact across Asia through the CETA platform.”Key themes addressed at the Summit include Policy & Energy Leadership, RE Ramp Up, The Hydrogen Economy, Financing Zero, Carbon, Transition Bridge and CASE Mobility Futures (a Connected Autonomous Shared Electric Mobility future for ASEAN).The Summit sessions will include top-level Ministerial Keynotes, Global Leadership Keynote Addresses, Global Leadership Panels and invitational Minister CEO Leadership Roundtables.Vijay Krishnan, Partner and Head of Asia Pacific at Rystad Energy, who is also speaking at the CETA Summit, noted,“Rystad Energy anticipates a continued rise in emissions, but expect them to decline afterward. Unfortunately, some key developed nations have shifted focus away from decarbonisation, emissions management and ESG principles. This shift in rhetoric is beginning to impact ASEAN, which is a significant concern we are committed to addressing at CETA.”“CETA's emphasis on adopting a whole-of-energy approach mirrors Malaysia’s NETR goals, particularly in its focus on balancing the development of clean energy technologies with the responsible use of hydrocarbons,” added Mel Lanvers-Shah.“Through innovative discussions and partnerships, the summit aims to accelerate the deployment of renewable energy projects, such as solar and wind, while fostering technologies like carbon capture and storage (CCS) to ensure a smooth transition in line with Malaysia's 2050 net-zero ambitions.”The IGEM, CETA and MobilityX Exhibition will feature over 500 exhibitors and sponsors, and is expecting an audience size of nearly 50,000 attendees, including energy professionals from across the region, with a view to exploring and procuring critical solutions that will help them grow their businesses.Organised by The Co_Lab Pte Ltd, CETA is held under the patronage of the Ministry of Natural Resources and Environmental Sustainability (NRES), with the Malaysian Green Technology and Climate Change Corporation (MGTC) as its strategic partner and PETRONAS as its Industry Patron.To register and for more information, please visit <a href="http://www.ceta.asia/">www.ceta.asia</a>About CETA The Clean Energy Transition Asia (CETA) Exhibition and Summit is the premier event in Asia focused on driving the region’s energy transition by uniting the clean energy and hydrocarbon sectors. CETA aims to accelerate sustainability efforts across the region by aligning with national strategies, such as Malaysia’s NETR, to ensure a just, secure, and affordable future for all.Co-located with the <a href="https://www.igem.my/">International Greentech & Eco Products Exhibition & Conference Malaysia (IGEM) 2024</a> and <a href="https://mobilityx.asia/">MobilityX</a>, CETA is under the esteemed patronage of the Ministry of Natural Resources and Environmental Sustainability (NRES) Malaysia.Adopting an integrated, whole-of-energy approach, CETA will bring together the clean energy and hydrocarbons sectors through an exhibition and summit focused on four key pillars critical to the region's energy transition: Renewable Energy Ramp-Up, Hydrogen, Carbon, and Transition Fuels. About IGEMIGEM has established itself as Southeast Asia’s largest trade event for green technologies and eco solutions. Over the years, IGEM has successfully generated close to RM41 billion in business leads since its inception in 2010. To date, IGEM has attracted over 530,000 visitors, including delegates, dignitaries, and companies from more than 112 countries. For media enquiries, please contact <a href="mailto:marcomms@ceta.asia">marcomms@ceta.asia</a>. Copyright 2024 ACN Newswire. All rights reserved. www.acnnewswire.com]]></description><link>https://www.acnnewswire.com/press-release/english/93008/</link><guid>https://www.acnnewswire.com/press-release/english/93008/</guid><category>Trade Shows, Energy, Alternatives</category><stock_tickers /><summary>The Clean Energy Transition Asia (CETA) Exhibition and Summit is set to take place at the Kuala Lumpur Convention Centre (KLCC) from 9-11 October, 2024, uniting leaders from the clean energy sectors to accelerate Asia's transition to a sustainable energy future.</summary><featuredimage>https://photos.acnnewswire.com/tr:n-650/ceta.jpg</featuredimage></item></channel></rss>