Category: Climate Change

MIL-OSI: Bpce: Groupe BPCE Results Q4-24 & 2024

Source: GlobeNewswire (MIL-OSI)

Paris, February 5, 2025

STRONG PERFORMANCES IN 2024

• Excellent performance in Q4-24 •
• Net income (Group share) of €3.5bn in 2024, strong growth of +26% •
• VISION 2030: dynamic implementation of the strategic project •

Q4-24: net banking income at €6bn, up +11% YoY; very good performance achieved by retail banking and the global businesses; net income of €913m, +140% YoY
2024: net banking income of €23.3bn, 5% growth YoY driven by all the business lines; gross operating income up by a strong 18% notably thanks to good cost control; reported net income²of €3.5bn, up by 26% YoY

Very high levels of solvency and liquidity with a CET1 ratio of 15.6%³ and a LCR of 142%⁴ at end-2024

RETAIL BANKING & INSURANCE Sharp 14% growth in revenues in Q4-24 and 4% in 2024 driven in particular by the confirmed rebound in net interest margins and commissions. The Banque Populaire and Caisse d’Epargne retail banking networks enjoyed sustained growth in their customer bases with the addition of 846,000 new clients⁶in 2024

Local & regional financing: €84bn of funding for our clients of individual, professional, corporate, and institutional clients; 1% year-on-year growth in loan outstandings, rising to a total of €724bn at end-December 2024
Deposits & savings⁷up by €5bn year-on-year, reaching a total of €681bn at end-December 2024
Insurance: gross inflows⁸ of €14.9bn in life insurance in 2024. Premiums up 15% in 2024 YoY. The equipment rate⁹for P&C and Personal Protection insurance stood at ~35% at end-December 2024

Financial Solutions & Expertise: net banking income remained stable in Q4-24 and rose by 2% in full-year 2024 vs. a high basis of comparison in 2023. Good performance reported by the Leasing and Consumer Credit activities
Digital & Payments: +5% growth in the number of card transactions at end-December 2024 YoY. Oney net banking income up 8% in full-year 2024

GLOBAL FINANCIAL SERVICES Strong revenue growth, +8% in Q4-24 and full-year 2024; very dynamic business development in Corporate & Investment Banking, net banking income up 5% in Q4-24 year-on-year; very good performance achieved by Asset Management with net banking income up 11% in Q4-24 year-on-year

Corporate & Investment Banking: net banking income of €1.1bn in Q4-24; +19% growth in revenues in Q4-24 YoY for Global Markets, driven by the Fixed-income and Equity segments; net banking income up 2% for Global Finance, driven in particular by Trade Finance activities, and up by 6% for Investment Banking activities in Q4-24
Asset & Wealth Management: Natixis IM’s assets under management up 13% YtD, reaching an all-time high of €1,317bn at end-December 2024; very high net fund inflows of €40bn in full-year 2024, particularly from Fixed-Income expertise; net banking income of €968m in Q4-24, reflecting strong growth of 11% YoY.

Expenses remained stable year-on-year in 2024 and good improvement in the cost/income by 3.5pp

Prudent provisioning policy: cost of risk of €2.1bn in 2024, i.e. 24bps, standing below the announced guidance level; €596 million in Q4-24, down 20% year-on-year

Financial strength: CET1 ratio of 15.6%³at end-December 2024; liquidity reserves of €302bn

VISION 2030 strategic project: fast-paced and dynamic implementation

April 2024: announcement of the project to acquire SGEF, making Groupe BPCE the European leader in equipment leasing; completion of the transaction scheduled for Q1-25.
June 2024: plan to create France’s No. 1 payment processor in partnership with BNP Paribas with a view to becoming one of the top 3 players in Europe.
June 2024: commercial partnerships with two leaders in their respective markets: Leroy Merlin and Verisure
January 2025: announcement of plan to create Europe’s leading asset manager in a joint venture with Generali.
Plans to create a shared technology platform for retail banking activities

¹ See the notes on methodology annexed to this press release ²Group share ³ Ratio estimated at end-December 2024 integrating pro forma the coming impact of SGEF and Nagelmackers acquisitions ⁴Average end-of month LCRs in Q4-24 ⁵ Estimated at end-December 2024 ⁶ 196,100 new active clients over the year ⁷ On-balance sheet savings & deposits within the scope of the Retail Banking & Insurance business unit ⁸ Excluding reinsurance treaty with CNP Assurance ⁹ Scope of the individual clients in the BP and CE retail banking networks

Nicolas Namias, Chairman of the Management Board of BPCE, said: “2024 marked the return of strong performance across all our business lines. Groupe BPCE saw its earnings grow by 26% over the year as a whole and by a total of 140% in the fourth quarter of 2024.

Banques Populaires and Caisses d’Epargne benefited from the confirmed rebound in their net interest margin along with an extremely buoyant level of commercial activity, illustrated by the arrival of 846,000 new clients in 2024. All the business lines serving the retail banking networks – Insurance, Payments, Financial Solutions & Expertise – generated growth both in full-year 2024 and in the 4^thquarter of the year. It also proved to be a remarkable quarter and full-year period for the global business lines managed by Natixis CIB and Natixis IM with, in particular, 19% revenue growth in our capital markets activities in the fourth quarter, and a record-breaking 40 billion euros in net inflows for our asset management activities in the course of the year.

These results testify to the dynamic implementation of our VISION 2030 strategic project. In the space of a year, we announced the planned acquisition of SGEF, making the Group the front-ranking European equipment leasing specialist, an initiative due to be completed early this year; the creation, with BNP Paribas, of the French leader in payment processing, with a view to becoming one of the top 3 players in Europe; plans to create a champion in asset management with Generali that would be No.1 in Europe in terms of revenues and one of the top 10 asset management specialists worldwide. Today, we announce our ambition to create a common technological platform for the Banques Populaires and Caisses d’Epargne by setting up a joint information system. Designed to further enhance the Group’s performance, this project sets out to optimize the service offered to our 35 million clients and to improve the day-to-day lives of our employees and, in the process, support the development of retail banking in France. These projects give concrete expression to our determination to pursue well-balanced development across our three priority growth areas: France, Europe, and the rest of the world.

These extremely exciting prospects for the months ahead will be driven by our staff of employees, who this year demonstrated their tremendous mobilization and enthusiasm during the Olympic & Paralympic Games Paris 2024. We gave expression to our promise to share the Games with as many people as possible in every territorial region of France. This event enabled us to strengthen our ties with our clients both in regional France and around the world, and we will continue to foster these relationships by contributing to the sustainable development of the economies in which we do business, in line with our cooperative values.”

The quarterly financial statements of Groupe BPCE for the period ended December 31, 2024, approved by the Management Board on February 3, 2025, were verified and reviewed by the Supervisory Board, at a meeting chaired by Eric Fougère on February 5, 2025.

In this document, 2023 figures have been restated on a pro-forma basis (see annex for the reconciliation of reported data to pro-forma data).

Groupe BPCE

€m¹	Q4-24	Q4-23	% Change	2024	2023	% Change
Net banking income	6,046	5,462	11%	23,317	22,198	5%
Operating expenses	(4,184)	(4,129)	1%	(16,384)	(16,328)	0%
Gross operating income	1,862	1,332	40%	6,933	5,870	18%
Cost of risk	(596)	(744)	(20)%	(2,061)	(1,731)	19%
Income before tax	1,262	537	135%	4,956	4,182	19%
Income tax	(326)	(159)	106%	(1,357)	(1,340)	1%
Net income – Group share	913	381	140%	3,520	2,804	26%
Exceptional items	(64)	(100)	(35)%	(155)	(122)	28%
Underlying²net income – Group share	977	481	103%	3,675	2,925	26%
Underlying cost to income ratio³	67.8%	74.6%	(6.8)pp	69.4%	72.9%	(3.5)pp

¹ Reported figures as far as “Net income (Group share)” ² “Underlying” means exclusive of exceptional items ³ The underlying cost/income ratio of Groupe BPCE is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annex on pages 18 and 24.

1. Groupe BPCE

Unless specified to the contrary, the financial data and related comments refer to the reported results of the Group and
business lines; changes express differences between Q4-24 and Q4-23 and between full-year 2024 and full-year 2023.

Groupe BPCE’s net banking income rose by 11% to reach 6,046 million euros in Q4-24 thanks to strong commercial activity in all business lines. At the end of December 2024, it stood at 23,317 million euros, up 5%.

Revenues from the Retail Banking & Insurance business unit (RB&I) rose 14% in Q4-24 to 4,064 million euros and stood at 15,397 million euros in full-year 2024, representing growth of 4%. Banques Populaires and Caisses d’Epargne put up a strong commercial performance, attracting more than 846,000 new clients¹ across all markets since the beginning of the year.

Revenues in the Financial Solutions & Expertise business unit, stable in Q4-24 and up 2% in full-year 2024, were driven in particular by the leasing and consumer credit businesses. The Insurance business unit benefited from strong business momentum in life insurance with gross new inflows² of 14.9 billion euros. Business was buoyant for the Digital & Payments business unit with renewed momentum for Oney.

Revenues from the Global Financial Services (GFS) business unit were up 8% in Q4-24 and full-year 2024, reaching a total of 2,055 million euros and 7,947 million euros respectively. Corporate & Investment Banking revenues, buoyed up by strong commercial performance across all its business lines, came to 1,087 million euros in Q4-24, up 5%, and to 4,440 million euros in full-year 2024, up 7%. The net banking income generated by Asset & Wealth Management stood at 968 million euros in Q4-24, up 11%, and reached a total of 3,507 million euros in full-year 2024, up 10%. Assets under management, which rose to their highest level ever thanks to record-breaking fund inflows and positive market and currency effects, rose by 13% in the course of the year to reach 1,317 billion euros.

The net interest margin stood at 7.6 billion euros, up 4% year-on-year, while commission income, which reached 11 billion euros in full-year 2024, was up 7% year-on-year.

In full-year 2024, operating expenses remained stable at 16,384 million euros, rising 1% to 4,184 million euros in Q4-24, benefitting from positive jaws effects over the 2 periods.

The underlying cost/income ratio³ improved by 6.8pp in Q4-24 to 67.8%, and by 3.5pp in full-year 2024 to 69.4%

Gross operating income rose by 40% to 1,862 million euros in Q4-24, and by 18% to 6,933 million euros in full-year 2024.

Groupe BPCE’s cost of risk, which came to -2,061 million euros in 2024, increased by a total of 19% vs. a low basis of comparison in 2023. In Q4-24, it stood at -596 million euros, down 20%.

Performing loans are deemed to be rated ‘Stage 1’ or ‘Stage 2,’ while loans with proven risk are rated ‘Stage 3.’

¹ 196,100 new active clients in full-year 2024 ² Excluding the reinsurance treaty with CNP Assurances³ The underlying cost/income ratio of Groupe BPCE is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annex on page 24

For Groupe BPCE, the amount of provisions for performing loans rated ‘Stage 1’ or ‘Stage 2’ corresponds:

For the quarter, to a reversal of 31 million euros in Q4-24 vs. an allocation of 34 million euros in Q3-24 and vs. an allocation of 145 million euros in Q4-23,
For the 12-month period, a reversal of 177 million euros in 2024 vs. a reversal of 112 million euros in 2023.

Provisions for loan outstandings with proven risk, rated ‘Stage 3,’ correspond:

For the quarter, to an allocation of 627 million euros in Q4-24 vs. an allocation of 488 million euros in Q3-24 and vs. an allocation of 598 million euros in Q4-23,
For the 12-month period, an allocation of 2,238 million euros in 2024 vs. an allocation of 1,843 million euros in 2023.

In Q4-24, the cost of risk for Groupe BPCE stood at 28bps in terms of gross customer outstandings, down 7bps. This figure includes a reversal of 1bp on performing loans (vs. an allocation of 7bps in Q4-23) and an allocation on loan outstandings with proven risk of 29bps vs. an allocation of 28bps in Q4-23.
In Q4-24, the cost of risk remained stable for the Retail Banking & Insurance business unit at 30bps, including a 1bp provision for performing loans (vs. a 5bps allocation to provisions in Q4-23) and a 30bps allocation on loan outstandings with proven risk, as in Q4-23.
The cost of risk for the Corporate & Investment Banking business unit came to 55bps (vs. 37bps in Q4-23), including a 13bps reversal on performing loans (vs. a 16bps provision in Q4-23) and a 67bps provision on loans with proven risk (vs. a 21bps provision in Q4-23).

In 2024, Groupe BPCE’s cost of risk stood at 24bps of gross customer loan outstandings. This figure includes a 2bps reversal of provisions on performing loans (vs. a 1bp reversal in 2023) and a 26bps provision on loans with proven risk (vs. a 22bps provision in 2023).
The cost of risk was 24bps for the Retail Banking & Insurance business unit (21bps in 2023), including a 2bps reversal on performing loans (as in 2023) and a 26bps provision on loans with proven risk (vs. a 23bps provision in 2023).
The cost of risk for the Corporate & Investment Banking business unit came to 40bps (24bps in 2023), including a 6bps reversal on performing loans (vs. a 4bps reversal in 2023) and a 46bps provision on loans with proven risk (vs. a 28bps provision in 2023).

The ratio of non-performing loans to gross loan outstandings stood at 2.5% at December 31, 2024, up 0.1pp compared with end-December 2023.

Reported net income (Group share) came to 913 million euros in Q4-24, up 140%. In full-year 2024, it stood at 3,520 million euros, up 26%.

The impact of exceptional items on net income (Group share) was -64 million euros in Q4-24 vs. -100 million euros in Q4-23 and -155 million euros in full-year 2024 vs. -122 million euros in full-year 2023.

Underlying net income (Group share)¹ rose by 103% to stand at 977 million euros in Q4-24, and grew by 26% to 3,675 million euros in full-year 2024.

1 “Underlying” means exclusive of exceptional items

2. A Group mobilized to decarbonize the economy and committed to making impact accessible to all

Strong commitments in 2024

Climate commitments:

The Group has published new decarbonization ambitions for the 11¹ most highly emissive industrial sectors: Aluminum, Aviation, Commercial real estate, Residential real estate, Agriculture, Automotive, Steel and Cement, and has strengthened its ambitions in the Power Generation and Oil & Gas sectors.

Environmental commitments:

Groupe BPCE has strengthened its commitment by joining act4nature international.

Social commitments by providing financing for players in the social & solidarity-based economy, in social housing and the Public Sector.

Innovative and concrete actions for our clients

The Banques Populaires and Caisses d’Epargne retail banking networks have launched innovations to facilitate home ownership and offer all individual customers energy-efficient renovation solutions to preserve the value of their real-estate assets: for example, by the end of November 2024, over 640 million euros in financing had been granted for energy-efficient home renovation, and the Advice and Sustainable Solutions digital module had received over 5 million unique visitors.
The Group serves the SME and ISE clients of the Banques Populaires and Caisses d’Epargne, as well as local communities by providing locally-based advice and by financing the transition of their business models. It has also strengthened its partnership with the European Investment Bank (EIB) for the innovation and energy transition with over one billion euros in transition and decarbonization financing.
Green revenues in the CIB rose by +14% in 2024 YoY, driven by sustainable finance and renewable energy & new energy activities including tailored-made solutions and dedicated expertise provided by the Green Hub.

Groupe BPCE, a pioneer in sustainable finance, launched 5 green and social bond issues in the course of 2024 for an aggregate value of more than 3.6 billion euros, including the 1^st Social Bond with a profit-sharing coupon for the benefit of the Institut Robert-Debré du Cerveau de l’Enfant (Children’s Brain Development Institute), supported by APHP (Paris Public Hospitals).

¹ Given the insignificant amount of Natixis CIB’s financing dedicated to freight and passenger ships, Groupe BPCE has not published its action plan for this industrial sector

3. Capital, loss-absorbing capacity, liquidity, and funding

3.1 CET1¹ratio

Groupe BPCE’s CET1 ratio at end-December 2024 stood at an estimated 16.2%, unchanged from the previous quarter. It includes the following impacts:

Retained earnings: +21bps,
Net issuance of cooperative shares: +3bps,
Change in risk-weighted assets: – 33bps,
Other changes, including variations in the prudential backstop provision, items included under Other Comprehensive Income, and other adjustments: +4bps.

The Group’s CET1 ratio – presented on a pro-forma basis to reflect the inclusion of the future impacts of the SGEF and Nagelmackers acquisitions (-54bps) – stands at 15.6%,

At end-December 2024, Groupe BPCE held an equity buffer estimated at 18.6 billion euros above the threshold for triggering the maximum distributable amount (MDA) for equity capital, taking account of the prudential requirements laid down by the ECB applicable on January 2, 2025.

3.2 TLAC ratio¹

The Total Loss-Absorbing Capacity (TLAC) stood at an estimated 122.1 billion euros at the end of December 2024. The TLAC ratio, expressed as a percentage of risk-weighted assets, stood at an estimated 26.7%² at the end of December 2024 (without taking account of preferred senior debt for the calculation of this ratio), well above the standard requirements of the Financial Stability Board that were equal to 22.4% at January 2, 2025.

3.3 MREL ratio¹

Expressed as a percentage of risk-weighted assets at December 31, 2024, Groupe BPCE’s subordinated MREL ratio (without taking account of preferred senior debt for the calculation of this ratio) and the total MREL ratio stood at 26.7%² and 34.6%, well above the minimum requirements laid down by the SRB at January 2, 2025 of 22.4%³ and 27.3%³ respectively.

3.4 Leverage ratio¹

At December 31, 2024, the estimated leverage ratio stood at 5.1%, well above the requirement.

3.5 Liquidity reserves at a high level

The LCR (Liquidity Coverage Ratio) for Groupe BPCE is well above the regulatory requirement of 100%, at an average of 142% of month-end LCRs for the 4^th quarter 2024.
Liquidity reserves stood at 302 billion euros at December 2024, representing a coverage ratio of 177% of short-term financial debt (including short-term maturities of medium- to long-term financial debt).

3.6 MLT funding plan: 32% of the 2025 objectives completed as at January 31, 2025

The size of the MLT funding plan, excluding structured private placements and Asset Backed Securities (ABS), has been set at 23 billion euros for 2025. The breakdown per type of debt is as follows:

10 billion euros in TLAC funding: 2.0 billion euros in Tier 2 funding and 8 billion euros in senior non-preferred debt,
3 billion euros senior preferred debt,
10 billion euros in covered bonds.

The target for ABS is 8 billion euros.

At January 31, 2025, Groupe BPCE had raised 7.3 billion euros, excluding structured private placements and ABS (32% of the 23 billion euro funding plan):

5.6 billion euros in TLAC funding: 1.7 billion euros in Tier 2 funding (87% of requirements) and 3.9 billion euros in senior non-preferred debt (49% of requirements),
1.7 billion euros in covered bonds (17% of requirements).

At January 31, 2025, the amount of ABS raised came to a total of 0.7 billion euros, i.e. 8% of the target.

Capital adequacy, Total loss-absorbing capacity – see the note on methodology
¹ Estimated at December 31, 2024 ² Groupe BPCE has chosen to waive the possibility provided by Article 72 Ter (3) of the Capital Requirements Regulation (CRR) to use senior preferred debt to ensure compliance with its TLAC/subordinated MREL requirements. ³ Following reception of MREL’s annual letter for 2024

4. Results of the business lines

4.1 Retail Banking & Insurance

€m¹	Q4-24	% Change	2024	% Change
Net banking income	4,064	14%	15,397	4%
Operating expenses	(2,497)	(0)%	(9,902)	1%
Gross operating income	1,567	45%	5,495	10%
Cost of risk	(556)	(13)%	(1,751)	16%
Income before tax	998	142%	3,807	8%
Exceptional items	(45)	(60)%	(115)	3%
Underlying²income before tax	1,044	98%	3,922	8%
Underlying cost/income ratio³	60.4%	(8.5)pp	63.6%	(2.2)pp

At end-December 2024, loan outstandings rose by 1% to 724 billion euros. Outstanding home loans remained stables at 400 billion euros, while equipment loans rose by 3% during the year to 199 billion euros.

At end-December 2024, on-balance sheet customer deposits & savings totaled 681 billion euros, representing an increase of 5 billion euros year-on-year, with a 5% rise in term accounts and a 3% year-on-year increase in both regulated and unregulated passbook savings accounts.

Net banking income for the Retail Banking & Insurance business unit rose by 14% in Q4-24 to 4,064 million euros, and by 4% in full-year 2024 to 15,397 million euros. In Q4-24, these changes reflect the good level of business activities: in the networks, revenues rose by 17% for the Banque Populaire retail banking network and by 14% for the Caisse d’Épargne network. Net banking income for both networks also recorded growth in full-year 2024, by 4% for the Banque Populaire network and by 3% for the Caisse d’Épargne network.

The Financial Solutions & Expertise business lines continued to benefit from strong sales momentum, particularly in the leasing segment. Revenues remained stable in Q4-24 but saw 2% growth in full-year 2024. In Insurance, premiums⁴ rose by 15% in 2024, driven by both Non-Life Insurance and Life & Personal Protection Insurance. The Digital & Payments business unit reported a 14% increase in revenues in Q4-24 and 7% growth in full-year 2024, driven by card transactions and instant payment operations.

Operating expenses remained tightly managed, stable in Q4-24 at 2,497 million euros, and up by just 1% in full-year 2024 to 9,902 million euros.

The underlying cost/income ratio³ improved by 8.5pp in Q4-24 to 60.4%, and by 2.2pp in full-year 2024 to 63.6%.

The business unit’s gross operating income benefited from a strong positive jaws effect, rising by 45% in Q4-24 to
1,567 million euros and by 10% in full-year 2024 to 5,495 million euros.

The cost of risk amounted to -556 million euros in Q4-24, down 13%, and stood at -1,751 million euros in 2024, up 16%.

For the business unit as a whole, income before tax amounted to 998 million euros in Q4-24, up 142%, and stood at 3,807 million in full-year 2024, up 8%.

Underlying income before tax² amounted to 1,044 million euros in Q4-24, up 98%, and came to 3,922 million euros in full-year 2024, up 8%.

4.1.1 Banque Populaire network
The Banque Populaire retail banking network is comprised of 14 cooperative banks (12 regional Banques Populaires along
with CASDEN Banque Populaire and Crédit Coopératif) and their subsidiaries, Crédit Maritime Mutuel, and the Mutual
Guarantee Companies.

€m¹	Q4-24	% Change	2024	% Change
Net banking income	1,614	17%	6,098	4%
Operating expenses	(980)	1%	(4,047)	2%
Gross operating income	634	56%	2,051	8%
Cost of risk	(266)	(6)%	(814)	25%
Income before tax	352	137%	1,285	(2)%
Exceptional items	(17)	77%	(51)	ns
Underlying²income before tax	369	133%	1,336	2%
Underlying cost/income ratio³	59.7%	(10.2)pp	65.5%	(1.9)pp

Loan outstandings remained stable year-on-year, standing at 301 billion euros at the end of December 2024.
On-balance sheet customer deposits & savings decreased by 2 billion euros year-on-year at the end of December 2024, with term accounts remaining stable during the 12-month period, while both regulated and unregulated passbook savings accounts saw 2% year-on-year growth.

Net banking income came to 6,098 million euros in full-year 2024, up 4% year-on-year. This included 3.2 billion euros in net interest margin^4,5 up 5% year-on-year, and 2.9 billion euros in commissions⁵ (up 3% year-on-year).
In Q4-24, net banking income came to a total of 1,614 million euros, up 17% year-on-year.

Operating expenses rose by a limited 1% in Q4-24 to 980 million euros, and increased by 2% in full-year 2024, to 4,047 million euros.
The underlying cost/income ratio³ consequently saw a 10.2pp improvement in Q4-24, to 59.7%, and a 1.9pp improvement in full-year 2024, to 65.5%.

Gross operating income benefited from positive jaws effects, rising by 56% to 634 million euros in Q4-24 and by 8% to 2,051 million euros in full-year 2024.

The cost of risk stood at -266 million euros in Q4-24, down 6%, and -814 million euros in 2024, up 25%.

Income before tax came to 352 million euros in Q4-24 (+137%) and 1,285 million euros in 2024 (-2%).

Underlying income before tax² amounted to 369 million euros in Q4-24 (+133%) and 1,336 million euros in full-year 2024
(+2%).

¹ Reported figures until “Income before tax” ² “Underlying” means exclusive of exceptional items ³ The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses ⁴ Excluding provisions for home-purchase savings schemes ⁵ Income on regulated savings has been restated to account for the net interest margin and included under commissions

4.1.2 Caisse d’Epargne network
The Caisse d’Epargne retail banking network comprises 15 individual Caisses d’Epargne along with their subsidiaries

€m¹	Q4-24	% Change	2024	% Change
Net banking income	1,616	14%	6,054	3%
Operating expenses	(1,084)	0%	(4,216)	1%
Gross operating income	531	55%	1,838	10%
Cost of risk	(205)	(6)%	(640)	16%
Income before tax	328	161%	1,200	7%
Exceptional items	(27)	171%	(60)	ns
Underlying²income before tax	355	162%	1,260	13%
Underlying cost/income ratio³	65.4%	(9.8)pp	68.7%	(2.7)pp

Loan outstandings rose by 1% year-on-year to 376 billion euros at the end of December 2024.
On-balance sheet customer deposits & savings increased by 5 billion euros year-on-year, with growth in term accounts (+12%) and an increase in regulated and unregulated passbook savings accounts (+3%).

Net banking income rose by 3% to reach 6,054 million euros in full-year 2024, including:

2.6 billion euros in net interest margin^4,5, down 3% year-on-year,
3.4 billion euros in commissions⁵ up 7% year-on-year.

Net banking income came to a total of 1,616 million euros, up 14% year-on-year, in Q4-24 and stood at 6,054 million euros, up 3% year-on-year in full-year 2024.

Operating expenses remained stable at 1,084 million euros in Q4-24, and rose by 1% in full-year 2024 to 4,216 million euros.

The underlying cost/income ratio³ improved by 9.8pp to 65.4% in Q4-24 and by 2.7pp to 68.7% in full-year 2024.

Gross operating income benefited from positive jaws effects in Q4-24 (+55%), rising to 531 million euros, and enjoyed 10% growth in full-year 2024, rising to 1,838 million euros.

The cost of risk came to -205 million euros in Q4-24, down 6%, and to -640 million euros in 2024, up 16%.

Income before tax rose by 161% to 328 million euros in Q4-24, and came to 1,200 million euros in 2024.
(+7%).

Underlying income before tax² amounted to 355 million euros in Q4-24 (+162%) and 1,260 million euros in full-year 2024
(+13%).

4.1.3 Financial Solutions & Expertise

€m¹	Q4-24	% Change	2024	% Change
Net banking income	334	(0)%	1,303	2%
Operating expenses	(169)	1%	(636)	1%
Gross operating income	165	(2)%	667	3%
Cost of risk	(38)	(30)%	(108)	11%
Income before tax	125	11%	555	2%
Exceptional items	0	ns	0	ns
Underlying²income before tax	125	11%	555	1%
Underlying cost/income ratio³	50.7%	1.0pp	48.8%	(0.3)pp

Sales momentum remained strong in services designed for individual customers, particularly in consumer credit, with average loan outstandings (personal loans and revolving credit) up 7% year-on-year, consolidating the Group’s position as France’s leading bank for consumer credit.

The Leasing activity continued to provide robust support to companies with growth in average outstandings (+10% year-on-year) chiefly driven by equipment leasing (+17%). Energéco, a player committed to the renewable energies sector, had an exceptional year with production exceeding, for the first time, one billion transactions arranged.

Despite the unfavorable business environment, the business lines working in the housing and real estate sector demonstrated their resilience with confirmation in Q4-2024 of the positive upturn of activity in personal loan guarantees, leading to an increase in gross written premiums (+2% in Q4-24 year-on-year vs. -40% in the first 9 months of 2024).

Net banking income for the Financial Solutions & Expertise business unit remained stable at 334 million euros in Q4-24, but rose 2% to 1,303 million euros in full-year 2024.

Operating expenses, which stood at 169 million euros in Q4-24 and 636 million euros in full-year 2024, remained tightly managed.

The underlying cost/income ratio³ increased by 1.0pp in Q4-24 to 50.7% and improved by 0.3pp in full-year 2024 to 48.8%.

Gross operating income, which came to 165 million euros in Q4-24, was down 2%; it stood at 667 million euros in full-year 2024, up 3%.

The cost of risk stood at -38 million euros in Q4-24, down 30%, and at -108 million euros in full-year 2024 (+11%).

Income before tax rose by 11% to 125 million euros in Q4-24 and increased by 2% to 555 million euros in full-year 2024.

Underlying income before tax² rose by 11% in Q4-24 and by 1% in full-year 2024, to 125 million euros and 555 million euros respectively.

4.1.4 Insurance¹
The results presented below concern the Insurance business unit held directly by BPCE since March 1, 2022.

€m²	Q4-24	% Change	2024	% Change
Net banking income	171	17%	694	10%
Operating expenses³	(36)	(10)%⁴	(143)	(12)%⁴
Gross operating income	135	28%	550	17%
Income before tax	141	32%	566	19%
Exceptional items	0	ns	0	ns
Underlying⁵income before tax	141	30%	566	17%
Underlying cost/income ratio⁶	21.3%	(5.3)pp	20.7%	(4.1)pp

In Q4-24, premiums⁷ reached 4.8 billion euros, up 12% thanks to the considerable dynamism demonstrated by Life Insurance and Life & Personal Protection insurance. In full-year 2024, premiums⁷ rose by 15% to 18.6 billion euros, with a 16% increase for Life & Personal Protection insurance and a 9% increase for Property & Casualty insurance.

Life insurance assets under management⁷ reached 103 billion euros at the end of December 2024 thanks to record-breaking net inflows in both euro funds and unit-linked products. Since the end of December 2023, life insurance assets have risen by 12%, driven by significant positive inflows in both euro funds and unit-linked products. Gross inflows⁷ in life insurance stood at 14.9 billion euros in 2024. Unit-linked products accounted for 53% of inflows⁷ at the end of December 2024.

In the Property & Casualty segment, the client equipment rate for both networks was approximately 35%⁸ at the end of December 2024, up 0.5pp since the end of December 2023.

Net banking income rose by 17% in Q4-24 to 171 million euros, and rose by 10% to 694 million euros in full-year 2024.

Operating expenses³ fell by 10%⁴ year-on-year in Q4-24 to 36 million euros, and by 12%⁴ in full-year 2024 to 143 million euros.

The underlying cost/income ratio⁶ improved by 5.3pp to stand at 21.3% in Q4-24, and improved by 4.1pp to reach 20.7% in full-year 2024.

Thanks to positive jaws effects in Q4-24 and full-year 2024, EBITDA rose by 28% and 17% respectively.

Income before tax also improved, rising by 32% to 141 million euros in Q4-24 and by 19% to 566 million euros in full-year 2024.

Underlying⁵income before tax came to 141 million euros in Q4-24 (+30%) and to 566 million euros in full-year 2024 (+17%).

¹ BPCE Assurances ² Reported figures until “Income before tax” ³ “Operating expenses” corresponds to “non-attributable expenses” under IFRS 17, i.e. all costs that are not directly attributable to insurance contracts ⁴ At constant method: +7% in Q4-24 YoY and +4% in 2024 YoY ⁵ “Underlying” means exclusive of exceptional items ⁶ The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses ⁷ Excluding reinsurance treaty with CNP Assurance
⁸ Scope: combined individual clients of the BP and CE networks

4.1.5 Digital & Payments

€m¹	Q4-24	% Change	2024	% Change
Net banking income	227	14%	873	7%
o/w Payments	128	10%	491	6%
o/w Oney	99	19%	382	8%
Operating expenses	(173)	1%	(646)	(1)%
o/w Payments	(108)	9%	(394)	3%
o/w Oney	(65)	(10)%	(252)	(7)%
Gross operating income	54	96%	227	39%
Cost of risk	(33)	(52)%	(126)	(26)%
Income before tax	20	ns	97	ns
Exceptional items	(1)	(99)%	(5)	(96)%
Underlying²income before tax	21	ns	102	125%
Underlying cost/income ratio³	76.2%	(3.5)pp	73.9%	(2.1)pp

Digital & AI

At the end of December 2024, 11.8 million customers were active on Banques Populaires and Caisses d’Epargne mobile applications (up 3% vs. end-December 2023).

The “AI for all” in-house generative AI solution was being used by over 26,000 employees at the end of December 2024 (i.e. 25% of all Group employees.)

Thanks to transformative AI, 10 million documents had been verified automatically (+71%) by end-December 2024.

Payments

Net banking income enjoyed 10% growth in Q4-24 and 6% growth in full-year 2024, while operating expenses rose 9% in Q4-24 and 3% in full-year 2024.

The widespread use of Wero (European Payments Initiative) enables all customers to send and receive money via instant account-to-account payments in less than 10 seconds. Wero handles 2 million transactions per month and serves over 2 million active customers.

In the Payment Solutions business, the number of card transactions rose by 5% year-on-year, with continued growth in mobile and instant payments (+54% and +49% year-on-year respectively) and the ongoing rollout of Android POS terminals (multiplied by a factor of 2). The launch of Google Pay has strengthened our range of mobile products.

Oney Bank

Net banking income rose by 8% in 2024 thanks to improved margin rates and the asset repricing effect. Oney maintained its leadership position in the BNPL⁴ segment in France while business was robust in Europe outside France (+19% in volumes year-on-year).

Management expenses remained well under control, falling by 7% in full-year 2024.

The sharp drop in the cost of risk in 2024 (-26% YoY) confirms the positive impact of our action plans.
Net banking income for the Digital & Payments business unit rose by 14% in Q4-24 and by 7% in full-year 2024, to reach 227 million euros and 873 million euros respectively.

The business unit’s operating expenses were up 1% in Q4-24 and down 1% in full-year 2024, to reach 173 million euros and 646 million euros respectively.

This led to a 3.5pp improvement in the underlying cost/income ratio³ to 76.2% in Q4-24 and a 2.1pp improvement to 73.9% in full-year 2024.

Gross operating income, which benefitted from positive jaws effects, rose by 96% in Q4-24 to 54 million euros, and by 39% to 227 million euros in full-year 2024.

The cost of risk fell by 52% in Q4-24 to -33 million euros, and by 26% in full-year 2024 to -126 million euros.

Income before tax amounted to 20 million euros in Q4-24 and 97 million euros full-year 2024.

Underlying²income before tax came to 21 million euros in Q4-24 and 102 million euros in full-year 2024, equal to a sharp rise of 125%.

4.2 Global Financial Services
The GFS business unit includes the Asset & Wealth Management activities and the Corporate & Investment Banking activities of
Natixis.

€m¹	Q4-24	% Change	Constant Fx % change	2024	% Change	Constant Fx % change
Net banking income	2,055	8%	7%	7,947	8%	8%
o/w CIB	1,087	5%	5%	4,440	7%	7%
o/w AWM	968	11%	10%	3,507	10%	10%
Operating expenses	(1,501)	8%	7%	(5,651)	7%	7%
o/w CIB	(738)	5%	5%	(2,889)	8%	8%
o/w AWM	(763)	11%	10%	(2,763)	6%	6%
Gross operating income	553	8%	7%	2,296	10%	10%
Cost of risk	(86)	18%		(268)	73%
Income before tax	479	14%		2,051	4%
Exceptional items	0	ns		0	ns
Underlying²income before tax	479	10%		2,051	3%
Underlying cost/income ratio³	73.1%	0.7pp		71.1%	(0.1)pp

GFS revenues rose by 8% in both Q4-24 and full-year 2024 to respectively 2,055 million euros (+7% at constant exchange rates) and 7,947 million euros (+8% at constant exchange rates). These trends are the result of the robust performance of our global business lines.

In Q4-24, revenues generated by the Corporate & Investment Banking business rose by 5% to 1,087 million euros thanks, in particular, to the strong performance achieved by the Global Markets (+19%) and Global Finance (+2%) activities in full-year 2024. Net banking income for the CIB business in full-year 2024 rose by 7% to 4,440 million euros.

In Q4-24, Asset & Wealth Management revenues rose 10% at constant exchange rates to 968 million euros, chiefly thanks to higher management fees year-on-year. Assets under management rose by 13% since the begging of the year to reach a historic high of 1,317 billion euros, with record inflows and a strong positive market and change effects.

GFS operating expenses increased by 8% in Q4-24 and by 7% in 2024, to respectively 1,501 million euros (+7% at constant exchange rates) and 5,651 million euros (+7% at constant exchange rates). This rise in expenses is in line with revenue growth, leading to positive jaws effects in full-year 2024.

In Q4-24, Corporate & Investment Banking operating expenses rose by 5% in line with revenue growth. Asset & Wealth Management expenses rose by 10% at constant exchange rates in Q4-24.

The underlying cost/income ratio³ was 73.1% in Q4-24 and 71.1% in full-year 2024, up 0.7pp and down 0.1pp respectively.

Gross operating income rose 8% in Q4-24 to 553 million euros (+7% at constant exchange rates); it rose 10% in full-year 2024 to 2,296 million euros (+10% at constant exchange rates).

The cost of risk increased by 18% in Q4-24 and by 73% in full-year 2024, to -86 million euros and -268 million euros respectively.

Income before tax rose by 14% in Q4-24 to 479 million euros, and by 4% in full-year 2024 to 2,051 million euros.

Underlying²income before tax for Q4-24 was 479 million euros, up 10%, and stood at 2,051 million euros in full-year 2024, up 3%.

4.2.1 Corporate & Investment Banking
The Corporate & Investment Banking (CIB) business unit includes the Global markets, Global finance, Investment banking and
M&A activities of Natixis.

€m¹	Q4-24	% Change	2024	% Change
Net banking income	1,087	5%	4,440	7%
Operating expenses	(738)	5%	(2,889)	8%
Gross operating income	349	5%	1,551	3%
Cost of risk	(98)	60%	(282)	78%
Income before tax	262	3%	1,293	(3)%
Exceptional items	0	ns	0	ns
Underlying²income before tax	262	1%	1,293	(4)%
Underlying cost/income ratio³	67.9%	0.2pp	65.1%	1.2pp

Global Markets revenues rose by 19% to 452 million euros in full-year 2024. Revenues generated by the Equity business rose 53% to 96 million euros in Q4-24, driven by a strong performance in the Global Securities Financing activity. FIC-T revenues rose by 14% to 354 million euros in Q4-24, driven by a strong performance in the Credit and Foreign Exchange segments.

Global Finance revenues were up 2%, rising to 466 million euros in Q4-24 thanks to the sustained momentum of Trade Finance activities.

Investment Banking revenues were up 6% to 50 million euros in Q4-24, driven by the Acquisition & Strategic Finance and SECM business lines.
The M&A business lines recorded revenues of 361 million euros in full-year 2024, up 11% year-on-year.
Natixis Partners has acquired a stake in Financière de Courcelles in order to strengthen its position in the French M&A market within the small, mid, and upper mid-cap segments.

Net banking income generated by the Corporate & Investment Banking business unit rose by 5% in Q4-24 and by 7% in full-year 2024, to 1,087 million euros and 4,440 million euros respectively.

Operating expenses, which stood at 738 million euros in Q4-24, reflect 5% growth; expenses rose 8% in full-year 2024 to 2,889 million euros, in line with revenue growth.

The underlying cost/income ratio³ increased by 0.2pp to 67.9% in Q4-24, and by 1.2pp to 65.1% in full-year 2024.

Gross operating income rose by 5% in Q4-24 to 349 million euros, and by 3% in full-year 2024 to 1,551 million euros.

The cost of risk stood at -98 million euros, up 60%, in Q4-24, and at -282 million euros, up 78%, in full-year 2024.

Income before tax was up 3% to 262 million euros in Q4-24, and down 3% to 1,293 million euros in full-year 2024.

Underlying²income before tax was up 1% to 262 million euros in Q4-24, and down 4% to 1,293 million euros in full-year 2024.

4.2.2 Asset & Wealth Management
The business unit includes the Asset & Wealth Management activities of Natixis.

€m¹	Q4-24	% Change	2024	% Change
Net banking income	968	11%	3,507	10%
Operating expenses	(763)	11%	(2,763)	6%
Gross operating income	205	12%	744	27%
Income before tax	217	32%	759	21%
Exceptional items	0	ns	0	ns
Underlying²income before tax	217	24%	759	16%
Underlying cost/income ratio³	78.8%	1.0pp	78.8%	(2.0)pp

In Asset Management, assets under management⁴ reached an all-time high of 1,317 billion euros at the end of December 2024, up 13% since the beginning of the year, with record net inflows and strong positive market and currency effects.

Net inflows into Asset Management⁴ reached 40 billion euros in full-year 2024, chiefly thanks to fixed-income products from Loomis Sayles and DNCA, and to life insurance products. Private asset inflows remained positive on an annual basis.

ESG assets accounted for 40.3% of assets under management at the end of December 2024.

Asset management revenues grew at constant exchange rates by 10% in full-year 2024 but also in Q4-2024, driven by a higher level of average assets under management (+10% in Q4-2024).

In Asset Management⁴ in full-year 2024, the total fee rate (excluding performance fees) stood at 25.2bps (stable) and at 36.8bps excluding insurance asset management (-1.1bp).

Net banking income for the Asset & Wealth Management business unit rose by 11% in Q4-24 to 968 million euros, and by 10% in full-year 2024 to 3,507 million euros.

Operating expenses came to 763 million euros, up 11% in Q4-24, and to 2,763 million euros, up 6% in full-year 2024.

The underlying cost/income ratio³increased by 1.0pp in Q4-24 to 78.8%, and improved by 2.0pp in full-year 2024 to 78.8%.

Gross operating income rose by 12% to 205 million euros in Q4-24, and by 27% to 744 million euros in full-year 2024.

Income before tax came to 217 million euros in Q4-24 (+32%), and to 759 million euros in full-year 2024 (+21%).

Underlying²income before tax rose by 24% to 217 million euros in Q4-24, and by 16% to 759 million euros in full-year 2024.

¹ Reported figures until “Income before tax” ² “Underlying” means exclusive of exceptional items ³ The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses ⁴ Asset management: Europe includes Dynamic Solutions and Vega IM; North America includes WCM IM; excluding Wealth Management

ANNEXES

Notes on methodology

Presentation on the pro-forma quarterly results

The 2023 quarterly series are presented pro forma with changes in standards and organization:
The sectoral reallocation of the results of the private equity activities of the entities BP Développement & CE Développement from Corporate center to RB&I and GFS divisions.
The new management standards adopted by Natixis (including the normative allocation of capital to the business lines) within the GFS division.
The main evolutions impact RB&I, GFS and the Corporate center.
The data for 2023 has been recalculated to obtain a like-for-like basis of comparison.
The quarterly series of Groupe BPCE remain unchanged.
The tables showing the transition from reported 2023 to pro-forma 2023 are presented on annexes.

Exceptional items

Exceptional items and the reconciliation of the reported income statement to the underlying income statement of Groupe BPCE are detailed in the annexes.

Net banking income

Customer net interest income, excluding regulated home savings schemes, is computed on the basis of interest earned from transactions with customers, excluding net interest on centralized savings products (Livret A, Livret Développement Durable, Livret Épargne Logement passbook savings accounts) in addition to changes in provisions for regulated home purchase savings schemes. Net interest on centralized savings is assimilated to commissions.

Operating expenses

Operating expenses correspond to the aggregate total of the “Operating Expenses” (as presented in the second amendment of Group’s universal registration document, note 4.7 appended to the consolidated financial statements of Groupe BPCE) and “Depreciation, amortization and impairment for property, plant and equipment and intangible assets.”

Cost/income ratio

Groupe BPCE’s cost/income ratio is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annexes.
Business line cost/income ratios are calculated on the basis of underlying net banking income and operating expenses.

Cost of risk

The cost of risk is expressed in basis points and measures the level of risk per business line as a percentage of the volume of loan outstandings; it is calculated by comparing net provisions booked with respect to credit risks of the period to gross customer loan outstandings at the beginning of the period.

Loan oustandings and deposits & savings

Restatements regarding transitions from book outstandings to outstandings under management are as follows:
Loan outstandings: the scope of outstandings under management does not include securities classified as customer loans and receivables and other securities classified as financial operations,
Deposits & savings: the scope of outstandings under management does not include debt securities (certificates of deposit and savings bonds).

Capital Adequacy

Common Equity Tier 1 is determined in accordance with the applicable CRR II/CRD IV rules, after deductions.
Additional Tier-1 capital takes account of subordinated debt issues that have become non-eligible and subject to ceilings at the phase-out rate in force.
The leverage ratio is calculated in accordance with the applicable CRR II/CRD V rules. Centralized outstandings of regulated savings are excluded from the leverage exposures as are Central Bank exposures for a limited period of time (pursuant to ECB decision 2021/27 of June 18, 2021).

Total loss-absorbing capacity

The amount of liabilities eligible for inclusion in the numerator used to calculate the Total Loss-Absorbing Capacity (TLAC) ratio is determined by article 92a of CRR. Please note that a quantum of Senior Preferred securities has not been included in our calculation of TLAC.
This amount is consequently comprised of the 4 following items:

Common Equity Tier 1 in accordance with the applicable CRR II/CRD IV rules,
Additional Tier-1 capital in accordance with the applicable CRR II/CRD IV rules,
Tier-2 capital in accordance with the applicable CRR II/CRD IV rules,
Subordinated liabilities not recognized in the capital mentioned above and whose residual maturity is greater than 1 year, namely:
- The share of additional Tier-1 capital instruments not recognized in common equity (i.e. included in the phase-out),
- The share of the prudential discount on Tier-2 capital instruments whose residual maturity is greater than 1 year,
- The nominal amount of Senior Non-Preferred securities maturing in more than 1 year.

Liquidity

Total liquidity reserves comprise the following:

Central bank-eligible assets include: ECB-eligible securities not eligible for the LCR, taken for their ECB valuation (after ECB haircut), securities retained (securitization and covered bonds) that are available and ECB-eligible taken for their ECB valuation (after ECB haircut) and private receivables available and eligible for central bank funding (ECB and the Federal Reserve), net of central bank funding,
LCR eligible assets comprising the Group’s LCR reserve taken for their LCR valuation,
Liquid assets placed with central banks (ECB and the Federal Reserve), net of US Money Market Funds deposits and to which fiduciary money is added.

Short-term funding corresponds to funding with an initial maturity of less than, or equal to, 1 year and the short-term maturities of medium-/long-term debt correspond to debt with an initial maturity date of more than 1 year maturing within the next 12 months.
Customer deposits are subject to the following adjustments:

Addition of security issues placed by the Banque Populaire and Caisse d’Epargne retail banking networks with their customers, and certain operations carried out with counterparties comparable to customer deposits
Withdrawal of short-term deposits held by certain financial customers collected by Natixis in pursuit of its intermediation activities.

Business line indicators – BP & CE networks

Average rate (%) for residential mortgages: the average client rate for residential mortgages corresponds to the weighted average of actuarial rates for committed residential mortgages, excluding ancillary items (application fees, guarantees, creditor insurance). The rates are weighted by the amounts committed (offers made, net of cancellations) over the period under review. The calculation is based on aggregate residential mortgages, excluding zero interest rate loans.

Average rate (%) for consumer loans: the average client rate for consumer loans corresponds to the weighted average of the actuarial rates for committed consumer loans, excluding ancillary items (application fees, guarantees, creditor insurance). The rates are weighted by the amounts committed (offers made net of cancellations) over the period under review. The calculation is based on the scope of amortizable consumer loans, excluding overdraft and revolving loans.

Average rate (%) for equipment loans: the average customer rate for equipment loans is the average of the actuarial rates for equipment loans in each volume-weighted market.

Digital indicators

The number of active customers using mobile apps corresponds to the number of customers who have made at least one visit via one mobile apps over one month.
The number of documents checked automatically corresponds to the number of documents transmitted by customers through their digital spaces or in a physical branch and checked automatically: eligibility for the LEP popular passbook savings account and customer intelligence documents (KYC) for consumer loans, mortgages (digital) and new business relationships (digital and physical branches).

Impact indicators

Financing for energy-efficient home renovation for individual clients: this indicator calculates the aggregate annual production of loans granted to individual customers (natural persons) to finance energy renovation work, expressed in €m:

– Rénovation Energétique (Energy Renovation): consumer credit for environmentally-friendly properties,
– ECO PTZ MPR: consumer credit designed for renovation work eligible for the MaPrimeRenov program (government scheme to support energy-efficient home renovation work) for up to a total of €30,000,
– ECO PTZ: interest-free regulated home improvement loan for up to a total of €50,000

Number of unique visitors to the ‘Advice and Sustainable Solutions’ digital module: this indicator calculates the aggregate annual number of unique visitors who consult the ‘Advice and sustainable solutions’ page on BP and CE mobile applications.

Financing BtoB clients in their transition and decarbonization efforts: this indicator calculates the aggregate annual amount of loans granted to businesses to help finance their transition and decarbonization efforts, expressed in €m. This aggregate total is derived from the sum of BtoB loan amounts (Green loans + Impact loans + Vehicle Leasing + Green Lease with Purchase Option/Long-Term Rental agreements (LOA/LDD Green).

Within the scope of CIB activities, Green revenues are comprised of:

Sustainable Finance (GSH scope)
Renewable & new energies franchises
Activities with clients/assets rated Dark & Medium Green (Green Weighting Factor).

(restated for scope reconciliations).

Reconciliation of 2023 data to pro forma data

Retail banking and Insurance	Q1-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	3,891	(2,496)	1,107	(269)	840
Sectoral reallocation	12	(1)	11	0	11
Pro forma figures	3,903	(2,497)	1,118	(269)	851

Global Financial Services	Q1-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	1,822	(1,303)	590	(146)	432
Sectoral reallocation	0	0	0	0	0
New rules	32	(2)	30	(4)	26
Pro forma figures	1,854	(1,305)	621	(151)	458

Corporate center	Q1-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	102	(788)	(729)	(10)	(739)
Sectoral reallocation	(12)	1	(11)	0	(11)
New rules	(32)	2	(30)	4	(26)
Pro forma figures	57	(785)	(771)	(5)	(776)

Retail banking and Insurance	Q2-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	3,655	(2,459)	952	(224)	729
Sectoral reallocation	(15)	(1)	(15)	(0)	(15)
Pro forma figures	3,640	(2,460)	936	(224)	713

Global Financial Services	Q2-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	1,798	(1,282)	429	(115)	300
Sectoral reallocation	(0)	(0)	(0)	(0)	(0)
New rules	31	(5)	26	(3)	22
Pro forma figures	1,829	(1,287)	455	(118)	322

Corporate center	Q2-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	13	(58)	(44)	(14)	(56)
Sectoral reallocation	15	1	16	0	16
New rules	(31)	5	(26)	3	(22)
Pro forma figures	(3)	(52)	(54)	(10)	(63)

Retail banking and Insurance	Q3-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	3,721	(2,358)	1,072	(268)	799
Sectoral reallocation	(13)	(1)	(14)	0	(14)
Pro forma figures	3,709	(2,359)	1,058	(268)	785

Global Financial Services	Q3-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	1,736	(1,279)	444	(114)	319
Sectoral reallocation	(0)	(0)	(0)	0	(0)
New rules	31	(4)	27	(4)	23
Pro forma figures	1,767	(1,283)	470	(118)	341

Corporate center	Q3-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	(3)	(175)	(176)	(23)	(200)
Sectoral reallocation	13	1	14	0	14
New rules	(31)	4	(27)	4	(23)
Pro forma figures	(21)	(170)	(189)	(19)	(210)

Retail banking and Insurance	Q4-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	3,557	(2,497)	395	(122)	294
Sectoral reallocation	19	(1)	18	(0)	18
Pro forma figures	3,576	(2,499)	413	(122)	312

Global Financial Services	Q4-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	1,874	(1,389)	391	(118)	255
Sectoral reallocation	0	(1)	(0)	(0)	(0)
New rules	33	(4)	29	(3)	26
Pro forma figures	1,908	(1,394)	420	(121)	280

Corporate center	Q4-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	31	(243)	(249)	81	(168)
Sectoral reallocation	(20)	2	(18)	0	(18)
New rules	(33)	4	(29)	3	(26)
Pro forma figures	(22)	(237)	(296)	84	(211)

Q4-24 & Q4-23 results : reconcialiation of reported data to alternative performance measures

€m		Net banking income	Operating expenses	Cost of risk	Gains or losses on other assets	Income before tax	Net income – Group share
Reported Q4-24 results		6,046	(4,184)	(596)	(35)	1,262	913
Transformation and reorganization costs	Business lines/Corporate center	0	(86)		(1)	(87)	(64)
Disposals	Corporate center				(1)	(1)	(1)
Q4-24 results excluding exceptional items		6,045	(4,098)	(596)	(34)	1,349	977

€m		Net banking income	Operating expenses	Cost of risk	Gains or losses on other assets	Income before tax	Net income – Group share
Pro forma reported Q4-23 results		5,462	(4,129)	(744)	(43)	537	381
Transformation and reorganization costs	Business lines/Corporate center	(5)	(54)	(34)		(93)	(57)
Disposals	Corporate center				(43)	(43)	(43)
Pro forma Q4-23 results excluding exceptional items		5,467	(4,076)	(710)	(0)	672	481

2024 & 2023 results : reconcialiation of reported data to alternative performance measures

€m		Net banking income	Operating expenses	Cost of risk	Gains or losses on other assets	Income before tax	Net income – Group share
Reported 2024 results		23,317	(16,384)	(2,061)	28	4,956	3,520
Transformation and reorganization costs	Business lines/Corporate center	3	(208)		(1)	(206)	(153)
Disposals	Corporate center	0			(3)	(3)	(3)
2024 results excluding exceptional items		23,314	(16,176)	(2,061)	32	5,165	3,675

€m		Net banking income	Operating expenses	Cost of risk	Gains or losses on other assets	Income before tax	Net income – Group share
Pro forma reported 2023 results		22,198	(16,328)	(1,731)	8	4,182	2,804
Transformation and reorganization costs	Business lines/Corporate center	2	(213)	(32)		(242)	(164)
Disposals	Corporate center				(45)	(45)	(44)
Litigations	Business lines/Corporate center	87				87	87
Pro forma 2023 results excluding exceptional items		22,108	(16,115)	(1,699)	53	4,381	2,925

Groupe BPCE : underying cost to income ratio

€m	Net banking income	Operating expenses	Underlying cost income ratio
Q4-24 reported figures	6,046	(4,184)
Impact of exceptional items	0	(86)
Q4-24 underlying figures	6,045	(4,098)	67.8%

€m	Net banking income	Operating expenses	Underlying cost income ratio
Q4-23 Pro forma reported figures	5,462	(4,129)
Impact of exceptional items	(5)	(54)
Q4-23 Pro forma underlying figures	5,467	(4,076)	74.6%

Groupe BPCE : underying cost to income ratio

€m	Net banking income	Operating expenses	Underlying cost income ratio
2024 reported figures	23,317	(16,384)
Impact of exceptional items	3	(208)
2024 underlying figures	23,314	(16,176)	69.4%

€m	Net banking income	Operating expenses	Underlying cost income ratio
2023 Pro forma reported figures	22,198	(16,328)
Impact of exceptional items	89	(213)
2023 Pro forma underlying figures	22,108	(16,115)	72.9%

Groupe BPCE : quarterly income statement per business line

	RETAIL BANKING & INSURANCE		GLOBAL FINANCIAL SERVICES		CORPORATE CENTER		GROUPE BPCE
€m	Q4-24	Q4-23	Q4-24	Q4-23	Q4-24	Q4-23	Q4-24	Q4-23	%
Net banking income	4,064	3,576	2,055	1,908	(73)	(22)	6,046	5,462	11%
Operating expenses	(2,497)	(2,499)	(1,501)	(1,394)	(186)	(237)	(4,184)	(4,129)	1%
Gross operating income	1,567	1,077	553	514	(259)	(259)	1,862	1,332	40%
Cost of risk	(556)	(643)	(86)	(73)	46	(28)	(596)	(744)	(20)%
Income before tax	998	413	479	420	(215)	(296)	1,262	537	x 2
Income tax	(222)	(122)	(124)	(121)	19	84	(326)	(159)	x 2
Non-controlling interests	(5)	21	(18)	(19)	0	1	(23)	3	ns
Net income – Group share	772	312	337	280	(196)	(211)	913	381	x 2

Groupe BPCE : 2024 income statement per business line

	RETAIL BANKING & INSURANCE		GLOBAL FINANCIAL SERVICES		CORPORATE CENTER		GROUPE BPCE
€m	2024	2023	2024	2023	2024	2023	2024	2023	%
Net banking income	15,397	14,828	7,947	7,358	(27)	12	23,317	22,198	5%
Operating expenses	(9,902)	(9,815)	(5,651)	(5,269)	(831)	(1,244)	(16,384)	(16,328)	0%
Gross operating income	5,495	5,013	2,296	2,088	(858)	(1,232)	6,933	5,870	18%
Cost of risk	(1,751)	(1,505)	(268)	(154)	(43)	(72)	(2,061)	(1,731)	19%
Income before tax	3,807	3,526	2,051	1,966	(902)	(1,310)	4,956	4,182	19%
Income tax	(891)	(882)	(534)	(507)	67	49	(1,357)	(1,340)	1%
Non-controlling interests	(14)	18	(66)	(56)	1	1	(79)	(38)	x 2
Net income – Group share	2,902	2,661	1,452	1,402	(834)	(1,260)	3,520	2,804	26%

Groupe BPCE : quarterly series

GROUPE BPCE
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	5,815	5,467	5,455	5,462	5,753	5,626	5,892	6,046
Operating expenses	(4,587)	(3,799)	(3,812)	(4,129)	(4,151)	(4,008)	(4,041)	(4,184)
Gross operating income	1,228	1,667	1,642	1,332	1,602	1,618	1,851	1,862
Cost of risk	(326)	(342)	(319)	(744)	(382)	(560)	(523)	(596)
Income before tax	968	1,337	1,339	537	1,233	1,124	1,336	1,262
Net income – Group share	533	973	917	381	875	806	925	913

Groupe BPCE : Consolidated balance sheet

ASSETS €m	Dec. 31, 2024	Dec. 31, 2023
Cash and amounts due from central banks	133,186	152,669
Financial assets at fair value through profit or loss	230,521	214,582
Hedging derivatives	7,624	8,855
Financial assets at fair value through other comprehensive income	57,166	48,073
Securities at amortized cost	27,021	26,373
Loans and advances to banks and similar at amortized cost	115,862	108,631
Loans and receivables due from customers at amortized cost	851,843	839,457
Revaluation difference on interest rate risk-hedged portfolios	(856)	(2,626)
Financial investments of insurance activities	115,631	103,615
Insurance contracts issued – Assets	1,134	1,124
Reinsurance contracts held – Assets	9,320	9,564
Current tax assets	640	829
Deferred tax assets	4,160	4,575
Accrued income and other assets	16,444	14,611
Non-current assets held for sale	438	–
Investments in accounted for using equity method	2,146	1,616
Investment property	733	717
Property, plant and equipment	6,085	6,023
Intangible assets	1,147	1,110
Goodwill	4,312	4,224
TOTAL ASSETS	1,584,558	1,544,022

LIABILITIES €m	Dec. 31, 2024	Dec. 31, 2023
Amounts due to central banks	1	2
Financial liabilities at fair value through profit or loss	218,963	204,023
Hedging derivatives	14,260	14,973
Debt securities	304,957	292,598
Amounts due to banks and similar	69,953	79,634
Amounts due to customers	723,090	711,658
Revaluation difference on interest rate risk-hedged portfolios, liabilities	14	159
Insurance contracts issued – Liabilities	117,551	106,137
Reinsurance contracts held – Liabilities	119	149
Current tax liabilities	2,206	2,026
Deferred tax liabilities	1,323	1,640
Accrued expenses and other liabilities	20,892	22,492
Liabilities associated with non-current assets held for sale	312	–
Provisions	4,748	4,825
Subordinated debt	18,401	18,801
Shareholders’ equity	87,768	84,905
Equity attributable to equity holders of the parent	87,137	84,351
Non-controlling interests	630	553
TOTAL LIABILITIES	1,584,558	1,544,022

Groupe BPCE : Goodwill

€m	Dec. 31, 2023	Acquisitions	IRFS5 reclassifications	Translation adjustments	Dec. 31, 2024
Retail Banking & Insurance	822	58			879
Asset & Wealth Management	3,257	1	(72)	95	3,280
Corporate & Investment Banking	144			7	151
Total	4,224	58	(72)	102	4,312

Groupe BPCE: Statement of changes in shareholders’ equity

€m	Equity attributable to shareholders’ equity
December 31, 2023	84,407
Restatements¹	(56)
December 31, 2023 restated	84,351
Distributions	(833)
Change in capital (cooperative shares)	90
Impact of acquisitions and disposals on non-controlling interests (minority interests)	(48)
Income	3,520
Changes in gains & losses directly recognized in equity	144
Capital gains and losses reclassified as reserves	(31)
Others	(56)
December 31, 2024	87,137

¹ Opening shareholders’ equity has been adjusted for Funding Valuation Adjustments whose non-material impact on income has not given rise to a change in the latter in the 2024 consolidated financial statements

Retail Banking & Insurance: quarterly income statement

	BANQUE POPULAIRE NETWORK			CAISSE D’EPARGNE NETWORK			FINANCIAL SOLUTIONS & EXPERTISE			INSURANCE			DIGITAL & PAYMENTS				OTHER NETWORK				RETAIL BANKING & INSURANCE
€m	Q4-24	Q4-23	%	Q4-24	Q4-23	%	Q4-24	Q4-23	%	Q4-24	Q4-23	%	Q4-24	Q4-23	%	Q4-24		Q4-23	%	Q4-24		Q4-23	%
Net banking income	1,614	1,382	17%	1,616	1,423	14%	334	335	(0)%	171	146	17%	227	199	14%	101		91	12%	4,064		3,576	14%
Operating expenses	(980)	(975)	1%	(1,084)	(1,081)	0%	(169)	(167)	1%	(36)	(41)	(10)%	(173)	(171)	1%	(53)		(63)	(16)%	(2,497)		(2,499)	(0)%
Gross operating income	634	407	56%	531	343	55%	165	168	(2)%	135	105	28%	54	27	96%	48		28	75%	1,567		1,077	45%
Cost of risk	(266)	(282)	(6)%	(205)	(218)	(6)%	(38)	(54)	(31)%				(33)	(69)	(52)%	(15)		(19)	(23)%	(556)		(643)	(13)%
Income before tax	352	149	x2	328	126	x3	125	112	12%	141	107	32%	20	(89)	ns	33		9	x4	998		413	x2
Income tax	(73)	(45)	62%	(78)	(20)	x4	(33)	(27)	22%	(29)	(25)	16%	0	(2)	ns	(8)		(2)	x4	(222)		(122)	82%
Non-controlling interests	(0)	(6)	(94)%	(1)	(3)	(66)%	0	(0)	ns	0	(1)	ns	(3)	30	ns					(5)		21	ns
Net income – Group share	278	98	x3	248	103	x2	92	85	8%	112	81	39%	16	(61)	ns	25		7	x4	772		312	x2

	BANQUE POPULAIRE NETWORK			CAISSE D’EPARGNE NETWORK			FINANCIAL SOLUTIONS & EXPERTISE			INSURANCE			DIGITAL & PAYMENTS				OTHER NETWORK				RETAIL BANKING & INSURANCE
€m	2024	2023	%	2024	2023	%	2024	2023	%	2024	2023	%	2024	2023	%	2024		2023	%	2024		2023	%
Net banking income	6,098	5,862	4%	6,054	5,858	3%	1,303	1,274	2%	694	633	10%	873	816	7%	375		384	(2)%	15,397		14,828	4,%
Operating expenses	(4,047)	(3,970)	2%	(4,216)	(4,181)	1%	(636)	(630)	1%	(143)	(163)	(12)%	(646)	(652)	(1)%	(213)		(218)	(2)%	(9,902)		(9,815)	1%
Gross operating income	2,051	1,892	8%	1,838	1,677	10%	667	644	3%	550	470	17%	227	164	39%	162		166	(2)%	5,495		5,013	10%
Cost of risk	(814)	(651)	25%	(640)	(553)	16%	(108)	(98)	11%				(126)	(171)	(26)%	(62)		(33)	89%	(1,751)		(1,505)	16%
Income before tax	1,285	1,308	(2)%	1,200	1,125	7%	555	545	2%	566	475	19%	97	(68)	ns	103		140	(26)%	3,807		3,526	8%
Income tax	(307)	(329)	(7)%	(264)	(254)	4%	(146)	(140)	4%	(123)	(99)	24%	(27)	(25)	9%	(24)		(35)	(30)%	(891)		(882)	1%
Non-controlling interests	(9)	(24)	(64)%	(5)	(7)	(24)%	0	(0)	ns	0	(0)	ns	(0)	49	ns					(14)		18	ns
Net income – Group share	970	954	2%	931	864	8%	409	405	1%	443	376	18%	70	(43)	ns	79		106	(25)%	2,902		2,661	9%

Retail Banking & Insurance: 2024 income statement

Retail banking & insurance: quarterly series

RETAIL BANKING & INSURANCE
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	3,903	3,640	3,709	3,576	3,763	3,701	3,869	4,064
Operating expenses	(2,497)	(2,460)	(2,359)	(2,499)	(2,547)	(2,456)	(2,403)	(2,497)
Gross operating income	1,406	1,180	1,350	1,077	1,217	1,245	1,467	1,567
Cost of risk	(308)	(252)	(302)	(643)	(296)	(475)	(423)	(556)
Income before tax	1,118	936	1,058	413	934	831	1,044	998
Net income – Group share	851	713	785	312	709	637	785	772

Retail Banking & Insurance: Banque Populaire and Caisse d’Epargne networks quarterly series

BANQUE POPULAIRE NETWORK
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	1,569	1,442	1,469	1,382	1,489	1,489	1,506	1,614
Operating expenses	(1,018)	(1,015)	(961)	(975)	(1,043)	(1,025)	(999)	(980)
Gross operating income	551	427	508	407	445	464	508	634
Cost of risk	(132)	(110)	(127)	(282)	(125)	(228)	(195)	(266)
Income before tax	434	328	398	149	329	290	315	352
Net income – Group share	332	240	284	98	252	210	230	278

CAISSE D’EPARGNE NETWORK
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	1,537	1,465	1,432	1,423	1,454	1,467	1,517	1,616
Operating expenses	(1,066)	(1,041)	(993)	(1,081)	(1,085)	(1,038)	(1,008)	(1,084)
Gross operating income	470	424	440	343	368	429	509	531
Cost of risk	(136)	(84)	(115)	(218)	(100)	(176)	(159)	(205)
Income before tax	334	340	325	126	270	252	350	328
Net income – Group share	253	256	253	103	208	194	281	248

Retail Banking & Insurance: FSE quarterly series

FINANCIAL SOLUTIONS & EXPERTISE
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	315	306	318	335	327	320	322	334
Operating expenses	(157)	(151)	(154)	(167)	(162)	(154)	(151)	(169)
Gross operating income	158	155	164	168	166	166	171	165
Cost of risk	(6)	(19)	(18)	(54)	(24)	(22)	(24)	(38)
Income before tax	151	136	146	112	141	143	146	125
Net income – Group share	112	102	107	85	104	106	108	92

Retail Banking & Insurance: Insurance quarterly series

INSURANCE
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	180	126	181	146	188	118	217	171
Operating expenses	(43)	(37)	(42)	(41)	(42)	(25)	(40)	(36)
Gross operating income	137	89	139	105	146	93	177	135
Income before tax	139	93	137	107	149	99	177	141
Net income – Group share	109	83	103	81	113	92	126	112

Retail Banking & Insurance: Digital & Payments quarterly series

DIGITAL & PAYMENTS
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	205	203	209	199	215	214	218	227
Operating expenses	(161)	(163)	(157)	(171)	(160)	(159)	(154)	(173)
Gross operating income	44	40	52	27	55	55	64	54
Cost of risk	(32)	(41)	(29)	(69)	(31)	(32)	(30)	(33)
Income before tax	8	(6)	19	(89)	24	22	32	20
Net income – Group share	7	(3)	13	(61)	17	16	21	16

Retail Banking & Insurance: Other network quarterly series

OTHER NETWORK
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	97	97	99	91	91	93	90	101
Operating expenses	(51)	(52)	(52)	(63)	(55)	(55)	(51)	(53)
Gross operating income	46	45	47	28	37	38	39	48
Cost of risk	(2)	2	(14)	(19)	(16)	(17)	(14)	(15)
Income before tax	52	47	33	9	20	25	25	33
Net income – Group share	39	36	25	7	16	19	20	25

Global Financial Services: quarterly income statement per business line

	ASSET AND WEALTH MANAGEMENT		CORPORATE & INVESTMENT BANKING		GLOBAL FINANCIAL SERVICES
€m	Q4-24	Q4-23	Q4-24	Q4-23	Q4-24	Q4-23	%
Net banking income	968	874	1,087	1,034	2,055	1,908	8%
Operating expenses	(763)	(691)	(738)	(703)	(1,501)	(1,394)	8%
Gross operating income	205	183	349	331	553	514	8%
Cost of risk	12	(12)	(98)	(62)	(86)	(73)	18%
Share in net income of associates	0	0	12	4	12	4	x3
Gains or losses on other assets	0	(7)	0	(17)	0	(24)	ns
Income before tax	217	165	262	255	479	420	14%
Net income – Group share	143	105	194	176	337	280	20%

Global Financial Services: 2024 income statement per business line

	ASSET AND WEALTH MANAGEMENT		CORPORATE & INVESTMENT BANKING		GLOBAL FINANCIAL SERVICES
€m	2024	2023	2024	2023	2024	2023	%
Net banking income	3,507	3,192	4,440	4,166	7,947	7,358	8%
Operating expenses	(2,763)	(2,604)	(2,889)	(2,666)	(5,651)	(5,269)	7%
Gross operating income	744	588	1,551	1,500	2,296	2,088	10%
Cost of risk	14	4	(282)	(158)	(268)	(154)	73%
Share in net income of associates	0	0	23	13	23	14	67%
Gains or losses on other assets	0	35	0	(17)	0	18	ns
Income before tax	759	627	1,293	1,338	2,051	1,966	4%
Net income – Group share	500	425	952	977	1,452	1,402	4%

Global Financial Services: quarterly series

GLOBAL FINANCIAL SERVICES
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	1,854	1,829	1,767	1,908	1,933	1,983	1,976	2,055
Operating expenses	(1,305)	(1,287)	(1,283)	(1,394)	(1,368)	(1,366)	(1,415)	(1,501)
Gross operating income	549	542	483	514	564	617	561	553
Cost of risk	27	(91)	(17)	(73)	(58)	(82)	(41)	(86)
Income before tax	621	455	470	420	510	539	525	479
Net income – Group share	458	322	341	280	364	384	366	337

Corporate & Investment Banking: quarterly series

CORPORATE & INVESTMENT BANKING
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	1,074	1,056	1,002	1,034	1,102	1,133	1,118	1,087
Operating expenses	(661)	(651)	(650)	(703)	(706)	(694)	(751)	(738)
Gross operating income	412	405	352	331	396	439	367	349
Cost of risk	21	(90)	(28)	(62)	(54)	(91)	(39)	(98)
Income before tax	437	318	328	255	346	352	333	262
Net income – Group share	321	233	247	176	255	261	242	194

Asset & Wealth Management: quarterly series

ASSET & WEALTH MANAGEMENT
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	781	773	764	874	830	850	858	968
Operating expenses	(644)	(636)	(633)	(691)	(662)	(673)	(664)	(763)
Gross operating income	137	137	131	183	168	178	194	205
Cost of risk	6	(1)	11	(12)	(5)	9	(2)	12
Income before tax	184	136	143	165	163	187	192	217
Net income – Group share	137	89	94	105	109	123	124	143

Corporate center: quarterly series

CORPORATE CENTER
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	57	(3)	(21)	(22)	57	(58)	46	(73)
Operating expenses	(785)	(52)	(170)	(237)	(236)	(186)	(223)	(186)
Gross operating income	(728)	(55)	(191)	(259)	(179)	(244)	(176)	(259)
Cost of risk	(46)	1	0	(28)	(28)	(2)	(59)	46
Share in income of associates	2	0	1	(9)	3	0	1	5
Gains or losses on other assets	(0)	0	(0)	(0)	(6)	1	3	(8)
Income before tax	(771)	(54)	(189)	(296)	(210)	(245)	(232)	(215)
Net income – Group share	(776)	(63)	(210)	(211)	(198)	(215)	(226)	(196)

DISCLAIMER

This document may contain forward-looking statements and comments relating to the objectives and strategy of Groupe BPCE. By their very nature, these forward-looking statements inherently depend on assumptions, project considerations, objectives and expectations linked to future events, transactions, products and services as well as on suppositions regarding future performance and synergies.

No guarantee can be given that such objectives will be realized; they are subject to inherent risks and uncertainties and are based on assumptions relating to the Group, its subsidiaries and associates and the business development thereof; trends in the sector; future acquisitions and investments; macroeconomic conditions and conditions in the Group’s principal local markets; competition and regulation. Occurrence of such events is not certain, and outcomes may prove different from current expectations, significantly affecting expected results. Actual results may differ significantly from those anticipated or implied by the forward-looking statements. Groupe BPCE shall in no event have any obligation to publish modifications or updates of such objectives.

Information in this presentation relating to parties other than Groupe BPCE or taken from external sources has not been subject to independent verification; the Group makes no statement or commitment with respect to this third-party information and makes no warranty as to the accuracy, fairness, precision or completeness of the information or opinions contained in this press release. Neither Groupe BPCE nor its representatives shall be held liable for any errors or omissions or for any harm that may result from the use of this presentation or of its contents or any related material, or of any document or information referred to in this presentation.

The financial information presented in this document relating to the fiscal period ended December 31, 2024 has been drawn up in compliance with IFRS standards, as adopted in the European Union.
This financial information is not the equivalent of summary financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting”.

Preparation of the financial information requires Management to make estimates and assumptions in certain areas regarding uncertain future events.

These estimates are based on the judgment of the individuals preparing this financial information and the information available at the date of the balance sheet. Actual future results may differ from these estimates. For further information, see chapter 5, part 5.1, note 2.3 “Use of estimates and judgments” of the Universal Registration Document 2023 filed with the Autorité des Marchés Financiers, the French financial markets authority.
With respect to the financial information of Groupe BPCE for the quarter ended December 31, 2024, and in view of the context mentioned above, attention should be drawn to the fact that the estimated increase in credit risk and the calculation of expected credit losses (IFRS 9 provisions) are largely based on assumptions that depend on the macroeconomic context.

Significant factors liable to cause actual results to differ from those anticipated in the projections are related to the banking and financial environment in which Groupe BPCE operates, which exposes it to a multitude of risks. These potential risks liable to affect Groupe BPCE’s financial results are detailed in the “Risk factors & risk management” chapter of the latest amendment to the 2023 Universal Registration Document filed with the Autorité des Marchés Financiers.

Investors are advised to consider the uncertainties and risk factors liable to affect the Group’s operations when examining the information contained in the projection elements.

The financial results contained in this presentation have not been reviewed by the statutory auditors. The quarterly financial information of Groupe BPCE for the period ended December 31, 2024, approved by the Management Board at a meeting convened on February 3, 2025, were verified and reviewed by the Supervisory Board at a meeting convened on February 5, 2025.

The sum of the values shown in the tables and analyses may differ slightly from the total reported owing to rounding effects.

About Groupe BPCE
Groupe BPCE is the second-largest banking group in France. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the wholesale banking expertise of Natixis Corporate & Investment Banking and with the asset & wealth management services provided by Natixis Investment Managers.
The Group’s financial strength is recognized by four financial rating agencies: Moody’s (A1, stable outlook), Standard & Poor’s (A+, stable outlook), Fitch (A+, stable outlook) and R&I (A+, stable outlook).

groupebpce.com

Attachment

Groupe BPCE_PR_Results_Q4-24 & 2024_FV

The MIL Network –

February 6, 2025

MIL-OSI United Kingdom: Net Zero Council relaunched to supercharge Clean Energy Superpower Mission
Source: United Kingdom – Executive Government & Departments

Government relaunches an expanded Net Zero Council, bringing together business, civil society and local authorities to drive the clean energy transition as part of the Plan for Growth.
New Net Zero Council is tasked with ensuring the clean energy transition drives economic growth and creates jobs as part of government’s Plan for Change

brings together a broader range of representatives from organisations including World Wildlife Fund, Design Council and Local Government Association, alongside others including Siemens, HSBC and Nestle

Council to deepen public-private partnership to maximise economic opportunities for the UK

Leaders from major businesses, civil society and local authorities have backed the government’s pro-growth and clean energy superpower missions following a meeting of the relaunched Net Zero Council (5 February), with a plan to help sectors accelerate to net zero and support thousands of jobs.

Co-chaired by Energy Secretary Ed Miliband and Co-operative Group CEO Shrine Khoury-Haq, the Council brings together leaders from some of the UK’s biggest businesses, charities and organisations, as well as trade unions and local authorities.

New members include representatives from the Trades Union Congress and Design Council, bringing expertise of green skills and jobs creation to the council to support the government’s mission for clean energy growth on the path to net zero.

This broader coalition strengthens the Council’s ability to unlock the opportunities of decarbonisation, with major industry players such as Siemens, Nestle and HSBC returning to the Council alongside new members including the Local Government Association and Aviva Investors to seize the growth opportunities of decarbonising the economy.

The first meeting focused on agreeing the Council’s priorities for 2025/26, which will include:

a new focus on providing expert input to inform government strategies relating to net zero

supporting the development and delivery of sector roadmaps, helping businesses to develop transition plans and investors to identify opportunities

supporting small and medium-sized enterprises to decarbonise while maximising the benefits of the transition

informing the government’s approach to public engagement and developing products to support public participation with net zero

A new Delivery Group will oversee the Council’s workstreams and help to drive progress.

The relaunch reflects a new mission-led approach, ensuring government actively engages with a broad range of industry leaders and stakeholders to drive progress towards net zero. This will support the Plan for Change to help deliver new jobs and economic opportunities while ensuring a fair transition.

Energy Secretary Ed Miliband said:

Businesses and leaders across our country recognise that clean power and accelerating towards net zero represents the economic opportunity of the 21st century.

It is one which will protect bills, create jobs, and tackle the climate crisis. This Council is about mission-driven leadership, bringing government, business and civil society together to turn ambition into action.

By working in partnership, we can drive the investment, innovation and industrial transformation needed to make the UK a clean energy superpower.

Climate Minister Kerry McCarthy said:

The relaunch of the Net Zero Council comes at a critical moment in the UK’s journey towards a clean energy future.

Bringing together leaders from across business, finance and civil society, the Council will play a crucial role in accelerating net zero ambitions, driving economic growth and creating thousands of jobs.

Shirine Khoury-Haq, CEO of The Co-operative Group, said:

Working urgently for a faster, fairer transition to a greener, cleaner economy is an absolute imperative. For the sake of our planet and for every community here in the UK and around the globe, it’s crucial we work together to unlock the significant opportunities the transition will bring for economic growth too.

I’m therefore delighted to be continuing in my role as Co-chair of the Net Zero Council. The science couldn’t be clearer that we must act collectively and decisively, and co-operation between businesses, civic society and government is what we need now more than ever.

While the Council itself is made up of senior leaders from key sectors, it is committed to an inclusive engagement strategy, ensuring a broad range of voices contribute to net zero delivery beyond formal members. This approach will ensure that businesses, communities and experts across the UK have opportunities to inform strategy, share best practices and help shape the transition.

Statements from Net Zero Council and Delivery Group members

Bev Cornaby, Director of the UK Corporate Leaders Group (CLG UK), said:

The relaunch of the Net Zero Council marks an important step in strengthening collaboration between government, business, civil society, and local government to accelerate the UK’s transition to net zero. Businesses are ready to lead, invest, and innovate, but they need the right policy framework and long-term clarity to unlock the full potential of a clean, competitive economy. The UK Corporate Leaders Group welcomes the opportunity to bring business leadership and ambition to the Council, supporting accelerated delivery and ensuring that government strategies are informed by real-world insights and that industry can play a central role in delivering a net zero future.

David Thomas, Chief Executive of Barratt Redrow, said:

I’m pleased to join the Net Zero Council at a critical time for the environment and as we scale up to build the new high quality, energy efficient homes the UK desperately needs.

Government has set out its clear ambition to shift to clean energy, meanwhile the homebuilding industry is making good progress towards delivering net zero homes and places – but we must unite behind one plan and work together to build a sustainable future.

Minnie Moll, Chief Executive of the Design Council, said:  

I am honoured to join the Net Zero Council to contribute to this crucial national mission and represent the voice of design as a transformative tool for innovation. Design has the power to cut across sectors, fuelling innovative thinking, embracing circular approaches, and turning the challenges of climate change into opportunities for economic growth, improved quality of life, and a cleaner, more sustainable future for all. We are excited to bring our expertise to this ambitious mission and support the UK’s leadership in becoming a clean energy superpower.

John Scanlon, Chief Executive Officer for SUEZ recycling and recovery UK said:

I am delighted to bring SUEZ’s expertise in the circular economy to the Net Zero Council. Often unseen, the work of the waste and resources sector sits at the core of the delivery of the Industrial Strategy – at the same time as we are taking steps to decarbonise our own operations, the sector is helping other sectors to decarbonise by providing secondary resources for manufacturing, and energy and fuels for transport, homes and industry. A resource efficient economy is a thriving economy and I’m looking forward to working in partnership with industry peers to advance the Government’s mission to become a Clean Energy Superpower.

Ian Simm, Founder & Chief Executive, Impax Asset Management said:

It’s very encouraging to see the Net Zero Council relaunched and I welcome the decision to expand its membership to include representatives from civil society and local government. The Council has a vital role to play at a moment when pivotal decisions are being made that will decide the future shape of the UK economy, not least on housing, infrastructure, and energy supply. I look forward to providing an investor’s view regarding how the Council can maximise its impact and effectiveness, both in helping to shape the shift to a net-zero economy and in supporting the Government’s broader and much needed growth agenda.

 Jennifer Beckwith, Senior Manager, CBI, said:

Accelerating to net zero and achieving growth is society’s defining economic challenge – one that can only be achieved through industry and government partnership. Inaction on the transition is costlier than action and business wants to play its part in achieving sustainable growth.

Increasing decarbonisation beyond the power sector is the big opportunity to grow clean energy markets, scale infrastructure and advance green technologies. The government leading collaboration across business and finance sectors powerfully signals to investors a focus on delivery that can help get capital moving.

Ed Lockhart, Convenor, Broadway Initiative, said:

UK businesses need certainty, including on the transition to a clean energy future, to invest, grow and ultimately improve living standards.

By launching the Net Zero Council aligned to the clean energy mission, the Government is providing a much-needed platform for the business community, financial institutions, civil society and Government to work in partnership on a shared and inclusive long-term plan.

The Broadway Initiative looks forward to bringing business and environmental organisations together to make the most of this opportunity.

Share this page

The following links open in a new tab

Share on Facebook (opens in new tab)

Share on Twitter (opens in new tab)

Updates to this page

Published 5 February 2025
MIL OSI United Kingdom –
February 6, 2025
MIL-OSI United Kingdom: New climate plan set to be scrutinised
Source: City of Plymouth

A range of new measures designed to help reduce greenhouse gas emissions throughout Plymouth are set to be discussed by members next week.

The latest incarnation of the Net Zero Action Plan (NZAP), a three-year delivery strategy that sets out the City Council’s response to its pledge to reach net zero, will be debated by the Natural Infrastructure and Growth scrutiny panel on Wednesday 12 February.

While detailing updates on a number of ongoing actions like the continuing electrification of fleet vehicles, as well as the retro-fitting of low-carbon heating methods on buildings, new initiatives are also in the pipeline.

These include:
- Beginning the delivery of the externally-funded £400m heat network which will see major buildings in the city centre with the waterfront connected and heated by a central source
- Submitting an expression of interest for participation in the Department of Transport’s e-scooter trial scheme
- Support the delivery of the UK’s first end-to-end commercial waste recycling plant for electric vehicle batteries in Plymouth
- Following the lead of other similar-sized cities by exploring the feasibility, potential role and benefits of emissions-based vehicle charging tariffs.
Councillor Tom Briars-Delve, Cabinet Member for the Environment and Climate Change, will present the plan to colleagues.

Tom said: “This latest version of the Net Zero Action Plan is bold and brings forward a raft of measures that will make great strides towards our net zero ambitions.

“Although previous plans have also been effective, this time we have gone back to the data and thus have an increased focus on the city’s most high emitting sectors, namely transport and buildings.

“I do understand that for some people, parts of this plan may seem ambitious but ambitious is what we must be if we are to ensure the environmental sustainability of our city and planet.”

The NZAP covers two areas – commitments to reduce emissions from Council-owned facilities and also how the Council can use its influence to help the city as a whole move towards net zero.

The Council has been producing the plan with annual updates since it first declared a climate emergency in 2019, and through actions already completed has reduced its own carbon emissions by 18.1 per cent between 2019 and 2022.

Following its appearance at the cross-party scrutiny committee, any recommendations will be considered before the NZAP is voted on by Full Council on 17 March.
MIL OSI United Kingdom –
February 6, 2025
MIL-OSI USA: Governor Josh Stein Announces Additional $5 Million to Fund Grants for Small Businesses Impacted by Hurricane Helene
Source: US State of North Carolina

Headline: Governor Josh Stein Announces Additional $5 Million to Fund Grants for Small Businesses Impacted by Hurricane Helene

Governor Josh Stein Announces Additional $5 Million to Fund Grants for Small Businesses Impacted by Hurricane Helene
bwood
Wed, 02/05/2025 – 10:16

Raleigh, NC
Today, Governor Josh Stein announced that the Duke Endowment has committed $5 million to the Western North Carolina Small Business Initiative grant program, which will support small businesses impacted by Hurricane Helene. Since its initial announcement on January 31, the WNCSBI grant program has already seen nearly 900 applicants—a number that is increasing daily.

“I am grateful that the Duke Endowment has joined our private-public partnership to ensure that small businesses in western North Carolina can get on the road to recovery,” said Governor Josh Stein. “This program is making a difference for the economy, but the need is great. I encourage more North Carolina philanthropies to support this critical work.”

“Small businesses are essential to the social and economic fabric of Western North Carolina,” said Duke Endowment president Rhett Mabry. “As communities work to recover from the devastation caused by Hurricane Helene, The Duke Endowment remains steadfast in its commitment to support rebuilding efforts, such as this, ensuring small businesses have the resources they need to emerge stronger than before.”

The Duke Endowment joins the Dogwood Health Trust in participating with the state on this initiative. Funds will be managed by Appalachian Community Capital, with the partnership of the Community Reinvestment Fund on the application process. Eligible businesses can apply through the portal here. Eligibility requirements are below:

Businesses with an annual revenue of up to and including $2.5 million

Businesses in the 28 counties and the Eastern Band of Cherokee Indians that are covered by President Biden’s federal disaster declaration or in Dogwood Health Trust’s 18-county footprint, including: Alexander, Alleghany, Ashe, Avery, Buncombe, Burke, Caldwell, Catawba, Cherokee, Clay, Cleveland, Gaston, Graham, Haywood, Henderson, Jackson, Lincoln, Macon, Madison, McDowell, Mitchell, Polk, Rutherford, Surry, Swain, Transylvania, Watauga, Wilkes, Yadkin, Yancey.
Feb 5, 2025

MIL OSI USA News –
February 6, 2025
MIL-OSI USA: Cornyn, Fetterman Introduce Bill to Help Strengthen At-Risk Homes Against Natural Disasters
US Senate News:
Source: United States Senator for Texas John Cornyn

WASHINGTON – U.S. Senators John Cornyn (R-TX) and John Fetterman (D-PA) today introduced the Promoting Resilient Buildings Act, which would improve the resilience of homes at risk of being impacted by natural disasters by allowing more states and local communities to be eligible for the Federal Emergency Management Agency’s (FEMA) Pre-Disaster Mitigation Program:

“Natural disasters can wreak havoc on homes and cause devastating and costly hardships for Texans in their aftermath,” said Sen. Cornyn. “This legislation would help homeowners update at-risk homes in a cost-efficient way and help more families in Texas and across the country prepare for future storms.”

“Too many American families have seen their homes damaged or destroyed by extreme weather and other disasters,” said Sen. Fetterman. “We can’t afford to keep rebuilding the same way and expecting different results. Just look at the devastation from Hurricane Debby—thousands of Pennsylvania families lost everything last summer and are still struggling to recover. This bill is a practical solution that will help make it easier for people to secure their homes before disaster strikes. I’m proud to team up with Senator Cornyn to get this done.”

Background:

This legislation would improve resilience of homes by allowing more states and local communities to be eligible for the Federal Emergency Management Agency’s (FEMA) Pre-Disaster Mitigation Program. It would ensure state and local governments retain control over the building code adoption process while advancing housing resilience through a practical, targeted approach. A key component of this legislation is the Residential Retrofit and Resilience Pilot Program, which provides a cost-effective way to strengthen older and at-risk homes against natural disasters without imposing unnecessary mandates on new construction and limits funding to 10% of Building Resilient Infrastructure and Communities (BRIC) program’s annual budget.

The Promoting Resilient Buildings Act would:
- Strengthen at-risk homes by providing funding for elevations, flood-proofing, tornado-safe rooms, seismic retrofits, wildfire mitigation, and wind-resistant construction;
- Preserve local authority and prevents unfunded mandates by restoring the definition of “latest published editions” of building codes for FEMA’s Pre-Disaster Mitigation Program to include the two most recent editions, allowing states to adopt the most appropriate codes for their communities;
- Improve access to FEMA mitigation funding and prioritize financial need;
- And establish a pilot program under Federal Emergency Management Agency’s (FEMA) Building Resilient Infrastructure and Communities (BRIC) program to provide grants for residential resilience retrofits in a fiscally responsible way and prioritize the homes most vulnerable to disasters.
This legislation is endorsed by the National Association of Homebuilders.
MIL OSI USA News –
February 6, 2025
MIL-OSI Global: Why Democrats are switching off the news – a psychologist explains

Source: The Conversation – UK – By Geoff Beattie, Professor of Psychology, Edge Hill University

Many Democrats appear to be switching off mainstream news channels and other media, following Donald Trump’s victory in the 2024 presidential election.

Around 72% of Democrats say they feel a need to limit their consumption of news about politics and government, according to a recent poll by AP-NORC.

Research has highlighted the negative effects of news avoidance (resistance to, or avoidance of, news) on people’s political knowledge and civic engagement, the cornerstones of democratic thought and action.

Research also shows what prompts news avoidance generally – and the return of Trump may be increasing the percentage of people in the US who are turning away from news and current affairs.

Research from the University of Jyvaskyla in Finland measured how news avoidance varied across several nations between 2016 and 2019. It also attempted to identify the drivers of news avoidance.

Researchers found the proportion of consumers who actively avoided the news varied significantly from one country to another – and for some, it was temporary.

In their sample of five countries, they found news avoidance was highest in Argentina (45%) and the US (41%) and lowest in Finland (17%) and Japan (11%), with Israel somewhere in between. The US, it seems, has always been high but there are some suggestions it is getting worse.

People made conscious decisions about what news to consume and what to avoid, given the amount of news available. News overload and cognitive fatigue (where people feel worn out by the amount of news they feel they should listen to) were especially important when there was intense national news focus on certain individuals. Examples of this could be coverage of the corruption case involving Prime Minister Benjamin Netanyahu in Israel, or Trump’s recent stream of executive orders.

But factors can vary. The study found that in Japan, the main cognitive driver was “a reluctance to discuss or be exposed to subjective and often extreme opinions”. In Argentina, it was a distrust of politicians generally.

However, emotional factors were also critical to news avoidance. Many interviewees reported feeling emotional distress, sadness, fear and anger with certain types of negative news, to the extent that it sometimes affected their mental health.

But emotional factors also affect specific behaviour. News avoidance can become “news aversion” (more emotional, more visceral), turning away from the news not because of some deliberate rational judgment (“I’ll reduce my viewing a little, according to American Psychological Association guidelines”) but because of overwhelming feelings of anxiety or disgust when confronted by certain stories or individuals.

Disgust is a powerful negative emotion linked to very quick responding, and could create a need to turn away from something immediately. Feelings of anxiety may be linked to images of political figures, for instance.

I have just finished writing a book exploring climate anxiety. For some, this can be a debilitating form of anxiety, and it is growing globally especially among young people. It can be overwhelming, affecting study, work and sleep.

What can you do about news avoidance?

The recent image of Trump yelling that “we’re going to drill, baby, drill” has been implanted in the minds of many who suffer from climate anxiety, possibly intensifying their distress.

For many Democrats, the aftermath of Trump’s victory was emotionally devastating. On October 24 2024 (two weeks before the election), an open letter was published in the New York Times signed by 233 mental health professionals with the following warning: “We have an ethical duty to warn the public that Donald Trump is an existential threat to democracy. His symptoms of severe, untreatable personality disorder – malignant narcissism – makes him deceitful, destructive, deluded and dangerous. He is grossly unfit for leadership.”

For Democrats in particular, Trump may display many negative features including his lack of remorse or self-awareness, his break from traditional political norms and use of populist, nationalist rhetoric, or his rejection of civil discourse in favour of divisive and inflammatory language.

So Trump’s victory seemed, to many Democrats, to signal the triumph of ignorance, bigotry and authoritarianism. An emotional response from them was always likely, and chimes with this avoiding of news.

Cognitive dissonance

Cognitive dissonance theory suggests that when individuals are confronted with information (in this case from Trump) that contradicts their deeply held beliefs but they still sit and listen dutifully, this can create considerable psychological discomfort.

To reduce this discomfort, people often engage in behaviour that avoids or minimises this conflict. But they can’t change their political views, and they can’t change Trump or his policies (he has got an incredibly powerful mandate), so that leaves few other options. Or perhaps just one: avoiding the relentless media cycle of Trump’s tweets, policies, pronouncements, presidential pardons, and executive orders.

By switching off, Democrats – and even some Republicans – can temporarily ease the cognitive dissonance they feel, and this may allow some emotional relief.

Moreover, this avoidance might help protect them against the further erosion of their political and social identity. They might feel that if they continue to consume news that reaffirms Trump’s power, or as if they are accepting their defeat and their misreading of the American public and, by extension, the legitimacy of his presidency.

But where will that disengagement take them? And how easy will it be for them to overcome their visceral response to reengage, to reassert themselves and fight back? It’s always more difficult when thoughts and emotion are so tightly intertwined like this.

But for US Democrats, engagement based on accurate information is critical for the ongoing democratic process, regardless of how painful this might feel right now.

Geoff Beattie does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Why Democrats are switching off the news – a psychologist explains – https://theconversation.com/why-democrats-are-switching-off-the-news-a-psychologist-explains-248512

MIL OSI – Global Reports –

February 6, 2025
MIL-OSI Global: Why Trump’s rage defies historical and literary comparisons, according to a classics expert

Source: The Conversation – USA – By Rachel Hadas, Professor of English, Rutgers University – Newark

Donald Trump’s anger has been building and now seems volcanic. Abstract Aerial Art/Getty Images

The Greek divinity Nemesis, rarely depicted in art, has no place in the Olympian pantheon of a dozen gods and goddesses. But she’s an omnipresent force of retribution, an implacable force of punishment that arrives, if not sooner, then later.

Nemesis can bide her time for generations, but there’s no escaping her.

So too, it seems, with President Donald Trump, who is “clearly not a man who discards his grudges easily,” William Galston of the Brookings Institution said recently. This observation is an understatement.

Trump’s resentment has been steaming since the 2020 presidential election. Now that he is again president, he’s far from appeased; his ire is boiling over.

“Flooding the zone,” a term borrowed from football, was former Trump adviser Steve Bannon’s way of describing the Trumpian tactic of issuing a barrage of statements whose sheer pace and multiplicity, not to mention contents, are intended to stymie any impulse at rational response.

As he has gained fame and power, Trump’s contemptuous rage at his opponents and his appetite for vengeance appear to have sharpened.

Like Nemesis, Trump is now pursuing his perceived enemies, using the power of the presidency. Among his recent retribution: He has
fired Department of Justice officials and staff who worked on criminal investigations and prosecutions of him; he has revoked security clearances for intelligence officials to “punish his perceived opponents,” as one news story put it. And he has removed the portrait of Gen. Mark Milley from the Pentagon wall that traditionally features portraits of the retired chairmen of the Joint Chiefs of Staff, as Milley was. In 2024, journalist Bob Woodward reported that Milley had told him, “No one has ever been as dangerous to this country as Donald Trump. Now I realize he’s a total fascist. He is the most dangerous person to this country” – clearly sparking Trump’s ire.

As a poet and student of the classics, my impulse is to find analogs for this behavior, this temperament – precedents that might help provide some perspective.

Trump displays his anger during a rally on Nov. 3, 2024, in Lancaster County, Pennsylvania.

Tyrants, heroes and horses

Historians, I thought, would be able to come up with analogs. For example, Trump’s initial choice of a political ally, Florida Rep. Matt Gaetz, as attorney general – widely seen as unqualified for the post and who later withdrew – was likened to the Roman emperor Caligula, who made his horse a senator. Figures from Greek history, from the Athenian tyrant Pisistratus to Alexander the Great, could be famously power-hungry and vindictive.

Classical epic and drama furnish plenty of rage, which is the first word of the Homeric epic “The Iliad.”

Since epic and tragic heroes are in positions of power, temperament and action mesh. The Greek hero Achilles’ clash with the Greek army’s commander Agamemnon at the outset of “The Iliad” is psychologically plausible. Each man feels insulted and slighted by the other; both have cause for resentment.

Achilles nurses his rage at all his fellow Greeks until, much later in the epic, his grief at the death of his beloved Patroklos sends him back into battle. This larger-than-life hero is vulnerable, changeable and human.

Perhaps the most famous example of vengeance in Greek tragedy is Aeschylus’ trilogy, “The Oresteia.” When Clytemnestra murders her husband, Agamemnon, on his return from Troy, she has three comprehensible motives. Agamemnon has sacrificed their daughter; he has brought home a mistress, Cassandra; and Clytemnestra feels loyalty, both personal and political, to Aegisthus, her husband’s cousin, whom she has taken as a lover in her husband’s absence and who has his own reasons for hating Agamemnon.

So vindicated does Clytemnestra feel in having murdered Agamemnon – and Cassandra as well – that she proudly compares her action to rain that fertilizes the crops. As rain is part of the cycle of the seasons, her act has righted the balance of justice.

Agamemnon was murdered in cold blood by Clytemnestra and Aegisthus, in vengeance for Iphigenia’s death and all the grief he’d given them both.
Flaxman, artist, from The Print Collector/Getty Images

Cunning rage leads to death

Turning to a few of Shakespeare’s more vengeful characters, Iago in “Othello” is an embodiment of a cunning rage that leads him to systematically destroy the innocent Othello’s marriage. He does this by falsely hinting – and then planting a chain of evidence suggesting – that Othello’s bride, Desdemona, is unfaithful.

Othello eventually kills both Desdemona and himself. But the Romantic critic Samuel Taylor Coleridge famously referred to Iago’s “motiveless malignancy,” since it’s hard to be sure exactly why Iago is so set on destroying Othello.

Hamlet himself is a reluctant avenger who keeps putting off the act of revenging his father’s murder. In the history play named for him, Richard III’s resentment, going back to having been a deformed and unloved child, makes more sense. Richard lusts after power; he systematically and clandestinely murders his own brother and nephews, who would stand between him and his elder brother Edward’s throne.

Whether motivated by political ambition, generalized rancor or an inherited assignment, none of these figures ends well. They all have enemies, and they all – except Iago, who will be tortured and executed – die on stage. All have done plenty of damage; none survives long to feel vindicated. Even Clytemnestra’s triumph is short-lived, since her own son, Orestes, will soon avenge his father’s death by murdering his mother – Clytemnestra.

But all these figures seem to feel personal passion. Even the opaque Iago has one chief target: Othello. They don’t present compelling parallels to Trump, whose anger appears to be simultaneously private and public.

Easily offended, Trump is quick to strike back with insults; but he also seems to have an insatiable appetite for broader and deeper punishment, meted out to more people and even after a lapse of time. Hence literary parallels are less than compelling.

Trump’s anger seems more general than personal. His aggrieved sense of having been wronged, victimized by his enemies, is a constant in his career. But his targets shift. One day it’s judges; another day it’s election officials. Yet another day, it’s the “deep state.”

And Trump’s implacable resentment has struck a chord among many Americans whose resentment has a more rational basis. Trump’s base may believe he is speaking for them – “I am your warrior. I am your justice,” he said in a speech at a conservative forum, but his first priority has always been himself.

A spirit, ranging for revenge

The damage done by Trump is often inflicted by others. Their threats, harassment and even violence are done in the name of Trump.

He has pardoned almost all of the Jan. 6 insurrectionists, some of whom have now boasted they will acquire guns.

Trump has removed government protection from figures who have dared to disagree with him and have received death threats, including Dr. Anthony Fauci.

Shakespeare, turning history into great poetry, comes to mind after all. In “Julius Caesar,” knowing that his funeral oration over the body of the assassinated Caesar will stir up an angry mob, Mark Antony muses:

“And Caesar’s spirit, ranging for revenge,
With Ate by his side come hot from hell,
Shall in these confines with a monarch’s voice
Cry ‘Havoc!’ and let slip the dogs of war”

Antony imagines Caesar’s vengeful spirit rising from the underworld to incite further violence. Not only will Caesar’s assassins be punished, but the hell of civil war will be let loose to cause widespread suffering. Precisely who Trump wants to punish appears secondary to his delight in releasing precisely those hellish dogs. Everyone is a potential enemy and a potential victim.

“I am your retribution,” Trump has said. Nothing in Trump’s continuing story more clearly echoes the classics than this ominous melding of self with a superhuman principle of revenge.

Such a merging of a mortal individual with a pitilessly abstract power like Nemesis is closer to myth than to history. Or so it would be comforting to assume.

Rachel Hadas does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Why Trump’s rage defies historical and literary comparisons, according to a classics expert – https://theconversation.com/why-trumps-rage-defies-historical-and-literary-comparisons-according-to-a-classics-expert-248510

MIL OSI – Global Reports –

February 6, 2025
MIL-OSI Global: Water is the other US-Mexico border crisis, and the supply crunch is getting worse

Source: The Conversation – USA – By Gabriel Eckstein, Professor of Law, Texas A&M University

View of the Rio Grande flowing through Ciudad Juarez, Mexico, photographed from the Paso Del Norte International Bridge. Paul Rarje/AFP via Getty Images

Immigration and border security will be the likely focus of U.S.-Mexico relations under the new Trump administration. But there also is a growing water crisis along the U.S.–Mexico border that affects tens of millions of people on both sides, and it can only be managed if the two governments work together.

Climate change is shrinking surface and groundwater supplies in the southwestern U.S. Higher air temperatures are increasing evaporation rates from rivers and streams and intensifying drought. Mexico is also experiencing multiyear droughts and heat waves.

Growing water use is already overtaxing limited supplies from nearly all of the region’s cross-border rivers, streams and aquifers. Many of these sources are contaminated with agricultural pollutants, untreated waste and other substances, further reducing the usability of available water.

As Texas-based scholars who study the legal and scientific aspects of water policy, we know that communities, farms and businesses in both countries rely on these scarce water supplies. In our view, water conditions on the border have changed so much that the current legal framework for managing them is inadequate.

Unless both nations recognize this fact, we believe that water problems in the region are likely to worsen, and supplies may never recover to levels seen as recently as the 1950s. Although the U.S. and Mexico have moved to address these concerns by updating the 1944 water treaty, these steps are not long-term solutions.

The Rio Grande flows south from Colorado and forms the 1,250-mile (2,000-kilometer) Texas-Mexico border.
Kmusser/Wikimedia, CC BY-SA

Growing demand, shrinking supply

The U.S.-Mexico border region is mostly arid, with water coming from a few rivers and an unknown amount of groundwater. The main rivers that cross the border are the Colorado and the Rio Grande – two of the most water-stressed systems in the world.

The Colorado River provides water to more than 44 million people, including seven U.S. and two Mexican states, 29 Indian tribes and 5.5 million acres of farmland. Only about 10% of its total flow reaches Mexico. The river once emptied into the Gulf of California, but now so much water is withdrawn along its course that since the 1960s it typically peters out in the desert.

The Rio Grande supplies water to roughly 15 million people, including 22 Indian tribes, three U.S. and four Mexican states and 2.8 million irrigated acres. It forms the 1,250-mile (2,000-kilometer) Texas-Mexico border, winding from El Paso in the west to the Gulf of Mexico in the east.

The Colorado River flows through seven U.S. states and crosses into Mexico at the Arizona-California border.
USGS

Other rivers that cross the border include the Tijuana, San Pedro, Santa Cruz, New and Gila. These are all significantly smaller and have less economic impact than the Colorado and the Rio Grande.

At least 28 aquifers – underground rock formations that contain water – also traverse the border. With a few exceptions, very little information on these shared resources exists. One thing that is known is that many of them are severely overtapped and contaminated.

Nonetheless, reliance on aquifers is growing as surface water supplies dwindle. Some 80% of groundwater used in the border region goes to agriculture. The rest is used by farmers and industries, such as automotive and appliance manufacturers.

Over 10 million people in 30 cities and communities throughout the border region rely on groundwater for domestic use. Many communities, including Ciudad Juarez; the sister cities of Nogales in both Arizona and Sonora; and the sister cities of Columbus in New Mexico and Puerto Palomas in Chihuahua, get all or most of their fresh water from these aquifers.

A booming region

About 30 million people live within 100 miles (160 kilometers) of the border on both sides. Over the next 30 years, that figure is expected to double.

Municipal and industrial water use throughout the region is also expected to increase. In Texas’ lower Rio Grande Valley, municipal use alone could more than double by 2040.

At the same time, as climate change continues to worsen, scientists project that snowmelt will decrease and evaporation rates will increase. The Colorado River’s baseflow – the portion of its volume that comes from groundwater, rather than from rain and snow – may decline by nearly 30% in the next 30 years.

Precipitation patterns across the region are projected to be uncertain and erratic for the foreseeable future. This trend will fuel more extreme weather events, such as droughts and floods, which could cause widespread harm to crops, industrial activity, human health and the environment.

Further stress comes from growth and development. Both the Colorado River and Rio Grande are tainted by pollutants from agricultural, municipal and industrial sources. Cities on both sides of the border, especially on the Mexican side, have a long history of dumping untreated sewage into the Rio Grande. Of the 55 water treatment plants located along the border, 80% reported ongoing maintenance, capacity and operating problems as of 2019.

Drought across the border region is already stoking domestic and bilateral tensions. Competing water users are struggling to meet their needs, and the U.S. and Mexico are straining to comply with treaty obligations for sharing water.

Cross-border water politics

Mexico and the United States manage water allocations in the border region mainly under two treaties: a 1906 agreement focused on the Upper Rio Grande Basin and a 1944 treaty covering the Colorado River and Lower Rio Grande.

Under the 1906 treaty, the U.S. is obligated to deliver 60,000 acre-feet of water to Mexico where the Rio Grande reaches the border. This target may be reduced during droughts, which have occurred frequently in recent decades. An acre-foot is enough water to flood an acre of land 1 foot deep – about 325,000 gallons (1.2 million liters).

Allocations under the 1944 treaty are more complicated. The U.S. is required to deliver 1.5 million acre-feet of Colorado River water to Mexico at the border – but as with the 1906 treaty, reductions are allowed in cases of extraordinary drought.

Until the mid-2010s, the U.S. met its full obligation each year. Since then, however, regional drought and climate change have severely reduced the Colorado River’s flow, requiring substantial allocation reductions for both the U.S. and Mexico.

In 2025, states in the U.S. section of the lower Colorado River basin will see a reduction of over 1 million acre-feet from prior years. Mexico’s allocation will decline by approximately 280,500 acre-feet under the 1944 treaty.

This agreement provides each nation with designated fractions of flows from the Lower Rio Grande and specific tributaries. Regardless of water availability or climatic conditions, Mexico also is required to deliver to the U.S. a minimum of 1,750,000 acre-feet of water from six named tributaries, averaged over five-year cycles. If Mexico falls short in one cycle, it can make up the deficit in the next five-year cycle, but cannot delay repayment further.

The U.S. and Mexico are struggling to share a shrinking water supply in the border region.

Since the 1990s, extraordinary droughts have caused Mexico to miss its delivery obligations three times. Although Mexico repaid its water debts in subsequent cycles, these shortfalls raised diplomatic tensions that led to last-minute negotiations and large-scale water transfers from Mexico to the U.S.

Mexican farmers in Lower Rio Grande irrigation districts who had to shoulder these cuts felt betrayed. In 2020, they protested, confronting federal soldiers and temporarily seizing control of a dam.

U.S. President Donald Trump and Mexican President Claudia Scheinbaum clearly appreciate the political and economic importance of the border region. But if water scarcity worsens, it could supplant other border priorities.

In our view, the best way to prevent this would be for the two countries to recognize that conditions are deteriorating and update the existing cross-border governance regime so that it reflects today’s new water realities.

Gabriel Eckstein is affiliated with the Permanent Forum on Binational Waters, International Association for Water Law, and International Water Resources Association.

Rosario Sanchez receives funding from the USGS under the Transboundary Aquifer Assessment Program Act. She is affiliated with Texas A&M University and the non-profit as a volunteer to the Permanent Forum of Binational Waters, the International Association of Hydrogeologists, and the International Water Resources Association.

– ref. Water is the other US-Mexico border crisis, and the supply crunch is getting worse – https://theconversation.com/water-is-the-other-us-mexico-border-crisis-and-the-supply-crunch-is-getting-worse-244722

MIL OSI – Global Reports –

February 6, 2025
MIL-OSI Global: Lightning strikes link weather on Earth and weather in space

Source: The Conversation – USA – By Lauren Blum, Assistant Professor of Atmospheric and Space Physics, University of Colorado Boulder

Lightning, when coupled with solar flares, can knock electrons flying above the Earth out of place. AP Photo/David Zalubowski

There are trillions of charged particles – protons and electrons, the basic building blocks of matter – whizzing around above your head at any given time. These high-energy particles, which can travel at close to the speed of light, typically remain thousands of kilometers away from Earth, trapped there by the shape of Earth’s magnetic field.

Occasionally, though, an event happens that can jostle them out of place, sending electrons raining down into Earth’s atmosphere. These high-energy particles in space make up what are known as the Van Allen radiation belts, and their discovery was one of the first of the space age. A new study from my research team has found that electromagnetic waves generated by lightning can trigger these electron showers.

A brief history lesson

At the start of the space race in the 1950s, professor James Van Allen and his research team at the University of Iowa were tasked with building an experiment to fly on the United States’ very first satellite, Explorer 1. They designed sensors to study cosmic radiation, which is caused by high-energy particles originating from the Sun, the Milky Way galaxy, or beyond.

James Van Allen, middle, poses with a model of the Explorer 1 satellite.
NASA

After Explorer 1 launched, though, they noticed that their instrument was detecting significantly higher levels of radiation than expected. Rather than measuring a distant source of radiation beyond our solar system, they appeared to be measuring a local and extremely intense source.

This measurement led to the discovery of the Van Allen radiation belts, two doughnut-shaped regions of high-energy electrons and ions encircling the planet.

Scientists believe that the inner radiation belt, peaking about 621 miles (1000 kilometers) from Earth, is composed of electrons and high-energy protons and is relatively stable over time.

The outer radiation belt, about three times farther away, is made up of high-energy electrons. This belt can be highly dynamic. Its location, density and energy content may vary significantly by the hour in response to solar activity.

Charged particles, with their trajectories shown as blue and yellow lines here, exist in the radiation belts around Earth, depicted here as the yellow, green and blue regions.

The discovery of these high-radiation regions is not only an interesting story about the early days of the space race; it also serves as a reminder that many scientific discoveries have come about by happy accident.

It is a lesson for experimental scientists, myself included, to keep an open mind when analyzing and evaluating data. If the data doesn’t match our theories or expectations, those theories may need to be revisited.

Our curious observations

While I teach the history of the space race in a space policy course at the University of Colorado, Boulder, I rarely connect it to my own experience as a scientist researching Earth’s radiation belts. Or, at least, I didn’t until recently.

In a study led by Max Feinland, an undergraduate student in my research group, we stumbled upon some of our own unexpected observations of Earth’s radiation belts. Our findings have made us rethink our understanding of Earth’s inner radiation belt and the processes affecting it.

Originally, we set out to look for very rapid – sub-second – bursts of high-energy electrons entering the atmosphere from the outer radiation belt, where they are typically observed.

Many scientists believe that a type of electromagnetic wave known as “chorus” can knock these electrons out of position and send them toward the atmosphere. They’re called chorus waves due to their distinct chirping sound when listened to on a radio receiver.

Feinland developed an algorithm to search for these events in decades of measurements from the SAMPEX satellite. When he showed me a plot with the location of all the events he’d detected, we noticed a number of them were not where we expected. Some events mapped to the inner radiation belt rather than the outer belt.

This finding was curious for two reasons. For one, chorus waves aren’t prevalent in this region, so something else had to be shaking these electrons loose.

The other surprise was finding electrons this energetic in the inner radiation belt at all. Measurements from NASA’s Van Allen Probes mission prompted renewed interest in the inner radiation belt. Observations from the Van Allen Probes suggested that high-energy electrons are often not present in this inner radiation belt, at least not during the first few years of that mission, from 2012 to 2014.

Our observations now showed that, in fact, there are times that the inner belt contains high-energy electrons. How often this is true and under what conditions remain open questions to explore. These high-energy particles can damage spacecraft and harm humans in space, so researchers need to know when and where in space they are present to better design spacecraft.

Determining the culprit

One of the ways to disturb electrons in the inner radiation belt and kick them into Earth’s atmosphere actually begins in the atmosphere itself.

Lightning, the large electromagnetic discharges that light up the sky during thunderstorms, can actually generate electromagnetic waves known as lightning-generated whistlers.

Lightning strikes generate electromagnetic waves, which can travel into the radiation belts above the Earth’s atmosphere.
mdesigner125/iStock via Getty Images Plus

These waves can then travel through the atmosphere out into space, where they interact with electrons in the inner radiation belt – much as chorus waves interact with electrons in the outer radiation belt.

To test whether lightning was behind our inner radiation belt detections, we looked back at the electron bursts and compared them with thunderstorm data. Some lightning activity seemed correlated with our electron events, but much of it was not.

Specifically, only lightning that occurred right after so-called geomagnetic storms resulted in the bursts of electrons we detected.

Geomagnetic storms are disturbances in the near-Earth space environment often caused by large eruptions on the Sun’s surface. This solar activity, if directed toward Earth, can produce what researchers term space weather. Space weather can result in stunning auroras, but it can also disrupt satellite and power grid operations.

We discovered that a combination of weather on Earth and weather in space produces the unique electron signatures we observed in our study. The solar activity disturbs Earth’s radiation belts and populates the inner belt with very high-energy electrons, then the lightning interacts with these electrons and creates the rapid bursts that we observed.

These results provide a nice reminder of the interconnected nature of Earth and space. They were also a welcome reminder to me of the often nonlinear process of scientific discovery.

Lauren Blum receives funding from NASA and the NSF.

– ref. Lightning strikes link weather on Earth and weather in space – https://theconversation.com/lightning-strikes-link-weather-on-earth-and-weather-in-space-243772

MIL OSI – Global Reports –

February 6, 2025
MIL-OSI Asia-Pac: IICA and CMAI Sign MoU to Enhance Capacity for Decarbonisation
Source: Government of India (2)

IICA and CMAI Sign MoU to Enhance Capacity for Decarbonisation

Shri Nitin Gadkari, Minister for Road, Transport & Highways, Graced the Day 1 of the IICA-CMAI Masterclass on Global & Indian Carbon Markets

Under the agreement, CMAI and IICA will collaborate on Training Programmes, Joint Research, Conferences and Policy Advocacy on Carbon markets, low-carbon industrial solutions, and sustainable finance

Posted On: 05 FEB 2025 5:10PM by PIB Delhi

In a significant step towards strengthening India’s carbon markets and advancing decarbonisation efforts, the Indian Institute of Corporate Affairs (IICA) and Carbon Market Association of India (CMAI) have signed a Memorandum of Understanding (MoU) in New Delhi. The landmark agreement was announced on the inaugural day of the IICA-CMAI Masterclass on Global & Indian Carbon Markets on 4th February, graced by Shri Nitin Gadkari, Minister for Road, Transport & Highways, Government of India, who emphasized the pivotal role of biofuels and green hydrogen in shaping India’s economic and environmental future.

He shared pilot projects related to Bio Bitumin, Bio Aviation-fuel, Bio CNG and highlighted that “Conversion of Knowledge into wealth is the future and No Material is waste”. While emphasizing the importance of PPP, he shared that “Hydrogen is fuel for the future”. The Minister also shared his vision for the cost of hydrogen to be 1 dollar per kg, which he is confident India will be the pioneering nation to achieve due to its state-of-the-art research and development initiatives in this field. While citing landmark initiatives being undertaken related to the biofuels and alternative fuels, he also mentioned that though the initial cost of capital and technology seems high but significant research is currently underway which will eventually unleash as well as lead to the realisation of its true potential. He further highlighted the government’s commitment to developing a diversified biofuels sector, acknowledging the vast potential of various fuels to create a cleaner, more sustainable energy landscape and soon India will become a Green Hydrogen exporting country. At the end, he congratulated the organisation for launching the Sustainable Aviation Fuel (SAF) Alliance and the capacity building initiatives in this domain.

Dr. Garima Dadhich, Head, School of Business Environment, IICA, stated that the IICA Certificate Programme in Decarbonisation will be focused on creating a pool of corporates with advanced expertise to develop carbon offset mechanisms for climate mitigation, as well as integrate long-term strategy to decarbonise their operations.

Mr Manish Dabkara, President, CMAI remarked that the MoU with IICA marks a significant step towards building a robust ecosystem for carbon markets in India. Training programs, research opportunities, workshops, and conferences are a huge part of accelerating sustainable business initiatives. CMAI is looking forward to a successful partnership in this area. Mr. Rohit Kumar, Secretary General, CMAI remarked that awareness has been a major challenge in this area. By combining CMAI’s industry expertise with IICA’s institutional strength, the collaboration will aim to create impactful learning opportunities that will help accelerate India’s transition to a low-carbon economy.

This strategic partnership aims to equip industry professionals, policymakers and academicians with the necessary knowledge and expertise to navigate India’s evolving carbon markets. CMAI, a leading industry association focused on accelerating sustainable business initiatives, will serve as the knowledge partner to IICA, a think tank under the Ministry of Corporate Affairs, to support the growth and development of the corporate sector in India.

Under the agreement, CMAI and IICA will collaborate on:
- Training Programmes: Developing and delivering courses on carbon markets, low-carbon industrial solutions, and sustainable finance.
- Joint Research: Conducting studies and publishing insights on decarbonisation strategies and carbon trading mechanisms.
- Workshops and Conferences: Organising events to facilitate dialogue among industry stakeholders, policymakers, and academics.
- Policy Advocacy: Supporting regulatory and policy frameworks that drive India’s net zero ambitions.
The Day 1 of the Masterclass witnessed the participation of more than 70 professionals from leading corporates, PSUs as well as delegations from governmental bodies, embassies and international organisations. The Masterclass on Global and Indian Carbon Markets is being organised by IICA as part of the India Climate Week. Ms. Shivangi Vashishta, Senior Research Associate, School of Business Environment, IICA, led a case-study based discussion which led to enhanced delegate engagement. The Day 1 of the Masterclass concluded with an insightful session from Managing Partner, ERM India. The Day 2 of the Masterclass will witness a series of sessions on International Carbon Markets.

About Indian Institute of Corporate Affairs (IICA):

The Indian Institute of Corporate Affairs (IICA), is an autonomous institution under the aegis of the Ministry of Corporate Affairs. School of Business Environment (SBE) is a specialised vertical within IICA promoting the responsible business conduct focusing on the forward-looking areas of Environmental-Social-Governance (ESG), Corporate Social Responsibility (CSR), Sustainable Finance, Business & Biodiversity Conservation, Business and Human Rights, Responsible Trade, ESG Audit & Assurance and other aligned areas.

Contact: https://iica.nic.in/, sobe@iica.in or 0124-2640044

About Carbon Market Association of India (CMAI):

The Carbon Markets Association of India (CMAI) is a leading not-for-profit industry group driving India’s transition to a net-zero future by decarbonising hard-to-abate sectors. Collaborating with key ministries like MoEFCC, MoP, MNRE, and NITI Aayog, CMAI provides policy advocacy, capacity building, and knowledge support.

Contact: https://cma-india.in/, secretary@cma-india.in or +91 98117 79580

****

NB/AD

(Release ID: 2100046) Visitor Counter : 65

MIL OSI Asia Pacific News –
February 6, 2025
MIL-OSI United Kingdom: Time and change at El Cabril
Source: United Kingdom – Executive Government & Departments

Four Committee on Radioactive Waste Management (CoRWM) members travelled to Andalucia to visit the El Cabril low and intermediate level nuclear waste disposal facility.
The true extent of the 29 October floods on the Spanish regions of Valencia and Andalucia did not become immediately apparent, but the flood waters caused the death of over 230 people and was one of the deadliest natural disasters in Spanish history. On what became one of the most devastating weeks in history for Valencia and Andalucia, 4 CoRWM members travelled to Andalucia to visit the El Cabril low and intermediate level nuclear waste disposal facility. These sobering statistics added a pertinence to our visit.

Flooding events and ‘extreme’ weather – the torrential rain in Spain on 29 October brought a years’ worth of precipitation in a single day– are increasing in frequency and highlight the pressing need for robust, zero carbon energy systems that can sustain our energy needs without causing environmental and human disaster. This contextual framing of our visit to the nuclear waste disposal site at El Cabril is important. We need to securely dispose of our nuclear waste without leaving a burden for future generations. Disposal must be safe in the short and long term from environmental change. This becomes increasingly pertinent if we are to use nuclear in a portfolio of energy choices to meet out net zero targets.

CoRWM were welcomed to Spain and the El Cabril site by Nuria Prieto Serrano from ENRESA (Empresa Nacional de Residuos Radiactivos S.A.). Nuria is Senior Technician working in the department of International Co-operation and Research and Development at ENRESA. She is a philologist and lawyer with over 20 years’ experience in radioactive waste management and was an excellent guide and source of knowledge. We started our visit by sharing information on the countries respective nuclear waste disposal strategies and current progress.

Spain is currently decommissioning all their nuclear energy plants in the wake of a decision to discontinue nuclear energy production. Wastes described as very low, low and intermediate level wastes, in the Spanish categorisation of radioactive waste as described on the ENRESA website, can be disposed of at El Cabril. These wastes are similar to low and intermediate level wastes in the UK, but high-level wastes and some special wastes will need to be disposed of in a geological facility. Therefore, the process of designing and delivering a geological disposal facility is now starting in Spain.

Penny Harvey (CoRWM Deputy Chair) spoke about the work of CoRWM, and CoRWM’s role in the management and disposal of nuclear wastes in the UK. The role of a body such as CoRWM was of interest to ENRESA, as Spain progresses towards developing its strategy for and delivery of a deep geological disposal facility.

Visitors centre displays showing the site layout (left) and canister types (right)

El Cabril is on a former uranium mine and it is this legacy that led to the first wastes being stored here. The old mining cottages are still on site. Now empty, they appear like a row of little white teeth in the landscape evidence of the complex nature of human involvement on the site and the ties between geology, energy, people and landscape. Nuria describes how a future siting of a deep geological disposal facility would be open and transparent with community engagement in the process. We reflect on the importance of the community engagement process in the UK and the time and effort it takes to do it well and to gain trust and respect. Aspects of heritage, place, peoples, combined with the geology and other logistics all need to come together to create the right environment for a geological disposal facility.

As ever, with such visits, time was short and there was much to discuss and see. We had a quick tour of the visitor’s centre, which receives a staggering c.3,000 visitors/year; despite being many hours’ drive from any centre of major population. The visitor’s centre is a simple, clear and informative space with great views out onto the site. Our next stop was the watch tower, which affords fabulous views across the rolling Spanish countryside in which the El Cabril site is embedded. The watch tower is, as its name suggests, a security post; but not focused on risks such as terrorism threats that might first come to mind as a UK citizen. The watch tower’s main function is fire watch, as forest fire is deemed the biggest risk to site safety, and there are helicopter pads and reservoirs built into the landscape ready for firefighting. This simple fact provokes thoughts of climate change, shifting weather patterns and the increased frequency of extreme events. Much of Spain had temperatures over 40 degrees in the summer of 2024. Risks to infrastructure are changing as weather patterns destabilise. In a region where fire is the highest risk to a nuclear waste disposal site, but has also just seen the worst floods in its history, managing waste carefully and predicting future scenarios is a must.

The view from the Watch Tower across the El Cabril site (left), and the Handling and Operations area (right).

The central operations room provided an insight into the control systems and monitoring. Viewed through a one-way window that cleverly can be come two-way if the operators allow, we glimpsed the complexities of the monitoring and evaluation systems. Here we also learnt the operational workflow from delivery of waste at the site through to disposal, with graphics and text combined with real site photography. Then Nuria walked us through the loading, handling, testing and monitoring areas. We also saw the transportation truck systems that bring waste to the site from different nuclear operators. Despite being only 4 members from CoRWM we brought expertise in siting and engagement, in geology, regulation, risk management, transport and disposal logistics, so there was much to discuss and see.

The fluid draining and sampling pipes beneath the El Cabril low and intermediate level waste vaults (left), and Nuria Prieto Serrano explaining the fluid sampling system (right)

The highlight was the disposal vaults themselves. Firstly, we were taken into the passageways below the completed low and intermediate level waste vaults to see the water sampling and analysis system. Although dry the system and monitoring is designed so that any fluid collected in the base of the silos can be drained and tested. The system allows testing of fluid from individual silos so that any issues can be isolated. Above ground large tents cover the operational very low-level waste disposal sites and layers of waste and barriers are stacked up to create the stores within each concrete silo. It is possible to walk out on top of these very low-level wastes and to see the waste and back-fill up close. Eventually the disposal areas will be landscaped. The tops of the rolling hills were removed to create the disposal areas, and these will be recreated when the vaults are full, returning the landscape to its past form. Or at least how it was most recently.

These aspects of time, change and expectation are interesting, always framed in the human timescale and often within a single generation or two, rather than anything close to geological (millions and billions of years) or even timescales of some radioactive decay (tens of thousands of years). The Valencia floods and the environmental and human disaster that ensued signal potentially rapid change on relatively short (human) timescales. We will need to learn to adapt and be resilient, and act collectively for the common good. Sharing best practice and understanding internationally is key, learning from each other’s challenges and solutions. The timescales are both long and short and change is inevitable as we navigate our way to optimal nuclear waste disposal solutions.

With special thanks to Nuria Prieto Serrano, and ENRESA for hosting CoRWM’s visit.

Share this page

The following links open in a new tab

Share on Facebook (opens in new tab)

Share on Twitter (opens in new tab)

Updates to this page

Published 5 February 2025
MIL OSI United Kingdom –
February 6, 2025
MIL-OSI Europe: Written question – What measures does the Commission intend to put in place to overcome the ‘energy transition’ crisis? – E-000311/2025
Source: European Parliament
Question for written answer E-000311/2025
to the Commission
Rule 144
Mathilde Androuët (PfE)

Both the Commissioner for Climate Change, Carbon Neutrality and Clean Growth[1] and the Draghi Report[2] have drawn attention to the erosion of our industrial sovereignty, particularly in relation to China, in the renewable energy and electric vehicle sectors. The Draghi Report also warns that Europe is losing competitiveness as a result of very high gas and electricity prices in the EU[3].

A study[4] by the Committee on Constitutional Affairs assessing the conditions for the creation of a Climate and Energy Union identifies legal, regulatory, institutional and political obstacles to its establishment. The study also points to the lack of sufficient financial resources to carry out an energy transition that requires massive investment, far in excess of the EUR 660 billion earmarked for the green transition in the Multiannual Financial Framework 2021-2027.

As an example, the Bruegel think tank estimates that EU countries would need to invest around EUR 1 300 billion each year until 2030 and then EUR 1 540 billion per year between 2031 and 2050 to complete the energy transition[5].

1.What adjustments does the Commission advocate in such a situation?

2.Does it dispute the figures provided by the Bruegel think tank?

Submitted: 23.1.2025

[1] Europe ‘getting more dependent on China’ for clean tech, EU climate chief warns, Frédéric Simon, Euractiv, 14 February 2024.

[2] Mario Draghi’s report on the future of European competitiveness, https://commission.europa.eu/topics/strengthening-european-competitiveness/eu-competitiveness-looking-ahead_en#paragraph_47059

[3] La grande panne de l’industrie européenne, Bastien Bonnefous, Le Monde, 23 September 2024.

[4] https://www.europarl.europa.eu/RegData/etudes/STUD/2024/764399/IPOL_STU(2024)764399_EN.pdf

[5] L’Europe n’a pas les moyens de sa transition énergétique, Transitions & Énergies, 13 December 2024, https://www.transitionsenergies.com/europe-pas-les-moyens-transition-energetique
Last updated: 5 February 2025
MIL OSI Europe News –
February 6, 2025
MIL-OSI Europe: More progress needed to protect and manage Europe’s waters

Source: European Union 2

Clean water is the driving force of life. It is an essential resource for people and nature and for regulating the climate. And yet, according to new reports published by the European Commission on the state of water in the EU, while progress has been made to improve the EU’s water bodies over the past six years, more action is needed.

There have been several positive trends resulting from the implementation of the Water Framework Directive, with groundwater bodies continuing to achieve good quantitative and chemical status. However, work is needed to meet EU targets on freshwater quality and quantity. Only 39.5% of EU surface water bodies are achieving good ecological status, and only 26.8% achieving good chemical status. The EU has made key recommendations to Member States to improve water management by 2027.

When it comes to flood risk management, the Commission recognises the notable improvements that have been made, but again emphasises that more needs to be done by EU countries, to expand their planning and administrative capacity, and adequately invest in flood prevention, especially given today’s reality of more frequent and severe flooding. The report on the Marine Strategy Framework Directive also finds there is substantial room for improvement, particularly about achieving good environmental status of all EU marine waters.

These reports cover the implementation of three key pieces of EU water legislation: the Water Framework Directive, the Floods Directive, and the Marine Strategy Framework Directive.

To accompany the reports, the Commission has launched a call for evidence asking various stakeholders to share input and help design the future European Water Resilience Strategy.

For more information

Press release: Commission reports show faster progress is needed across Europe to protect waters and better manage flood risks

Water Framework Directive and Floods Directive Implementation reports – website

2024 assessment of Marine Strategy Framework Directive programmes of measures

European Water Resilience Strategy – call for evidence

Overview of EU water policy

MIL OSI Europe News –

February 6, 2025
MIL-OSI United Kingdom: expert reaction to study looking at shipping aerosol emissions, ocean surface temperatures and rate of global warming

Source: United Kingdom – Executive Government & Departments

February 4, 2025

A study published in Environment: Science and Policy for Sustainable Development looks at shipping aerosol emissions and the rate of global warming.

Dr Karsten Haustein, Climate Scientist, Leipzig University, said:

“Jim Hansen and colleagues have revisited the topic of aerosol-induced warming due to reduced shipping emissions (due to regulatory changes in 2020). It’s a more credible attempt than their last – rather disappointing – effort, but there is still much speculation involved. They estimate the global aerosol forcing from reduced shipping aerosols might be as high as 0.5 W/m2, which is far higher than the current estimates of 0.05-0.15 W/m2. They argue that Earth’s radiative imbalance as well as high levels absorbed solar radiation justify such assumption. Accordingly, they argue that Climate Sensitivity (temperature response after CO2 doubling in the atmosphere) might be as high as 4.5 W/m2.

“Given that Earth’s radiative imbalance has considerably come down in the 2nd half of 2024 (notwithstanding the uncertainties related to measuring the global radiative imbalance), I continue to remain skeptical of their claims. This is particularly true, as some of the extra warming could be traced to other internal factors that have not been discussed. The so-called ‘hiatus’ discussion in the 2010s should be an example of a cautionary tale. This is true all the more as we know with some certainty that CO2 and methane (CH4) forcing has continued to accelerate slightly, such that additional aerosol forcing increase is not necessarily required to explain what has happened in 2023 and 2024.

“They are correct in one aspect though: 2025 will prove whether there is more to the warming story than we thought.”

Prof Richard Allan, Professor of Climate Science, University of Reading, said:

“Multiple lines of evidence are showing that human caused climate change is gathering pace. Heat is continuing to flood into the climate system as atmospheric greenhouse gases continue to rise and the reflective haze of aerosol particle pollution diminishes in some regions following clean air policies. This is causing the warming of the oceans to increase at ever greater rates.

“The comprehensive, extensive and wide-ranging new report argues that masking of global warming by particle pollution has been underestimated and future climate change may be even worse than anticipated. Cleaning up dirty air may be having a larger than expected effect on increasing how much sunlight reaches the ground, which is adding to a more potent greenhouse effect from continued fossil fuel emissions. The arguments presented are not new and although reasonable they appear overly bleak compared to the growing body of scientific research. However, the magnitude of increases in Earth’s heating rate and ocean surface warming, as well as record January global temperatures despite an expected cooling from La Niña, mean that scientists are carefully scrutinising and puzzling over the unfolding changes to Earth’s climate. And the new report emphasises the urgent need to cut greenhouse gas emissions and to properly account for the full economic cost of our actions on the planet and people.”

Prof William Collins, Professor of Climate Processes, University of Reading, said:

“This paper suggests that the cooling effects of aerosols has been underestimated and hence this has hidden more of the warming effect of greenhouse gases than has previously been assessed. This would make the climate sensitivity to carbon dioxide larger than has been assessed. If this is the case then cleaning up aerosol pollution (as has happened with shipping since 2020) will uncover more of the underlying warming from greenhouse gases. Aerosol pollution peaked in the 1980s, when studies have increased the cooling effect of aerosols their calculations give cooler temperatures in the 1980s than we observed. So this paper sits outside most previous assessments of the strength of aerosol cooling.

“There have been several assessments of the recent decline in shipping aerosols. These range from a negligible effect on the record-breaking 2023 temperatures to a small contribution. It will require detailed comparisons with these previous studies to determine why the shipping contribution in this paper is so much more significant.”

‘Global Warming Has Accelerated: Are the United Nations and the Public Well-Informed?’ by James E. Hansen et al. was published in Environment: Science and Policy for Sustainable Development at 14:00 UK time on Tuesday 4 February 2025.

DOI: 10.1080/00139157.2025.2434494

Declared interests

Dr Karsten Haustein: “No conflict of interests.”

Prof Richard Allan: “No competing interests.”

Prof William Collins: “No conflicts.”

MIL OSI United Kingdom –

February 5, 2025
MIL-Evening Report: To keep your cool in a heatwave, it may help to water your trees

Source: The Conversation (Au and NZ) – By Gregory Moore, Senior Research Associate, School of Agriculture, Food and Ecosystem Sciences, The University of Melbourne

Gena Melendrez/Shutterstock

Heatwaves are among the world’s deadliest weather hazards. Every year, vast numbers of people are killed by heat stress and it can worsen health problems such as diabetes, asthma and heart disease.

Unfortunately, the bitumen roads, brick and concrete structures and roofing tiles in cities can absorb and retain vast amounts of heat, much of which is released after the sun has set. This creates what’s known as the urban heat island effect. In fact, temperatures can be significantly higher in cities than in surrounding or rural areas.

Trees and greenspace can drive down urban temperatures – but they must be able to draw water from the soil to achieve these massive cooling effects.

In other words, it can sometimes be helpful to water your trees during a heatwave.

Trees need to be able to access water in the soil to achieve transpiration.
Tirachard Kumtanom/Shutterstock

How trees keep us cool (and no, it’s not just about shade)

Trees reduce urban temperatures in two significant ways. One is by the shade they provides and the other is through their cooling effect – and no, they’re not the same thing.

Water is taken up via a plant’s roots, moves through the stems or trunks and is then misted into the air from the leaves through little holes called stomata. This is called transpiration, and it helps cool the air around leaves.

Transpiration helps cools the air around a plant’s leaves.
grayjay/Shutterstock

Water can also evaporate from soil and other surfaces. The combined loss of water from plants and soil is called evapotranspiration.

The cooling effects of evapotranspiration vary but are up to 4°C, depending on other environmental factors.

Watering your trees

If heatwaves occur in generally hot, dry weather, then trees will provide shade – but some may struggle with transpiration if the soil is too dry.

This can reduce the cooling effect of trees. Keeping soil moist and plants irrigated, however, can change that.

The best time to irrigate is early in the morning, as the water is less likely to evaporate quickly before transpiration can occur.

You don’t need to do a deep water; most absorbing roots are close to the surface, so a bit of brief irrigation will often do the trick. You could also recycle water from your shower. Using mulch helps trap the water in the soil, giving the roots time to absorb it before it evaporates.

All transpiring plants have a cooling effect on the air surrounding them, so you might wonder if trees have anything special to offer in terms of the urban heat island effect and heatwaves.

Their great size means that they provide much larger areas of shade than other plants and if they are transpiring then there are greater cooling effects.

The surface area of tree leaves, which is crucial to the evaporative cooling that takes place on their surfaces, is also much greater than many other plants.

Another advantage is that trees can be very long lived. They provide shade, cooling and other benefits over a very long time and at relatively low cost.

Not all trees

All that said, I don’t want to overstate the role of urban trees in heatwaves when soils are dry.

Some trees cease transpiring early as soils dry, but others will persist until they wilt.

Careful tree selection can help maximise the cooling effects of the urban forest. Trees that suit the local soil and can cope with some drying while maintaining transpiration can provide greater cooling

And, of course, it is important to follow any water restriction rules or guidelines that may be operating in your area at the time.

Trees keep us cool

Despite the clear benefits trees can provide in curbing heat, tree numbers and canopy cover are declining annually in many Australian cities and towns.

Housing development still occurs without proper consideration of how trees and greenspace improve residents’ quality of life.

It is not an either/or argument. With proper planning, you can have both new housing and good tree canopy cover.

We should also be cautious of over-pruning urban trees.

Trees help us when we help them.
maxim ibragimov/Shutterstock

Trees cannot eliminate the effects of a heatwave but can mitigate some of them.

Anything that we can do to mitigate the urban heat island effect and keep our cities and towns cooler will reduce heat-related illness and associated medical costs.

Gregory Moore is affiliated with Make Victoria Greener, which campaigns to preserve trees in Victoria.

– ref. To keep your cool in a heatwave, it may help to water your trees – https://theconversation.com/to-keep-your-cool-in-a-heatwave-it-may-help-to-water-your-trees-246486

MIL OSI Analysis – EveningReport.nz –

February 5, 2025
MIL-Evening Report: Returning home after a flood? Prioritise your health and take it one step at a time

Source: The Conversation (Au and NZ) – By Kazi Mizanur Rahman, Associate Professor of Healthcare Innovations, Faculty of Health Sciences and Medicine, Bond University

Parts of North Queensland have received almost two metres of rain since the weekend, causing flash and riverine flooding that claimed the lives of two women around Ingham.

While some North Queensland residents are on alert for more flooding, others are returning home to assess the damage.

This can be very confronting. You may have left in a rush when the evacuation order was issued, taking only a few valuables and necessary items, and maybe your pet. You may have been scared and unsure of what would happen.

Coming back and seeing the damage to the place you lived in and loved can be painful. You might also be worried about the financial consequences.

First, focus on safety

Make sure it’s safe to return home. Check with your energy provider whether power has been restored in your area and, if so, whether it’s safe to turn the main switch back on. Do not use appliances that got wet, as electrical hazards can be deadly.

Look for any structural damages to your property and any hazards such as asbestos exposure. Watch out for sharp objects, broken glass, or slippery areas.

The hardest part is cleaning up. You will need to be patient, and prioritise your health and safety.

What risks are involved with flood clean ups?

Floodwater carries mud and bugs. It can also be contaminated with sewage.

Contaminated flood water can cause gastroenteritis, skin infections, conjunctivitis, or ear, nose and throat infections.

Mud can make you sick by transmitting germs through broken skin, causing nasty diseases such as the bacterial infection melioidosis.

Your house may also have rodents, snakes, or insects that can bite. Rats can also carry diseases that contaminate water and enter your body through broken skin.

Be careful about mould, as it can affect the air quality in your home and make asthma and allergies worse.

Stagnant water in and around your home can become a place where mosquitoes breed and spread disease.

How can you reduce these risks?

When you first enter your flood-damaged home, open windows to let fresh air in. If you have breathing problems, wear a face mask to protect yourself from any possible air pollution resulting from the damage, and any mould due to your home being closed up.

Cleaning your home is a long, frustrating and exhausting process. In this hot and humid weather, drink plenty of water and take frequent breaks. Identify any covered part of your home with sufficient ventilation which is high and dry, and where flood water did not enter. Use that as your resting space.

While assessing and cleaning, wear protective clothing, boots and gloves. Covering your skin will reduce the chance of bites and infection.

Wash your hands with soap and water as often as possible. And don’t forget to apply sunscreen and mosquito repellent.

Throw away items that were soaked in floodwater. These could have germs that can make you ill.

Empty your fridge and freezer because the food inside is no longer safe.

If there is standing water, avoid touching it.

When you can, empty outdoor containers with stagnant water to prevent mosquitoes breeding.

Don’t overlook your mental health

When cleaning up after a flood, you may feel sad, anxious, or stressed. It’s hard to see your home in this condition.

But know you are not alone. Stay connected with others, talk to your friends and families, and accept support. If you feel too overwhelmed, seek help from mental health support services in your area or contact Lifeline on 13 11 14.

On top of everything, be mindful about those who are vulnerable, such as older people and those with disabilities, as they may be more affected and find the clean up process harder.

Recovering from a flood takes time. Focus on what needs to be fixed first and take it step by step.

Kazi Mizanur Rahman does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Returning home after a flood? Prioritise your health and take it one step at a time – https://theconversation.com/returning-home-after-a-flood-prioritise-your-health-and-take-it-one-step-at-a-time-248902

MIL OSI Analysis – EveningReport.nz –

February 5, 2025
MIL-OSI Economics: ADB, Fiji Sign Landmark Agreement for Urban Waste Management
Source: Asia Development Bank
From left: UNDP Team Leader for Inclusive Growth Patrick Tuimalealiifano, ADB Head of Office of Markets Development and Public–Private Partnerships F. Cleo Kawawaki, Permanent Secretary for Ministry of Environment and Climate Change Sivendra Michael, Permanent Secretary for Local Government Seema Sharma, and ADB Regional Director for the Pacific Subregional Office Aaron Batten.

News from Country Offices | 05 February 2025

SHARE THIS PAGE
SUVA, FIJI (5 February 2025) — The Asian Development Bank (ADB) signed a Transaction Advisory Services Agreement with Fiji’s Ministry of Local Government (MLG) to support the development of a new sanitary landfill and the rehabilitation of four open dumpsites in the Western District of Fiji. The project, envisioned as a public–private partnership (PPP), aims to address critical urban waste management challenges while ensuring environmental and public health benefits. The project will be implemented by MLG together with the Ministry of Environment and Climate Change.

Permanent Secretary for the Ministry of Local Government Seema Sharma and the Head of ADB’s Office of Markets Development and Public–Private Partnerships Cleo Kawawaki signed the agreement in Suva in the presence of the Regional Director of ADB’s Pacific Subregional Office in Fiji, Aaron Batten, and the Permanent Secretary for the Ministry of Environment and Climate Change, Sivendra Michael.

“This project is a crucial step toward sustainable waste management in Fiji,” said Mr. Batten. “By leveraging public–private partnerships, we can bring innovative solutions to improve infrastructure, protect the environment, and support healthier communities.”

The project envisions the construction of a sanitary landfill, including engineered cells, and leachate collection. The rehabilitation of existing open dumpsites will mitigate pollution and health risks, while paving the way for sustainable urban development.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

Media Contact

SHARE THIS PAGE

Countries

Subjects
MIL OSI Economics –
February 5, 2025
MIL-OSI Australia: New research funded to find plastic waste solutions
Source: New South Wales Premiere

Published: 5 February 2025

Released by: Minister for Environment and Heritage

Three pioneering projects have been awarded $1.25 million by the NSW Government to tackle plastic pollution through innovative and impactful solutions.
Previous governments left Greater Sydney on the brink of a waste crisis. Without new waste and recycling solutions, Greater Sydney’s landfill capacity will be exhausted by 2030.

The Minns Labor Government is committed to solving the waste challenges and supporting future technologies that will continue to drive us to a circular economy where nothing is wasted.

Universities and government research institutions were invited to apply for funding under the Plastic Research Program.

Following a competitive process, three exciting projects were successful in securing funding:
- Research to develop ways to reliably collect and analyse microplastics in soil, compost and treated sewage (NSW Department of Climate Change, Energy, the Environment and Water (DCCEEW) and CSIRO).
- A project to create tools to identify and prioritise harmful chemicals from plastics in agricultural soils (NSW Department of Primary Industries and Regional Development (DPIRD) and CSIRO).
- Study into plastic fabrics like polyester to track harmful chemicals in new and recycled textiles (University of Technology Sydney’s Institute for Sustainable Futures).
The Plastic Research Program is focused on making NSW a leader in managing plastic waste and the findings from these projects will guide future policies, regulations, and actions.

Each project will receive between $308,000 and $493,000, and completion is expected by 31 May 2027.

For more information, visit the webpage of the Plastics Research Program.

Quote attributable to Minister for the Environment Penny Sharpe:

“NSW is facing a landfill crisis. New solutions are needed and needed quickly.

“Hidden chemicals in plastic waste make recycling harder.

“This investment into cutting edge research will help uncover hidden chemicals in soils and everyday fabrics, to assist in finding better solutions to get rid of them.”
MIL OSI News –
February 5, 2025
MIL-OSI New Zealand: Total greenhouse gas emissions fall 0.7 percent in the September 2024 quarter – Stats NZ media and information release: Greenhouse gas emissions (industry and household): September 2024 quarter

Source: Statistics New Zealand

Total greenhouse gas emissions fall 0.7 percent in the September 2024 quarter – 5 February 2025 – Seasonally adjusted industry and household greenhouse gas (GHG) emissions in Aotearoa New Zealand decreased 0.7 percent (136 kilotonnes) in the September 2024 quarter, according to figures released by Stats NZ today.

“The decrease in emissions this quarter came mainly from manufacturing, with falls in emissions recorded in most other industries,” environment statistics spokesperson Tehseen Islam said.

Over this quarter, industry emissions (excluding households) decreased by 1.2 percent (204 kilotonnes). By comparison, gross domestic product decreased 1.0 percent in the same period.

Emissions attributed to households rose 0.3 percent (6 kilotonnes) in the September 2024 quarter.

Files:

MIL OSI New Zealand News –

February 5, 2025
MIL-OSI Submissions: Total greenhouse gas emissions fall 0.7 percent in the September 2024 quarter – Stats NZ media and information release: Greenhouse gas emissions (industry and household): September 2024 quarter
Source: Statistics New Zealand

Total greenhouse gas emissions fall 0.7 percent in the September 2024 quarter – 5 February 2025 – Seasonally adjusted industry and household greenhouse gas (GHG) emissions in Aotearoa New Zealand decreased 0.7 percent (136 kilotonnes) in the September 2024 quarter, according to figures released by Stats NZ today.

“The decrease in emissions this quarter came mainly from manufacturing, with falls in emissions recorded in most other industries,” environment statistics spokesperson Tehseen Islam said.

Over this quarter, industry emissions (excluding households) decreased by 1.2 percent (204 kilotonnes). By comparison, gross domestic product decreased 1.0 percent in the same period.

Emissions attributed to households rose 0.3 percent (6 kilotonnes) in the September 2024 quarter.

Files:

Total greenhouse gas emissions fall 0.7 percent in the September 2024 quarter

Greenhouse gas emissions (industry and household): September 2024 quarter

CSV files for download
MIL OSI –
February 5, 2025
MIL-OSI New Zealand: Climate News – January 2025 was marked by cooler-than-average temperatures – New Zealand’s coldest January since 2017 – NIWA

Source: NIWA

January 2025 Climate Summary for New Zealand – January 2025 was marked by cooler-than-average temperatures across much of the country, making it New Zealand’s coldest January since 2017, according to NIWA National Climate Centre’s Monthly Climate Summary.

The nationwide average temperature was 16.4°C, which is 0.8°C below the 1991-2020 January average. Below-average temperatures were recorded in the central and southern North Island and much of the South Island, while western parts of the South Island, including the West Coast and Fiordland, experienced above-average warmth.

It was a dry month for many regions, with below-normal rainfall observed across the West Coast, Southland, Otago, Marlborough, Taranaki, Hawke’s Bay, Waikato, Bay of Plenty, Auckland, and southern Northland. In contrast, eastern Canterbury, Nelson, and northern Northland recorded above-normal rainfall.

Sunshine hours were exceptionally high in western South Island regions, with Hokitika recording its sunniest January since 1912 (328 hours), while Greymouth also had a record-breaking month (302 hours).

Further Highlights:

The highest temperature was 32.4°C in Kawerau on 24 January.

Among major centres, Auckland was the warmest, Hamilton the driest, Tauranga the sunniest, Dunedin the coolest, and Christchurch the wettest and least
sunny.

The sunniest locations in January were the West Coast (328 hours), Taranaki
(318 hours), Bay of Plenty (310 hours), and Mackenzie Country (302 hours).

MIL OSI New Zealand News –

February 5, 2025
MIL-OSI United Kingdom: Funding secured for next phase of major flood defence scheme

Source: City of Derby

Derby’s Our City, Our River (OCOR) project has been handed a £35 million boost by the Government, with the allocation of Flood Defence Grant-in-Aid to deliver the next phase of the scheme

The funding has been released by the Department for Environment, Food and Rural Affairs (Defra) from their Flood and Coastal Erosion Risk Management Investment Programme and will be managed by the Environment Agency on their behalf.

This secures the future of Derby Riverside, which will deliver significant flood resilience protection to many properties along the east bank of the Derwent. It will now go to Cabinet to be formally accepted and allows the Council to enter into contract with construction partners.

Councillor Carmel Swan, Cabinet Member for Climate Change, Transport and Sustainability, said:

It’s incredible news for Derby that this funding package has been allocated by the government to protect our city from the risk of flooding. This will be such welcome news for households and businesses alike. We can now really start to push ahead with the works at Derby Riverside as we continue to future proof the city against extreme weather.

Here in Derby, we’re all too familiar with the effects of climate change. In the last six years we have seen the five highest river levels on record. The Our City, Our River flood prevention scheme has already delivered enhanced protection to thousands of properties, but there is still more work to do to ensure our city has the best defences possible.

This £35 million investment from the Government means we can now build on the years of hard work from the Council and Environment Agency to deliver this critical infrastructure our city needs.

Alex McDonald, Strategic Senior Flood Risk Management Advisor at the Environment Agency said:

We know the devastating effect that flooding can have on communities and businesses including within Derby City. OCOR represents a long-standing partnership between Derby City Council and the Environment Agency. The Derby Riverside element will replace aging flood defences in the city, provide space for water and help to transform the city centre. As the project moves into its next phase we will continue to support Derby City Council to deliver this vital infrastructure for the city centre, helping the city to keep pace with our changing climate.

The city saw the effects of climate change in action in 2023 when river levels reached their highest point ever recorded during Storm Babet, and while the flood gates and defences built during earlier phases of OCOR have not been called into action since, there have been several named storms in recent months.

Derby Riverside will deliver enhanced protection along the east bank of the river, starting at Causey Bridge and ending at the Railway Bridge across the river. The new flood wall and flood gates will offer far better protection for Exeter House and properties on Meadow Road and Meadow Lane, as well as unlocking the potential for regeneration in this part of the city.

This next stage will also provide enhanced protection to businesses such as Rolls-Royce, which is planning to expand its riverside site at Raynesway. Terry Meighan, Director – Infrastructure at Rolls-Royce Submarines said:

We continue to work closely with Derby City Council and the Environment Agency on future flood defences, which will protect our Raynesway site and play an important role in our expansion plans. The work we do helps protect the UK by powering the Royal Navy’s fleet of nuclear submarines and defending against flooding helps us maintain our delivery commitments to the UK Ministry of Defence.

These works will involve the demolition of the riverside office blocks on Stuart Street to create a new riverside green area, providing more space for water to pass through the city in a controlled corridor during a flood event. The Council are currently working with affected businesses to acquire the necessary land.

MIL OSI United Kingdom –

February 5, 2025
MIL-OSI United Kingdom: Record investment to protect thousands of UK homes and businesses
Source: United Kingdom – Executive Government & Departments

A record £2.65 billion will be committed to build or maintain up to 1,000 flood defences, protecting more than 66,000 properties.
Environment Agency: Ipswich Tidal Barrier

Tens of thousands of homes and business will be better protected from flooding as the government unveils a record package to build new flood defences and maintain and repair those already in place.

As part of the Plan for Change, the Government is committing a record two-year investment of £2.65 billion with 52,000 properties set to benefit from new defences by March 2026. To shore up creaking defences in need of repairs, funding will be reprioritised for investment in much-needed maintenance, benefitting a further 14,500 properties. This means a total of 66,500 properties will benefit from this funding.

With the frequency of extreme weather events only continuing to rise, leading to devastating impacts for people, homes, businesses and communities and costing the UK economy billions each year, decisive action to invest in adapting to climate change has never been more important.

As well as protecting families from the devastation of flooding, the investment supports economic growth by protecting businesses, supporting jobs, and supporting a stable economy in the face of the increasing risk of flooding as a result of climate change. It will also protect farmland which has been badly hit by recent storms, in turn helping to safeguard farm businesses and farmers’ profits.

This Government inherited flood assets in their poorest condition on record, as years of underinvestment and damaging storms left 3,000 of the Environment Agency’s 38,000 high-consequence assets at below the required condition.  

The announcement comes as the Government’s Floods Resilience Taskforce meets today, with Floods Minister Emma Hardy joined by ministers from across government alongside representatives from the Met Office, Local Resilience Forums, and the National Farmers’ Union. They will look at further steps that can be taken to protect the 6.3 million properties in England at risk from flooding, and discuss lessons to learn from Storms Bert, Conall and Éowyn this winter.

Secretary of State for Environment, Food and Rural Affairs Steve Reed said:

The storms this winter have devastated lives and livelihoods.  

The role of any Government is to protect its citizens.

Under our Plan for Change, we are investing a record £2.65 billion to build and maintenance flood defences to protect lives, homes and businesses from the dangers of flooding.

Up to 1000 projects are set to receive a share of the funding. Projects receiving funding include:

Bridgwater Tidal Barrier Flood Defence Scheme in Somerset, which will receive £43 million.

The Derby Flood Risk Management Scheme “Our City Our River”, which is set to receive £35 million.

In the West Midlands, the Beales Corner project, which protects communities in Bewdley, will benefit from £2 million.

An additional £3.5 million for the Poole Bridge to Hunger Hill Flood Defences in Dorset

Support for property flood resilience schemes across Leicestershire, Derbyshire and Nottinghamshire, receiving £2.5 million.

Essential maintenance will be made to defences across the country including:

Phase 3 of the Stallingborough Sea Defences along the Humber estuary, receiving over £7 million

A further £3.8 million will be spent to improve protection in Pevensey Bay, as part of work to repair local sea defences.

Environment Agency Chair Alan Lovell said:

The impact of flooding on our communities will only become greater as climate change brings more extreme weather, like Storms Bert, Conall and Éowyn.

With this new funding, we will work closely with the Government to deliver the vital projects that are needed across the country, ensuring our investment goes to those communities who need it the most.

Recognising many flood defence projects have stalled, £140 million from the investment programme will be prioritised for 31 projects that are ready for delivery, ensuring nearby communities are protected as soon as possible. The full list of schemes to benefit will be announced in the coming months.

In addition to providing this crucial funding, the Government will be focused on fixing the foundations of the nation’s flood defences and giving communities confidence that they will protect them. This year, £36 million is being spent to undertake urgent repairs to defences damaged in last winter’s extreme flooding events.

For the next year, a further £72 million will go towards maintaining and repairing assets, including those damaged in recent flood events, to ensure they are as resilient as possible and operate as expected.  

Today’s Floods Resilience Taskforce will be hosted by Flood Re, a joint initiative between the Government and insurers aimed at making the flood cover part of household insurance policies more affordable.

The expert group’s discussions will focus on the national and local response to this winter’s flooding. It will also discuss further the long-term delivery of the Government’s flood resilience strategy and investment, including the planned review of the government’s funding formula for allocating money to flood and coastal erosion defence schemes.

Wider action to improve the nation’s flood resilience

The government is committed to delivering a refreshed and updated approach to flood defences, fit for the challenges we face.

The existing funding formula for allocating money to defences slows down the delivery of new schemes through a complex application process and neglects more innovative approaches to flood management – which is why a consultation to update the formula will be launched shortly.

In addition, to support rural communities impacted by flooding, more than £57 million has paid out to farmers impacted by severe weather between October 2023 and March 2024. The Farming Recovery fund has supported 12,700 businesses to cover the cost of restoring their farmland.

Elsewhere, the government has allocated £50 million to internal drainage boards (IDBs) as part of a one-off £75 million IDB Fund. This funding will empower IDBs to manage water levels effectively for agriculture and environmental needs, ensuring their crucial role in flood and water management is supported for years to come. 

In addition, the Environment Agency has also confirmed that 34 natural flood management projects will move ahead to delivery. These projects, which are located across England, will use nature to increase the nation’s flood resilience. These projects, which are located across England, will use nature to increase the nation’s flood resilience.

Beneficiaries include Leicester City Council, which is working in partnership with Trent Rivers Trust to reduce flood risk across 13 locations in Leicestershire. Their work includes implementing blue green sustainable drainage at several schools, tree planting, and creating new wetlands to improve floodplain connectivity and increase flood water storage.

Share this page

The following links open in a new tab

Share on Facebook (opens in new tab)

Share on Twitter (opens in new tab)

Updates to this page

Published 4 February 2025
MIL OSI United Kingdom –
February 5, 2025
MIL-OSI Economics: IPAA Supports Hoeven and Pfluger CRA to Block Implementation of Methane Tax

Source: Independent Petroleum Association of America

Headline: IPAA Supports Hoeven and Pfluger CRA to Block Implementation of Methane Tax

Feb 4, 2025 IPAA Supports Hoeven and Pfluger CRA to Block Implementation of Methane Tax

Posted at 16:48h in Press Releases by Jennifer Pett

WASHINGTON – The Independent Petroleum Association of America (IPAA) issued the following statement on bicameral Congressional Review Act legislation introduced by Senator John Hoeven (R-ND) and Congressman August Pfluger (R-TX-11) to block implementation of the Biden Administration’s methane tax.

IPAA President & CEO Jeff Eshelman: “The Independent Petroleum Association of America (IPAA) appreciates and supports Senator Hoeven’s and Congressman Pfluger’s leadership to overturn the EPA’s Waste Emissions Charge (Methane Tax) regulations. The Congressional Review Act (CRA) resolution introduced today will allow Congress to nullify the regulations the Biden Administration established to implement the misguided methane tax. The Biden Administration and Democrats in Congress passed the methane tax to single out and punish the oil and natural gas industry despite its already burdensome EPA regulatory framework. The tax was passed without appropriate understanding of its impact or industry safeguards. IPAA has always opposed the methane tax and believe it is simply a tax designed to hamper American oil and gas production. We encourage Congress to work with the Trump Administration to eliminate this unnecessary tax on American oil and natural gas producers as soon as possible.”

IPAA also supports legislation led by Senator Ted Cruz (R-TX) and Congressman Pfluger to repeal the Methane Tax.

###

MIL OSI Economics –

February 5, 2025
MIL-OSI New Zealand: It’s business time for Golden Bay’s Birds Hill bump
Source: New Zealand Transport Agency

Golden Bay residents can expect to see contractors on site on State Highway 60 at Birds Hill next week with resilience work to start on the Birds Hill landslide.

The slip reactivated in 2017 and has continued to gradually move, creating a large hump in what was the left-hand lane of the highway. While the highway is open to two lanes at the slip site, it has been under a long-term 50 km/h temporary speed limit.

SH60 Birds Hill slip site.

Rob Service, System Manager Nelson/Tasman, says work will begin next week (10 February) to repair the site and improve its stability.

“Any future landslide movement poses a real risk to State Highway 60 in an area where there are no alternative detour routes. Maintaining and preserving access to Collingwood and western areas of Golden Bay is critical.”

“To reduce the risk, contractors will carry out substantial drainage work at the slip site above the highway. This includes building horizontally drilled drains into the slip, constructing cut off drains above the hump, and redesigning and resurfacing the road to allow the current 50 km/h speed limit to be removed,” Mr Service says.

However, he warns the work will not remove the current hump at the slip site.

“The hump is at the toe of the slip and geotechnical assessments show it provides stabilisation, reducing ground movement. To remove it would likely increase slope instability and increase the risk of more movement, particularly after wet weather.”

“In this case it is better to work with nature and leave it in place. Site studies have shown the slip’s stability is sensitive to groundwater. So, improving the drainage and removing water from the slope is the best and most cost-effective option,” Mr Service says.

He says the work will affect traffic travelling between Tākaka and Collingwood.

“For a project of this scale, it is unavoidable. The project site will be under stop/go during the day. Drivers will still be able to get through but can expect short delays. Outside of work hours, the highway will be open to two lanes.”

“Weather permitting, we expect the project to be finished by late April. So, please bear with us while our contractors work hard to get this job finished,” Mr Service says.

Works schedule
- Monday, 10 February to Thursday, 24 April (Weather dependent). Monday to Saturday, 7 am – 7 pm
- Stop go traffic management and 30/km/h temporary speed limit
- Road open to two lanes and 50 km/h temporary speed limit outside work hours
- No work will be done during the Easter Holidays
More Information

This project is funded out of the Crown Resilience Programme – a $419 million investment package of resilience improvement activities that will reduce the impact of severe weather events on our national roading networks. More information can be found on our website:

MIL OSI New Zealand News –
February 5, 2025
MIL-OSI USA: Padilla, Murkowski Introduce Bipartisan Bill to Create Atmospheric River Forecasting Program
US Senate News:
Source: United States Senator Alex Padilla (D-Calif.)

Padilla, Murkowski Introduce Bipartisan Bill to Create Atmospheric River Forecasting Program
WASHINGTON, D.C. — Today, U.S. Senators Alex Padilla (D-Calif.) and Lisa Murkowski (R-Alaska) announced bipartisan legislation that will reduce flood risks and bolster emergency preparedness by improving atmospheric river forecasting to more precisely predict the timing and location of these storms. The Improving Atmospheric River Forecasts Act would require the National Oceanic and Atmospheric Administration (NOAA) to establish a forecast improvement program within the National Weather Service.

The legislation was announced as major atmospheric river storms bring high winds and heavy rain and snowfall to California.

Atmospheric rivers — often described as “rivers in the sky” that are hundreds of miles wide and can carry water vapor equivalent to multiple Mississippi Rivers — cause more than 80 percent of flood damage across the West. Climate change will only make these storms increasingly catastrophic: by 2090, atmospheric rivers are expected to cost $2.3 to $3.2 billion in annual damages and increase in width by nearly 25 percent. Over 50 atmospheric rivers made landfall across the West Coast from October 1, 2023 to September 30, 2024.

“For the past several years, California communities have witnessed firsthand the ongoing threat of destructive flooding caused by increasingly intense and frequent atmospheric river storms,” said Senator Padilla. “California has led the way in improving our understanding of these storms, and this bipartisan bill will strengthen forecasts to reduce flood risks while bolstering our water supply and drought resilience.”

“With greater frequency, we are seeing that atmospheric rivers instill dangerous climate conditions that pose deadly threats to Alaska communities,” said Senator Murkowski. “While there are numerous atmospheric river observatories in the Lower 48, none are in Alaska. This bill ensures that all states along the West coast, including Alaska, have at least one atmospheric river observatory. Along with improved modeling, data collection, and risk communication, this legislation will help protect our communities and ultimately save lives across Alaska.”

“Atmospheric rivers are responsible for 30-50% of annual precipitation along the western U.S. and cause the majority of the flooding, with more than $1 billion in annual average flood damage in the western 11 states,” said Marty Ralph, Founding Director of the Center for Western Weather and Water Extremes at UC San Diego’s Scripps Institution of Oceanography. “The introduction of this act is critically important to advance forecasts of atmospheric rivers to enable more flexible and resilient water management, improved warning around flooding and overall improvements to public safety. It will also enhance the opportunities for reservoir operators to safely implement Forecast-Informed Reservoir Operations (FIRO) at more reservoirs to save additional water after a storm for the dry summer, or release it to mitigate flood risk if an AR storm is predicted in the next few days.”

Specifically, the Improving Atmospheric River Forecasts Act would direct NOAA to establish a standalone atmospheric river forecast improvement program that would:

Develop accurate, effective, and actionable storm forecasts and warnings in collaboration with public and private partners across the weather forecasting sectors;

Evaluate innovative observation tools and emerging technologies to improve atmospheric river analysis, modeling, forecasts, and warnings;

Authorize NOAA to procure equipment, aircraft, and personnel contracts to fully monitor atmospheric river events each winter; and

Improve atmospheric river hazard communication.

The Improving Atmospheric River Forecasts Act is endorsed by the Association of California Water Agencies, Bay Planning Coalition, Central Valley Flood Protection Board, Contra Costa Water District, Covington Water District, Irvine Ranch Water District, Kings River Conservation District, the National Association of Flood and Stormwater Management Agencies, Orange County Water District, Pajaro Regional Flood Management Agency, San Bernardino Valley Municipal Water District, Sacramento Area Flood Control Agency, San Diego County Water Authority, San Mateo County Flood and Sea Level Rise Resiliency District, Santa Clarita Valley Water Agency, Scripps Institution of Oceanography, San Francisco Public Utilities Commission, Sofar Ocean Technologies, Solano County Water Agency, Sonoma Water, Union Sanitary District, Valley Water, WindBorne Systems, and Yuba Water.

Senator Padilla has fought consistently for California communities devastated by atmospheric river flooding. Last year, Padilla urged the Biden Administration to prioritize sustained federal investment in the Pajaro River Flood Risk Management Project to protect disadvantaged communities along the central coast of California. Padilla also introduced the Atmospheric Rivers Reconnaissance, Observation and Warning (ARROW) Act to bolster West Coast atmospheric river forecasting, which was passed into law as part of the National Defense Authorization Act (NDAA) for Fiscal Year 2024.

Padilla has also championed funding for programs such as the Forecast-Informed Reservoir Operations (FIRO) to improve U.S. Army Corps of Engineers reservoir operations to increase water conservation and reliability at Lake Sonoma and Prado Dam, for example, while maintaining flood control and enhanced public safety during extreme precipitation events.

Full text of the bill is available here.
MIL OSI USA News –
February 5, 2025
MIL-OSI Europe: Answer to a written question – EU humanitarian aid following the devastation caused by Hurricane Oscar in Cuba – E-002317/2024(ASW)

Source: European Parliament

The Commission has closely followed the impacts of recent hurricanes in Cuba, including Hurricane Oscar as of 20 October 2024 and Hurricane Rafael as of 11 November 2024, compounding an already dire situation in the country that was also hit by earthquakes on 10 November 2024.

The Commission deployed a humanitarian expert to the affected areas to assess the needs and responded immediately when the disasters stroke. In total, the Commission has allocated EUR 3.3 million in humanitarian assistance for the affected population in Cuba. These funds will contribute, inter alia, to the United Nations (UN) Action Plan for Hurricane Oscar Response in the sectors of food and health and will support the Cuban Red Cross in their emergency response in Eastern Cuba.

Furthermore, the EU has deployed a humanitarian airbridge to transport more than 100 tons of humanitarian supplies from UN partners, EU, and Spanish stocks in 5 flights from its Panama hub to Cuba, which have provided relief to people affected by Hurricane Oscar. This emergency response complements an allocation of EUR 500 000 awarded in June 2024 to respond to urgent health and medical needs in the country. The Commission also continues to support disaster preparedness efforts in Cuba.

Last updated: 4 February 2025

MIL OSI Europe News –

February 5, 2025
MIL-OSI USA: SBA Opens Additional Recovery Center in Georgia to Assist Debby and Helene Businesses:

Source: United States Small Business Administration

ATLANTA – The U.S. Small Business Administration (SBA) will open a Business Recovery Center (BRC) in Jeff Davis County, Feb. 3, to assist small businesses and private nonprofit (PNP) organizations who sustained physical damage and economic losses caused by Tropical Storm Debby and Hurricane Helene.

Customer service representatives will be on hand at the BRC to answer questions about the SBA’s disaster loan program, assist business owners with completing their disaster loan application, and provide updates on applicant’s status. Walk-ins are accepted, but you can schedule an in-person appointment in advance at appointment.sba.gov. The BRC hours of operation is listed below.

Business Recovery Center (BRC)

Jeff Davis County

Jeff Davis Recreational Department

83 Buford Rd.

Hazlehurst, GA 31539

Hours:  Monday – Friday, 9 a.m. to 6 p.m.,

Saturday, 9 a.m. to 4 p.m., Closed: Sunday

Businesses and PNPs are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

Applicants may be eligible for a loan increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future disasters.

The SBA also offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs, such as ongoing operating expenses for small businesses and PNPs. EIDL assistance is available regardless of whether the organization suffered any physical property damage.

Interest rates are as low as 4% for businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not begin to accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms, based on each applicant’s financial condition.

With the changes to FEMA’s Sequence of Delivery, survivors are now encouraged to simultaneously apply for FEMA grants and the SBA low-interest disaster loan assistance to fully recover. FEMA grants are intended to cover necessary expenses and serious needs not paid by insurance or other sources. The SBA disaster loan program is designed for your long-term recovery, to make you whole and get you back to your pre-disaster condition. Do not wait on the decision for a FEMA grant; apply online and receive additional disaster assistance information at sba.gov/disaster.

Applicants may also call the SBA’s Customer Service Center at (800) 659-2955 or send an email to disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The filing deadline to return applications for physical property damage for Tropical Storm Debby and Hurricane Helene is Feb. 7, 2025. The deadline to return economic injury applications for Tropical Storm Debby is June 24, 2025, and for Hurricane Helene is June 30, 2025.

###

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

MIL OSI USA News –

February 5, 2025
MIL-OSI USA: Parke County Residents Invited to Review Flood Maps

Source: US Federal Emergency Management Agency

Headline: Parke County Residents Invited to Review Flood Maps

Parke County Residents Invited to Review Flood Maps

CHICAGO – Preliminary flood risk information and updated Flood Insurance Rate Maps (FIRMs) are available for review by residents and business owners in Bloomingdale, Marshall, Rosedale and unincorporated Parke County, Indiana. Property owners are encouraged to review the latest information to learn about local flood risks and potential future flood insurance requirements. Community stakeholders can identify any concerns or questions about the information provided and participate in the 90-day appeal and comment period.The 90-day appeal period will begin on or around February 5, 2025. The preliminary maps and changes from current maps may be viewed online at the FEMA Flood Map Changes Viewer. The updated maps were produced in coordination with local, state, and FEMA officials. Significant community review of the maps has already taken place, but before the maps become final, community stakeholders can identify any concerns or questions about the information provided and submit appeals or comments. Contact your local floodplain administrator to do so. Appeals must include technical information, such as hydraulic or hydrologic data, to support the claim. Appeals cannot be based on the effects of proposed projects or projects started after the study is in progress. If property owners see incorrect information that does not change the flood hazard information, such as a missing or misspelled road name in the Special Flood Hazard Area or an incorrect corporate boundary, they can submit a written comment. The next step in the mapping process is the resolution of all comments and appeals. Once they are resolved, FEMA will notify communities of the effective date of the final maps. For more information about the flood maps: Use a live chat service about flood maps (just click on the “Live Chat” icon during operating hours). Contact a FEMA Map Specialist by telephone toll-free at 1-877-FEMA-MAP (1-877-336-2627) or by email at FEMA-FMIX@fema.dhs.gov. Most homeowner’s insurance policies do not cover flooding. Learn more about your flood insurance options by talking with your insurance agent and visiting www.FloodSmart.gov.For more information, contact the FEMA Mapping Team at FEMA-R5-MAP@fema.dhs.gov.
kimberly.keblish
Tue, 02/04/2025 – 17:03

MIL OSI USA News –

February 5, 2025
MIL-OSI USA: Answer Your Phone – FEMA May be Calling About Housing Resources

Source: US Federal Emergency Management Agency 2

EMA is calling eligible survivors in Georgia regarding the Home Key housing initiative.
The Home Key initiative provides rapid strategies for securing immediate housing for survivors of Hurricane Helene who have been displaced from their primary residence by using existing resources from various community partners.
The program’s top priority is securing long-term housing assistance for survivors in greatest need. FEMA will conduct a thorough review of your case to establish a need for housing. If eligible, you will have to complete and provide FEMA with some paperwork, including Release of Information forms. FEMA may refer you to available sheltering programs; provide assistance for securing Rental Assistance; or refer you to voluntary agencies or other FEMA programs.
Calls from FEMA may come from unfamiliar area codes or phone numbers. It is important to answer the call as FEMA may call you regarding the Home Key initiative to help you with your immediate housing needs, provide you with additional assistance and give you general information about housing opportunities. Be aware of scammer calls; if you are uncertain of the validity of a call, hang up and call the FEMA Helpline at 800-621-3362.
For the latest information about Georgia’s recovery, visit fema.gov/helene/georgia. Follow FEMA Region 4 @FEMARegion4 on X or follow FEMA on social media at: FEMA Blog on fema.gov, @FEMA or @FEMAEspanol on X, FEMA or FEMA Espanol on Facebook, @FEMA on Instagram, and via FEMA YouTube channel. Also, follow Administrator Cameron Hamilton on X @FEMA_Cam.

MIL OSI USA News –

February 5, 2025

Category: Climate Change

Statements from Net Zero Council and Delivery Group members

Share this page

Updates to this page

Cognitive dissonance

Tyrants, heroes and horses

Cunning rage leads to death

A spirit, ranging for revenge

Growing demand, shrinking supply

A booming region

Cross-border water politics

A brief history lesson

Our curious observations

Determining the culprit

IICA and CMAI Sign MoU to Enhance Capacity for DecarbonisationShri Nitin Gadkari, Minister for Road, Transport & Highways, Graced the Day 1 of the IICA-CMAI Masterclass on Global & Indian Carbon Markets

Share this page

Updates to this page

February 4, 2025

How trees keep us cool (and no, it’s not just about shade)

Watering your trees

Not all trees

Trees keep us cool

First, focus on safety

What risks are involved with flood clean ups?

How can you reduce these risks?

Don’t overlook your mental health

News from Country Offices | 05 February 2025

SHARE THIS PAGE

Media Contact

SHARE THIS PAGE

Countries

Subjects

Wider action to improve the nation’s flood resilience

Share this page

Updates to this page

Feb 4, 2025 IPAA Supports Hoeven and Pfluger CRA to Block Implementation of Methane Tax

Works schedule

More Information

Padilla, Murkowski Introduce Bipartisan Bill to Create Atmospheric River Forecasting Program

IICA and CMAI Sign MoU to Enhance Capacity for Decarbonisation

Shri Nitin Gadkari, Minister for Road, Transport & Highways, Graced the Day 1 of the IICA-CMAI Masterclass on Global & Indian Carbon Markets