A new flood barrier is being built to prevent climate-induced Flooding in Chittagong in Bangladesh. amdadphoto/Shutterstock.com
At a coastal port in Chittagong, Bangladesh, something remarkable is underway. With support from a US$850 million (£620 million) investment from the World Bank, engineers are building flood-resistant infrastructure that can survive rising seas and stronger storms. A new 3.7-mile-long barrier will protect people, homes, and trade in one of the world’s most climate-vulnerable regions.
Projects like this do more than save lives. They show why investing in climate
adaptation is one of the smartest financial opportunities of our time. There are plenty of global conferences where leaders discuss climate change and make big
promises. Yet, less than 5.5% ofglobal climate finance actually reaches the countries most at risk. That is not just a failure of fairness. It is a missed chance for real impact.
As the world gathers in Seville, Spain for the fourth international meeting on development financing, the focus must go beyond pledges and shift toward practical, on-the-ground investment in resilience.
At the previous UN climate finance meeting, also held in Seville, leaders focused
on fixing how public money flows through global institutions. But just as important is the need to invest in climate adaptation. This means helping people live with the changes already happening, including more floods, longer droughts, rising seas and intense heat.
While mitigation is about stopping climate change getting worse (by switching to clean energy or protecting forests that absorb carbon, for example), adaptation is about coping with the effects we can no longer avoid. It includes building stronger homes, growing more resilient crops, and improving hospitals and schools so they can keep working during extreme weather. Both approaches are necessary, but adaptation often gets less attention. And less money.
Private investors have already committed large sums to clean energy projects. But they have done much less to support communities on the frontlines of climate change. Many of these countries struggle with limited budgets, complex rules for accessing finance, and a lack of support to develop viable projects. So promising ideas often go unfunded.
That is beginning to change. New tools are helping investors take on less risk and back more projects. These include low-interest loans, partnerships between public and private institutions, and guarantees that reduce the risk of failure.
The Green Climate Fund is the largest source of dedicated climate finance for developing countries. By the end of 2023, it had approved US$13.5 billion in funding, rising to US$51.9 billion when co-financing is included. This money helps unlock adaptation efforts that were previously out of reach.
We can already see progress. In Kenya and Ethiopia, farmers are using drought-resistant seeds to grow more food in changing conditions. In the Caribbean, solar energy is powering schools and clinics in remote communities. And in Bangladesh, the new port infrastructure in Chittagong is protecting a vital economic hub while boosting local businesses.
Working with nature
In coastal areas, restoring mangrove forests can reduce the force of incoming storms, protect biodiversity and support fisheries. The Pollination Group, a climate investment firm, is helping turn “nature-based solutions” like these into projects that attract private finance.
In his previous role as the Prince of Wales, King Charles III launched the Natural Capital Investment Alliance, an initiative that aims to mobilise US$10 billion for projects that restore and protect nature while offering solid financial returns. The alliance also helps investors better understand these kinds of opportunities by creating clearer guidance and standards. This supports the Terra Carta, a charter created by King Charles III that offers a roadmap for businesses to align with the needs of both people and the planet by 2030.
Investors who step into these emerging spaces gain more than financial returns. They build long-term relationships with governments and local communities. They help shape future policy. And they create lasting foundations for growth in places that are ready to lead if given the chance.
Adaptation projects also bring real benefits to people. They improve access to clean water, protect food supplies, create jobs, strengthen education and support healthcare systems. For families already facing climate disruption, these changes are not just improvements. They are lifelines.
By creating stable and welcoming environments for responsible investment, governments can accelerate this shift. By simplifying how money is accessed, international institutions can make it easier for good ideas to become funded projects. Philanthropic groups and development agencies can help build local skills and prepare projects for funding. Private investors can bring capital, innovation and experience.
Investing in climate adaptation is no longer just a moral issue. It is a smart, scalable and necessary response to a changing world.
Don’t have time to read about climate change as much as you’d like?
Ali Serim 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.
Source: The Conversation – UK – By Christina Philippou, Associate Professor in Accounting and Sport Finance, University of Portsmouth
Aside from victory and sporting glory, the players in the women’s Euro 2025 football tournament are playing for more money than ever before. The prize fund of €41 million (£35 million), to be shared among the 16 participating sides, is more than double what it was last time around.
It’s still a long way off from the prize money on offer to the men’s equivalent tournament (€331 million), but is a clear indication of the continuing rise of interest and investment in women’s football, particularly within England.
The English team’s hosting and victory of the 2022 women’s Euros were rightly credited with providing a massive boost to the game three years ago. But interest in women’s club football was already on the rise, with an almost sixfold increase in revenue between 2011 (the first season of the Women’s Super League (WSL)) and 2019.
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Other numbers are encouraging too. Generally, match-day attendances have seen a dramatic rise including for the sport’s second tier (now named WSL2).
Broadcasting income for WSL was up 40% in 2023-24 compared to the previous season. And a new five-year deal with Sky Sports and the BBC, worth £65 million, is worth almost double the previous arrangement.
However, there’s room for improvement.
Research suggests that well-considered scheduling (weekend games are best) can have a marked effect on attendances (as does weather and pricing). And stadium capacity matters too, partly because more people can attend but also because a larger (often iconic) stadium tends to act as an attraction in itself.
For example, Arsenal’s women’s side saw average crowds of just under 29,000 in 2024-25 compared to a WSL average of 6,662. They have the highest revenue from match-day income, with nine games being played at the Emirates stadium last season and all WSL games scheduled to be played there in the next.
Facilities within the stadiums are another concern, as they were traditionally built for mostly male spectators, so do not cater as well to the more female and family demographic of women’s football.
This means, for example, that there are often not enough women’s toilets available, while refreshment options may be geared towards drinkers rather than children. Even the gates seem designed for a steady entry trickle of fans over an hour rather than a mass turnout of time-pressured families arriving just before kick-off.
Some good news on this front is that Brighton and Hove Albion FC are now building a stadium specifically for use by their women’s team, due to be in use by 2027. And Everton have decided to repurpose Goodison Park for use by its women’s side following the men’s move to a new stadium.
Commercial break
But aside from people actually watching the matches, the biggest chunk of income for women’s teams comes from commercial enterprises. And while affiliated teams (those linked to a men’s side) can benefit from sharing a brand, there are also a large number of commercial partners emerging specifically in the women’s game.
But while commercial and competition success stories are something to celebrate, women’s football still faces challenges. One of the big ones is to do with building a legacy – the idea that just hosting a major tournament should not be the end goal, but something which ensures lasting change and development.
As for the club game, attitudes to building a legacy by offering financial support to women’s teams are mixed. Some clubs view the women’s team as different (in terms of marketing, say) but integrated as part of the club (in terms of ticketing and sharing of resources). Others seem to consider a women’s side as good PR or community outreach rather than a genuine commercial opportunity.
All of those teams mentioned worries over costs. And most women’s teams do lose money.
But men’s teams tend to lose money too, with the majority not only making losses but also being technically insolvent (meaning owners need to pump money in to keep clubs going).
The difference is that women’s football is essentially in a start-up phase, with lots of commercial, broadcasting and match-day potential, as showcased by annual revenue growth rates. In contrast, the men’s football market is a mature one that has been professional for decades, and shows much lower annual revenue growth.
Euro 2025 then, needs to play its part in keeping up momentum. It needs to keep the crowds, the commercial partners, the broadcasters and fans on board and committed.
For while women’s football is connected to men’s football, it is a different business. And celebrating that difference could do the women’s game a world of economic good.
Christina Philippou 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.
Narendra Modi’s trip to Ghana in July 2025, part of a five-nation visit, is the first by an Indian prime minister in over 30 years. The two countries’ relationship goes back more than half a century to when India helped the newly independent Ghana set up its intelligence agencies. Ghana is also home to several large Indian-owned manufacturing and trading companies. International relations scholar Pius Siakwah unpacks the context of the visit.
What is the background to Ghana and India’s relationship?
It can be traced to links between Kwame Nkrumah, Ghana’s first president, and his Indian counterpart, Prime Minister Jawaharlal Nehru, in 1957. It is not surprising that the Indian High Commission is located near the seat of the Ghana government, Jubilee House.
Nkrumah and Nehru were co-founders of the Non-Aligned Movement, a group of states not formally aligned with major power blocs during the cold war. Its principles focused on respect for sovereignty, neutrality, non-interference, and peaceful dispute resolution. It was also a strong voice against the neo-colonial ambitions of some of the large powers.
The movement emerged in the wave of decolonisation after the second world war. It held its first conference in 1961 under the leadership of Josip Bros Tito (Yugoslavia), Gamal Abdel Nasser (Egypt) and Sukarno (Indonesia) as well as Nehru and Nkrumah.
The relationship between Ghana and India seemingly went into decline after the overthrow of Nkrumah in 1966, coinciding with the decline of Indian presence in global geopolitics.
In 2002, President John Kufuor re-energised India-Ghana relations. This led to the Indian government’s financial support in the construction of Ghana’s seat of government in 2008.
Though the concept of the Non-Aligned Movement has faded this century, its principles have crystallised into south-south cooperation. This is the exchange of knowledge, skills, resources and technologies among regions in the developing world.
South-south cooperation has fuelled India-Ghana relations. Modi’s diplomatic efforts since 2014 have sought to relaunch India’s presence in Africa.
In recent times, India has engaged Africa through the India–Africa Forum Summit. The first summit was held in 2008 in New Delhi with 14 countries from Africa. The largest one was held in 2015, while the fourth was postponed in 2020 due to COVID-19. The summit has led to 50,000 scholarships, a focus on renewable energy through the International Solar Alliance and an expansion of the Pan-African e-Network to bridge healthcare and educational gaps. Development projects are financed through India’s EXIM Bank.
India is now one of Ghana’s major trading partners, importing primary products like minerals, while exporting manufactured products such as pharmaceuticals, transport and agricultural machinery. The Ghana-India Trade Advisory Chamber was established in 2018 for socio-economic exchange.
Modi’s visit supports the strengthening of economic and defence ties.
The bilateral trade between India and Ghana moved from US$1 billion in 2011-12 to US$4.5 billion in 2018-19. It then dipped to US$2.2 billion in 2020-21 due to COVID. By 2023, bilateral trade amounted to around US$3.3 billion, making India the third-largest export and import partner behind China and Switzerland.
Indian companies have invested in over 700 projects in Ghana. These include B5 Plus, a leading iron and steel manufacturer, and Melcom, Ghana’s largest supermarket chain.
India is also one of the leading sources of foreign direct investment to Ghana. Indian companies had invested over US$2 billion in Ghana by 2021, according to the Ghana Investment Promotion Center.
What are the key areas of interest?
The key areas of collaboration are economic, particularly:
energy
infrastructure (for example, construction of the Tema to Mpakadan railway line)
defence
technology
pharmaceuticals
agriculture (agro-processing, mechanisation and irrigation systems)
industrial (light manufacturing).
What’s the bigger picture?
Modi’s visit is part of a broader visit to strengthen bilateral ties and a follow-up to the Brics Summit, July 2025 in Brazil. Thus, whereas South Africa is often seen as the gateway to Africa, Ghana is becoming the opening to west Africa.
Modi’s visit can be viewed in several ways.
First, India as a neo-colonialist. Some commentators see India’s presence as just a continuation of exploitative relations. This manifests in financial and agricultural exploitation and land grabbing.
Second, India as smart influencer. This is where the country adopts a low profile but benefits from soft power, linguistic, cultural and historical advantages, and good relationships at various societal and governmental levels.
Third, India as a perennial underdog. India has less funds, underdeveloped communications, limited diplomatic capacity, little soft power advantage, and an underwhelming media presence compared to China. China is able to project its power in Africa through project financing and loans, visible diplomatic presence with visits and media coverage in Ghana. Some of the coverage of Chinese activities in Ghana is negative – illegal mining (galamsey) is an example. India benefits from limited negative media presence but its contributions in areas of pharmaceuticals and infrastructure don’t get attention.
Modi will want his visit to build on ideas of south-south cooperation, soft power and smart operating. He’ll want to refute notions that India is a perennial underdog or a neo-colonialist in a new scramble for Africa.
In 2025, Ghana has to navigate a complex geopolitical space.
Pius Siakwah 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.
Deborah O’Brien Demick has been appointed the new HM Chief Inspector of Prosecution in Scotland.
She succeeds Laura Paton who has been in the position since 2019.
Mrs Demick has significant experience working in the Crown Office having held roles since 1999, currently as Deputy Head of National Homicide Team and Road Traffic Fatalities Investigation Unit.
Lord Advocate Dorothy Bain KC said:
“I welcome Deborah’s appointment. She will bring to the role an in-depth prosecutorial knowledge and shares our commitment to improving peoples’ experiences of Scotland’s criminal justice system.
“I am grateful for Laura Paton’s work as HM Chief Inspector of Prosecution over the past six years and have greatly valued her insight and assessment of the work of COPFS.”
Mrs Demick said:
“I am proud and delighted to be appointed as the new HM Chief Inspector of Prosecution in Scotland. The work of the Inspectorate is vital in letting the public know how the Crown Office and Procurator Fiscal (COPFS) investigates and prosecutes crime and investigates all sudden and suspicious deaths. Independent scrutiny is vital in supporting COPFS to develop effective and compassionate services for all.
“I have a clear vision of how we can make a positive difference, continue to drive improvements and build a modern prosecution service with the right tools and training to deliver effective and compassionate justice and death investigations across Scotland.”
Background
Deborah O’Brien Demick was selected through an open recruitment process conducted in line with the Civil Service Commission Recruitment Principles. The appointment will take effect on 14 July 2025.
Deborah joined COPFS as a trainee in 1999 and has worked in courts across Scotland. She is highly experienced in the preparation and prosecution of cases and conduct of Fatal Accident Inquiries. She delivered the first successful application under the Double Jeopardy (Scotland) Act 2011, which paved the way and culminated in the re-trial and conviction of Angus Sinclair for the 1977 murders of Christine Eadie and Helen Scott.
Since 2020, Deborah has been Deputy Head of National Homicide Team and Road Traffic Fatalities Investigation Unit at the Crown Office Procurator Fiscal Service (COPFS). She has been responsible for senior leadership of investigations, and the development of strategies to deliver service improvements.
She delivered an in-depth review of Child Deaths and Non–Accidental Injuries in Children, published in 2024, which established a framework for COPFS and partners to support bereaved families and address the reduction of preventable deaths.
She has also contributed to the Scottish Government Domestic Homicide Review Taskforce working with partners to develop work to review such deaths.
Deborah holds an Honours Degree in Scots Law from the University of Dundee and postgraduate diploma in Legal Practice from the University of Strathclyde.
Motorcycle-taxis are one of the fastest and most convenient ways to get around Uganda’s congested capital, Kampala. But they are also the most dangerous. Though they account for one-third of public transport trips taking place within the city, police reports suggest motorcycles were involved in 80% of all road-crash deaths registered in Kampala in 2023.
Promising to solve the safety problem while also improving the livelihoods of moto-taxi workers, digital ride-hail platforms emerged a decade ago on the city’s streets. It is no coincidence that Uganda’s ride-hailing pioneer and long-time market leader goes by the name of SafeBoda.
Conceived in 2014 as a “market-based approach to road safety”, the idea is to give riders a financial incentive to drive safely by making digital moto-taxi work pay better. SafeBoda claimed at the time that motorcyclists who signed up with it would increase their incomes by up to 50% relative to the traditional mode of operation, in which riders park at strategic locations called “stages” and wait for passengers.
In the years since, the efforts of SafeBoda and its ride-hail competitors to bring safety to the sector have largely been deemed a success. One study carried out in 2017 found that digital riders were more likely to wear a helmet and less likely to drive towards oncoming traffic. Early press coverage wasparticularlyglowing, while recentacademicstudies continue to cite the Kampala case as evidence that ride-hailing platforms may hold the key to making African moto-taxi sectors a safer place to work and travel.
Is it all as clear-cut as this? In a new paper based on PhD research, I suggest not. Because at its core the ride-hail model – in which riders are classified as independent contractors who do poorly paid “gig work” rather than as wage-earning employees – undermines its own safety ambitions.
Speed traps
In my study of Kampala’s vast moto-taxi industry – estimated to employ hundreds of thousands of people – I draw on 112 in-depth interviews and a survey of 370 moto-taxi riders to examine how livelihoods and working conditions have been affected by the arrival of the platforms.
To date, there has been only limited critical engagement with how this change has played out over the past decade. I wanted to get beneath the big corporate claims and alluring platform promises to understand how riders themselves had experienced the digital “transformation” of their industry, several years after it first began.
One of the things I found was that, from a safety perspective, the ride-hail model represents a paradox. We can think of it as a kind of “speed trap”.
On one hand, ride-hail platforms try to moderate moto-taxi speeds and behaviours through managerial techniques. They make helmet use compulsory. They put riders through road safety training before letting them out onto the streets. And they enforce a professional “code of conduct” for riders.
In some cases, companies also deploy “field agents” to major road intersections around the city. Their task is to monitor the behaviour of riders in company uniform and, should they be spotted breaking the rules, discipline them.
On the other hand, however, the underlying economic structure of digital ride-hailing pulls transport workers in the opposite direction by systematically depressing trip fares and rewarding speed.
Under the “gig economy” model used by Uganda’s ride-hail platforms, the livelihood promise hangs not in the offer of a guaranteed wage but in the possibility of higher earnings. Crucially, it is a promise that only materialises if riders are able to reach and maintain a faster, harder work-rate throughout the day – completing enough jobs that pay “little money”, as one rider put it, to make the gig-work deal come good. Or, as summed up by another interviewee:
We are like stakeholders, I can say that. No basic salary, just commission. So it depends on your speed.
And yet, it is precisely these factors that routinely lead to road traffic accidents. Extensive research from across east Africa has shown that motorcycle crashes arestronglyassociated with financial pressure and the practices that lead directly from this, such as speeding, working long hours and performing high-risk manoeuvres. All are driven by the need to break even each day in a hyper-competitive informal labour market, with riders compelled to go fast by the raweconomics of their work.
Deepening the pressure
Ride-hail platforms may not be the reason these circumstances exist in the first place. But the point is that they do not mark a departure from them.
If anything, my research suggests they may be making things worse. According to the survey data, riders working through the apps make on average 12% higher gross earnings each week relative to their analogue counterparts. This is because the online world gets them more jobs.
But to stay connected to that world they must shoulder higher operating costs, for: mobile data (to remain logged on); fuel (to perform more trips); the use of helmets and uniforms (which remain company property); and commissions extracted by the platform companies (as much as 15%-20% per trip).
As soon as these extras are factored in, the difference completely disappears. The digital rider works faster and harder – but for no extra reward.
But it is important to remember that these are private enterprises with a clear bottom line: to one day turn a profit. As recentreports and my own thesis show, efforts to reach that point often alienate and ultimately repel the workers on whom these platforms depend – and whose livelihoods and safety standards they claim to be transforming.
A recent investment evaluation by one of SafeBoda’s first funders perhaps puts it best: it is time to reframe ride-hailing as a “risky vehicle” for safety reform in African cities, rather than a clear road to success.
Rich received funding for this research from the UK’s Economic and Social Research Council (ESRC).
The global ecosystem of climate finance is complex, constantly changing and sometimes hard to understand. But understanding it is critical to demanding a green transition that’s just and fair. That’s why The Conversation has collaborated with climate finance experts to create this user-friendly guide, in partnership with Vogue Business. With definitions and short videos, we’ll add to this glossary as new terms emerge.
Blue bonds
Blue bonds are debt instruments designed to finance ocean-related conservation, like protecting coral reefs or sustainable fishing. They’re modelled after green bonds but focus specifically on the health of marine ecosystems – this is a key pillar of climate stability.
By investing in blue bonds, governments and private investors can fund marine projects that deliver both environmental benefits and long-term financial returns. Seychelles issued the first blue bond in 2018. Now, more are emerging as ocean conservation becomes a greater priority for global sustainability efforts.
By Narmin Nahidi, assistant professor in finance at the University of Exeter
Carbon border adjustment mechanism
Did you know that imported steel could soon face a carbon tax at the EU border? That’s because the carbon border adjustment mechanism is about to shake up the way we trade, produce and price carbon.
The carbon border adjustment mechanism is a proposed EU policy to put a carbon price on imports like iron, cement, fertiliser, aluminium and electricity. If a product is made in a country with weaker climate policies, the importer must pay the difference between that country’s carbon price and the EU’s. The goal is to avoid “carbon leakage” – when companies relocate to avoid emissions rules and to ensure fair competition on climate action.
But this mechanism is more than just a tariff tool. It’s a bold attempt to reshape global trade. Countries exporting to the EU may be pushed to adopt greener manufacturing or face higher tariffs.
The carbon border adjustment mechanism is controversial: some call it climate protectionism, others argue it could incentivise low-carbon innovation worldwide and be vital for achieving climate justice. Many developing nations worry it could penalise them unfairly unless there’s climate finance to support greener transitions.
Carbon border adjustment mechanism is still evolving, but it’s already forcing companies, investors and governments to rethink emissions accounting, supply chains and competitiveness. It’s a carbon price with global consequences.
By Narmin Nahidi, assistant professor in finance at the University of Exeter
Carbon budget
The Paris agreement aims to limit global warming to 1.5°C above pre-industrial levels by 2030. The carbon budget is the maximum amount of CO₂ emissions allowed, if we want a 67% chance of staying within this limit. The Intergovernmental Panel on Climate Change (IPCC) estimates that the remaining carbon budgets amount to 400 billion tonnes of CO₂ from 2020 onwards.
Think of the carbon budget as a climate allowance. Once it has been spent, the risk of extreme weather or sea level rise increases sharply. If emissions continue unchecked, the budget will be exhausted within years, risking severe climate consequences. The IPCC sets the global carbon budget based on climate science, and governments use this framework to set national emission targets, climate policies and pathways to net zero emissions.
By Dongna Zhang, assistant professor in economics and finance, Northumbria University
Carbon credits
Carbon credits are like a permit that allow companies to release a certain amount of carbon into the air. One credit usually equals one tonne of CO₂. These credits are issued by the local government or another authorised body and can be bought and sold. Think of it like a budget allowance for pollution. It encourages cuts in carbon emissions each year to stay within those global climate targets.
The aim is to put a price on carbon to encourage cuts in emissions. If a company reduces its emissions and has leftover credits, it can sell them to another company that is going over its limit. But there are issues. Some argue that carbon credit schemes allow polluters to pay their way out of real change, and not all credits are from trustworthy projects. Although carbon credits can play a role in addressing the climate crisis, they are not a solution on their own.
By Sankar Sivarajah, professor of circular economy, Kingston University London
Carbon credits explained.
Carbon offsetting
Carbon offsetting is a way for people or organisations to make up for the carbon emissions they are responsible for. For example, if you contribute to emissions by flying, driving or making goods, you can help balance that out by supporting projects that reduce emissions elsewhere. This might include planting trees (which absorb carbon dioxide) or building wind farms to produce renewable energy.
The idea is that your support helps cancel out the damage you are doing. For example, if your flight creates one tonne of carbon dioxide, you pay to support a project that removes the same amount.
While this sounds like a win-win, carbon offsetting is not perfect. Some argue that it lets people feel better without really changing their behaviour, a phenomenon sometimes referred to as greenwashing.
Not all projects are effective or well managed. For instance, some tree planting initiatives might have taken place anyway, even without the offset funding, deeming your contribution inconsequential. Others might plant the non-native trees in areas where they are unlikely to reach their potential in terms of absorbing carbon emissions.
So, offsetting can help, but it is no magic fix. It works best alongside real efforts to reduce greenhouse gas emissions and encourage low-carbon lifestyles or supply chains.
By Sankar Sivarajah, professor of circular economy, Kingston University London
Carbon offsetting explained.
Carbon tax
A carbon tax is designed to reduce greenhouse gas emissions by placing a direct price on CO₂ and other greenhouse gases.
A carbon tax is grounded in the concept of the social cost of carbon. This is an estimate of the economic damage caused by emitting one tonne of CO₂, including climate-related health, infrastructure and ecosystem impacts.
A carbon tax is typically levied per tonne of CO₂ emitted. The tax can be applied either upstream (on fossil fuel producers) or downstream (on consumers or power generators). This makes carbon-intensive activities more expensive, it incentivises nations, businesses and people to reduce their emissions, while untaxed renewable energy becomes more competitively priced and appealing.
Carbon tax was first introduced by Finland in 1990. Since then, more than 39 jurisdictions have implemented similar schemes. According to the World Bank, carbon pricing mechanisms (that’s both carbon taxes and emissions trading systems) now cover about 24% of global emissions. The remaining 76% are not priced, mainly due to limited coverage in both sectors and geographical areas, plus persistent fossil fuel subsidies. Expanding coverage would require extending carbon pricing to sectors like agriculture and transport, phasing out fossil fuel subsidies and strengthening international governance.
What is carbon tax?
Sweden has one of the world’s highest carbon tax rates and has cut emissions by 33% since 1990 while maintaining economic growth. The policy worked because Sweden started early, applied the tax across many industries and maintained clear, consistent communication that kept the public on board.
Canada introduced a national carbon tax in 2019. In Canada, most of the revenue from carbon taxes is returned directly to households through annual rebates, making the scheme revenue-neutral for most families. However, despite its economic logic, inflation and rising fuel prices led to public discontent – especially as many citizens were unaware they were receiving rebates.
Carbon taxes face challenges including political resistance, fairness concerns and low public awareness. Their success depends on clear communication and visible reinvestment of revenues into climate or social goals. A 2025 study that surveyed 40,000 people in 20 countries found that support for carbon taxes increases significantly when revenues are used for environmental infrastructure, rather than returned through tax rebates.
By Meilan Yan, associate professor and senior lecturer in financial economics, Loughborough University
Climate resilience
Floods, wildfires, heatwaves and rising seas are pushing our cities, towns and neighbourhoods to their limits. But there’s a powerful idea that’s helping cities fight back: climate resilience.
Resilience refers to the ability of a system, such as a city, a community or even an ecosystem – to anticipate, prepare for, respond to and recover from climate-related shocks and stresses.
Sometimes people say resilience is about bouncing back. But it’s not just about surviving the next storm. It’s about adapting, evolving and thriving in a changing world.
Resilience means building smarter and better. It means designing homes that stay cool during heatwaves. Roads that don’t wash away in floods. Power grids that don’t fail when the weather turns extreme.
It’s also about people. A truly resilient city protects its most vulnerable. It ensures that everyone – regardless of income, age or background – can weather the storm.
And resilience isn’t just reactive. It’s about using science, local knowledge and innovation to reduce a risk before disaster strikes. From restoring wetlands to cool cities and absorb floods, to creating early warning systems for heatwaves, climate resilience is about weaving strength into the very fabric of our cities.
By Paul O’Hare, senior lecturer in geography and development, Manchester Metropolitan University
The meaning of climate resilience.
Climate risk disclosure
Climate risk disclosure refers to how companies report the risks they face from climate change, such as flood damage, supply chain disruptions or regulatory costs. It includes both physical risks (like storms) and transition risks (like changing laws or consumer preferences).
Mandatory disclosures, such as those proposed by the UK and EU, aim to make climate-related risks transparent to investors. Done well, these reports can shape capital flows toward more sustainable business models. Done poorly, they become greenwashing tools.
By Narmin Nahidi, assistant professor in finance at the University of Exeter
Emissions trading scheme
An emissions trading scheme is the primary market-based approach for regulating greenhouse gas emissions in many countries, including Australia, Canada, China and Mexico.
Part of a government’s job is to decide how much of the economy’s carbon emissions it wants to avoid in order to fight climate change. It must put a cap on carbon emissions that economic production is not allowed to surpass. Preferably, the polluters (that’s the manufacturers, fossil fuel companies) should be the ones paying for the cost of climate mitigation.
Regulators could simply tell all the firms how much they are allowed to emit over the next ten years or so. But giving every firm the same allowance across the board is not cost efficient, because avoiding carbon emissions is much harder for some firms (such as steel producers) than others (such as tax consultants). Since governments cannot know each firm’s specific cost profile either, it can’t customise the allowances. Also, monitoring whether polluters actually abide by their assigned limits is extremely costly.
An emissions trading scheme cleverly solves this dilemma using the cap-and-trade mechanism. Instead of assigning each polluter a fixed quota and risking inefficiencies, the government issues a large number of tradable permits – each worth, say, a tonne of CO₂-equivalent (CO₂e) – that sum up to the cap. Firms that can cut greenhouse gas emissions relatively cheaply can then trade their surplus permits to those who find it harder – at a price that makes both better off.
By Mathias Weidinger, environmental economist, University of Oxford
Emissions trading schemes, explained by climate finance expert Mathias Weidinger.
Environmental, social and governance (ESG) investing
ESG investing stands for environmental, social and governance investing. In simple terms, these are a set of standards that investors use to screen a company’s potential investments.
ESG means choosing to invest in companies that are not only profitable but also responsible. Investors use ESG metrics to assess risks (such as climate liability, labour practices) and align portfolios with sustainability goals by looking at how a company affects our planet and treats its people and communities. While there isn’t one single global body governing ESG, various organisations, ratings agencies and governments all contribute to setting and evolving these metrics.
For example, investing in a company committed to renewable energy and fair labour practices might be considered “ESG aligned”. Supporters believe ESG helps identify risks and create long-term value. Critics argue it can be vague or used for greenwashing, where companies appear sustainable without real action. ESG works best when paired with transparency and clear data. A barrier is that standards vary, and it’s not always clear what counts as ESG.
Why do financial companies and institutions care? Issues like climate change and nature loss pose significant risks, affecting company values and the global economy.
However, gathering reliable ESG information can be difficult. Companies often self-report, and the data isn’t always standardised or up to date. Researchers – including my team at the University of Oxford – are using geospatial data, like satellite imagery and artificial intelligence, to develop global databases for high-impact industries, across all major sectors and geographies, and independently assess environmental and social risks and impacts.
For instance, we can analyse satellite images of a facility over time to monitor its emissions effect on nature and biodiversity, or assess deforestation linked to a company’s supply chain. This allows us to map supply chains, identify high-impact assets, and detect hidden risks and opportunities in key industries, providing an objective, real-time look at their environmental footprint.
The goal is for this to improve ESG ratings and provide clearer, more consistent insights for investors. This approach could help us overcome current data limitations to build a more sustainable financial future.
By Amani Maalouf, senior researcher in spatial finance, University of Oxford
Environmental, social and governance investing explained.
Financed emissions
Financed emissions are the greenhouse gas emissions linked to a bank’s or investor’s lending and investment portfolio, rather than their own operations. For example, a bank that funds a coal mine or invests in fossil fuels is indirectly responsible for the carbon those activities produce.
Measuring financed emissions helps reveal the real climate impact of financial institutions not just their office energy use. It’s a cornerstone of climate accountability in finance and is becoming essential under net zero pledges.
By Narmin Nahidi, assistant professor in finance at the University of Exeter
Green bonds
Green bonds are loans issued to fund environmentally beneficial projects, such as energy-efficient buildings or clean transportation. Investors choose them to support climate solutions while earning returns.
Green bonds are a major tool to finance the shift to a low-carbon economy by directing finance toward climate solutions. As climate costs rise, green bonds could help close the funding gap while ensuring transparency and accountability.
Green bonds are required to ensure funds are spent as promised. For instance, imagine a city wants to upgrade its public transportation by adding electric buses to reduce pollution. Instead of raising taxes or slashing other budgets, the city can issue green bonds to raise the necessary capital. Investors buy the bonds, the city gets the funding, and the environment benefits from cleaner air and fewer emissions.
The growing participation of government issuers has improved the transparency and reliability of these investments. The green bond market has grown rapidly in recent years. According to the Bank for International Settlements, the green bond market reached US$2.9 trillion (£2.1 trillion) in 2024 – nearly six times larger than in 2018. At the same time, annual issuance (the total value of green bonds issued in a year) hit US$700 billion, highlighting the increasing role of green finance in tackling climate change.
By Dongna Zhang, assistant professor in economics and finance, Northumbria University
Just transition
Just transition is the process of moving to a low-carbon society that is environmentally sustainable and socially inclusive. In a broad sense, a just transition means focusing on creating a more fair and equal society.
Just transition has existed as a concept since the 1970s. It was originally applied to the green energy transition, protecting workers in the fossil fuel industry as we move towards more sustainable alternatives.
These days, it has so many overlapping issues of justice hidden within it, so the concept is hard to define. Even at the level of UN climate negotiations, global leaders struggle to agree on what a just transition means.
The big battle is between developed countries, who want a very restrictive definition around jobs and skills, and developing countries, who are looking for a much more holistic approach that considers wider system change and includes considerations around human rights, Indigenous people and creating an overall fairer global society.
A just transition is essentially about imagining a future where we have moved beyond fossil fuels and society works better for everyone – but that can look very different in a European city compared to a rural setting in south-east Asia.
For example, in a British city it might mean fewer cars and better public transport. In a rural setting, it might mean new ways of growing crops that are more sustainable, and building homes that are heatwave resistant.
By Alix Dietzel, climate justice and climate policy expert, University of Bristol
The meaning of just transition.
Loss and damage
A global loss and damage fund was agreed by nations at the UN climate summit (Cop27) in 2022. This means that the rich countries of the world put money into a fund that the least developed countries can then call upon when they have a climate emergency.
At the moment, the loss and damage fund is made up of relatively small pots of money. Much more will be needed to provide relief to those who need it most now and in the future.
By Mark Maslin, professor of earth system science, UCL
Mark Maslin explains loss and damage.
Mitigation v adaptation
Mitigation means cutting greenhouse gas emissions to slow climate change. Adaptation means adjusting to its effects, like building sea walls or growing heat-resistant crops. Both are essential: mitigation tackles the cause, while adaptation tackles the symptoms.
Globally, most funding goes to mitigation, but vulnerable communities often need adaptation support most. Balancing the two is a major challenge in climate policy, especially for developing countries facing immediate climate threats.
By Narmin Nahidi, assistant professor in finance at the University of Exeter
Nationally determined contributions
Nationally determined contributions (NDCs) are at the heart of the Paris agreement, the global effort to collectively combat climate change. NDCs are individual climate action plans created by each country. These targets and strategies outline how a country will reduce its greenhouse gas emissions and adapt to climate change.
Each nation sets its own goals based on its own circumstances and capabilities – there’s no standard NDC. These plans should be updated every five years and countries are encouraged to gradually increase their climate ambitions over time.
The aim is for NDCs to drive real action by guiding policies, attracting investment and inspiring innovation in clean technologies. But current NDCs fall short of the Paris agreement goals and many countries struggle to turn their plans into a reality. NDCs also vary widely in scope and detail so it’s hard to compare efforts across the board. Stronger international collaboration and greater accountability will be crucial.
By Doug Specht, reader in cultural geography and communication, University of Westminster
Fashion depends on water, soil and biodiversity – all natural capital. And forward-thinking designers are now asking: how do we create rather than deplete, how do we restore rather than extract?
Natural capital is the value assigned to the stock of forests, soils, oceans and even minerals such as lithium. It sustains every part of our economy. It’s the bees that pollinate our crops. It’s the wetlands that filter our water and it’s the trees that store carbon and cool our cities.
If we fail to value nature properly, we risk losing it. But if we succeed, we unlock a future that is not only sustainable but also truly regenerative.
My team at the University of Oxford is developing tools to integrate nature into national balance sheets, advising governments on biodiversity, and we’re helping industries from fashion to finance embed nature into their decision making.
Natural capital, explained by a climate finance expert.
By Mette Morsing, professor of business sustainability and director of the Smith School of Enterprise and the Environment, University of Oxford
Net zero
Reaching net zero means reducing the amount of additional greenhouse gas emissions that accumulate in the atmosphere to zero. This concept was popularised by the Paris agreement, a landmark deal that was agreed at the UN climate summit (Cop21) in 2015 to limit the impact of greenhouse gas emissions.
There are some emissions, from farming and aviation for example, that will be very difficult, if not impossible, to reach absolute zero. Hence, the “net”. This allows people, businesses and countries to find ways to suck greenhouse gas emissions out of the atmosphere, effectively cancelling out emissions while trying to reduce them. This can include reforestation, rewilding, direct air capture and carbon capture and storage. The goal is to reach net zero: the point at which no extra greenhouse gases accumulate in Earth’s atmosphere.
By Mark Maslin, professor of earth system science, UCL
Mark Maslin explains net zero.
For more expert explainer videos, visit The Conversation’s quick climate dictionary playlist here on YouTube.
Mark Maslin is Pro-Vice Provost of the UCL Climate Crisis Grand Challenge and Founding Director of the UCL Centre for Sustainable Aviation. He was co-director of the London NERC Doctoral Training Partnership and is a member of the Climate Crisis Advisory Group. He is an advisor to Sheep Included Ltd, Lansons, NetZeroNow and has advised the UK Parliament. He has received grant funding from the NERC, EPSRC, ESRC, DFG, Royal Society, DIFD, BEIS, DECC, FCO, Innovate UK, Carbon Trust, UK Space Agency, European Space Agency, Research England, Wellcome Trust, Leverhulme Trust, CIFF, Sprint2020, and British Council. He has received funding from the BBC, Lancet, Laithwaites, Seventh Generation, Channel 4, JLT Re, WWF, Hermes, CAFOD, HP and Royal Institute of Chartered Surveyors.
Amani Maalouf receives funding from IKEA Foundation and UK Research and Innovation (NE/V017756/1).
Narmin Nahidi is affiliated with several academic associations, including the Financial Management Association (FMA), British Accounting and Finance Association (BAFA), American Finance Association (AFA), and the Chartered Association of Business Schools (CMBE). These affiliations do not influence the content of this article.
Paul O’Hare receives funding from the UK’s Natural Environment Research Council (NERC). Award reference NE/V010174/1.
Alix Dietzel, Dongna Zhang, Doug Specht, Mathias Weidinger, Meilan Yan, and Sankar Sivarajah do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
Motorcycle-taxis are one of the fastest and most convenient ways to get around Uganda’s congested capital, Kampala. But they are also the most dangerous. Though they account for one-third of public transport trips taking place within the city, police reports suggest motorcycles were involved in 80% of all road-crash deaths registered in Kampala in 2023.
Promising to solve the safety problem while also improving the livelihoods of moto-taxi workers, digital ride-hail platforms emerged a decade ago on the city’s streets. It is no coincidence that Uganda’s ride-hailing pioneer and long-time market leader goes by the name of SafeBoda.
Conceived in 2014 as a “market-based approach to road safety”, the idea is to give riders a financial incentive to drive safely by making digital moto-taxi work pay better. SafeBoda claimed at the time that motorcyclists who signed up with it would increase their incomes by up to 50% relative to the traditional mode of operation, in which riders park at strategic locations called “stages” and wait for passengers.
In the years since, the efforts of SafeBoda and its ride-hail competitors to bring safety to the sector have largely been deemed a success. One study carried out in 2017 found that digital riders were more likely to wear a helmet and less likely to drive towards oncoming traffic. Early press coverage wasparticularlyglowing, while recentacademicstudies continue to cite the Kampala case as evidence that ride-hailing platforms may hold the key to making African moto-taxi sectors a safer place to work and travel.
Is it all as clear-cut as this? In a new paper based on PhD research, I suggest not. Because at its core the ride-hail model – in which riders are classified as independent contractors who do poorly paid “gig work” rather than as wage-earning employees – undermines its own safety ambitions.
Speed traps
In my study of Kampala’s vast moto-taxi industry – estimated to employ hundreds of thousands of people – I draw on 112 in-depth interviews and a survey of 370 moto-taxi riders to examine how livelihoods and working conditions have been affected by the arrival of the platforms.
To date, there has been only limited critical engagement with how this change has played out over the past decade. I wanted to get beneath the big corporate claims and alluring platform promises to understand how riders themselves had experienced the digital “transformation” of their industry, several years after it first began.
One of the things I found was that, from a safety perspective, the ride-hail model represents a paradox. We can think of it as a kind of “speed trap”.
On one hand, ride-hail platforms try to moderate moto-taxi speeds and behaviours through managerial techniques. They make helmet use compulsory. They put riders through road safety training before letting them out onto the streets. And they enforce a professional “code of conduct” for riders.
In some cases, companies also deploy “field agents” to major road intersections around the city. Their task is to monitor the behaviour of riders in company uniform and, should they be spotted breaking the rules, discipline them.
On the other hand, however, the underlying economic structure of digital ride-hailing pulls transport workers in the opposite direction by systematically depressing trip fares and rewarding speed.
Under the “gig economy” model used by Uganda’s ride-hail platforms, the livelihood promise hangs not in the offer of a guaranteed wage but in the possibility of higher earnings. Crucially, it is a promise that only materialises if riders are able to reach and maintain a faster, harder work-rate throughout the day – completing enough jobs that pay “little money”, as one rider put it, to make the gig-work deal come good. Or, as summed up by another interviewee:
We are like stakeholders, I can say that. No basic salary, just commission. So it depends on your speed.
And yet, it is precisely these factors that routinely lead to road traffic accidents. Extensive research from across east Africa has shown that motorcycle crashes arestronglyassociated with financial pressure and the practices that lead directly from this, such as speeding, working long hours and performing high-risk manoeuvres. All are driven by the need to break even each day in a hyper-competitive informal labour market, with riders compelled to go fast by the raweconomics of their work.
Deepening the pressure
Ride-hail platforms may not be the reason these circumstances exist in the first place. But the point is that they do not mark a departure from them.
If anything, my research suggests they may be making things worse. According to the survey data, riders working through the apps make on average 12% higher gross earnings each week relative to their analogue counterparts. This is because the online world gets them more jobs.
But to stay connected to that world they must shoulder higher operating costs, for: mobile data (to remain logged on); fuel (to perform more trips); the use of helmets and uniforms (which remain company property); and commissions extracted by the platform companies (as much as 15%-20% per trip).
As soon as these extras are factored in, the difference completely disappears. The digital rider works faster and harder – but for no extra reward.
But it is important to remember that these are private enterprises with a clear bottom line: to one day turn a profit. As recentreports and my own thesis show, efforts to reach that point often alienate and ultimately repel the workers on whom these platforms depend – and whose livelihoods and safety standards they claim to be transforming.
A recent investment evaluation by one of SafeBoda’s first funders perhaps puts it best: it is time to reframe ride-hailing as a “risky vehicle” for safety reform in African cities, rather than a clear road to success.
Rich received funding for this research from the UK’s Economic and Social Research Council (ESRC).
Narendra Modi’s trip to Ghana in July 2025, part of a five-nation visit, is the first by an Indian prime minister in over 30 years. The two countries’ relationship goes back more than half a century to when India helped the newly independent Ghana set up its intelligence agencies. Ghana is also home to several large Indian-owned manufacturing and trading companies. International relations scholar Pius Siakwah unpacks the context of the visit.
What is the background to Ghana and India’s relationship?
It can be traced to links between Kwame Nkrumah, Ghana’s first president, and his Indian counterpart, Prime Minister Jawaharlal Nehru, in 1957. It is not surprising that the Indian High Commission is located near the seat of the Ghana government, Jubilee House.
Nkrumah and Nehru were co-founders of the Non-Aligned Movement, a group of states not formally aligned with major power blocs during the cold war. Its principles focused on respect for sovereignty, neutrality, non-interference, and peaceful dispute resolution. It was also a strong voice against the neo-colonial ambitions of some of the large powers.
The movement emerged in the wave of decolonisation after the second world war. It held its first conference in 1961 under the leadership of Josip Bros Tito (Yugoslavia), Gamal Abdel Nasser (Egypt) and Sukarno (Indonesia) as well as Nehru and Nkrumah.
The relationship between Ghana and India seemingly went into decline after the overthrow of Nkrumah in 1966, coinciding with the decline of Indian presence in global geopolitics.
In 2002, President John Kufuor re-energised India-Ghana relations. This led to the Indian government’s financial support in the construction of Ghana’s seat of government in 2008.
Though the concept of the Non-Aligned Movement has faded this century, its principles have crystallised into south-south cooperation. This is the exchange of knowledge, skills, resources and technologies among regions in the developing world.
South-south cooperation has fuelled India-Ghana relations. Modi’s diplomatic efforts since 2014 have sought to relaunch India’s presence in Africa.
In recent times, India has engaged Africa through the India–Africa Forum Summit. The first summit was held in 2008 in New Delhi with 14 countries from Africa. The largest one was held in 2015, while the fourth was postponed in 2020 due to COVID-19. The summit has led to 50,000 scholarships, a focus on renewable energy through the International Solar Alliance and an expansion of the Pan-African e-Network to bridge healthcare and educational gaps. Development projects are financed through India’s EXIM Bank.
India is now one of Ghana’s major trading partners, importing primary products like minerals, while exporting manufactured products such as pharmaceuticals, transport and agricultural machinery. The Ghana-India Trade Advisory Chamber was established in 2018 for socio-economic exchange.
Modi’s visit supports the strengthening of economic and defence ties.
The bilateral trade between India and Ghana moved from US$1 billion in 2011-12 to US$4.5 billion in 2018-19. It then dipped to US$2.2 billion in 2020-21 due to COVID. By 2023, bilateral trade amounted to around US$3.3 billion, making India the third-largest export and import partner behind China and Switzerland.
Indian companies have invested in over 700 projects in Ghana. These include B5 Plus, a leading iron and steel manufacturer, and Melcom, Ghana’s largest supermarket chain.
India is also one of the leading sources of foreign direct investment to Ghana. Indian companies had invested over US$2 billion in Ghana by 2021, according to the Ghana Investment Promotion Center.
What are the key areas of interest?
The key areas of collaboration are economic, particularly:
energy
infrastructure (for example, construction of the Tema to Mpakadan railway line)
defence
technology
pharmaceuticals
agriculture (agro-processing, mechanisation and irrigation systems)
industrial (light manufacturing).
What’s the bigger picture?
Modi’s visit is part of a broader visit to strengthen bilateral ties and a follow-up to the Brics Summit, July 2025 in Brazil. Thus, whereas South Africa is often seen as the gateway to Africa, Ghana is becoming the opening to west Africa.
Modi’s visit can be viewed in several ways.
First, India as a neo-colonialist. Some commentators see India’s presence as just a continuation of exploitative relations. This manifests in financial and agricultural exploitation and land grabbing.
Second, India as smart influencer. This is where the country adopts a low profile but benefits from soft power, linguistic, cultural and historical advantages, and good relationships at various societal and governmental levels.
Third, India as a perennial underdog. India has less funds, underdeveloped communications, limited diplomatic capacity, little soft power advantage, and an underwhelming media presence compared to China. China is able to project its power in Africa through project financing and loans, visible diplomatic presence with visits and media coverage in Ghana. Some of the coverage of Chinese activities in Ghana is negative – illegal mining (galamsey) is an example. India benefits from limited negative media presence but its contributions in areas of pharmaceuticals and infrastructure don’t get attention.
Modi will want his visit to build on ideas of south-south cooperation, soft power and smart operating. He’ll want to refute notions that India is a perennial underdog or a neo-colonialist in a new scramble for Africa.
In 2025, Ghana has to navigate a complex geopolitical space.
Pius Siakwah 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.
The global ecosystem of climate finance is complex, constantly changing and sometimes hard to understand. But understanding it is critical to demanding a green transition that’s just and fair. That’s why The Conversation has collaborated with climate finance experts to create this user-friendly guide, in partnership with Vogue Business. With definitions and short videos, we’ll add to this glossary as new terms emerge.
Blue bonds
Blue bonds are debt instruments designed to finance ocean-related conservation, like protecting coral reefs or sustainable fishing. They’re modelled after green bonds but focus specifically on the health of marine ecosystems – this is a key pillar of climate stability.
By investing in blue bonds, governments and private investors can fund marine projects that deliver both environmental benefits and long-term financial returns. Seychelles issued the first blue bond in 2018. Now, more are emerging as ocean conservation becomes a greater priority for global sustainability efforts.
By Narmin Nahidi, assistant professor in finance at the University of Exeter
Carbon border adjustment mechanism
Did you know that imported steel could soon face a carbon tax at the EU border? That’s because the carbon border adjustment mechanism is about to shake up the way we trade, produce and price carbon.
The carbon border adjustment mechanism is a proposed EU policy to put a carbon price on imports like iron, cement, fertiliser, aluminium and electricity. If a product is made in a country with weaker climate policies, the importer must pay the difference between that country’s carbon price and the EU’s. The goal is to avoid “carbon leakage” – when companies relocate to avoid emissions rules and to ensure fair competition on climate action.
But this mechanism is more than just a tariff tool. It’s a bold attempt to reshape global trade. Countries exporting to the EU may be pushed to adopt greener manufacturing or face higher tariffs.
The carbon border adjustment mechanism is controversial: some call it climate protectionism, others argue it could incentivise low-carbon innovation worldwide and be vital for achieving climate justice. Many developing nations worry it could penalise them unfairly unless there’s climate finance to support greener transitions.
Carbon border adjustment mechanism is still evolving, but it’s already forcing companies, investors and governments to rethink emissions accounting, supply chains and competitiveness. It’s a carbon price with global consequences.
By Narmin Nahidi, assistant professor in finance at the University of Exeter
Carbon budget
The Paris agreement aims to limit global warming to 1.5°C above pre-industrial levels by 2030. The carbon budget is the maximum amount of CO₂ emissions allowed, if we want a 67% chance of staying within this limit. The Intergovernmental Panel on Climate Change (IPCC) estimates that the remaining carbon budgets amount to 400 billion tonnes of CO₂ from 2020 onwards.
Think of the carbon budget as a climate allowance. Once it has been spent, the risk of extreme weather or sea level rise increases sharply. If emissions continue unchecked, the budget will be exhausted within years, risking severe climate consequences. The IPCC sets the global carbon budget based on climate science, and governments use this framework to set national emission targets, climate policies and pathways to net zero emissions.
By Dongna Zhang, assistant professor in economics and finance, Northumbria University
Carbon credits
Carbon credits are like a permit that allow companies to release a certain amount of carbon into the air. One credit usually equals one tonne of CO₂. These credits are issued by the local government or another authorised body and can be bought and sold. Think of it like a budget allowance for pollution. It encourages cuts in carbon emissions each year to stay within those global climate targets.
The aim is to put a price on carbon to encourage cuts in emissions. If a company reduces its emissions and has leftover credits, it can sell them to another company that is going over its limit. But there are issues. Some argue that carbon credit schemes allow polluters to pay their way out of real change, and not all credits are from trustworthy projects. Although carbon credits can play a role in addressing the climate crisis, they are not a solution on their own.
By Sankar Sivarajah, professor of circular economy, Kingston University London
Carbon credits explained.
Carbon offsetting
Carbon offsetting is a way for people or organisations to make up for the carbon emissions they are responsible for. For example, if you contribute to emissions by flying, driving or making goods, you can help balance that out by supporting projects that reduce emissions elsewhere. This might include planting trees (which absorb carbon dioxide) or building wind farms to produce renewable energy.
The idea is that your support helps cancel out the damage you are doing. For example, if your flight creates one tonne of carbon dioxide, you pay to support a project that removes the same amount.
While this sounds like a win-win, carbon offsetting is not perfect. Some argue that it lets people feel better without really changing their behaviour, a phenomenon sometimes referred to as greenwashing.
Not all projects are effective or well managed. For instance, some tree planting initiatives might have taken place anyway, even without the offset funding, deeming your contribution inconsequential. Others might plant the non-native trees in areas where they are unlikely to reach their potential in terms of absorbing carbon emissions.
So, offsetting can help, but it is no magic fix. It works best alongside real efforts to reduce greenhouse gas emissions and encourage low-carbon lifestyles or supply chains.
By Sankar Sivarajah, professor of circular economy, Kingston University London
Carbon offsetting explained.
Carbon tax
A carbon tax is designed to reduce greenhouse gas emissions by placing a direct price on CO₂ and other greenhouse gases.
A carbon tax is grounded in the concept of the social cost of carbon. This is an estimate of the economic damage caused by emitting one tonne of CO₂, including climate-related health, infrastructure and ecosystem impacts.
A carbon tax is typically levied per tonne of CO₂ emitted. The tax can be applied either upstream (on fossil fuel producers) or downstream (on consumers or power generators). This makes carbon-intensive activities more expensive, it incentivises nations, businesses and people to reduce their emissions, while untaxed renewable energy becomes more competitively priced and appealing.
Carbon tax was first introduced by Finland in 1990. Since then, more than 39 jurisdictions have implemented similar schemes. According to the World Bank, carbon pricing mechanisms (that’s both carbon taxes and emissions trading systems) now cover about 24% of global emissions. The remaining 76% are not priced, mainly due to limited coverage in both sectors and geographical areas, plus persistent fossil fuel subsidies. Expanding coverage would require extending carbon pricing to sectors like agriculture and transport, phasing out fossil fuel subsidies and strengthening international governance.
What is carbon tax?
Sweden has one of the world’s highest carbon tax rates and has cut emissions by 33% since 1990 while maintaining economic growth. The policy worked because Sweden started early, applied the tax across many industries and maintained clear, consistent communication that kept the public on board.
Canada introduced a national carbon tax in 2019. In Canada, most of the revenue from carbon taxes is returned directly to households through annual rebates, making the scheme revenue-neutral for most families. However, despite its economic logic, inflation and rising fuel prices led to public discontent – especially as many citizens were unaware they were receiving rebates.
Carbon taxes face challenges including political resistance, fairness concerns and low public awareness. Their success depends on clear communication and visible reinvestment of revenues into climate or social goals. A 2025 study that surveyed 40,000 people in 20 countries found that support for carbon taxes increases significantly when revenues are used for environmental infrastructure, rather than returned through tax rebates.
By Meilan Yan, associate professor and senior lecturer in financial economics, Loughborough University
Climate resilience
Floods, wildfires, heatwaves and rising seas are pushing our cities, towns and neighbourhoods to their limits. But there’s a powerful idea that’s helping cities fight back: climate resilience.
Resilience refers to the ability of a system, such as a city, a community or even an ecosystem – to anticipate, prepare for, respond to and recover from climate-related shocks and stresses.
Sometimes people say resilience is about bouncing back. But it’s not just about surviving the next storm. It’s about adapting, evolving and thriving in a changing world.
Resilience means building smarter and better. It means designing homes that stay cool during heatwaves. Roads that don’t wash away in floods. Power grids that don’t fail when the weather turns extreme.
It’s also about people. A truly resilient city protects its most vulnerable. It ensures that everyone – regardless of income, age or background – can weather the storm.
And resilience isn’t just reactive. It’s about using science, local knowledge and innovation to reduce a risk before disaster strikes. From restoring wetlands to cool cities and absorb floods, to creating early warning systems for heatwaves, climate resilience is about weaving strength into the very fabric of our cities.
By Paul O’Hare, senior lecturer in geography and development, Manchester Metropolitan University
The meaning of climate resilience.
Climate risk disclosure
Climate risk disclosure refers to how companies report the risks they face from climate change, such as flood damage, supply chain disruptions or regulatory costs. It includes both physical risks (like storms) and transition risks (like changing laws or consumer preferences).
Mandatory disclosures, such as those proposed by the UK and EU, aim to make climate-related risks transparent to investors. Done well, these reports can shape capital flows toward more sustainable business models. Done poorly, they become greenwashing tools.
By Narmin Nahidi, assistant professor in finance at the University of Exeter
Emissions trading scheme
An emissions trading scheme is the primary market-based approach for regulating greenhouse gas emissions in many countries, including Australia, Canada, China and Mexico.
Part of a government’s job is to decide how much of the economy’s carbon emissions it wants to avoid in order to fight climate change. It must put a cap on carbon emissions that economic production is not allowed to surpass. Preferably, the polluters (that’s the manufacturers, fossil fuel companies) should be the ones paying for the cost of climate mitigation.
Regulators could simply tell all the firms how much they are allowed to emit over the next ten years or so. But giving every firm the same allowance across the board is not cost efficient, because avoiding carbon emissions is much harder for some firms (such as steel producers) than others (such as tax consultants). Since governments cannot know each firm’s specific cost profile either, it can’t customise the allowances. Also, monitoring whether polluters actually abide by their assigned limits is extremely costly.
An emissions trading scheme cleverly solves this dilemma using the cap-and-trade mechanism. Instead of assigning each polluter a fixed quota and risking inefficiencies, the government issues a large number of tradable permits – each worth, say, a tonne of CO₂-equivalent (CO₂e) – that sum up to the cap. Firms that can cut greenhouse gas emissions relatively cheaply can then trade their surplus permits to those who find it harder – at a price that makes both better off.
By Mathias Weidinger, environmental economist, University of Oxford
Emissions trading schemes, explained by climate finance expert Mathias Weidinger.
Environmental, social and governance (ESG) investing
ESG investing stands for environmental, social and governance investing. In simple terms, these are a set of standards that investors use to screen a company’s potential investments.
ESG means choosing to invest in companies that are not only profitable but also responsible. Investors use ESG metrics to assess risks (such as climate liability, labour practices) and align portfolios with sustainability goals by looking at how a company affects our planet and treats its people and communities. While there isn’t one single global body governing ESG, various organisations, ratings agencies and governments all contribute to setting and evolving these metrics.
For example, investing in a company committed to renewable energy and fair labour practices might be considered “ESG aligned”. Supporters believe ESG helps identify risks and create long-term value. Critics argue it can be vague or used for greenwashing, where companies appear sustainable without real action. ESG works best when paired with transparency and clear data. A barrier is that standards vary, and it’s not always clear what counts as ESG.
Why do financial companies and institutions care? Issues like climate change and nature loss pose significant risks, affecting company values and the global economy.
However, gathering reliable ESG information can be difficult. Companies often self-report, and the data isn’t always standardised or up to date. Researchers – including my team at the University of Oxford – are using geospatial data, like satellite imagery and artificial intelligence, to develop global databases for high-impact industries, across all major sectors and geographies, and independently assess environmental and social risks and impacts.
For instance, we can analyse satellite images of a facility over time to monitor its emissions effect on nature and biodiversity, or assess deforestation linked to a company’s supply chain. This allows us to map supply chains, identify high-impact assets, and detect hidden risks and opportunities in key industries, providing an objective, real-time look at their environmental footprint.
The goal is for this to improve ESG ratings and provide clearer, more consistent insights for investors. This approach could help us overcome current data limitations to build a more sustainable financial future.
By Amani Maalouf, senior researcher in spatial finance, University of Oxford
Environmental, social and governance investing explained.
Financed emissions
Financed emissions are the greenhouse gas emissions linked to a bank’s or investor’s lending and investment portfolio, rather than their own operations. For example, a bank that funds a coal mine or invests in fossil fuels is indirectly responsible for the carbon those activities produce.
Measuring financed emissions helps reveal the real climate impact of financial institutions not just their office energy use. It’s a cornerstone of climate accountability in finance and is becoming essential under net zero pledges.
By Narmin Nahidi, assistant professor in finance at the University of Exeter
Green bonds
Green bonds are loans issued to fund environmentally beneficial projects, such as energy-efficient buildings or clean transportation. Investors choose them to support climate solutions while earning returns.
Green bonds are a major tool to finance the shift to a low-carbon economy by directing finance toward climate solutions. As climate costs rise, green bonds could help close the funding gap while ensuring transparency and accountability.
Green bonds are required to ensure funds are spent as promised. For instance, imagine a city wants to upgrade its public transportation by adding electric buses to reduce pollution. Instead of raising taxes or slashing other budgets, the city can issue green bonds to raise the necessary capital. Investors buy the bonds, the city gets the funding, and the environment benefits from cleaner air and fewer emissions.
The growing participation of government issuers has improved the transparency and reliability of these investments. The green bond market has grown rapidly in recent years. According to the Bank for International Settlements, the green bond market reached US$2.9 trillion (£2.1 trillion) in 2024 – nearly six times larger than in 2018. At the same time, annual issuance (the total value of green bonds issued in a year) hit US$700 billion, highlighting the increasing role of green finance in tackling climate change.
By Dongna Zhang, assistant professor in economics and finance, Northumbria University
Just transition
Just transition is the process of moving to a low-carbon society that is environmentally sustainable and socially inclusive. In a broad sense, a just transition means focusing on creating a more fair and equal society.
Just transition has existed as a concept since the 1970s. It was originally applied to the green energy transition, protecting workers in the fossil fuel industry as we move towards more sustainable alternatives.
These days, it has so many overlapping issues of justice hidden within it, so the concept is hard to define. Even at the level of UN climate negotiations, global leaders struggle to agree on what a just transition means.
The big battle is between developed countries, who want a very restrictive definition around jobs and skills, and developing countries, who are looking for a much more holistic approach that considers wider system change and includes considerations around human rights, Indigenous people and creating an overall fairer global society.
A just transition is essentially about imagining a future where we have moved beyond fossil fuels and society works better for everyone – but that can look very different in a European city compared to a rural setting in south-east Asia.
For example, in a British city it might mean fewer cars and better public transport. In a rural setting, it might mean new ways of growing crops that are more sustainable, and building homes that are heatwave resistant.
By Alix Dietzel, climate justice and climate policy expert, University of Bristol
The meaning of just transition.
Loss and damage
A global loss and damage fund was agreed by nations at the UN climate summit (Cop27) in 2022. This means that the rich countries of the world put money into a fund that the least developed countries can then call upon when they have a climate emergency.
At the moment, the loss and damage fund is made up of relatively small pots of money. Much more will be needed to provide relief to those who need it most now and in the future.
By Mark Maslin, professor of earth system science, UCL
Mark Maslin explains loss and damage.
Mitigation v adaptation
Mitigation means cutting greenhouse gas emissions to slow climate change. Adaptation means adjusting to its effects, like building sea walls or growing heat-resistant crops. Both are essential: mitigation tackles the cause, while adaptation tackles the symptoms.
Globally, most funding goes to mitigation, but vulnerable communities often need adaptation support most. Balancing the two is a major challenge in climate policy, especially for developing countries facing immediate climate threats.
By Narmin Nahidi, assistant professor in finance at the University of Exeter
Nationally determined contributions
Nationally determined contributions (NDCs) are at the heart of the Paris agreement, the global effort to collectively combat climate change. NDCs are individual climate action plans created by each country. These targets and strategies outline how a country will reduce its greenhouse gas emissions and adapt to climate change.
Each nation sets its own goals based on its own circumstances and capabilities – there’s no standard NDC. These plans should be updated every five years and countries are encouraged to gradually increase their climate ambitions over time.
The aim is for NDCs to drive real action by guiding policies, attracting investment and inspiring innovation in clean technologies. But current NDCs fall short of the Paris agreement goals and many countries struggle to turn their plans into a reality. NDCs also vary widely in scope and detail so it’s hard to compare efforts across the board. Stronger international collaboration and greater accountability will be crucial.
By Doug Specht, reader in cultural geography and communication, University of Westminster
Fashion depends on water, soil and biodiversity – all natural capital. And forward-thinking designers are now asking: how do we create rather than deplete, how do we restore rather than extract?
Natural capital is the value assigned to the stock of forests, soils, oceans and even minerals such as lithium. It sustains every part of our economy. It’s the bees that pollinate our crops. It’s the wetlands that filter our water and it’s the trees that store carbon and cool our cities.
If we fail to value nature properly, we risk losing it. But if we succeed, we unlock a future that is not only sustainable but also truly regenerative.
My team at the University of Oxford is developing tools to integrate nature into national balance sheets, advising governments on biodiversity, and we’re helping industries from fashion to finance embed nature into their decision making.
Natural capital, explained by a climate finance expert.
By Mette Morsing, professor of business sustainability and director of the Smith School of Enterprise and the Environment, University of Oxford
Net zero
Reaching net zero means reducing the amount of additional greenhouse gas emissions that accumulate in the atmosphere to zero. This concept was popularised by the Paris agreement, a landmark deal that was agreed at the UN climate summit (Cop21) in 2015 to limit the impact of greenhouse gas emissions.
There are some emissions, from farming and aviation for example, that will be very difficult, if not impossible, to reach absolute zero. Hence, the “net”. This allows people, businesses and countries to find ways to suck greenhouse gas emissions out of the atmosphere, effectively cancelling out emissions while trying to reduce them. This can include reforestation, rewilding, direct air capture and carbon capture and storage. The goal is to reach net zero: the point at which no extra greenhouse gases accumulate in Earth’s atmosphere.
By Mark Maslin, professor of earth system science, UCL
Mark Maslin explains net zero.
For more expert explainer videos, visit The Conversation’s quick climate dictionary playlist here on YouTube.
Mark Maslin is Pro-Vice Provost of the UCL Climate Crisis Grand Challenge and Founding Director of the UCL Centre for Sustainable Aviation. He was co-director of the London NERC Doctoral Training Partnership and is a member of the Climate Crisis Advisory Group. He is an advisor to Sheep Included Ltd, Lansons, NetZeroNow and has advised the UK Parliament. He has received grant funding from the NERC, EPSRC, ESRC, DFG, Royal Society, DIFD, BEIS, DECC, FCO, Innovate UK, Carbon Trust, UK Space Agency, European Space Agency, Research England, Wellcome Trust, Leverhulme Trust, CIFF, Sprint2020, and British Council. He has received funding from the BBC, Lancet, Laithwaites, Seventh Generation, Channel 4, JLT Re, WWF, Hermes, CAFOD, HP and Royal Institute of Chartered Surveyors.
Amani Maalouf receives funding from IKEA Foundation and UK Research and Innovation (NE/V017756/1).
Narmin Nahidi is affiliated with several academic associations, including the Financial Management Association (FMA), British Accounting and Finance Association (BAFA), American Finance Association (AFA), and the Chartered Association of Business Schools (CMBE). These affiliations do not influence the content of this article.
Paul O’Hare receives funding from the UK’s Natural Environment Research Council (NERC). Award reference NE/V010174/1.
Alix Dietzel, Dongna Zhang, Doug Specht, Mathias Weidinger, Meilan Yan, and Sankar Sivarajah do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
The Parker administration says it will issue $800 million in bonds over the next four years to fund affordable housing.Jeff Fusco/The Conversation, CC BY-NC-SA
Often, only city treasurers and the finance committees of city councils pay attention to the details behind these municipal bonds.
As a law professor who studies the social impact of municipal bonds, I believe it’s important that city residents understand how these bonds work as well.
While municipal bonds are integral to the city’s effort to increase access to affordable and market-rate housing, they can include hidden costs and requirements that raise prices in ways that make city services unaffordable for lower-income residents.
The Parker administration has vowed to create or preserve 30,000 affordable housing units in Philly through new construction, rehabilitation and expanded rental assistance. Jeff Fusco/The Conversation, CC BY-SA
How municipal bonds work
Most people are aware that companies sell shares on the stock market to raise capital. State and local governments do the same thing in the form of municipal bonds, which help them raise money to cover their expenses and to finance infrastructure projects.
These bonds are a form of debt. Investors can purchase an interest in the bond and, in exchange, the local government promises to pay the money back with interest in a specified time period. The money from investors functions like a loan to the government.
Municipal bonds are often used so that one generation of taxpayers is not having to bear the full cost of a project that will benefit multiple generations of residents. The cost of building a bridge, for example, which will be in use for decades, can be spread out over 30 years so that residents pay back the loan slowly over time rather than saddle residents with huge tax increases one year to cover the cost.
However, the cost of borrowing pushes up the cost of projects by adding interest payments the same way a mortgage adds to the overall cost of buying a house. Overall, the market and state and local governments have historically viewed this cost as a worthy trade-off.
Some municipal bonds have limits
The Parker administration has several options when it comes to raising capital on the municipal market.
The most common method is through general obligation bonds, which are backed by the city’s authority to impose and collect taxes. Bondholders rely on the city’s “full faith and credit” to assure them that if the city has difficulty paying back the debt, the city will raise taxes on residents to secure the payment.
The city plans to use general obligation bonds to help fund its affordable housing plan, but there are limits on how much it can borrow this way. The state constitution limits Philadelphia’s ability to incur debt to a total of 13.5% of the value of its assessed taxable real estate, based on an average of this amount for the preceding 10 years.
Philadelphia is more affordable than several other big U.S. cities, according to a 2020 report from the Pew Charitable Trusts, but it has a high poverty rate. Jeff Fusco/The Conversation, CC BY-SA
Philly has another option
The city, however, also has the authority to take on another form of debt: revenue bonds. Revenue bonds rely on specific sources of revenue instead of the government’s taxing power. Jurisdictions issue revenue bonds to fund particular projects or services – usually ones that generate income from fees paid by users.
For example, a publicly owned water utility or electric company relies on water and sewage fees or electricity rates and charges to pay back their revenue bonds. Likewise, a transportation authority will rely on tolls to pay back revenue bonds issued to build a toll road, such as the Pennsylvania Turnpike.
Under state law, revenue bonds are “non-debt debts.” They are not debts owed by the city, because the city has not promised to repay the debt through the use of its own taxing powers. Instead, the people who pay the fees to use the service are paying back the debt.
Since states began to place stricter limits on debt in the wake of the Great Depression in the 1930s, cities across the U.S. have increasingly used revenue bonds to get around state debt limits and still fund valuable public services, including affordable housing projects.
When another government entity – rather than the city – issues the bond, and the city pays them a service fee for doing so, it’s a form of what’s called conduit debt. That obligation to pay the service fee to the other government entity is the conduit debt that the city pays out of its general fund.
From fiscal years 2012 to 2021, the city’s outstanding debt from general obligation bonds paid for out of its general fund was between $1.3 billion to $1.7 billion per year. However, the city’s conduit debt outstripped that number every year, ranging from $1.8 billion to nearly $2.3 billion. In more recent years, conduit debt has been less than the city’s debt from general obligation bonds.
The city keeps conduit debt on its books – and is obligated to pay it back – even though it comes from bonds issued by the development authorities, because these debts loop back to the city. In the bonds issued by these agencies, the city actually becomes like a client of the agency. The city is typically obligated to pay the agency service fees as part of a contractual obligation that cannot be canceled.
The revenue on which the development agencies’ bonds rely, the money from which bondholders expect to be paid back, does not come from fees that residents pay out of their own pocket – for example through ticket sales from a sports stadium built with revenue bonds. The money instead comes out of the city’s treasury.
A loophole to affordable housing
Essentially this is a loophole for the city to bypass debt limits set for Philadelphia in the state constitution. Sometimes creativity in government requires using loopholes to get the job done – to get to yes instead of a stalemate.
Consider this analogy. Say your sister takes out a bank loan to buy a car for you because your credit limit is maxed out. She is relying on you to pay her back, and she uses your payment to pay the bank. But if you don’t pay her back, she’s not responsible by law for paying the bank herself. So, it’s your debt, but she is the conduit.
If the city holds itself accountable, it can use conduit debt responsibly to make affordable housing construction a reality.
The mayor’s office did not respond to my questions about whether they plan to use conduit debt issued by a development authority, whether that conduit debt would include service fees, and what funds would be used to pay those fees.
In its quest to increase access to affordable housing, the Parker administration should, in my view, be mindful of limiting the service fees it agrees to pay – which have no legally prescribed limits – and also account for where it will find income to cover these costs. For example, will it come from the sale of city-owned land? Fees charged to developers? Or some other source?
Otherwise, taxpayers may be left to foot a bill that is essentially unlimited.
Jade Craig 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.
The Parker administration says it will issue $800 million in bonds over the next four years to fund affordable housing.Jeff Fusco/The Conversation, CC BY-NC-SA
Often, only city treasurers and the finance committees of city councils pay attention to the details behind these municipal bonds.
As a law professor who studies the social impact of municipal bonds, I believe it’s important that city residents understand how these bonds work as well.
While municipal bonds are integral to the city’s effort to increase access to affordable and market-rate housing, they can include hidden costs and requirements that raise prices in ways that make city services unaffordable for lower-income residents.
The Parker administration has vowed to create or preserve 30,000 affordable housing units in Philly through new construction, rehabilitation and expanded rental assistance. Jeff Fusco/The Conversation, CC BY-SA
How municipal bonds work
Most people are aware that companies sell shares on the stock market to raise capital. State and local governments do the same thing in the form of municipal bonds, which help them raise money to cover their expenses and to finance infrastructure projects.
These bonds are a form of debt. Investors can purchase an interest in the bond and, in exchange, the local government promises to pay the money back with interest in a specified time period. The money from investors functions like a loan to the government.
Municipal bonds are often used so that one generation of taxpayers is not having to bear the full cost of a project that will benefit multiple generations of residents. The cost of building a bridge, for example, which will be in use for decades, can be spread out over 30 years so that residents pay back the loan slowly over time rather than saddle residents with huge tax increases one year to cover the cost.
However, the cost of borrowing pushes up the cost of projects by adding interest payments the same way a mortgage adds to the overall cost of buying a house. Overall, the market and state and local governments have historically viewed this cost as a worthy trade-off.
Some municipal bonds have limits
The Parker administration has several options when it comes to raising capital on the municipal market.
The most common method is through general obligation bonds, which are backed by the city’s authority to impose and collect taxes. Bondholders rely on the city’s “full faith and credit” to assure them that if the city has difficulty paying back the debt, the city will raise taxes on residents to secure the payment.
The city plans to use general obligation bonds to help fund its affordable housing plan, but there are limits on how much it can borrow this way. The state constitution limits Philadelphia’s ability to incur debt to a total of 13.5% of the value of its assessed taxable real estate, based on an average of this amount for the preceding 10 years.
Philadelphia is more affordable than several other big U.S. cities, according to a 2020 report from the Pew Charitable Trusts, but it has a high poverty rate. Jeff Fusco/The Conversation, CC BY-SA
Philly has another option
The city, however, also has the authority to take on another form of debt: revenue bonds. Revenue bonds rely on specific sources of revenue instead of the government’s taxing power. Jurisdictions issue revenue bonds to fund particular projects or services – usually ones that generate income from fees paid by users.
For example, a publicly owned water utility or electric company relies on water and sewage fees or electricity rates and charges to pay back their revenue bonds. Likewise, a transportation authority will rely on tolls to pay back revenue bonds issued to build a toll road, such as the Pennsylvania Turnpike.
Under state law, revenue bonds are “non-debt debts.” They are not debts owed by the city, because the city has not promised to repay the debt through the use of its own taxing powers. Instead, the people who pay the fees to use the service are paying back the debt.
Since states began to place stricter limits on debt in the wake of the Great Depression in the 1930s, cities across the U.S. have increasingly used revenue bonds to get around state debt limits and still fund valuable public services, including affordable housing projects.
When another government entity – rather than the city – issues the bond, and the city pays them a service fee for doing so, it’s a form of what’s called conduit debt. That obligation to pay the service fee to the other government entity is the conduit debt that the city pays out of its general fund.
From fiscal years 2012 to 2021, the city’s outstanding debt from general obligation bonds paid for out of its general fund was between $1.3 billion to $1.7 billion per year. However, the city’s conduit debt outstripped that number every year, ranging from $1.8 billion to nearly $2.3 billion. In more recent years, conduit debt has been less than the city’s debt from general obligation bonds.
The city keeps conduit debt on its books – and is obligated to pay it back – even though it comes from bonds issued by the development authorities, because these debts loop back to the city. In the bonds issued by these agencies, the city actually becomes like a client of the agency. The city is typically obligated to pay the agency service fees as part of a contractual obligation that cannot be canceled.
The revenue on which the development agencies’ bonds rely, the money from which bondholders expect to be paid back, does not come from fees that residents pay out of their own pocket – for example through ticket sales from a sports stadium built with revenue bonds. The money instead comes out of the city’s treasury.
A loophole to affordable housing
Essentially this is a loophole for the city to bypass debt limits set for Philadelphia in the state constitution. Sometimes creativity in government requires using loopholes to get the job done – to get to yes instead of a stalemate.
Consider this analogy. Say your sister takes out a bank loan to buy a car for you because your credit limit is maxed out. She is relying on you to pay her back, and she uses your payment to pay the bank. But if you don’t pay her back, she’s not responsible by law for paying the bank herself. So, it’s your debt, but she is the conduit.
If the city holds itself accountable, it can use conduit debt responsibly to make affordable housing construction a reality.
The mayor’s office did not respond to my questions about whether they plan to use conduit debt issued by a development authority, whether that conduit debt would include service fees, and what funds would be used to pay those fees.
In its quest to increase access to affordable housing, the Parker administration should, in my view, be mindful of limiting the service fees it agrees to pay – which have no legally prescribed limits – and also account for where it will find income to cover these costs. For example, will it come from the sale of city-owned land? Fees charged to developers? Or some other source?
Otherwise, taxpayers may be left to foot a bill that is essentially unlimited.
Jade Craig 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.
Debt pause clauses allow for the postponement of debt servicing during climate, health, or other crises, freeing up resources for response and recovery without compromising long-term economic and social sustainability.
The initiative, led by Spain and co-led by the EIB, is part of the agreements reached at the IV International Conference on Financing for Development, held in Seville.
The alliance remains an open and flexible coalition and brings together many countries and major multilateral banks
Spain, with the support of other countries and major multilateral development banks such as the European Investment Bank Group, unveiled the Debt Pause Clause Alliance at the IV International Conference on Financing for Development in Seville.
These clauses allow for the temporary suspension of debt payments in the face of extraordinary events — such as natural disasters, food crises, or health emergencies — offering borrowing countries immediate fiscal space to respond to the crisis without jeopardizing their solvency or their ability to meet social expenses. Their adoption promotes a more resilient and predictable development financing framework in times of crisis.
The alliance is an international coalition that seeks to accelerate the systematic inclusion of these clauses in public and private financial instruments. Additionally, it seeks to develop common principles and standard contractual language, thus generating transparent regulation that mobilizes the private sector.
The co-leaders of the initiative include the Inter-American Development Bank, the European Investment Bank, the African Development Bank, the Development Bank of Latin America and the Caribbean, the Asian Development Bank, as well as the governments of Barbados, Canada, Spain, France, and the United Kingdom.
The EIB has made Debt Pause Clauses available for contracts on its new operations in 70 countries.
“As the financial arm of the European Union, the EIB is offering solutions to countries and communities to ensure the most vulnerable are not left behind. In the past year, the EIB has made climate resilient debt clauses available to 70 developing countries around the world. Today, we show our commitment to global partnerships for prosperity, win win outcomes and peace,” said Nadia Calviño, president of the European Investment Bank.
VEHIS commits to originate PLN 2.6 billion of auto leases for the benefit of Polish SMEs.
The new lending is enabled by a cash securitisation whereby VEHIS obtains funding from EIB and from an external investor backed by EIF.
The operation will support financing of low carbon road vehicles and financing of women-led businesses, and contribute to regional development and economic inclusion across Poland.
The European Investment Bank (EIB) Group is joining forces with Polish car platform VEHIS to expand access to financing for a range of businesses in Poland. The EIB Group, which also includes the European Investment Fund (EIF), will back auto leases by VEHIS so that the company can boost lending to Polish small and medium-sized enterprises (SMEs) and Mid-Caps.
The operation will contribute to regional development and economic inclusion across Poland. It will further support gender equality and the green transition through targeted financing for women-led businesses and electric vehicles.
Under the agreement, the EIB will invest PLN 637 million (€150 million) in notes backed by auto leases originated by VEHIS, and the EIF will provide guarantees to a third-party, enabling it to purchase notes for an amount of similar size. The operation aims to generate a new portfolio of SME and Mid-Cap leases totalling PLN 2.6 billion.
At least 30% of the new car financing by VEHIS will go to women-led businesses and at least 10% will support climate action including electric-vehicle leasing.
“This transaction is a great example of how we can use capital markets tools to deliver real impact for small businesses,” said Marjut Falkstedt, Chief Executive of the EIF. “By working with VEHIS, we’re helping to channel funding where it’s needed most — to entrepreneurs driving innovation, inclusion and sustainability across Poland.”
Under the accord, the EIB’s investment will be in the senior class notes of a securitisation of VEHIS auto leases and the EIF guarantees will enable the third party to invest in the senior class and mezzanine class notes of the same transaction.
“Together with the EIB and EIF, we are carrying out the first securitization of a portfolio built under warehouse financing in the history of the Polish market. This is a unique moment of appreciation for us by leading European financial institutions and another important step that will allow us to continue our dynamic growth. Thanks to the cooperation, we will be able to continue active SME financing, including supporting women-led businesses, as well as financing low-emission cars,” said Jan Bujak, CFO of VEHIS.
The operation will also contribute to regional development in Poland by enabling VEHIS to reach more entrepreneurs in underserved market segments and in areas where per capita income is below the European Union average.
“Supporting SMEs is at the heart of what we do at the EIB Group,” commented Teresa Czerwińska, Vice-President of the EIB. “This partnership with VEHIS will not only help businesses grow but also promote gender equality and accelerate the shift to cleaner transport. It’s a smart, targeted investment in Poland’s future.”
Technical note on the securitisation transaction
The transaction is structured as a cash securitisation of a granular portfolio of performing auto leases originated by VEHIS and sold to a securitisation special purpose entity (Issuer). EIB purchases class A1 notes issued by the Issuer. EIF simultaneously, through bilateral financial guarantees agreed with an institutional investor, takes exposure to class A2 notes (ranking pari passu with the mentioned class A1 notes) and to class B notes (characterised by higher credit risk compared to the class A1 and class A2 notes) issued by the Issuer. VEHIS effectively retains credit exposure to the securitised lease exposures by purchasing and retaining the most junior notes (characterised by higher credit risk than the class A and class B notes) issued by the Issuer. The notes and the securitised exposures pay floating interest and are denominated in polish zloty.
The reference portfolio consists of more than 9,000 leases, 100% secured by light vehicles and with c. 90% of lessees in the form of SMEs. The transaction is non-revolving and includes standard credit enhancement features such as subordination, excess spread, use of a cash reserve and a principal deficiency ledger.
Background information
About EIB Group The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.
The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.
The Group’s latest Investment Survey (EIBIS) showed Poland fares better than European Union peers when it comes to gender equality in business management.
To enhance the positive impact of its activities on gender equality and empower women and girls, the EIB Group has embedded gender equality goals into its business model through a dedicated Strategy on Gender Equality and Women’s Economic Empowerment and a Gender Action Plan. These guide its lending, blending, and advisory work both within and outside the European Union. In 2024, EIB financing for gender equality represented more than €3 billion across over 40 projects. The EIB also applies global gender-lens investing criteria (“2X”) and is committed to promoting gender equality in the workplace. You can find more information here on the EIB gender equality initiatives.
About VEHIS
VEHIS is a car platform that allows customers to select and purchase a vehicle along with the relevant financing options. The offer encompasses all car brands available on the Polish market from key dealers, along with financing options in the form of leasing.
VEHIS provides full support throughout the period of vehicle use, including a special insurance package, GPS monitoring and service support for the car, as well as handling traffic damage claims.
VEHIS advisors working in 18 VEHIS branches across Poland support customers in choosing a car, its financing and insurance. The entire process can be completed online through the website or with the remote assistance of an advisor.
The platform offers a selection of over 10,000 cars at competitive prices from 200 dealers. These offers are updated almost in real time, thanks to IT tools developed by VEHIS.
VEHIS’ strategic investor is Enterprise Investors, one of the oldest and largest private equity firms in Central and Eastern Europe.
Source: Hong Kong Government special administrative region – 4
Police today (July 3) reclassified a body found case happened in Sham Shui Po yesterday (July 2) as murder and suicide.
At around 11.45am yesterday, Police received a report that a 41-year-old woman and a 33-year-old man were found collapsed in a flat on Fuk Wing Street. Police officers attended the scene and found the woman and the man lying in a room. A basin of burnt charcoal was found next to them. They were certified dead at scene.
Post-mortem examinations will be conducted later to ascertain the cause of their death.
Investigation by the District Crime Squad of Sham Shui Po District is under way. Police appeal to anyone who has information related to the case to contact the investigating officers on 3661 9821.
Fourth International Conference on Financing for Development,
7th & 8th Meetings (AM & PM)
Representatives of UN specialized agencies and programmes, intergovernmental organizations and non-governmental organizations from around the world will address the Conference as its general debate concludes.
Source: United Nations General Assembly and Security Council
The Conference holds its final multi-stakeholder round table this morning on “Reforming the international financial architecture and addressing systemic issues”.
Co-chaired by Carlos Cuerpo Caballero, Minister for Economy, Commerce and Business of Spain, and Seedy Keita, Minister for Finance and Economic Affairs of the Gambia, it will feature a keynote address by Hussain Mohamed Latheef, Vice-President, Republic of Maldives.
Rebeca Grynspan, Secretary-General of the United Nations Conference on Trade and Development (UNCTAD), will moderate the discussion.
Panelists will include: Mthuli Ncube- Minister for Finance, Economic Development and Investment Promotion of Zimbabwe; Facinet Sylla, Minister for Budget of Guinea; Hervé Ndoba, Minster for Finance and Budget of the Central African Republic; and Carlo Monticelli, Governor of the Council of Europe Development Bank.
José Viñals, GISD Alliance Co-Chair and Senior Advisor to the Board of Standard Chartered, as well as a civil society representative, will be the discussants.
Africa’s railway sector is undergoing a renaissance, with strategic transport corridors rapidly expanding to unlock the continent’s mineral wealth and strengthen global trade ties. In June, the Africa Finance Corporation secured a €250 million (http://apo-opa.co/3Tje8ph), 10-year loan from Italian development finance institution Cassa Depositi e Prestiti to accelerate the development of the Lobito Corridor – an essential mineral transport network linking Angola, Zambia, and the Democratic Republic of Congo to global markets. The loan will finance the procurement of goods and services from Italian companies for both the corridor and associated renewable energy projects.
The Lobito Corridor is among several strategic projects that will feature prominently at African Mining Week (AMW), taking place October 1–3, 2025, in Cape Town. AMW will showcase high-impact investment opportunities across Africa’s mining and infrastructure value chains, with a focus on how rail logistics are transforming landlocked mineral-rich regions into competitive, export-oriented hubs.
Simandou Rail Hits Construction Milestone
In West Africa, Guinea-Conakry marked a key milestone in June with the completion of a 903-meter tunnel on the 650-km Simandou Railway (http://apo-opa.co/45SkT8V). Once operational by early 2026, the line will transport up to 120 million tons of high-grade iron ore annually from the Simandou deposit — home to an estimated 2 billion tons of reserves. U.S. company Wabtec (http://apo-opa.co/4l9hRlk) was awarded a $248 million contract in February to supply locomotives for the project. At AMW 2025, a high-level panel, “From Mines to Markets: Strengthening Trade and Connectivity for Africa’s Mineral Future (http://apo-opa.co/44sE5Yv),” will explore how megaprojects like Simandou are strengthening Africa’s mineral value chain.
Mauritania Advances Iron Ore Rail Expansion
Mauritania has also made strides in rail development, securing a €113 million loan from the European Investment Bank (EIB) (http://apo-opa.co/45SWH6n) in June to co-finance the expansion of a key iron ore railway between Zouérat and Nouadhibou. The project – backed by a total €461 million investment involving national mining company SNIM, EIB and private investors – will optimize exports of Mauritania’s iron ore to international markets. AMW 2025 will provide a platform for global investors to engage with opportunities emerging in Mauritania and similar markets.
Cameroon Strengthens Bauxite Logistics
In Central Africa, Australia’s Canyon Resources acquired a 9.1% stake in Cameroon’s national rail operator, Camrail (http://apo-opa.co/4kn52D4), to bolster logistics for the Minim Martap Bauxite Mine (http://apo-opa.co/3TnW8Kn). The acquisition – from TotalEnergies and Société d’Exploitation des Bois du Cameroun – aims to enhance rail access from the mine to port infrastructure, facilitating the export of up to 6.4 million tons of bauxite annually. AMW will feature investment-ready opportunities tied to bauxite and other critical minerals (http://apo-opa.co/45SkV0x) driving the energy transition.
China Deepens Rail Footprint in Africa
In East Africa, the China Railway Engineering Group signed a $2.15 billion agreement in February with Tanzania and Burundi (http://apo-opa.co/3ZYN8Pz) to build a 282-km cross-border railway. The line is expected to support the export of up to 3 million tons of minerals annually, improving regional and global market access. In Nigeria, the China Development Bank (http://apo-opa.co/3TZOrdr) provided a $254.76 million grant in January to finance the Kano-Kaduna rail line – a vital link between the Lagos-Ibadan and Kano-Maradi corridors. This project will enhance mineral and energy transportation across West Africa. At AMW 2025, the China-Africa Cooperation on Minerals Roundtable (http://apo-opa.co/45SkWl7) will convene public and private sector leaders to strengthen bilateral ties, while the Invest in Nigeria Infrastructure session (http://apo-opa.co/4la5V2L) will further spotlight opportunities like the Kano-Kaduna rail project as cornerstones of Nigeria’s mining and logistics growth.
– on behalf of Energy Capital & Power.
About African Mining Week: African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.
The IMF Executive Board has completed the first review under the Extended Credit Facility arrangement for the Democratic Republic of the Congo. The decision allows for an immediate disbursement of US$ 261.9 million towards international reserves, to continue building buffers.
The DRC’s economy has been resilient in a challenging environment amid the escalation of the armed conflict in the eastern part of the country, which placed significant strains on the budget. The authorities have made good progress on the structural reform’s agenda, but a few quantitative targets were missed.
The recent peace agreement signed between the governments of the DRC and Rwanda, mediated by the United States, is encouraging for the prospect of a peaceful resolution of the conflict and renewed focus on development goals.
The Executive Board of the International Monetary Fund (IMF) completed the first review under the Extended Credit Facility (ECF) Arrangement for the Democratic Republic of the Congo (DRC) approved on January 15, 2025 (see PR 25/003). The completion of the first review allowed an immediate disbursement equivalent to 190.4 million SDR (about US$ 261.9 million) to support balance-of-payment needs, bringing the aggregate disbursement to date to 380.5 million SDR (about 523.4 US$ million).
The DRC has been facing significant challenges amid the intensification of the armed conflict in its eastern part since end-2024. The escalation of hostilities has claimed thousands of lives and caused severe social and humanitarian damages, including disruptions in access to essential services such as food, water, and electricity. Diplomatic efforts are ongoing to secure a cessation of hostilities and ensure sustainable peace in the region. The signing on June 27, 2025, of a peace agreement between the governments of the DRC and Rwanda, under the mediation of the United States, is encouraging for the prospect of a peaceful resolution on the ongoing conflict and renewed focus on addressing development goals.
Despite the challenging environment, economic activity remained resilient, with robust GDP growth of 6.5 percent in 2024, driven by continued dynamism in the extractive sector. External stability has strengthened, as the current account deficit narrowed and the accumulation of international reserves continued. Inflationary pressures continue to ease, and year-on-year inflation declined from 23.8 percent at end-2023 to 11.7 percent at end-2024 and [8.5] percent at end-June 2025.
Performance under the program was mixed, as the intensification of the conflict has placed significant strains on the budget. Despite strong revenue collection, the domestic fiscal deficit reached 0.8 percent of GDP in 2024, exceeding the program target of 0.3 percent, owing to spending overruns linked to the escalation of the conflict, including on exceptional security spending and public investments. The program target on the Central Bank of the Congo (BCC)’s foreign exchange assets held with domestic correspondents was missed as well, due to higher-than-expected tax payments in foreign currency on government accounts. Other quantitative performance criteria of the ECF were met. Most indicative targets were also met, except those related to the floor on social spending and the ceiling on spending executed through emergency procedures—owing to elevated exceptional security spending linked to the conflict intensification. Appropriate corrective measures are being implemented by the authorities.
In completing the first review, the Executive Board also approved the authorities’ request for waivers of nonobservance of the performance criteria on the floor on the domestic fiscal balance at end-December 2024 on the basis of corrective actions, and the continuous ceiling on the levels of foreign currency assets of the BCC held with domestic correspondents on the basis of the temporary nature of the deviation which has since been remedied. Further, the Executive Board completed the financing assurances review under the ECF arrangement. No reform measures under the Resilience and Sustainability Facility (RSF) arrangement, approved in January 2025, were due for review at this time.
At the conclusion of the Executive Board’s discussion, Mr. Okamura, Deputy Managing Director and Chair stated:
“The Democratic Republic of the Congo (DRC) has been confronted with heightened security challenges since late 2024. The escalation of the conflict in the eastern part of the country has caused serious human, social and economic damage and induced the government to increase spending. Despite these difficulties, the macroeconomic environment of the DRC remained broadly stable. Growth has remained robust, due to the resilience of mining production. Inflation continues to decrease, and the external position has strengthened. The economic outlook remains positive, but is fraught with downside risks related to the persistence of the conflict, declining external humanitarian assistance, global economic headwinds, and potential escalation of geopolitical conflicts. The authorities are committed to closely monitor these risks and to respond proactively to evolving challenges.
“Budget implementation remains challenging in a difficult security context. As a result, the domestic fiscal deficit is projected to be larger than initially projected for 2025, but is expected to return to the path envisaged at program approval starting in 2026, reflecting the authorities’ commitment to carry out measures to enhance domestic revenue mobilization and strengthen the budget implementation process. Additionally, to guard against unforeseen adverse shocks, the authorities have adopted a contingency plan.
“The Central Bank of the Congo (BCC) has maintained a tight monetary policy stance, thereby helping bring inflation down to single digits for the first time in three years. The accumulation of international reserves has continued, on the back of the narrowing of the current account deficit. Efforts must continue, to strengthen the monetary policy implementation framework, refine the foreign exchange intervention strategy, enhance the governance and safeguards of the BCC and ensure its adequate recapitalization.
“The authorities have committed to accompany these efforts to preserve macroeconomic stability with an acceleration of structural reforms in key areas, including strengthening the AML/CFT framework, improving the business climate, enhancing transparency and governance, combating corruption and upgrading national statistics. Efforts to lay the groundwork for a timely implementation of the reform measures underpinning the RSF arrangement approved in January should be stepped up.”
Table 1. Democratic Republic of the Congo: Selected Economic and Financial Indicators, 2023-26
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Source: Rosneft – An important disclaimer is at the bottom of this article.
At the XXVIII St. Petersburg International Economic Forum, Rosneft concluded a trilateral agreement of cooperation in HR training with Management Development Institute (Gurgaon, Republic of India) and St. Petersburg State University (St. Petersburg State University).
The document was signed by Igor Sechin, Chief Executive Officer of Rosneft, Nikolai Kropachev, Rector of St. Petersburg State University, and Professor Arvind Sakhai, Director of the Management Development Institute.
The agreement provides for training Rosneft employees on joint programs of the St. Petersburg State University Graduate School of Management and the Gurgaon Management Development Institute, as well as exchanging knowledge and experience in the area of technology development in the oil and gas sector, improving the efficiency of operational management, logistics, artificial intelligence and digitalization, etc.
Besides, there will be visits to Indian companies organized for the Company employees as part of joint educational programs to study current practices in the oil and gas sector.
The implementation of this Agreement will facilitate developing a long-term mutually beneficial partnership between Rosneft, St. Petersburg State University and the Gurgaon Institute of Management Development, as well as addressing complex business objectives of the Company.
Note:
The Management Development Institute was established in 1973 by Industrial Finance Corporation of India. This is the first institute in India to receive the status of “Management Institute” and is one of the best business schools in India. The Institute has 2 international accreditations from AACSB (USA) and AMBA (UK). The Institute’s programs are also accredited by the National Board of Accreditation (NBA), which confirms their compliance with the quality standards of education in India.
Since 2008 St. Petersburg State University has been a strategic partner university of Rosneft Oil Company. As part of cooperation, Rosneft and the St. Petersburg State University Graduate School of Management are implementing innovative professional development and retraining programs. Employee training takes place on the basis of the Institute of Higher School of Management of St. Petersburg State University. It is the only business school in Russia that is among the top 1% of the best business schools in the world, which is confirmed by the accreditations of the largest international associations EQUIS, AMBA and AACSB. Rosneft facilitates infrastructure development and supports best students and promising teachers. Over 1,500 Company employees have been trained for extended education programs over the period of cooperation.
Department of Information and Advertising Rosneft Oil Company June 20, 2025
These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.
Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not reflect the position of MIL-OSI or its clients.
Source: Rosneft – An important disclaimer is at the bottom of this article.
Rosneft and the Ministry of Finance of the Russian Federation signed an Agreement on Cooperation in Financial Sector at the XXVIII St. Petersburg International Economic Forum.
The document was signed by Rosneft CEO Igor Sechin and the Minster of Finance Anton Siluanov.
The parties intend to establish integrated cooperation in the financial sector in order to facilitate the development and implementation of actions to reduce a negative impact on the Russian Federation and Russian legal entities.
The Agreement provides for assistance in arranging settlements with friendly countries in national currencies, the development of the medium-term and long-term interbank lending in Russian rubles and currencies of friendly countries, and the development of international communication platforms in the Russian Federation and abroad in order to facilitate the discussion of cooperation in the financial sector.
Additionally, the parties plan to develop cooperation in the area of expert and analytical activity.
Information and Advertising Department Rosneft Oil Company June 20, 2025
These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.
Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.
Source: Rosneft – An important disclaimer is at the bottom of this article.
Rosneft held its Annual General Meeting of Shareholders, where it has been decided to approve the payment of dividends for 2023 in the amount of 29.01 roubles per share.
July 9, 2024 was set as the dividend record date. The dividends will be paid to nominee shareholders and trustees not later than July 23, 2024, and to other shareholders registered in the shareholder register not later than August 13, 2024.
The shareholders have elected a new Board of Directors consisting of 11 members:
Andrey I. Akimov – Chairman of the Management Board, Gazprombank (Joint-Stock Company);
Pedro A. Aquino, Jr. – CEO of OIL & PETROLEUM HOLDINGS INTERNATIONAL RESOURCES LIMITED, Independent Director (the Republic of the Philippines);
Faisal Alsuwaidi – Representative of Qatar Investments Authority (the State of Qatar);
Hamad Rashid Al-Mohannadi – Representative of Qatar Investments Authority (the State of Qatar);
Mohammed Bin Saleh Al-Sada – Chairman of the Board of Trustees of Doha University for Science and Technology, member of the Board of Directors of Nesma Infrastructure & Technology, member of the Advisory Committee of the GCC Supreme Council, Independent Director (the State of Qatar);
Viktor G. Martynov – Rector of Gubkin Russian State University of Oil and Gas (National Research University), Independent Director;
Alexander D. Nekipelov – Director of the Moscow School of Economics at the Lomonosov Moscow State University, Independent Director;
Alexander V. Novak – Deputy Prime Minister of the Russian Federation;
Maxim S. Oreshkin – Deputy Head of the RF President Administration;
Govind Kottieth Satish – Managing Director of VALUE PROLIFIC CONSULTING SERVICES PRIVATE LIMITED, Independent Director (India);
Igor I. Sechin – Chief Executive Officer, Chairman of the Management Board of Rosneft Oil Company;
The Meeting of Shareholders has also approved the Annual Report and Financial Statements, and decided to elect an Audit Commission consisting of five members.
Information and Advertising Department Rosneft June 28, 2024
These materials contain statements regarding future events and expectations that constitute forward-looking statements. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.
Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.
Source: Rosneft – An important disclaimer is at the bottom of this article.
H1 2024 HYDROCARBON PRODUCTION AMOUNTED TO 131.3 MLN TOE
H1 2024 LIQUID HYDROCARBON PRODUCTION EQUALED 92.8 MLN TONS
H1 2024 GAS PRODUCTION TOTALLED 46.8 BCM
H1 2024 EBITDA AMOUNTED TO RUB 1,650 BLN
H1 2024 NET INCOME ATTRIBUTABLE TO ROSNEFT SHAREHOLDERS AMOUNTED TO RUB 773 BLN
H1 2024 FREE CASH FLOW AMOUNTED TO RUB 700 BLN
NET DEBT/EBITDA AT THE END OF H1 2024 WAS LESS THAN 1X
H1 2024 UNIT LIFTING COSTS AMOUNTED TO $2.7/BOE
Rosneft Oil Company (hereinafter – Rosneft, the Company) announces its results for H1 2024, prepared in accordance with the International Financial Reporting Standards (IFRS).
H1 2024
H1 2023
%change
RUB bln (except for %)
Revenues from sales and equity share in profits of affiliates and joint ventures
5,174
3,880*
33.4%
EBITDA
1,650
1,401
17.8%
Net income, attributable to Rosneft shareholders
773
609**
26.9%
CAPEX
696
599
16.2%
Adjusted free cash flow
700
434
61.3%
* Adjusted for royalty effect in the Sakhalin-1 project. ** Revised due to completion of the 2022–2023 acquisition price allocation in 2023.
Operating performance
Exploration and production
H1 2024 liquid hydrocarbons production amounted to 92.8 mln tons (3,796 th. bpd). The indicator performance is primarily driven by the production cap in compliance with the decisions of the Russian Government.
H1 2024 gas production amounted to 46.8 bcm (1,566 th. boepd). Greenfield projects in the Yamal-Nenets Autonomous District commissioned in 2022 account for over a third of the Company’s gas production.
As a result, the Company’s H1 2024 hydrocarbon production amounted to 131.3 mln toe (5,362 th. boepd).
H1 2024 production drilling footage exceeded 5.9 mln meters. Rosneft commissioned over 1.4 th. new wells, 71% of which were horizontal.
In H1 2024, Rosneft conducted 1.2 th. sq. km of 2D seismics and 4.7 th. sq. km of 3D seismics onshore Russia. The Company completed testing of 15 exploratory wells with a success rate of 87%.
Vostok Oil Project
As part of the flagship Vostok Oil project, in H1 2024 the Company completed 0.7 th. linear km of 2D seismics and 0.6 th. sq. km of 3D seismics. Rosneft carried out successful testing of one well, completed drilling of two wells with two more wells being tested.
Pilot development of the Payakha, the Ichemminskoye and the Baikalovskoye fields is in progress: production drilling footage amounted to 42 th. meters, six production wells were completed in H1 2024.
Work is underway at the ‘Vankor – Payakha – Sever Bay’ trunk oil pipeline. As of the end of H1 2024, over 65 th. piles had been mounted; over 280 km of pipeline had been welded, including 78 km long two-piped section. The Company completed the main pipeline crossing across the Yenisei River is finalizing the trench backfilling, and has started bottom dredging for laying a backup pipeline.
The Company has completed most of activities on two cargo berths and one berth for the port fleet at the Sever Bay Port terminal, continues construction of an oil loading berth, and is working on construction of a crude oil delivery and acceptance point. Construction of logistics infrastructure, building of hydraulic structures, shore reinforcement, expansion of coastal and berthing infrastructure is underway.
The Company completed winter-spring cargo delivery, and over 830 th. tons of property and equipment were delivered to the project’s production facilities via the Northern sea route and winter roads. Compared to the previous period, the volume of transported cargo increased by 32%.
Refining
H1 2024 refining volume in Russia amounted to 40.9 mln tons.
The Company has been consistently developing domestic technologies and import substitution. In particular, Rosneft provides Company refineries with proprietary catalysts, which are essential for production of high-quality motor fuel. In H1 2024, Rosneft produced 1,130 tons of catalysts for hydrotreatment of diesel fuel and gasoline fractions, as well as protective layer catalysts. Rosneft subsidiaries also produced over 100 tons of gasoline reforming catalysts and 185 tons of catalysts for hydrogen production, petrochemicals and adsorbents. 630 tons of coked catalysts for hydrotreatment of diesel fuel were regenerated.
Sustainable supply of high-quality motor fuel to Russian consumers is one of Rosneft’s key priorities. In H1 2024, the Company sold 21.6 mln tons of petroleum products on the domestic market, including 6.4 mln tons of gasoline and 8.8 mln tons of diesel fuel.
The Company is an active participant of trading activities at the St. Petersburg International Mercantile Exchange (SPIMEX). In H1 2024, Rosneft sold 5.0 mln tons of gasoline and diesel fuel on the exchange, which is twice the required volume. The Company’s share in the total volume of exchange sales of gasoline and diesel fuel amounted to 38%.
Financial performance
Operating performance and the current macroeconomic environment combined with management decisions determined the trend of the Company’s key financial indicators.
In H1 2024, the Company’s revenue1 amounted to RUB 5,174 bln, representing an increase of 33.4% year-on-year. EBITDA reached RUB 1,650 bln, which is 17.8% higher year-on-year. EBITDA margin amounted to 32%. At the end of H1 2024, the Net Debt/EBITDA ratio was 0.96x.
H1 2024 unit lifting costs amounted to USD 2.7/boe.
H1 2024 net income attributable to Rosneft shareholders increased to RUB 773 bln, a growth of 26.9%, which was mainly driven by the EBITDA growth.
H1 2024 capital expenditure amounted to RUB 696 bln, which was 16.2% higher year-on-year and was due to the scheduled implementation of activities in the Upstream segment. At the same time, Rosneft’s free cash flow2 in the reporting period reached RUB 700 bln, which is 61.3% higher than in H1 2023.
The Company is taking measures to reduce its ruble-denominated debt burden against the backdrop of high interest rates.
In addition to the increase in interest rates, the outstripping growth of tariffs of natural monopolies negatively affects the Company’s performance. In particular, since 2020 increase in tariffs for cargo transportation by rail has exceeded the inflation rate by 17%.
ESG
In the reporting period, the Company continued to implement measures to achieve sustainable development goals under the ‘Rosneft-2030: Reliable Energy and Global Energy Transition’ strategy.
Rosneft applies advanced technologies and state-of-the-art production methods to create a safe working environment and minimize the risk of occupational injuries and occupational illness. In H1 2024, while the overall LTIF (Lost Time Injury Frequency Rate) remained unchanged, the Lost Work Injury Frequency Rate (LWIS) dropped by 34%.
In H1 2024, there were no gas, oil and water shows (release of oil, gas or water to the surface) during drilling operations at Company facilities. As part of efforts to minimize oil and petroleum product spills, measures were taken to replace field pipelines.
In H1 2024, the Company processed more than 30 th. tons of legacy oily waste under the program on liquidation of environmental legacy.
Active implementation of circular economy principles is one of the Company’s strategic development areas. In April 2024, Rosneft headed the waste management rating of RAEX, Russia’s largest non-credit rating agency, of 160 Russian companies. The Company’s leadership was acknowledged on the basis of the quality of corporate waste management policies and programs, gross and unit indicators of waste generation, as well as the share of waste reuse.
Igor Sechin, Chairman of the Management Board and Chief Executive Officer of Rosneft, said:
“Despite external pressure and challenges including production restrictions under the OPEC+ agreement, outstripping growth of tariffs of natural monopolies, increasing tax burden and interest rates, the Company continues to achieve strong financial results thanks to its high level of operational efficiency.
In the first half of 2024, Rosneft’s key financial indicators – revenue, EBITDA, net income, cash flow – demonstrated stability. Unit lifting costs remained at a low level of USD 2.7/boe. As the country’s largest taxpayer, Rosneft paid RUB 2.8 trln in taxes in the first half of 2024.
The ongoing growth of the tax burden has a negative impact on the oil industry. Its high level is confirmed by the calculations based on the data of Russia’s Federal Tax Service and Ministry of Finance – for 2019-2023, the tax burden in the oil industry amounted to 75%. By comparison, the burden in other industries for the same period is much lower: in the banking sector – 27%, in mining and metallurgy – 35%, in mining of diamonds and precious metals – 31%, in the gas industry – 62%.
Such a level of tax burden undermines the very economic model of the industry and violates the rights of investors, including individual shareholders, of which Rosneft has over 1.3 mln people.
In August 2024, for the benefit of shareholders and in full compliance with the dividend policy, the Company completed payment of final dividends approved by the Annual general shareholder meeting totaling over RUB 307 bln (29.01 per share).The total amount of dividends for 2023 is RUB 59.78 rubles per share or RUB 634 bln, which is a record high in the Company’s history”.
1 Includes revenues from sales and equity share in profits of affiliates and joint ventures. 2 Adjustment for prepayments under long-term oil supply contracts, including accrued interest payments thereon, net change in operations of subsidiary banks, and operations with trading securities.
Department of Information and Advertising Rosneft Oil Company August 29, 2024
These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.
Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.
Source: Rosneft – An important disclaimer is at the bottom of this article.
The importance of nuclear power, which is a natural complement to fossil fuels, is growing, said Igor Sechin, Chief Executive Officer of Rosneft, at the Energy Panel at the XXVIII St. Petersburg International Economic Forum.
“However, against the backdrop of growing consumption, all types of generation, including nuclear, are experiencing a rebirth. This is clearly illustrated by the price of uranium fuel, which has more than tripled over the past seven years,” Igor Sechin noted.
He recalled that back in the 1930s the idea of thermonuclear fusion was formulated, and many famous scientists, including Nobel laureates Hans Bethe, Peter Kapitsa, Igor Tamm and later Andrei Sakharov, sought to reproduce and control this process. In theory, fusion can generate almost four million times more energy than burning oil or coal, Igor Sechin said. However, in order to sustain a fusion reaction and sustainably generate energy, it is still necessary to improve methods of plasma confinement, ensure its stability, and increase efficiency.
The CEO of Rosneft noted that a few years ago the nuclear power industry was in a deep crisis due to the decline in activity in the industry and such large companies as Westinghouse and Areva had to go through restructuring and ownership changes. However, the situation then began to change. “Over the past five years, global annual investments in nuclear energy have increased by 50%, reaching 70 billion dollars last year. China has become one of the leaders in nuclear power today. Over the past ten years, the installed capacity of nuclear generation in this country has increased fivefold and approached 60 GW. China plans to complete the construction of 32 more reactors in the coming years,” he said.
At the same time, Sechin said it is important that China relies on the latest technological achievements of the leading nuclear powers – Russia, the United States and France – to develop its nuclear industry.
He noted that Russia has many years of experience in building nuclear power plants. The cost of the most modern Russian VVER-1200 reactor is much lower than the American AP-1000. Today such reactors are already operating in Russia and are planned to be commissioned in friendly countries.
At the same time, Sechin noted, the resource base is of particular importance. Today, just seven countries, including the Russian Federation, control more than 90% of the world’s uranium fuel production and about 70% of the world’s uranium reserves.
“Today, Russia is the only country in the world that has expertise in the entire technological chain of the nuclear fuel cycle, from uranium mining to nuclear fuel disposal. In total, 80 nuclear reactors have been built in the world using Russian technologies,” he said
Russia has also commissioned the world’s only floating nuclear power plant of small capacity. Currently, four more nuclear power plants are under construction.
Also, a sodium-cooled nuclear reactor belonging to the category of fast neutron reactors, the BN-800, has been successfully operating in our country for ten years, another latest-generation fast neutron reactor, the BN-1200, is under construction.
“Reactors of this type take into account the most advanced technical solutions, including the enlargement of fuel elements, the use of uranium-plutonium mixed fuel, as well as well as new structural steels with increased radiation resistance, which provide deeper fuel burnup and higher efficiency. In particular, the efficiency of electricity generation increases by 20-25%, even without taking into account the significantly higher efficiency of fuel use,” said the CEO of Rosneft
Investments in the nuclear sector are expected to continue growing According to the IEA forecast, by 2050 the global installed nuclear generation capacity will grow by nearly 60% to reach 650 GW. “I believe this estimate is understated. Just a few weeks ago, the US President set a goal to quadruple the country’s nuclear generation capacity to 400 GW,” Sechin noted.
The CEO of Rosneft expects further growth of investments in the nuclear sector: new technologies, such as small modular reactors, are now attracting increased attention of investors. While such reactors are more mobile, their implementation also requires investments in the development of power grids. In addition, special attention should be paid to their safety and security against terrorist threats.
“Rolls-Royce recently won a tender for the construction of such reactors in the UK. Experts note that these reactors have a number of features. One of them is described in Ecclesiastes: “What is crooked cannot be straightened; what is lacking cannot be counted.” None of these reactors have been put into operation yet,” Sechin explained.
The proposed smaller reactors will require no less effort and cost, including those related to fuel utilization and safety, than existing larger reactors.
“Finally, nuclear energy is, in any case, a dual-use technology. The issue of non-proliferation of nuclear weapons must be given the utmost attention, as it is precisely because of this that the Middle East conflict is currently intensifying. It is crucial to consider whether we want further expansion of the nuclear club,” Igor Sechin concluded.
Department of Information and Advertising Rosneft Oil Company June 21, 2025
Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.
Source: United Kingdom – Executive Government & Departments
World news story
UN Human Rights Council 59: UK Statement for Iraq’s UPR Outcomes Session
UK Statement for Iraq’s Universal Periodic Review Outcomes Session. Delivered at the 59th session of the HRC in Geneva.
Thank you, Mr President.
We welcome the government of Iraq’s engagement with the UPR process, and their continued commitment to advancing justice and accountability for survivors of Daesh’s international crimes, following the closure of the United Nations Investigative Team to Promote Accountability for Crimes Committed by Daesh/ISIL (UNITAD) in September.
We are pleased to support Iraq’s efforts in building the capacity of the judiciary to investigate and prosecute cases of sexual violence, modern slavery and human trafficking. And we continue to advocate for the full and survivor-centred implementation of the Yazidi Survivors’ Law.
Mr President, the UK remains concerned by the shrinking civic and political space in Iraq which continues to restrict the freedoms of peaceful assembly and expression. We encourage the authorities to ensure that protestors, journalists, the media, and civil society are protected from interference and harassment, and that perpetrators of violence are held to account.
Likewise, minorities should be protected to freely practice their religion or belief, without fear of persecution.
The UK is closely assessing the implications of the amendment to Iraq’s Personal Status Law and will continue to stay engaged on this matter.
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
NEW YORK, July 3 (Xinhua) — U.S. President Donald Trump on Wednesday took to the social media platform Truth Social to demand that Federal Reserve Board Chairman Jerome Powell “resign immediately.”
The White House chief referred to an article about comments by Federal Housing Finance Agency head Bill Pulte, who called on Congress to investigate alleged political bias and misleading the Senate by J. Powell.
Trump has previously threatened to remove Powell from office before his term ends next year, repeatedly criticizing the Fed chairman for refusing to cut interest rates. –0–
Sampo plc, stock exchange release, 3 July 2025 at 9:35 am EEST
Sampo plc: Disclosure Under Chapter 9 Section 10 of the Securities Market Act(BlackRock, Inc.)
Sampo plc (business code 0142213-3) has received a disclosure under Chapter 9, Section 5 of the Securities Markets Act. The reason for the notification by BlackRock, Inc. is the Group restructure following the acquisition of HPS Investment Partners (“HPS”). The aggregate holdings including financial instruments according to SMA 9:6a owned by BlackRock, Inc. and the entities referred to above amounts to 7.00 per cent of the total number of shares and 6.98 per cent of the total voting rights of Sampo plc.
Sampo’s share capital comprises 2,691,238,860 shares, of which 2,690,238,860 are A shares and 1,000,000 are B shares. Each A share entitles its holder to one (1) vote and each B share to five (5) votes. Thus, the total number of votes is 2,695,238,860.
Total positions of BlackRock, Inc and its funds subject to the notification:
% of shares and voting rights (total of A)
% of shares and voting rights through financial instruments (total of B)
Total of both in % (A+B)
Resulting situation on the date on which threshold was crossed or reached
6.89% shares
6.88% voting rights
0.10% shares
0.10% voting rights
7.00% shares
6.98% voting rights
Positions of previous notification (if applicable)
5.63% shares
5.62% voting rights
0.29% shares
0.29% voting rights
5.93% shares
5.92%voting rights
Notified details of the resulting situation on the date on which the threshold was crossed:
A: Shares and voting rights:
Class/type of shares ISIN code
Number of shares and voting rights
% of shares and voting rights
Direct (SMA 9:5)
Indirect (SMA 9:6 and 9:7)
Direct (SMA 9:5)
Indirect (SMA 9:6 and 9:7)
FI4000552500
185,655,678 shares
185,655,678 voting rights
6.89% shares
6.88% voting rights
SUBTOTAL A
185,655,678 shares
185,655,678 voting rights
6.89% shares
6.88% voting rights
B: Financial instruments according to SMA 9:6a:
Type of financial instrument
Expiration date
Exercise/ Conversion Period
Physical or cash settlement
Number of shares and voting rights
% of shares and voting rights
American Depository Receipt (US79588J1025)
N/A
N/A
Physical
1,251,080 shares
1,251,080 voting rights
0.04% shares
0.04% voting rights
CFD
N/A
N/A
Cash
1,484,268 shares
1,484,268 voting rights
0.05% shares
0.05% voting rights
SUBTOTAL B
2,735,348 shares
2,735,348 voting rights
0.10% shares
0.10% voting rights
SAMPO PLC
Sami Taipalus Head of Investor Relations tel. +358 10 516 0030
Distribution: Nasdaq Helsinki Nasdaq Stockholm Nasdaq Copenhagen London stock exchange FIN-FSA The principal media www.sampo.com
DUBAI, United Arab Emirates, July 03, 2025 (GLOBE NEWSWIRE) — The Innovation Business Machine (IoBM) is delighted to announce the inception of two potentially landmark platforms: Yoojel, an AI-native web browser for smart and intuitive AI based Search Engine, and Digiex, a Crypto card that converts digital assets into currency, which can be accepted anywhere in the world by merchants. With these milestones, IoBM boldly steps forward in giving shape to digital tools that are safe, intelligent, and convenient to use in today’s life.
Yoojel: The Intelligent Browser of the Future
Yoojel is an intuitive AI based Search Engine. It is designed with artificial intelligence to elevate the human experience with the World Wide Web. Yoojel defines browsing in the new age of real-time contextual intelligence, predictive search results, and an adaptive user interface.
Key features of Yoojel include
AI-powered search and curation with results tailored not just by keywords but by user intent
Minimalist interface: clean, elegant design for distraction-free use
Privacy by design: data sovereignty and local-storage-first principles
Integration-ready: built to work side by side with productivity tools, smart wallets, and cloud services
Muhammad Umair Saeed, Founder and CEO of IoBM, said, “Yoojel isn’t just another browser; it’s your intelligent gateway to the web. We built Yoojel to represent a future in which browsing is no longer about finding links but rather about finding knowledge.”
Digiex: Real-World Spending with Crypto Made Simple
Digiex provides a smooth transaction experience with crypto-to-fiat transfer in real-time, allowing users to spend their digital assets with a card accepted worldwide. Supporting multiple blockchains, the Digiex card offers smart invoicing, layers of security, and full wallet management.
Digiex is for professionals, digital nomads, corporations, and the unbanked. It empowers you so you can be in control of how and where you spend your digital currency.
Highlights of Digiex:
Multi-Chain Asset Support (BTC, ETH, USDT, etc.)
Smart Invoicing and Expense Tracking for business and personal finances
Spend Analytics with AI support
“Digiex connects the crypto ecosystem with everyday finances,” Saeed said. “We are empowering a truly digital financial lifestyle.”
About Muhammad Umair Saeed
Muhammad Umair Saeed is a globally recognized technology entrepreneur, investor, and thought leader with a unique combination of technology depth/perspective and business commerce perspective, who has delivered market-leading next-generation platforms in the disciplines of AI, blockchain, digital identity, and post-quantum cryptography. He is the founder and often considered Chief Visionary of Innovation Business Machine (IoBM), a $2 billion company operating in Dubai, Europe, the Middle East, and Turkey.
His company, IoBM, has led start-ups in some of the largest combined ventures across fintech, smart wallets, cybersecurity, cloud infrastructure, and metaverse technologies. He authored many important tenets regarding user sovereignty, privacy-first computing for a digitally sovereign user experience, and scalable digital finance that underpin Yoojel and the recently announced Digiex.
In his role at IoBM, he has established a range of collaborations across continents with multiple strategic organizations, inclusive of financial institutions, blockchain technology consortia, and AI research institutes. His leadership even goes further towards breaking the so-called “rules” of business for the benefit of humanity… whether it be establishing a post-quantum-secure ecosystem, deploying blockchain software solutions for enterprise in the real world, or the latest in cybersecurity bridges and wallets for user-based solutions. Muhammad Umair Saeed, a passionate visionary and believer in purposeful innovation, is not only envisioning the future of digital finance and smart browsing; he is building it.
Disclaimer: This press release is provided by IoBM. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.
Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.
Planisware accelerates its development in Asia and announces the opening of an office in Seoul
Paris, France, July 3, 2025 – Planisware, a leading B2B provider of SaaS in the rapidly growing Project Economy market, announces the opening of an office in Seoul. This move aligns with the company’s international development strategy, and strengthens its footprint in Asia, where it already has a presence in Singapore and Japan.
Ranked among the OECD’s most innovative countries, South Korea represents a high-potential market for Planisware. The country boasts a dynamic economy, driven by cutting-edge industries such as electronics, chemicals, life sciences and industrial equipment. These are all sectors in which Planisware has recognized expertise and a solid portfolio of international customers.
The opening of this office aims to forge relationships with new South Korean players, providing them with local support, while consolidating links with existing customers, notably subsidiaries of major international groups. This local presence will enable more effective support for their digital transformation and the management of complex projects, particularly in the financial, telecoms, industrial and public sectors.
“Asia is a major strategic hub for Planisware,” says Loïc Sautour, CEO of Planisware. “The opening of this third office in Asia marks an important step in our regional expansion. This latest inauguration in South Korea will enable us to support our growth in an economy renowned for its technological excellence and industrial dynamism. I am delighted to welcome Victor Mercier as head of this new office. His experience, in-depth knowledge of our solutions and ability to support our customers’ transformation will be invaluable assets in accelerating our development in South Korea.“
Yves Humblot, co-founder of Planisware, adds: “South Korea offers a unique environment, at the crossroads of innovation, industrial excellence and digitalization. This new office will enable us to better serve our customers and forge strong partnerships with key local players.”
With over 15 years’ experience in complex project management and digital transformation, Victor Mercier joined Planisware in 2021. He held the position of Project Director for over four years before taking over the management of the South Korean subsidiary. Prior to this, he spent over seven years with Accenture, where he carried out numerous consulting projects in the energy, industry and infrastructure sectors, developing recognized expertise in IT project management, agile methods and change management. An engineering graduate of IMT Atlantique (2010), he brings solid expertise in digital transformation and complex project management.
Planisware is a leading business-to-business (“B2B”) provider of Software-as-a-Service (“SaaS”) in the rapidly growing Project Economy. Planisware’s mission is to provide solutions that help organizations transform how they strategize, plan and deliver their projects, project portfolios, programs and products.
With circa 750 employees across 18 offices, Planisware operates at significant scale serving around 600 organizational clients in a wide range of verticals and functions across more than 30 countries worldwide. Planisware’s clients include large international companies, medium-sized businesses and public sector entities.
Planisware is listed on the regulated market of Euronext Paris (Compartment A, ISIN code FR001400PFU4, ticker symbol “PLNW”).
New York City, NY, July 03, 2025 (GLOBE NEWSWIRE) — In the ever-evolving cryptocurrency market, many investors are seeking stable and reliable investment opportunities. However, with the market’s volatility, traditional cryptocurrency investments often come with high risks. Enter BTC Miner, the cloud mining platform that offers a low-risk, high-return solution for global investors.
BTC Miner utilizes advanced smart cloud mining technology to help users earn daily, stable returns without the need for technical knowledge or costly hardware. The platform’s unique feature is its guaranteed principal and fixed returns, ensuring that investors’ capital remains secure while generating consistent profits.
Stable High Returns, Easy Profits
As one of the leaders in the cryptocurrency industry, BTC Miner combines its smart cloud mining system and green energy mining farms to provide investors with a low-risk, sustainable investment platform. With BTC Miner, investors can easily choose different mining contracts and enjoy daily stable returns. For example:
Invest $200 and earn $10 daily, recouping $220 in 2 days
Invest $1,000 and earn $23.8 daily, recouping $1,071.40 in 3 days
Invest $30,000 and earn $502.5 daily, recouping $35,175 in 7 days
These fixed-return contracts offer unprecedented stability, shielding investors from the risks associated with the fluctuating prices of Bitcoin, Ethereum, and other cryptocurrencies.
To help more investors understand and experience cloud mining, BTC Miner is offering a $500 bonus to new users. By registering an account, users can claim this bonus and use it to purchase mining contracts, allowing them to experience zero-risk stable returns. This offer not only provides a risk-free opportunity for newcomers but also enables experienced investors to verify the platform’s stability and profit potential.
BTC Miner also offers an innovative Referral Rewards Program. By inviting friends to register and invest, users can earn up to 7% in referral rewards. Share your personal referral link, bring more people into the platform, and once your referrals start mining, you will earn rewards from their contract investments.
This reward program not only encourages platform growth but also allows users to earn passive income through the social referral system. The more people you invite, the higher your earnings as their investments grow.
FCA Certification: Ensuring Fund Security and Platform Compliance
To ensure the platform’s legitimacy and the security of users’ funds, BTC Miner has obtained FCA (Financial Conduct Authority) certification. The FCA is one of the most stringent financial regulatory bodies in the world, and obtaining this certification means that the platform complies with strict regulatory standards, ensuring transparent and lawful operations. Investors can confidently invest, knowing their funds are protected in a secure, compliant environment.
Investor Feedback: High Returns and Stability Praised
Many investors have praised BTC Miner for its stable returns and transparent operations. Users from around the world have expressed their satisfaction with the platform, which provides not only stable returns but also a simple way to manage investments, greatly reducing their concerns about market volatility.
John Davis, a U.S.-based investor, shared his experience: “In the fast-moving world of digital assets, finding a stable investment platform is rare. BTC Miner gave me peace of mind with guaranteed returns. The FCA certification gives me confidence, and I’m looking forward to continuing to increase my investment with the platform.”
How to Join BTC Miner?
Register an Account: Visit https://btcminer.net, fill in your details, and complete the registration.
Claim Your $500 Bonus: New users can claim a $500 bonus upon registration to start cloud mining.
Choose a Suitable Contract: Based on your budget and needs, select a mining contract that works for you.
Start Earning: Your returns will be automatically credited daily, and you can choose to withdraw or reinvest.
Summary:
As the cryptocurrency market matures, BTC Miner stands out by offering innovative smart cloud mining and green energy mining solutions, providing a stable, high-return, low-risk platform for global investors. With FCA certification, fixed-return contracts, and a flexible Referral Rewards Program, BTC Miner makes it easy for anyone to enter the cloud mining world and earn passive income.
Register today at BTC Miner and begin your cloud mining journey—turn stable high returns into your new investment strategy!
