Source: EuroStat – European Statistics
European Commission Press release Brussels, 02 Apr 2025 Thousands of young people will soon have the chance to explore Europe for free with DiscoverEU. The European Commission has opened applications for a new DiscoverEU round, making nearly 36,000 travel passes available to 18-year-olds across Europe.
Source: European Central Bank
2 April 2025
Bank interest rates on new loans to, and deposits from, euro area corporations
(percentages per annum)
Data for cost of borrowing and deposit interest rates for corporations (Chart 1)
The composite cost-of-borrowing indicator, which combines interest rates on all loans to corporations, decreased in February 2025. The interest rate on new loans of over €1 million with a floating rate and an initial rate fixation period of up to three months decreased by 27 basis points to 3.92%. The rate on new loans of the same size with an initial rate fixation period of over three months and up to one year fell by 11 basis points to 3.77%. The interest rate on new loans of over €1 million with an initial rate fixation period of over ten years decreased by 16 basis points to 3.44%. In the case of new loans of up to €250,000 with a floating rate and an initial rate fixation period of up to three months, the average rate charged stayed almost constant at 4.37%.
As regards new deposit agreements, the interest rate on deposits from corporations with an agreed maturity of up to one year fell by 17 basis points to 2.50% in February 2025. The interest rate on overnight deposits from corporations fell by 4 basis points to 0.72%.
The interest rate on new loans to sole proprietors and unincorporated partnerships with a floating rate and an initial rate fixation period of up to one year remained broadly unchanged at 4.55%.
Bank interest rates for corporations
i.r.f. = initial rate fixation
* For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.
Data for bank interest rates for corporations (Table 1)
Bank interest rates on new loans to, and deposits from, euro area households
Data for cost of borrowing and deposit interest rate for households (Chart 2)
The composite cost-of-borrowing indicator, which combines interest rates on all loans to households for house purchase, increased in February 2025. The interest rate on loans for house purchase with a floating rate and an initial rate fixation period of up to one year decreased by 6 basis points to 4.00%. The rate on housing loans with an initial rate fixation period of over one and up to five years rose by 4 basis points to 3.53%. The interest rate on loans for house purchase with an initial rate fixation period of over five and up to ten years increased by 49 basis points to 3.37%. The rate on housing loans with an initial rate fixation period of over ten years rose by 12 basis points to 3.09%, driven by both the interest rate and the weight effects. In the same period the interest rate on new loans to households for consumption decreased by 7 basis points to 7.58%.
As regards new deposits from households, the interest rate on deposits with an agreed maturity of up to one year decreased by 14 basis points to 2.19%. The rate on deposits redeemable at three months’ notice fell by 19 basis points to 1.53%. The interest rate on overnight deposits from households remained broadly unchanged at 0.32%.
Bank interest rates for households
i.r.f. = initial rate fixation
* For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories; deposits placed by households and corporations are allocated to the household sector. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.
** For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.
Data for bank interest rates for households (Table 2)
The data in Tables 1 and 2 can be visualised for individual euro area countries on the bank interest rate statistics dashboard. Additionally, tables containing further breakdowns of bank interest rate statistics, including the composite cost-of-borrowing indicators for all euro area countries, are available from the ECB Data Portal. The full set of bank interest rate statistics for both the euro area and individual countries can be downloaded from ECB Data Portal. More information, including the release calendar, is available under “Bank interest rates” in the statistics section of the ECB’s website.
For media queries, please contact Nicos Keranis, tel.: +49 69 1344 7806
Source: GlobeNewswire (MIL-OSI)
NEW YORK, April 02, 2025 (GLOBE NEWSWIRE) — CertiK, a leading blockchain security firm, released its Web3 security quarterly report, Hack3d, for Q1 2025. CertiK’s Hack3d reports provide the most comprehensive statistics and analysis of Web3 security.
In this report, CertiK noted that hackers stole around $1.67 billion across 197 security incidents in Q1 this year, representing an approximate 303.38% increase in value lost compared to the previous quarter. It is important to note, however, that the vast majority of the total amount stolen stemmed from the Bybit exploit, which resulted in the loss of around $1.45 billion. As CertiK notes, the fallout from Bybit’s breach has since sent shockwaves throughout the Web3 industry, raising urgent questions about security measures at centralized exchanges.
CertiK also reported that one of the most pressing concerns this quarter has been the rise in private key compromises (a sub-category of wallet compromises), which led to approximately $142 million stolen across 15 security incidents. Interestingly, while the total amount stolen due to phishing this quarter is substantially lower compared to private key compromises, the number of phishing incidents was higher than any other attack vector. Phishing accounted for nearly $16 million stolen across 81 incidents. These figures suggest that the individual impact of phishing attacks tends to be smaller in scale.
CertiK explains in this report that attackers are continuing to leverage social engineering, artificial intelligence, contract manipulation, and other similar tactics to bypass even the most robust defenses. With increasing adoption and higher asset valuations, CertiK’s experts expect that the amount of assets stolen in cryptocurrency will unfortunately continue to rise.
Additionally, CertiK’s Q1 2025 Hack3d report analyzes the blockchains with the most exploits, the top three incidents of the quarter, general industry developments, and how users and protocols can boost their security.
Hack3d serves as an essential resource and record of statistics for understanding security challenges and vulnerabilities in the Web3 space. It equips stakeholders with the knowledge and insights needed to fortify their defenses and make informed decisions in an increasingly high-stakes environment.
2025 Q1 Hack3d report link： https://indd.adobe.com/view/ebdc3abd-f08d-438c-9515-8e08736784f0
Media Contact
CertiK
Elisa Xu
yiting.xu@certik.com
Source: The Conversation (Au and NZ) – By Grace McQuilten, Associate professor, RMIT University
Australia’s visual arts and craft workers are facing increasingly deteriorating conditions, according to research published today.
Our four-year study reveals workers are abandoning the visual art sector, largely because of unstable employment, below-average salaries and a lack of support.
We present findings from the largest academic surveys of artists and arts workers to-date – the first conducted in 2022 (more than 700 respondents) and the second in 2024 (almost 900 respondents) – with income and employment data from four financial years between 2018 and 2024.
Alongside the surveys, we conducted interviews with 20 artists and arts workers to better understand hybrid career patterns – and consulted widely with industry.
Artists and arts workers represent a financially vulnerable group in Australia’s workforce. Our research identified concerning patterns of work, including:
high levels of education that don’t match salaries, which are well below the average for professional workers
high levels of unpaid work, volunteer work and self-employment
a highly gendered (majority women) workforce, with a significant gender pay gap
barriers to opportunity and career progression for people with disability and from diverse cultural backgrounds.
We also found artists and arts workers often don’t know which awards and agreements they’re covered by, if any.
According to our 2024 survey responses, more than 74% of the visual arts workforce identify as women.
Despite this, there was a significant gender pay gap. On average, woman artists earned 47% less than men artists, while women arts workers earned 23% less than men arts workers.
This is much higher than the broader gender pay gap of 11.5% in 2024 (based on base pay for full-time workers).
The average income from visual art or craft practice in 2023–24 was A$13,937, with men artists reporting an average of $23,130, women artists $12,330, and non-binary artists $14,074.
This is matched with slow progression through career stages from emerging to “established”, particularly for women artists.
Artists are surviving by taking multiple jobs. Only 25% of respondents spent 100% of their working time as an artist – with 82% receiving at least some income from other jobs.
Half of artists also participated in unpaid work. This equated to an average of 28 hours per month.
The cost-of-living crisis added further financial pressure, with 63% of respondents saying they were very or moderately financially stressed when it came to paying for essential goods and services.
This had a flow-on effect on wellbeing. Half the artists surveyed rated their mental health as poor or fair, while 59% rated their work-life balance as poor or fair. These issues were amplified for artists with disability and from diverse cultural backgrounds, who experience significant barriers to participation.
Arts workers, meanwhile, reported working an average of 45 hours per week in 2024. Despite this, 60% said they wanted to work even more hours – pointing to low pay and the challenges of making an arts career viable.
On average, arts workers earned an annual income of $63,031. This was much lower than professionals in other industries, who earned an average income of $100,017.
Our report contains a suite of policy recommendations and priority actions for the arts industry to address these issues.
To address gender-related disparities, we suggest:
requiring gender pay gap reporting from organisations receiving public funding, along with action plans to address disparities
greater transparency in recruitment and promotion processes
commitments to gender equity targets in leadership positions.
We also recommend greater transparency and reporting of disability and cultural diversity representation in staffing, including leadership and board roles, to promote accountability and drive cultural change.
Funding incentives should be introduced to support diverse leadership – including higher pay to compensate for the additional workload carried by workers from First Nations, disability and culturally diverse backgrounds.
To address the intractable issue of low incomes, we suggest all funding contracts from state and federal arts bodies mandate adherence to industry best practice (such as NAVA’s Code of Practice). This will help agencies better support artists and arts workers, and uphold employment standards across the sector.
Further, operational funding agreements should consistently prioritise secure work for artists and arts workers, by laying down permanent contracts or minimum fixed terms.
Finally, there must be greater, more transparent recognition of the amount of unpaid labour in the arts, and a commitment to moving away from this. We therefore recommend sector-wide reportable targets aimed at reducing unpaid labour.
Grace McQuilten received funding from the Australian Research Council. The Linkage Project Ambitious and Fair: strategies for a sustainable arts sector (LP200100054)
Chloë Powell received funding from the Australian Research Council. The Linkage Project Ambitious and Fair: strategies for a sustainable arts sector (LP200100054).
Jenny Lye received funding from the Australian Research Council. The Linkage Project Ambitious and Fair: strategies for a sustainable arts sector (LP200100054)
Kate MacNeill received funding from the Australian Research Council. The Linkage Project Ambitious and Fair: strategies for a sustainable arts sector (LP200100054)
Marnie Badham received funding from the Australian Research Council: Linkage Project Ambitious and Fair: strategies for a sustainable arts sector (LP200100054).
– ref. New research lays bare the harsh realities facing artists and arts workers – https://theconversation.com/new-research-lays-bare-the-harsh-realities-facing-artists-and-arts-workers-253547
US Senate News:
Source: United States Senator for Massachusetts Ed Markey
Washington (April 1, 2025) – Senator Edward J. Markey (D-Mass.), a member of the Environment and Public Works Committee, released the following statement after President Donald Trump and Health and Human Services (HHS) Secretary Robert F. Kennedy Jr. fired the entire federal staff of the Low Income Home Energy Assistance Program (LIHEAP) as a part of the mass firing of 10,000 HHS workers.
“The Trump administration’s mass firings at HHS are a direct attack on the health, safety, and dignity of American families. Eliminating the entire federal staff responsible for LIHEAP—a program that millions of households depend on to stay warm in the winter and cool in the summer—isn’t reform, it’s sabotage.
“This is what Trump governance looks like: Dismantle the programs people rely on, create chaos in essential services, and leave working families to foot the bill. In my home state of Massachusetts, where energy bills are soaring—and some natural gas bills even doubling this year alone—LIHEAP is a critical lifeline. Now, as extreme weather pushes thermostats to extremes, and the threat of Trump’s tariffs looms ever closer, which will make energy prices climb ever higher, Trump has slashed the staff there dedicated to help. And with that, the Administration is cutting off the federal government’s ability to distribute the critical remaining 10 percent of this year’s LIHEAP funds that families are depending on.
“I’ve fought for LIHEAP for decades because energy access is a basic human right. From demanding full funding to hosting roundtables with local providers and national advocates, I’ve worked to ensure the program meets the scale of the crisis. That’s why yesterday, I reintroduced my Heating and Cooling Relief Act—to modernize LIHEAP, permanently expand access, and ensure no family is left without support because of bureaucratic dysfunction or political cruelty. These cuts make that fight as urgent as ever.
“I will keep fighting to restore these jobs, unlock the remaining funds, and guarantee that every family—no matter their income or ZIP code—has access to safe, affordable, clean energy.”
Despite the urgent need for relief, in 2023, only about 18 percent of income-eligible households received LIHEAP assistance, with less than 3 percent of eligible households receiving cooling assistance. Meanwhile, low-income families spend nearly three times more on energy bills than non-low-income households, and nearly one in six households are behind on their utility bills.
Senator Markey is a champion for energy access, affordability, and reliability. On Monday, Senator Markey and Representative Yassamin Ansari (AZ-03) reintroduced the Heating and Cooling Relief Act, bold legislation to significantly expand and modernize the severely underfunded LIHEAP. In March 2025, he hosted a roundtable with Massachusetts LIHEAP providers, consumer advocates, and national energy assistance organizations to discuss the urgent need to strengthen and expand LIHEAP. In July 2024, Senator Markey and several New England Senators sent a letter to the Department of Energy urging the Department to consider the disproportionate negative impacts of LNG on New England—especially on energy prices—in its underlying environmental and economic analyses for LNG export authorization decisions. In December 2023, Senator Markey led a letter urging the Federal Trade Commission to immediately intervene, investigate, and rigorously enforce consumer protection laws against certain electric supply companies. In October 2023, he celebrated the release of $130 million in LIHEAP funding for Massachusetts, helping residents afford winter heating costs. Additionally, he has pushed for greater investments in home efficiency and electrification to help low-income families reduce their energy burdens. He originally introduced the Heating and Cooling Relief Act with former Representative Jamaal Bowman (NY-16) in January 2022.
Source: China State Council Information Office
U.S. stocks ended mixed on Tuesday in a volatile session as investors awaited clarity on U.S. President Donald Trump’s tariff rollout, while weaker-than-expected economic data added to market pressure.
The Dow Jones Industrial Average fell by 11.80 points, or 0.03 percent, to 41,989.96. The S&P 500 added 21.22 points, or 0.38 percent, to 5,633.07. The Nasdaq Composite Index increased by 150.60 points, or 0.87 percent, to 17,449.89.
Nine of the 11 primary S&P 500 sectors ended in green, with consumer discretionary and communication services leading the gainers by going up 1.14 percent and 1.02 percent, respectively. Meanwhile, health and financials dropped 1.75 percent and 0.16 percent, respectively.
Consumer discretionary stocks outperformed, with Tesla gaining 3.59 percent and Nike rising more than 2 percent.
Economic concerns deepened as the Institute for Supply Management’s manufacturing survey indicated contraction, coming in below expectations. Additionally, February’s job openings slightly missed estimates, according to the U.S. Bureau of Labor Statistics.
Investors are waiting for Wednesday’s expected announcement of reciprocal tariffs on imports from nearly all countries. While some had hoped for a more targeted approach, the White House confirmed the tariffs would take effect immediately upon announcement.
“The lack of certainty and the shroud of secrecy has been driving the market insane,” said Jay Woods, chief global strategist at Freedom Capital Markets.
The Washington Post reported Tuesday that the administration is considering broad tariffs of about 20 percent on most imports. Meanwhile, the Atlanta Federal Reserve’s GDPNow model has slashed its first-quarter growth estimate to a concerning -1.4 percent annualized rate, down from -0.5 percent just last week. This deepening contraction signals mounting economic pressures, as tariffs, inflation, and weakening consumer sentiment weigh on growth prospects.
Raymond James’ Washington policy analyst Ed Mills cautioned that tariff-related uncertainty is unlikely to dissipate anytime soon. “I think that we’re going to have some immediate tariffs, at least on that, so called ‘dirty 15’ tomorrow, it might be expanded out a little bit. I do think that we’ll also get investigations into the rest of the world,” he said.
However, RBC Wealth Management predicts that stocks could rebound in the coming months following a volatile first quarter. “The silver lining is that after a 10 percent correction by the S&P 500, weekly indicators, tracking 2-4 month swings, are increasingly oversold for the S&P 500 and most growth and cyclical stocks as they test next technical support,” technical strategist Robert Sluymer wrote in a Tuesday note. “With weekly indicators moving into oversold territory heading into earnings season, our expectation is that a tactical Q2 rebound is likely given sentiment surveys are suitably bearish.”
Source: New Zealand Labour Party
The National Government’s choices have contributed to a slow-down in the building sector, as thousands of people have lost their jobs in construction.
Statistics released today show 33,595 new homes were consented in Aotearoa New Zealand in the year ended February 2025, down 7.4 percent compared with the year ended February 2024.
“These numbers show the worst February for home consents since 2012,” Labour housing and infrastructure spokesperson Kieran McAnulty said.
“Building consents plummeted after the Government came in, stopped building Kāinga Ora houses and cut $1.5 billion from the public house building and maintenance fund.
“A lack of certainty around funding has also contributed to stagnating community housing so the pace of builds isn’t meeting need. The Government has only funded 1,500 new social housing places from July 2025.
“The Government has also reintroduced interest deductibility, which removes the incentive for the private sector to invest in new builds. As of yesterday, property investors can claim 100 percent of the interest back on their mortgage due to a $2.9 billion landlord tax break.
“Not only do these numbers mean fewer houses, it also means less work for the building and construction sector. New Zealand has lost more than 13,000 construction workers since this Government took over.
“Chris Bishop has talked a great lot of fluff about more homes, but it’s a pity he’s not great at getting them built,” Kieran McAnulty said.
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Source: The Conversation (Au and NZ) – By Christian Yao, Senior Lecturer, School of Management, Te Herenga Waka — Victoria University of Wellington
China’s economic rocket ride appears to be ending – or slowing, at least. Growth has declined from 8.4% in 2021 to 4.5% today, youth unemployment has climbed to 16.9%, and cities are filled with unfinished buildings after the collapse of property developer Evergrande in 2024.
For a while now, a phrase has been buzzing on Chinese social media sites Weibo and RedNote to describe what’s happening: “garbage time”.
Borrowed from basketball slang, it refers to the final minutes of a game whose outcome is already decided. The best players sit out. The bench players take over. No one tries as hard because there’s less at stake.
The term caught on last year and seems to capture a mixture of sadness and dark humour. Basically, people now seem to expect less. It’s not so much an economic crash as a slow decline of hope.
For those born in the 1980s and 1990s, who grew up during China’s four decades of fast growth, this is a major shift. Wages aren’t climbing, houses are losing value and jobs in tech and finance are harder to find.
But “garbage time” is also making room for younger and middle-class Chinese to redefine success and contentment. With good jobs, luxury goods and home ownership now harder to attain, a generation is questioning what matters most in a changing socioeconomic landscape.
Only ten years ago, many in China’s middle classes were chasing big dreams: they bought homes and designer brands, and sent their children overseas for schooling. “Getting rich is glorious,” former leader Deng Xiaoping once said.
Many Chinese fully embraced this idea. According to a 2021 study of millennial consumption habits, 7.6 million young Chinese spent an average of 71,000 yuan (US$ 10,375) on luxury goods in 2016, approximately 30% of the global luxury market.
Now they appear to be changing course, putting that kind of spending on hold because of financial anxiety.
Take the rising phenomenon of “tang ping”, for instance, which is seeing more young people embrace “living light” and rejecting hustle culture. Or the notion of “run xue” or “run philosophy” – literally the study of how to leave China.
Young Chinese are marrying later, too, with rising wedding costs and changing attitudes to traditional family values seen as the main reasons.
Shopping habits appear to confirm the trends. Xianyu, China’s biggest online used-goods seller, reached 181 million users in 2024. Sales topped one trillion yuan, ten times the 2018 level. Chinese car maker BYD now outsells prestige foreign brands.
This is about more than just saving money. Traditionally, Chinese culture has valued career success and family status, but job scarcity and falling house prices are challenging old assumptions.
Young Chinese are now questioning the value of hard work in a system that may no longer reward it. They increasingly value personal wellbeing over chasing status. If the trend continues, it could see a new sense of middle-class identity emerge.
The global implications of all this are significant. When 500 million people change their spending habits, global markets notice.
A once favoured brand like Apple has lost ground while local brand Huawei gained. Homegrown sportswear maker Li Ning is challenging Nike. Companies that planned for seemingly endless Chinese growth are having to recalculate. Along with other regulatory and geopolitical complexities, this makes planning harder.
School and work life is changing too. China’s intensive education system has seen pushback from some students and its “996 work culture” (9am to 9pm, six days a week) is fading.
Overall, China’s economic sprint is slowing to a steadier pace. And this deceleration of the economic model that drove the nation’s rise presents major challenges for its government.
With Donald Trump’s tariff policies looming in the background, China’s imports declined at the start of this year. Exports still grew, but at a much slower rate.
The middle-class has been both the engine and the beneficiary of China’s extraordinary growth. But with 40% having seen their wealth decline in recent years, robust consumer confidence cannot be assumed.
Whether this is a long-term trend or merely a strategic adjustment, for now it seems a new economic identity is emerging. Either way, one thing is certain: when the world’s second-largest economy changes how it spends, everyone feels it.
Christian Yao does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. Living in ‘garbage time’: when 500 million Chinese change their spending habits, the world feels it – https://theconversation.com/living-in-garbage-time-when-500-million-chinese-change-their-spending-habits-the-world-feels-it-253341
Source: Statistics New Zealand
Annual number of home consents down 7.4 percent – 2 April 2025 – There were 33,595 new homes consented in Aotearoa New Zealand in the year ended February 2025, down 7.4 percent compared with the year ended February 2024, according to figures released by Stats NZ today.
“The annual number of new homes consented has been plateauing for nine months now,” economic indicators spokesperson Michelle Feyen said.
“Although the annual number of multi-unit homes consented decreased for the second year in a row, the number of stand-alone houses saw a slight increase compared with the year ending in February 2024,” Feyen said.
In the year ended February 2025, there were 17,743 multi-unit homes consented, down 15 percent compared with the year ended February 2024. There were 15,852 stand-alone houses consented, up 2.3 percent over the same period.
Files:
MIL OSI –
Source: Statistics New Zealand
Annual number of home consents down 7.4 percent – 2 April 2025 – There were 33,595 new homes consented in Aotearoa New Zealand in the year ended February 2025, down 7.4 percent compared with the year ended February 2024, according to figures released by Stats NZ today.
“The annual number of new homes consented has been plateauing for nine months now,” economic indicators spokesperson Michelle Feyen said.
“Although the annual number of multi-unit homes consented decreased for the second year in a row, the number of stand-alone houses saw a slight increase compared with the year ending in February 2024,” Feyen said.
In the year ended February 2025, there were 17,743 multi-unit homes consented, down 15 percent compared with the year ended February 2024. There were 15,852 stand-alone houses consented, up 2.3 percent over the same period.
Files:
Source: Government of India
Posted On: 01 APR 2025 7:46PM by PIB Delhi
Introduction
The Make in India initiative, launched in 2014, has played a crucial role in positioning India as a global textile manufacturing and export hub. The textile and apparel industry is one of the largest contributors to India’s economy, providing employment to millions and generating substantial foreign exchange earnings. With strong policy support, infrastructure development, and a skilled workforce, India has emerged as a preferred investment destination in the global textile sector.
Overview of India’s Textile Industry
The textile and apparel industry contributes 2.3% to our GDP, 13% to industrial production, and 12% to exports. India exported textile items worth US$ 34.4 billion in 2023-24, with apparel constituting 42% of the export basket, followed by raw materials/semi-finished materials at 34% and finished non-apparel goods at 30%. It is also the second largest employment generators, after agriculture, with over 45 million people employed directly, including many women and the rural population. As further evidence of the inclusive nature of this industry, nearly 80% of its capacity is spread across Micro, Small and Medium Enterprises (MSME) clusters in the country.
The sector also has perfect alignment with the Government’s overall objectives of Make in India, Skill India, Women’s Empowerment, Rural Youth Employment and inclusive growth. The industry produces about 22,000 million pieces of garments per year, with the market size projected to reach US$ 350 billion by 2030, from the current $174 billion.
Recently, the Ministry of Textiles reported a 7% increase in textile and apparel exports, including handicrafts, from April to December 2024, compared to the same period the previous year. In line with the growth roadmap, the Indian textile market currently ranks fifth globally, and the government is actively working to accelerate this growth to a rate of 15-20% over the next five years.
Impact of ‘Make in India’ on the Textile Industry
The Make in India initiative has catalyzed textile manufacturing and exports through key policy interventions, enhanced infrastructure, and incentives. In the Union Budget 2024-25, to promote domestic textile production, two more types of shuttle-less looms are added to fully exempted textile machinery by the government. The government has introduced multiple schemes to enhance textile production, boost investments, and promote exports, including:
Union Budget Allocations for Ministry of Textiles
The Union Budget announced an outlay of ₹5272 crores for the Ministry of Textiles for 2025-26. This is an increase of 19% over budget estimates of 2024-25 (Rs. 4417.03 crore).
Key Highlights
These measures aim to boost domestic manufacturing, support MSMEs, modernize the textile sector, and enhance India’s global competitiveness.
Export Growth and Market Expansion
India is the 6th largest exporter of Textiles & Apparel in the world. The share of textile and apparel (T&A) including handicrafts in India’s total exports stands at a significant 8.21% in 2023-24. India has a share of 3.91% of the global trade in textiles and apparel. Major textile and apparel export destinations for India are USA and EU and with around 47% share in total textile and apparel exports. The textile and apparel sector has witnessed significant export growth due to government incentives and trade agreements.
The government has taken several steps to enhance exports in textiles and apparels, including:
FDI in Textile and Apparel Industry
Foreign Direct Investment (FDI) plays a role in the Indian textile and apparel sector. From January 2000 to March 2024, the textile sector received US$ 4,472.79 million (₹28,304.10 crore) in FDI equity. FDI in textile sector over the years can be traced in the graph below:
BHARAT TEX 2024
Bharat Tex 2024, a global textile expo was successfully organized during February 26 to February 29, 2024 by the consortium of 11 Textiles Export Promotion Councils with the support of Ministry of Textiles. Built on the twin pillars of trade and investment and with an overarching focus on sustainability, the 4-day event attracted besides policymakers and global CEOs, 3,500 Exhibitors, 3,000 Buyers from 111 Countries and over one lakh trade visitors. An exhibition spread across nearly 2 million sq ft of area and encompassing the entire textile value chain, including an artistically curated story of textiles- Vastra Katha were the highlights of the event. The event was hosted simultaneously at two state of the art venues in Delhi – Bharat Mandapam and Yashobhoomi with both venues fully subscribed.
This global scale conference with 70 sessions and 112 international speakers saw engaging discussions on key textile issues of the day including Textile Mega Trends, Sustainability, resilient global supply chains and Manufacturing 4.0.
BHARAT TEX 2025
Bharat Tex 2025, India’s largest global textile event, was successfully organized from February 14 to 17, 2025, at Bharat Mandapam, New Delhi. The event spanned 2.2 million square feet and featured over 5,000 exhibitors, providing a comprehensive showcase of India’s textile ecosystem. More than 1,20,000 trade visitors, from 120+ countries including global CEOs, policymakers, and industry leaders, attended the event.
Bharat Tex 2025 served as a platform to accelerate the government’s “Farm to Fibre, Fabric, Fashion, and Foreign Markets” vision. India’s textile exports have already reached ₹3 lakh crore, and the goal is to triple this to ₹9 lakh crore by 2030 by strengthening domestic manufacturing and expanding global reach. The event demonstrated India’s leadership in the textile sector and its commitment to innovation, sustainability, and global collaboration.
Innovation in Textile Sector
As far as innovation in textiles sector is concerned, Ministry of Textiles has conducted an Innovation Challenges in collaboration with Startup India & DPIIT. In this challenge, 9 winners were recognised and awarded, while incubation opportunities were presented to 6 awardees under the Atal Innovation Mission (AIM). Apart from this, 3 separate innovations challenges were conducted by nature fibre boards on their respective problem statements i.e.
Cotton Industry in India
Cotton is a vital commercial crop in India, contributing about 24% to global cotton production and sustaining the livelihoods of millions of farmers and workers. It plays a crucial role in India’s foreign exchange earnings through exports of raw cotton, intermediate products, and finished goods. India holds the largest cotton acreage in the world.
Production and Consumption of Cotton (in lakh bales)
|
Cotton Year |
Production |
Consumption |
|
2021-22 |
311.17 |
322.41 |
|
2022-23 |
336.60 |
313.63 |
|
2023-24 (P) |
325.22 |
323.00 |
Import and Export of Cotton (in lakh bales)
|
Cotton Season |
Import (in lakh bales) |
Export (in lakh bales) |
|
2021-22 |
21.13 |
42.25 |
|
2022-23 |
14.60 |
15.89 |
|
2023-24* |
6.73 |
26.24 |
* Position up to 30.06.2024
Government Schemes and Initiatives:
Silk Industry in India
Silk is an insect fibre known for its lustre, drape, and strength. It is called the “Queen of Textiles” worldwide. India has a long history with silk and is the second largest producer and the largest consumer of silk in the world. India is unique in producing all four commercial varieties of silk: Mulberry, Tropical & Oak Tasar, Muga, and Eri. The Indian sericulture industry is important because it provides a lot of employment, requires low capital, and gives good income to silk growers. India produced 38,913 MT of silk, making it the second largest producer globally, after China.
|
Years |
Mulberry |
Tasar |
Eri |
Muga |
Total |
|
2004-05 |
14,620 |
322 |
1,448 |
110 |
16,500 |
|
2014-15 |
21,390 |
2,434 |
4,726 |
158 |
28,708 |
|
2020-21 |
23,896 |
2,689 |
6,946 |
239 |
33,770 |
|
2021-22 |
25,818 |
1,466 |
7,364 |
255 |
34,903 |
|
2022-23 |
27,654 |
1,318 |
7,349 |
261 |
36,582 |
|
2023-24 |
29,892 |
1,586 |
7,183 |
252 |
38,913 |
|
2024-25 (April-September) |
14,233 |
106 |
3,924 |
92 |
18,355 |
Source: Central Silk Board, Bengaluru
The Indian government supports the silk industry through various initiatives and schemes:
Jute Industry in India
The jute industry is a major player in India’s economy, particularly in the eastern regions like West Bengal. It’s a vital source of employment, providing livelihoods for workers in organized mills and diversified units, and supporting numerous farm families. The Indian government actively supports the jute sector through various initiatives aimed at improving productivity, ensuring fair prices for farmers, and promoting the use of jute products.
Conclusion
The Make in India initiative has significantly enhanced India’s position in global textile manufacturing and exports through targeted policies, infrastructure development, and investment promotion. With sustained efforts, India is poised to become a global textile leader, driving economic growth and employment generation.
References
https://www.texmin.nic.in/textile-data
https://jutecomm.gov.in/FAQ.html
https://www.investindia.gov.in/sector/textiles-apparel
https://pib.gov.in/PressReleasePage.aspx?PRID=2089306
https://pib.gov.in/PressReleasePage.aspx?PRID=2098352
https://pib.gov.in/PressReleasePage.aspx?PRID=2099411
https://pib.gov.in/PressReleasePage.aspx?PRID=2114277
https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2104423
https://www.indiabudget.gov.in/economicsurvey/doc/echapter.pdf
https://www.texmin.nic.in/sites/default/files/Indian%20Jute%20At%20a%20Glance.pdf
https://www.texmin.nic.in/sites/default/files/Note%20on%20Cotton%20Sector_0.pdf
https://sansad.in/getFile/loksabhaquestions/annex/184/AU4118_0othg1.pdf?source=pqals
https://sansad.in/getFile/loksabhaquestions/annex/184/AS245_n0CCI6.pdf?source=pqals
https://sansad.in/getFile/loksabhaquestions/annex/184/AU2877_YZdL4e.pdf?source=pqals
https://sansad.in/getFile/loksabhaquestions/annex/184/AU2873_sOQ5IE.pdf?source=pqals
https://sansad.in/getFile/loksabhaquestions/annex/184/AS110_T8V4VD.pdf?source=pqals
https://www.texmin.nic.in/sites/default/files/FDI%20inflow%20at%20a%20glance.pdf
https://www.texmin.nic.in/sites/default/files/Table-2%20Raw%20Silk%20Production%20Statistics.pdf
https://texmin.nic.in/sites/default/files/MOT%20Annual%20Report%20English%20%2807.11.2024%29.pdf
https://www.texmin.nic.in/sites/default/files/FDI%20inflow%20%28Finacial%20year%20wise%29.pdf
***
Make in India (T&A) | Explainer | 05
Santosh Kumar | Sheetal Angral | Rishita Aggarwal
(Release ID: 2117470) Visitor Counter : 183
Source: The Conversation (Au and NZ) – By Meg Elkins, Senior Lecturer, School of Economics, Finance and Marketing and Behavioural Business Lab Member, RMIT University
Remember when grabbing a coffee was just… grabbing a coffee? When a parma at the local was a budget meal? When Friday night takeaway was a reward for getting through the week? It didn’t require a financial spread sheet.
For many families navigating the cost-of-living crisis these small indulgences now have to be accounted for. They’re not just automatic purchases.
We’re not just cutting back on buying large discretionary items, like new cars. The impact of inflation on household budgets has fundamentally reshaped our relationship with food, social connection and small pleasures.
The current cost-of-living crisis can also create new spending habits. The ways we restructure our budgets can have lasting effects on our lives and local economies.
What five years ago was a A$3.80 coffee has now become $5.50 with some options as high as $7.00.
Despite the price change, customers have a mental reference point of what a coffee should cost from the pre-inflationary period.
Behavioural economists refer to this as “anchoring” – a rule of thumb price that purchase decisions are judged upon.
So if you are used to paying $5 for a daily coffee, any price above this is beyond what you see as reasonable value for money.
Look at parents at weekend sports matches. You’ll notice the increasing presence of the insulated mug full of homemade coffee, replacing the takeaway coffees from the local cafe.
For my family, Friday night was pizza night and $50 would easily feed a family of four. Then the inflationary price creep started. For us $70 was the tipping point. When the same order cost more we started making pizzas at home.
Nobel laureate Richard Thaler introduced the concept of mental accounting in 1985, as a model of how we allocate money into to different categories for spending.
If the price is above our threshold point we mentally reassign its purchase to one of our other spending categories. It might shift from being an everyday item in our household budget to an occasionally purchased item.
During an inflation-fuelled cost-of-living crisis, we face not only financial strain but also significant decision fatigue from constant price revaluations.
This cognitive burden emerges as mental exhaustion when making even routine purchases.
Increasing pressure on our finances can trigger a scarcity mindset that consumes our thinking and affects our decision making.
Our focus shifts to immediate needs, such as paying weekly grocery bills, instead of long-term financial planning for a holiday or retirement.
These new purchasing habits and economic shifts also have implications for our social connections. The cafe, the pub and takeaway night are not only about food but they are about community and building social connections.
The so-called third place is the place between work and home where you can be part of the community.
Buying goods is often accompanied by an exchange of conversation. As the cost-of-living crisis continues making fewer purchases reduces opportunities to connect.
If the little pleasures we consume as a daily or weekly ritual become luxuries, this can increase the loss of the third space. It means spaces such as cafes, restaurants and pubs no longer foster community cohesion and increase social capital.
As these goods become luxuries, social division intensifies. Rising prices exclude certain groups and may restrict social mixing across income levels.
A big question here is how much longer can some hospitality services survive as the cost-of-living crisis continues?
Australian Bureau of Statistics data reveals big changes for Australia’s café, restaurant and takeaway food industry.
After a severe downturn during early COVID-19 lockdowns (-35.3% in March-April 2020), the sector rebounded to pre-pandemic levels by March 2021. This was followed by extraordinary expansion during 2021-2022 (26.8% growth) as pent-up demand was unleashed.
But recent figures reveal a problem: while spending rose 3.76% from January 2024 to January 2025, real growth (adjusted for inflation) was negative at -0.43%.
Inflationary psychology explains how customers’ behaviour changes and they buy less over time. Eventually a point is reached where they won’t pay the higher price.
This means, in the case of the hospitality industry, fewer actual meals are being served due to higher prices.
The industry faces a tough situation with costs rising faster than general inflation due to expensive ingredients, higher wages from worker shortages, and increased energy prices.
Humans have a set-point of happiness. When economic pressures mean we adjust to new spending patterns to save money for an extended period, the new patterns, become the norm.
Inflation, complicates social comparison. If everyone’s purchasing power falls simultaneously, relative positions may remain stable.
As the current cost-of-living crisis continues our little pleasures such as a weekly parma or daily coffee are increasingly becoming conscious choices rather than automatic purchases.
This has the potential to permanently change the way Australian households budget.
The authors 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.
– ref. Giving up a daily coffee or weekly parma? How the cost-of-living crisis is reshaping our spending habits – https://theconversation.com/giving-up-a-daily-coffee-or-weekly-parma-how-the-cost-of-living-crisis-is-reshaping-our-spending-habits-253424
Source: US State of Oregon
ow-income Yamhill County taxpayers eligible to claim valuable federal and state tax credits can get assistance filing their tax returns when Oregon Department of Revenue volunteers visit McMinnville April 7.
Help using the combination of IRS Direct File and Direct File Oregon to file electronically for free will be available at the McMinnville Public Library, located at 225 Adams Street, 10 a.m. to 5 p.m., April 7.
According to IRS and state statistics, the federal Earned Income Tax Credit and the Oregon Earned Income Credit were claimed on more than 10 percent of returns in Yamhill County for tax year 2022. It’s likely, however, that more area families could claim the credits. The IRS estimates that, overall, 25 percent of Oregon taxpayers eligible don’t claim the credits.
The Department of Revenue believes that helping taxpayers file their own returns using direct file will help maximize the number of Oregonians who choose to use the new free option and make it possible for many who don’t have a filing requirement to file and claim significant federal and state tax credits for low-income families.
The Earned Income Tax Credit is a federal tax credit for people for making up to $66,819 in 2024. Families may be eligible for a maximum refundable credit of $7,830 on their federal tax return, and a maximum Oregon Earned Income Credit of $940 on their state tax return. Certain taxpayers without children may also be eligible for these credits.
Some taxpayers eligible for the Earned Income Tax Credit and the Oregon Earned Income Credit may also be able to claim the Oregon Kids Credit, which could total as much as $5,000.
All three are refundable credits meaning that eligible taxpayers can receive the Earned Income Tax Credit, the Oregon EIC, and Oregon Kids Credit, even if they are not otherwise required to file. To receive the refundable credits, however, they must file a federal and state tax return.
The IRS estimates that 6,300 people in McMinnville are eligible to use IRS Direct File and Direct File Oregon in addition to almost 10,000 others in Yamhill County. Filing with both IRS Direct File and Direct File Oregon is free and available as a combination for filing both federal and state taxes for the first time this year.
Before arriving at the library, taxpayers should:
Videos are also available to show how to use IRS Direct File and Direct File Oregon and taxpayers can find more information on the department’s Free Direct File assistance at local libraries webpage.
Taxpayers should bring the following information with them to the library.
Identification documents
Common income and tax documents
Optional documents
IRS Direct File does not support all return types. Specifically, taxpayers with dividends reported on Form 1099-DIV and capital gains or losses are not eligible to use IRS Direct File.
Taxpayers who aren’t eligible to use IRS Direct File can find other free options and free assistances sites on the agency’s website. Those who can’t use IRS Direct File to file their federal return can still use Direct File Oregon to file their state return.
Source: Federal Bureau of Investigation FBI Crime News (b)
Landowners and Real Estate Agents Urged to Take Action to Protect Themselves
The Boston Division of the Federal Bureau of Investigation (FBI) is warning property owners and real estate agents about a steady increase in reports of quit claim deed fraud it has received—scams that have resulted in devastating consequences for unsuspecting owners who had no idea their land was sold, or was in the process of being sold, right out from under them.
Known as quit claim deed fraud or home title theft, the schemes involve fraudsters who forge documents to record a phony transfer of property ownership. Criminals can then sell either the vacant land or home, take out a mortgage on it, or even rent it out to make a profit, forcing the real owners to head to court to reclaim their property.
Deed fraud often involves identity theft where criminals will use personal information gleaned from the internet or elsewhere to assume your identity or claim to represent you to steal your property.
“Folks across the region are having their roots literally pulled out from under them and are being left with no place to call home. They’re suffering deeply personal losses that have inflicted a significant financial and emotional toll, including shock, anger, and even embarrassment,” said Jodi Cohen, special agent in charge of the FBI Boston Division. “We are urging the public to heed this warning and to take proactive steps to avoid losing your property. Anyone who is a victim of this type of fraud should report it to us.”
Law enforcement and the FBI have been alerted to the fraud at all points in the process and have received reports involving a variety of fraudulent scenarios, including:
The FBI’s Internet Crime Complaint Center (IC3), which provides the public with a means of reporting internet-facilitated crimes, does not have specific statistics solely for quit claim deed fraud, but it does fall into the real estate crime category. Nationwide, from 2019 through 2023, 58,141 victims reported $1.3 billion in losses relating to real estate fraud. Here in the Boston Division—which includes all of Maine, Massachusetts, New Hampshire, and Rhode Island—during the same period, 2,301 victims reported losing more than $61.5 million.
The reported losses are most likely much higher due to that fact that many don’t know where to report it, are embarrassed, or haven’t yet realized they have been scammed.
FBI Boston is working with property owners, realtors, county registers, title companies, and insurance companies to thwart the fraud schemes but it’s no easy task. The COVID-19 pandemic changed the way business was and continues to be conducted. More and more people have grown accustomed to conducting real estate transactions through email and over the phone. The remote nature of these sales is a benefit to bad actors.
Tips for Landowners:
The FBI can work with our partners to try to stop wire transfers and recover the funds within the first 72 hours. We urge folks to report fraud and suspected fraud to the FBI’s Internet Crime Complaint Center at www.ic3.gov.
Source: The Conversation – UK – By Christian Yates, Senior Lecturer in Mathematical Biology, University of Bath
More and more people are worried about the long-term effects of contact sports on the brain. In football (soccer), studies have found that repeatedly heading the ball can lead to memory problems and an increased risk of serious brain diseases. This has led to rules limiting heading the ball in youth leagues and calls to protect professional players in similar ways.
In American football, research shows a high number of former players have a brain condition called chronic traumatic encephalopathy (CTE). This has prompted the National Football League (NFL) to change some rules and introduce better safety equipment.
Rugby, a sport known for its hard collisions, is also becoming more aware of head injuries. As a result, new rules require players to rest after a concussion – and there are stricter rules about preventing head contact during games.
Some older players are taking legal action because of the brain injuries they suffered. Lawyers are representing over 500 former players from both rugby union and rugby league, claiming that repetitive head impacts during their careers caused long-lasting brain damage.
The lawyers argue that the sports’ governing bodies failed to protect these former players from the effects of blows to the head.
A recent BBC article said that “almost two-thirds of the claimants in a concussion lawsuit against rugby league authorities” had symptoms of CTE. Two-thirds is a lot, but is it really that surprising?
It’s important to remember that the players in this lawsuit are a self-selecting sample. These people have been chosen for inclusion in the class action lawsuit precisely because they have evidence of brain damage. We should expect a high prevalence of conditions like CTE in this sample. So we must be careful not to infer something about all rugby players that is not supported by the data.
However, perhaps the BBC article is not so troubling, since the condition for selection – that the players were part of the lawsuit – is clearly stated. More problematic are articles in which the conditions for the selection of the studied sample are not so clearly laid out.
Another BBC article, published in 2023, summarised the results of studies investigating the prevalence of CTE in the brains of deceased rugby players. It reported that “68% of the brains had traces of the brain condition CTE”. This might suggest to readers that CTE is very common among all rugby players.
In American football, the problem appears to be even more prevalent. In 2017, the BBC ran an article with the headline: Brain disease affects 99% of NFL players in study. The piece led with the sentence: “A study of American football players’ brains has found that 99% of professional NFL athletes tested had a disease associated with head injuries.”
This sounds extremely alarming and might lead readers to surmise that nearly all professional NFL players will develop CTE. The study also surveyed the brains of college and high-school students, concluding: “Of the 202 total players, 87% were found to have traces of CTE,” giving the impression that most American football players at all levels might expect to develop CTE.
CTE research is difficult because the disease can only be diagnosed by examining samples of a patient’s brain tissue after their death. Consequently, for the NFL study, researchers at the Boston University School of Medicine, who conducted the research, drew their sample from the VA Boston Healthcare System’s “brain bank”.
The bank, established to better understand the long-term effects of repetitive head trauma, holds hundreds of donated brains potentially damaged through sporting or military activities.
And herein lies the problem. Many of the brains held in the bank were donated by families who suspected that their loved ones had CTE. The study hugely overrepresented players who were likely to have CTE in comparison to the general American football-playing population.
To their credit, the scientists who conducted this research were at pains to point out their sample was not representative and should not be used to draw population-level conclusions.
In particular, the conclusion that many sports fans reading the headlines will have come to – that a huge proportion of American football players will suffer from CTE – is not supported by the study. Somehow, that message got lost between the research article and the media’s reporting of it.
The eye-catching statistics about the prevalence of CTE in rugby players, derived from a study at the University of Glasgow, are the result of a similar misrepresentation of the underlying research. In this case, the brains that were analysed came from three brain banks (from Scotland, the US and Australia).
All of these repositories take donations of brains from people who were more likely to have suffered from neurological conditions, and so are unlikely to be representative of the underlying population of ruby players.
The weight of evidence linking repetitive blows to the head to brain harm (particularly to CTE) is growing stronger. Studies comparing footballers to the general population show the increase in neurological conditions among football players is probably not a statistical fluke.
However, if we seek to truly understand the risks of undertaking these contact sports, loved by billions, then we need to look beyond the startling headlines. Selection bias, caused by a disparity in the reasons why brains are donated for study, means it’s not enough just to sample from the brains we have available in order to establish an estimate of the prevalence of such diseases.
Instead, we need to understand who is missing from the studied population, and use that information to infer how a potentially biased sample might cause the statistics we read in the headlines to be unrepresentative.
Christian Yates does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. Is the risk of brain injury from contact sports being overstated by the media? – https://theconversation.com/is-the-risk-of-brain-injury-from-contact-sports-being-overstated-by-the-media-253378
Source: GlobeNewswire (MIL-OSI)
GAITHERSBURG, Md., April 01, 2025 (GLOBE NEWSWIRE) — GL Communications Inc., a global leader in telecom testing solutions, addressed the press regarding their latest release of high-speed Ethernet and IP capture – FastRecorder™ and PacketExtractor™ application. This application provides wirespeed IP traffic filtering and recording up to 320 Gbps direct to disk for offline filtering, extraction, and analysis.
[For illustration, refer to fastrecorder-packetextractor.jpg]
Vijay Kulkarni, CEO of GL Communications, explains, “FastRecorder™ and PacketExtractor™ offer a high-speed packet capture and analysis solution. Integrated with GL’s PacketScan™ HD hardware appliance, they support speeds up to 100 Gbps over Ethernet. Customers use the device network troubleshooting and can easily identify malfunctioning network infrastructure or faulty software applications. Available in portable and rack-mount configurations, these solutions provide customizable options for ports, RAM, and storage, catering to varied network demands.”
FastRecorder™ enables error-free packet capture on large disks for extended periods of time. Users can define filters to capture packets of interest and set triggers to record incoming traffic based on specific conditions. This application can record from multiple Ethernet interfaces simultaneously.
PacketExtractor™ extracts packets of interest by allowing users to define complex filters, streams, time periods, storage size, and specific packet portions, such as headers, along with other parameters useful for diagnosing issues. It saves the extracted data in PCAP, PCAPNG, or HDL (GL’s proprietary) formats for further analysis.
GL’s IP Analytics™ is an optional application that enhances Quality of Service measurements by analyzing IP-based data streams. It provides detailed statistics on Layer 3, COS, Layer 4, IPv4 or IPv6 endpoints, UDP/TCP endpoints, and network conversations, enabling precise performance analysis. With millisecond precision, it computes and visualizes key metrics such as Packet Count, Byte Count, Packets/sec, and Bits/sec, delivering real-time insights for optimizing network efficiency.
Key Features
FastRecorder™:
PacketExtractor™:
About GL Communications Inc.,
GL Communications is a global provider of telecom test and measurement solutions. GL’s solutions are used to verify the quality and reliability of Wireless, Fiber Optic, TDM and Analog networks.
Warm Regards,
Vikram Kulkarni, PhD
Phone: 301-670-4784 x114
Email: info@gl.com
Source: The Conversation – UK – By Charles Masquelier, Associate Professor in Sociology, University of Exeter
The Burren region of County Clare, Ireland, is famous for its distinctive limestone habitat, coastal landscape, rich wildlife and unusual archaeology. Several hundred farmers also manage livestock on this land.
As social scientists, we’ve been investigating how farmers engage with environmental management and biodiversity renewal in England and Scotland because there is an ongoing nature crisis, with accelerating species extinctions, loss of habitat and harmful pollution.
Our findings show that giving farmers greater opportunities to draw on their knowledge and experiences encourages better environmental results than conventional farming incentives.
Many environmental campaigners, including author and Guardian columnist George Monbiot, don’t see farming as a way to help solve the biodiversity crisis.
But one EU-funded initiative, the BurrenLife project, has revolutionised how farmers and scientists collaborate by tackling reluctance or wariness and shifting mindsets through the practice of “conservation farming”. This developed into an “agri-environment” (nature-friendly farming) initiative called the Burren Life programme which incentivises farmers in Ireland to prioritise nature by boosting endangered bird populations or restoring specific habitats.
Most (70%) of UK land is used for agriculture. Therefore success in tackling the biodiversity crisis depends on the active involvement of farmers.
From the 1980s successive UK governments have paid farmers to restore nature and mitigate the effects of climate change in the form of voluntary agri-environment schemes. These schemes, such as Countryside Stewardship and the Sustainable Farming Incentive, provide financial incentives for farmers to help restore biodiversity by, for example, planting flower-rich hay meadows.
But despite the billions of pounds invested and significant uptake by farmers, biodiversity continues to decline and more work needs to be done to improve farmers’ participation.
Research suggests that the lack of effectiveness of those schemes is influenced by their limited capacity to inspire long-term changes in farming practices.
The clash between local knowledge and scientific expertise concerns us. Existing agri-environment schemes are prescriptive with limited options for farmers. This, combined with polarisation between farmers and conservationists about rewilding for example, means that local knowledge of farmers tends to be excluded from environmental decisions.
While conservation scientists hold essential knowledge for tackling the biodiversity crisis, farmers know their land best. Often this knowledge has been passed down from generation to generation. Historically, however, agri-environmental management in the UK has operated on the basis of prescriptions informed by scientific expertise that don’t consider the land characteristics or specific context of particular farms.
By joining an agri-environment scheme, farmers are expected to take actions such as planting crops that can manage soil erosion and improve soil health, or managing hedgerows, which can act as wildlife highways. While farmers can choose which actions to take, such payment-by-action schemes don’t offer much scope to adapt environmental solutions to their knowledge of the land.
Crucially, the lack of consistent monitoring provides farmers with few opportunities to report back on the success or failure of actions they have taken to recover nature. According to our research, farmers often feel their valuable on-the-ground knowledge is being ignored.
Unusually, the Burren Life programme relies on environmental targets that are co-designed by scientists and farmers. The co-design process involves farmer and adviser jointly walking the farm. Farmers explain what they’d willingly do to improve the condition of the land. The adviser then maps the activities they think will bring environmental benefits and devises an environmental plan accordingly.
Every year, farmers are given the opportunity to decide what they’d like to do. The presence of a local office of advisers means that support for management decisions is always available and feedback aimed at improving their environmental plan is consistently encouraged. Farmers are also involved in the monitoring of other farmers’ actions.
Our research undertaken as part of the Renew project, which aims to develop solutions for biodiversity renewal in the UK, shows a strong appetite in the English uplands for the kind of flexible, farmer-centred, results-based approach promoted by the Burren Life programme.
The Burren Life programme was highly successful in many respects. It delivered major improvements in habitat quality and fostered long-term behaviour change among participating farmers.
It incentivised farmers to take ownership of their actions for nature conservation and restoration. They were encouraged to share their local knowledge through farm visits, annual programme reviews, feedback opportunities and monitoring exercises. That local knowledge could then be considered alongside scientific expertise by people making management decisions. The Burren Life programme effectively reconciled the farming perspective with the scientific one, in the form of conservation farming.
It has delivered impressive value for money. The total amount spent on the Burren Life programme totalled €12.3 million (£10.3 million). Over ten years, this has resulted in habitat and landscape improvements worth €32.8 million.
Despite its success, several Burren farmers still regard environmental programmes as antithetical to farming so co-creation is a key step in inspiring people to get involved in projects like these. And replicating conservation farming beyond the Burren will require a tailored approach that considers the environmental and cultural characteristics of each countryside community.
Don’t have time to read about climate change as much as you’d like?
Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.
Charles Masquelier receives funding from the government-funded body know as UKRI. This funding is for the RENEW project, which adopts a ‘people-in-nature’ approach to biodiversity renewal across the UK.
Carolyn Petersen receives UKRI funding as part of the RENEW project, which adopts a ‘people-in-nature’ approach to biodiversity renewal across the UK. She is also involved in a Defra-funded evaluation of Local Nature Recovery Strategies in England.
Matt Lobley receives UKRI funding as part of the RENEW project and us involved in evaluations of Defra Environmental Land Management schemes
– ref. When farmers and scientists collaborate, biodiversity and agriculture can thrive – here’s how – https://theconversation.com/when-farmers-and-scientists-collaborate-biodiversity-and-agriculture-can-thrive-heres-how-250333
Source: The Conversation – UK – By Daniela Pianezzi, Associate Professor in Work and Organization Studies, University of Verona
Approximately 170,000 people die every day around the world – that’s around 62 million deaths in 2024 alone. The cumulative effect of this has led to what has been termed a “burial crisis”, with most urban areas where burial remains the norm expected to run out of interment space by the 2050s, some much earlier – as in, now.
Major cities, including London and Sydney anticipate severe space shortages within the next decade. Smaller community cemeteries, such as Nuneaton cemetery in Warwickshire have already reached full capacity and begun directing families elsewhere. Finding culturally acceptable yet ethically responsible, accessible and sustainable ways of laying to rest, mourning and honouring our loved ones has become an urgent global issue.
However, the cemetery sector has only recently begun to seriously consider the environmental consequences of how we handle our bodies after death. The sense of urgency coincides with a significant cultural shift, as cremation increasingly replaces traditional burial methods. This is due to societal secularisation, shifts in religious doctrines (including Catholicism lifting past bans) and its affordability compared to burial.
In the UK, the percentage of cremations has risen from 9% of total burials in 1946 to 80.64% in 2023.
Yet, cremation is far from a sustainable alternative to burial. It releases substantial amounts of pollutants, notably carbon dioxide and mercury emissions, so regulation is necessary. Technologically advanced techniques, such as water cremation – a process that uses an alkali-water-based solution to reduce a body to bones – have only recently begun to emerge as possible alternatives and remain niche.
For several years, we have been studying cemeteries in Italy and the UK. Despite the deeply different burial traditions in these two countries (unlike the UK, Italy remains a burial culture) both face the same environmental challenges.
A few sites do offer environmentally conscious alternatives to traditional burial. One is in Liguria, a densely populated region in northwestern Italy that has suffered significant losses due to climate change, particularly from soil erosion caused by decades of reckless coastal construction.
Here, a group of environmentally conscious volunteers transformed a woodland called Boschi Vivi (the name means living woods) into a cemetery, creating Italy’s first forest cemetery. Though it involves cremation, this initiative is particularly groundbreaking in a country where cemeteries have historically been conceived as monumental or architectural structures.
Often, they are heavily reliant on marble, a traditional hallmark of Italian craftsmanship, significantly reducing green spaces in urban areas. The mining of marble also creates huge greenhouse gas emissions and loss of biodiversity.
In contrast, the cimitero bosco (forest cemetery) of Boschi Vivi follows a different philosophy. Instead of traditional tombstones, only a small plaque is placed near each tree where ashes have been scattered, marking the final resting place of the deceased.
Currently, this remains a grassroots initiative that’s starting to emerge in the US and Canada too. Hopefully, more Italian public administrations will adopt this model as traditional cemeteries become increasingly financially and environmentally unsustainable.
For three decades, Oakfield burial ground in Wrabness, Essex, UK has adopted a similar approach. Oakfield wood is a seven-acre natural woodland burial site along the banks of the river Stour in north Essex, managed by the Essex Wildlife Trust. Instead of headstones or conventional memorials, a native broadleaf tree is planted for each burial, accompanied by a simple wooden plaque at its base. The site forms part of a larger nature reserve, fostering a rich habitat for wildlife.
Unlike municipal cemeteries or other burial sites, which are often subject to redevelopment or reuse, Oakfield enjoys long-term protection under the Essex Wildlife Trust. This means that burials here are conducted in perpetuity, ensuring that the site remains undisturbed. The trust plans to manage Oakfield solely as a nature reserve once it reaches full capacity, although this will not be for many decades to come.
Despite these promising initiatives, sites such as Boschi Vivi and Oakwood risk remaining isolated cases unless a radical rethinking of burial takes place. Whether cemeteries are perceived as eerie, macabre spaces (like in Shakespeare’s Hamlet) or as places of peace and reconciliation, as in the final scene of Forrest Gump, they are still dominated by the idea that graves should be organised as a series of permanent markers of individual lives.
Our research shows that it’s only by considering human beings as part of nature that the growing burial crisis might be averted. That fundamentally involves moving from a human-centred or “ego-logical” ethos to an ecological one.
The most viable response to the environmental challenges facing not just Nuneaton cemetery, but burial sites across the world, might be simply a new awareness. One that recognises both life and death as integral parts of nature. So, remembrance is not preserved through permanence, but rather through a return to the natural cycle of life.
Don’t have time to read about climate change as much as you’d like?
Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.
The authors 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.
– ref. Urban cemeteries are at capacity – here’s how they can be more sustainable – https://theconversation.com/urban-cemeteries-are-at-capacity-heres-how-they-can-be-more-sustainable-252711
Source: Czech National Bank
The first phase of the review of the CNB’s monetary policy analytical and modelling framework has been completed successfully. The CNB brought this phase to a close today with an international workshop attended by top foreign economists led by Claudio Borio, the former Head of the Monetary and Economic Department at the Bank for International Settlements. In the next step, the central bank will develop a new forecasting model to supplement its existing tools. It will also put into practice other recommendations made by domestic and foreign experts who have evaluated the CNB’s past monetary policy. The aim is to enhance the CNB’s analytical and modelling framework so that, among other things, it can better withstand the current environment of unexpected economic shocks.
The CNB is now entering the second phase of its monetary policy review. This will build on the first phase, which the CNB began by having its analytical and modelling framework assessed independently for the first time ever. Based on the experts’ recommendations, it then strengthened the role of research in the Research and Statistics Department and made other organisational changes to prepare the CNB for the key period ahead. At an international workshop in Prague today, CNB representatives presented the steps taken so far and the outlook for the future. They also discussed the way forward with leading foreign economists with experience of monetary policy reviews in other countries.
“Looking ahead, the toughest challenges for monetary policy regimes may well be still to come. For one, the political environment is becoming less conducive to a stability-oriented monetary policy. Over time, a dangerous expectations gap has been developing between what monetary policy can deliver and what it is expected to deliver. But inflation targeting regimes cannot afford to stay still,” said Claudio Borio, the former Head of the Monetary and Economic Department at the Bank for International Settlements, who also attended the CNB workshop.
In the second phase, the CNB will put into practice the recommendations contained in the assessments prepared by expert teams led by Professor John Muellbauer from the University of Oxford, Roman Šustek from Queen Mary University of London and Professor Martin Mandel and Associate Professor Karel Brůna from the Prague University of Economics and Business. These assessments identified deficiencies in the CNB’s current modelling framework and emphasised the need to strengthen the role of economic research at the central bank and to increase the emphasis on the use of available data sources. “Theories and models are valuable to a central bank only to the extent that they facilitate an informed and sufficiently comprehensive debate – one that helps us understand the evolving economic story in the short, medium and long run,” said CNB Deputy Governor Jan Frait. In his opinion, the reviews have shown that the CNB’s current tools cannot fulfil this role to the full.
“We need analyses that are not only technically accurate, but also sensitive to economic, social and political realities – analyses that reflect emotions as well as facts and figures. To achieve this, we should be open to different points of view, be prepared to reassess our positions when major changes occur, and invest in people who are able to come up with new approaches and ideas based on knowledge of cutting-edge economic research,” added Deputy Governor Frait.
The main innovation will be an alternative macroeconomic forecasting model to be developed by the Research and Statistics Department at the CNB. The Department was established on 1 January 2025 through the merger of the Economic Research Division of the Monetary Department and the Financial Research Division of the Financial Stability Department with the then Statistics and Data Support Department. “The CNB is currently an outlier internationally. Most other central banks rely on two or more models for monetary policy purposes, whereas we currently use only one central DSGE model. Where a central bank does have a single model, with few exceptions, it is not a DSGE one,” said CNB Deputy Governor Eva Zamrazilová, giving one of the reasons for supplementing the central DSGE model with another powerful forecasting tool.
The Czech National Bank expects the initial results of the development of the alternative model to emerge before the end of this year. However, according to Eva Zamrazilová, it could take two to three years to complete the entire process, including testing and validation of the proper functioning of the new tool. “We don’t want to rush anything. We will put the emphasis on top quality, not speed, because this is a major step as regards Czech monetary policy,” added Deputy Governor Zamrazilová.
In addition to the development of an alternative model, the monetary policy review will be reflected in practice on other levels, such as research. According to Bank Board member Jan Kubíček, the expert assessments have not only identified problem areas in the existing modelling framework, but are also an illuminating source of inspiration for the future development of the CNB. “Major advancements have been made around the world in the field of analytical instruments. The monetary policy review gives us an opportunity to take them and use them to our advantage,” said Jan Kubíček, adding that via the CNB, all individuals and companies in the Czech Republic stand to benefit from the results of the monetary policy review in the future.
Jakub Holas
Director, Communications Division
| 9.00 | Opening Remarks Aleš Michl, Governor, Czech National Bank |
| 9.05 | Keynote Speech: Adjusting Inflation Targeting Frameworks Claudio Borio, former Head of Monetary and Economic Department, Bank for International Settlements |
| 10.05 | Panel Discussion: Analytical and Forecasting Frameworks for Inflation Targeting: Lessons Learned Chair: Eva Zamrazilová, Deputy Governor, Czech National Bank Panellists: Óscar Arce, Director General Economics, European Central Bank Huw Pill, Chief Economist, Bank of England Jan Kubíček, Board Member, Czech National Bank |
| 11.45 | Panel Discussion: Chair: Jan Frait, Deputy Governor, Czech National Bank Panellists: John Muellbauer, Nuffield College, Oxford University & INET, Oxford Roman Šustek, Queen Mary University of London & Centre for Macroeconomics (LSE) Jakub Matějů, Deputy Executive Director, Monetary Department, Czech National Bank |
Source: GlobeNewswire (MIL-OSI)
Key Takeaways
NEW YORK, April 01, 2025 (GLOBE NEWSWIRE) — Greenbacker Renewable Energy Company LLC (“Greenbacker,” “GREC,” or the “Company”), an energy transition-focused investment manager and independent power producer, has announced financial results for 2024, including year-over-year increases in annual revenue, operating capacity, and clean energy generation.¹
Market conditions, inflationary pressures, and re-underwriting process determined adjusted NAV
With the renewable energy sector at a critical juncture, during 2024 Greenbacker initiated a detailed, multi-quarter re-underwriting process prior to releasing its December 31, 2024 net asset value (“NAV”), in which the Company evaluated the expected future performance of the assets in its portfolio relative to their historical performance, while also taking into account the impact of current market conditions. As a result, GREC adjusted its aggregate NAV as of December 31, 2024 to $5.03 per share, a 35.5% decrease relative to the September 30, 2024 NAV of $7.81 per share.
Several factors contributed to the Company’s NAV revision. Inflationary pressures, supply chain imbalances, and increasing insurance costs due to heightened climate risk contributed to a significant increase in operating costs. New clean energy generation projections from independent engineers based on recent industry data have provided additional insight, replacing earlier projections that had been obtained during a period with limited historical data available and diverged relative to actual production. Additionally, there continues to be uncertainty around potential changes to the Inflation Reduction Act and the threat of additional tariffs, both of which are impacting the near-term outlook for renewables.
These headwinds contributed to a challenging market environment and downward pressure in renewable energy asset pricing across the sector, which Greenbacker saw reflected through both market sale processes and a comprehensive asset-by asset-review.
At the project level, the Company continues to maintain financial stability, resulting in strong financial coverage ratios. Additionally, at the firm level, Greenbacker continues to maintain sufficient overall liquidity and receive ongoing support from its leading project financing partners.
Organizational restructuring executed to increase operational efficiencies
Greenbacker is announcing an organizational restructuring designed to streamline operations, reduce costs, and better position the Company to capitalize on future market opportunities and deliver value to shareholders.
As part of these changes, Charles Wheeler is retiring from his role as Chief Executive Officer (“CEO”) and Chairman of the Greenbacker Board of Directors (“Board”), effective April 1, 2025. Chief Investment Officer and Head of Infrastructure Dan de Boer has been named interim CEO, effective April 1, 2025, and Director Robert Brennan has been appointed Chairman of the Board. The Greenbacker Board is considering both external and internal candidates for the role of a permanent CEO, which is expected to be confirmed no later than the end of Q2 2025. Wheeler will continue to serve as a member of the Board until the earlier of December 31, 2025 and the date on which a permanent replacement CEO has been appointed.
Wheeler, who is also one of Greenbacker’s Co-Founders, spoke about his retirement and Greenbacker’s future:
“14 years ago, with a group of like-minded individuals, I created Greenbacker with the goal of providing an investment vehicle that would enable ordinary American investors to participate in the renewable energy revolution. We’ve built Greenbacker into a business that is contributing to the transition to clean energy with hundreds of projects representing more than 3.6 gigawatts² of clean power generation capacity across the country.
Given current market conditions, changes are needed to best position Greenbacker to benefit from future market opportunities. I believe that Dan and Greenbacker’s other leaders are the right team to guide us through this period while promoting our mission to empower a sustainable world.”
De Boer has been with Greenbacker since 2023 and brings nearly two decades of experience in private equity and renewable energy investing, with prior leadership roles and positions at Allianz Capital Partners, Onyx Renewable Partners within Blackstone Energy Partners, and D.E. Shaw Renewable Investments.
In addition to restructuring the leadership team, the Company has progressed several cost savings initiatives, including a reduction of approximately 10% of its workforce, effective March 31, 2025. Greenbacker anticipates that the reduction in force and other operational efficiency efforts that began in mid-2024 will reduce overhead expenses by $12 million, or 20%, by 2026.
“We want to recognize the impact that this decision has on the careers and lives of the individuals at Greenbacker,” said interim CEO, Dan de Boer. “We value our people and employed care and thoughtfulness as we attempted to balance our business requirements with any adverse impact to our team. While difficult, we believe that taking these measures will better position the firm to achieve long-term growth.”
Additionally, the Company has identified opportunities to recycle capital within the portfolio by pursuing targeted non-core asset sales.
Annual total operating revenue topped $210 million, as Company continued to move assets into operation, contributing to year-over-year production increase of 23%
During 2024, Greenbacker increased total operating revenue³ by $29 million, or 16% year-over-year, to over $210 million.
Revenue from the sale of clean energy within Greenbacker’s independent power producer (“IPP”) business segment totaled $185.2 million in 2024, of which $155.0 million, or approximately 84%, came from the Company’s long-term power purchase agreements (“PPAs”).
For 2024, the net loss attributable to Greenbacker was $(242.3) million and Adjusted EBTIDA⁴ was $59.8 million, representing year-over-year changes of (205)% and 88%, respectively. The net loss was primarily the result of goodwill impairment charges, driven by a deterioration in macroeconomic conditions, as well as by depreciation, amortization, and other impairment charges in the period.
GREC increased its operating fleet size by 8% in 2024, which included placing 22 new solar energy assets into operation, accounting for 117 MW of additional power production.⁵ Additionally, the three wind assets strategically taken offline during portions of 2023 for repowering (i.e., retrofitting with new, more efficient equipment) had all returned to full operation producing power by early 2024.
In total, GREC’s new operating solar assets and repowered wind portfolio drove an annual power production increase of 23% year-over-year,⁶ as the Company’s fleet of clean energy assets generated 2.7 billion kilowatt-hours of power, enough to power over 250,000 US homes.⁷
| GREC Operating Fleet | 2024 | 2023 | YoY Increase (total) |
YoY Increase (%) |
| Clean power produced by solar assets (MWh) | 1,504,580 | 1,256,183 | 248,397 | 20% |
| PPA revenue generated by solar assets ($M) | $ 87.8 | $ 74.1 | $ 13.6 | 18% |
| Clean power produced by wind assets (MWh) | 1,236,431 | 978,236 | 258,195 | 26% |
| PPA revenue generated by wind assets ($M) | $ 65.8 | $ 53.9 | $ 11.9 | 22% |
| Total clean power generated by wind and solar assets (MWh) | 2,741,011 | 2,234,419 | 506,592 | 23% |
| Total PPA operating revenue generated by wind and solar assets ($M) | $ 153.5 | $ 128.0 | $ 25.5 | 20% |
Some figures may not add to stated totals due to rounding. Total clean power generated does not include power generated from biomass facility during 2023 and a portion of 2024, nor does it include assets in which the Company holds a preferred equity position.
Greenbacker secures nearly $1 billion financing for largest solar farm in New York State; completes $437 million financing for milestone wind repowers; and completes targeted non-core asset sale
Throughout 2024, Greenbacker made substantial progress on one of its core objectives: securing the capital necessary for the construction of its remaining pre-operating assets—and converting those projects into revenue-generating operating assets selling electricity. The Company also continued to receive robust support from its project finance partners, enabling it to reach significant milestones over the year.
In particular, Greenbacker secured nearly $1 billion in financing for the acquisition, construction and operation of its 674 MW Cider solar farm, the largest solar energy project in the state of New York to date. Cider also represents both Greenbacker’s largest clean energy asset to date and the largest project financing in Company history (for which it was awarded Proximo Infrastructure’s 2024 Solar Deal of the Year).
The construction financing represented $869 million from six of the world’s top financial institutions, including ongoing Greenbacker partners MUFG, KeyBanc Capital Markets and Wells Fargo, as well as first-time partnerships with ING Capital LLC, Intesa Sanpaolo S.p.A., New York Branch and Societe Generale. The Company also closed on an $81 million development loan with Voya Investment Management, its first partnership with the global investment manager.
Greenbacker additionally completed $437 million in financing for its wind repower portfolio. GREC was able to create additional value from existing assets by updating the turbine blades, hubs, and nacelles at three wind projects in its Midwestern fleet. To finance the repowering, the Company collaborated with lending partner Bayerische Landesbank to secure $81.5 million in construction bridge loan facilities, as well as long-term debt and tax equity financing from Huntington National Bank, via sales leasebacks totaling $355.7 million.
Also in 2024, Greenbacker completed the sale of its 54 MW Panther Creek pre-operating wind asset to an affiliated sustainable infrastructure-focused platform. The asset sale illustrated GREC’s ability to develop large clean energy assets through late-stage development, a key component of its go-forward strategy, while its affiliate platform viewed the project as an opportunity to add a fully developed, high cash-yielding asset, in line with its investment mandate.
Long-term contracted cash flows with investment-grade counterparties
As of December 31, 2024, the Greenbacker operating fleet represented approximately 1.6 gigawatts of total clean power generation and storage capacity, spanning over 30 states, territories, districts and provinces. Due to its size and geographic footprint, GREC’s operating fleet was listed among Solarplaza’s 2025 Top 50 Operating Solar Portfolios in North America.
At the end of 2024, over 93% of Greenbacker’s entire portfolio of operating and pre-operating clean energy projects were currently, or will be when completed, selling power to investment-grade counterparties, including utilities, municipalities, and corporations, under long-term power purchase agreements (“PPAs”). The portfolio had approximately 17.4 years of contracted cash flows associated with these PPAs.
Review of strategic alternatives
In addition to the other measures to reduce costs, operate more efficiently, and promote a path to better outcomes for its investors, the Greenbacker Board has authorized the Company to conduct a comprehensive review of strategic alternatives.
In regard to this review, the Board will consider a full range of operational and financial alternatives. A strategic review may result in Greenbacker securing additional capital to continue executing on its business plan: acquiring, owning, and operating a fleet of sustainable infrastructure assets that the Company efficiently manages to create both value and potential liquidity options for its shareholders.
“During 2024, Greenbacker closed on the Cider deal, completed our milestone wind repowers, and brought 117 MW of additional capacity online, showcasing how we can utilize additional capital while continuing to deliver on our core focus,” de Boer said. “We believe current valuations in the renewables sector do not align with the supportive fundamentals driving the energy transition, leading to a compelling inflection point for renewable infrastructure investment. In short: we believe this is one of the better times to be investing in the energy transition.”
Company’s investments produce power, abate carbon emissions, conserve water, and support green jobs
As of December 31, 2024, Greenbacker’s clean energy assets had cumulatively produced more than 11 million MWh of clean power since January 2016, abating over 7 million metric tons of carbon⁸ and saving nearly 8 billion gallons of water.⁹ Greenbacker’s fleet of operating and pre-operating projects currently support, or are expected to support, thousands of green jobs.¹⁰
Additional information regarding the Company’s impact can also be found in Greenbacker’s latest impact report.
Forward-Looking Statements
This press release contains forward-looking statements, including those that relate to our search for a permanent Chief Executive Officer, our strategy and initiatives and our expectations for growth, within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. The potential risks and uncertainties that could cause our actual results, performance or achievements to differ from the predicted results, performance or achievements include, among others, difficulties or delays we encounter in identifying a permanent Chief Executive Officer; our ability to execute on, and achieve the expected benefits from, our operational and strategic initiatives; our inability to realize the expected reduction in overhead expenses as a result of our reduction in force; volatility of the global financial markets and uncertain economic conditions, including changes in interest rates, inflationary pressures, recessionary concerns or global supply chain issues; public response to and changes in the local, state and federal regulatory framework affecting renewable energy projects; risks associated with changes in the fair value of our investments and the methods we use to estimate the fair value of our assets; and other risks and uncertainties discussed in our most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.
Non-GAAP Financial Measures
In addition to evaluating the Company’s performance on a U.S. GAAP basis, the Company utilizes certain non-GAAP financial measures to analyze the operating performance of our segments as well as our consolidated business. Each of these measures should not be considered in isolation from or as superior to or as a substitute for other financial measures determined in accordance with U.S. GAAP, such as net income (loss) or operating income (loss). The Company uses these non-GAAP financial measures to supplement its U.S. GAAP results in order to provide a more complete understanding of the factors and trends affecting its operations.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure that the Company uses as a performance measure, as well as for internal planning purposes. We believe that Adjusted EBITDA is useful to management and investors in providing a measure of core financial performance adjusted to allow for comparisons of results of operations across reporting periods on a consistent basis, as it includes adjustments relating to items that are not indicative on the ongoing operating performance of the business.
Adjusted EBITDA is a performance measure used by management that is not calculated in accordance with U.S. GAAP. Adjusted EBITDA should not be considered in isolation from or as superior to or as a substitute for net income (loss), operating income (loss) or any other measure of financial performance calculated in accordance with U.S. GAAP. Additionally, our calculations of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.
Funds From Operations (FFO)
FFO is a non-GAAP financial measure that the Company uses as a performance measure to analyze net earnings from operations without the effects of certain non-recurring items that are not indicative of the ongoing operating performance of the business. FFO is calculated using Adjusted EBITDA less the impact of interest expense (excluding the non-cash component) and distributions to tax equity investors under the financing facilities associated with our IPP segment.
The Company believes that the analysis and presentation of FFO will enhance our investor’s understanding of the ongoing performance of our operating business. The Company considers FFO, in addition to other GAAP and non-GAAP measures, in assessing operating performance and as a proxy for growth in distribution coverage over the long term.
FFO should not be considered in isolation from or as a superior to or as a substitute for net income (loss), operating income (loss) or any other measure of financial performance calculated in accordance with U.S. GAAP.
General Disclosure
This information has been prepared solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, or to participate in any trading or investment strategy. The information presented herein may involve Greenbacker’s views, estimates, assumptions, facts, and information from other sources that are believed to be accurate and reliable and are, as of the date this information is presented, subject to change without notice.
| GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| (in thousands, except per share data) | ||||||||
| December 31, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 120,057 | $ | 96,872 | ||||
| Restricted cash, current | 38,403 | 85,235 | ||||||
| Accounts receivable, net | 27,103 | 23,310 | ||||||
| Derivative assets, current | 17,632 | 24,062 | ||||||
| Other current assets | 28,586 | 62,429 | ||||||
| Total current assets | 231,781 | 291,908 | ||||||
| Noncurrent assets: | ||||||||
| Restricted cash | 3,128 | 5,568 | ||||||
| Property, plant and equipment, net | 2,232,486 | 2,133,877 | ||||||
| Intangible assets, net | 362,352 | 453,214 | ||||||
| Goodwill | — | 221,314 | ||||||
| Investments, at fair value | 74,136 | 94,878 | ||||||
| Derivative assets | 98,495 | 118,106 | ||||||
| Other noncurrent assets | 242,667 | 140,740 | ||||||
| Total noncurrent assets | 3,013,264 | 3,167,697 | ||||||
| Total assets | $ | 3,245,045 | $ | 3,459,605 | ||||
| Liabilities, Redeemable Noncontrolling Interests and Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 69,464 | $ | 79,288 | ||||
| Shareholder distributions payable | — | 7,606 | ||||||
| Contingent consideration, current | 15,293 | 16,546 | ||||||
| Current portion of long-term debt | 88,901 | 82,855 | ||||||
| Current portion of failed sale-leaseback financing and deferred ITC gain | 45,868 | 69,436 | ||||||
| Other current liabilities | 8,767 | 7,997 | ||||||
| Total current liabilities | 228,293 | 263,728 | ||||||
| Noncurrent liabilities: | ||||||||
| Long-term debt, net of current portion | 1,001,654 | 935,397 | ||||||
| Failed sale-leaseback financing and deferred ITC gain, net of current portion | 201,601 | 169,829 | ||||||
| Contingent consideration, net of current portion | 300 | 42,307 | ||||||
| Deferred tax liabilities, net | 35,316 | 58,696 | ||||||
| Operating lease liabilities | 196,911 | 108,406 | ||||||
| Out-of-market contracts, net | 180,640 | 194,785 | ||||||
| Other noncurrent liabilities | 59,261 | 53,492 | ||||||
| Total noncurrent liabilities | 1,675,683 | 1,562,912 | ||||||
| Total liabilities | $ | 1,903,976 | $ | 1,826,640 | ||||
| Redeemable noncontrolling interests | $ | 1,851 | $ | 2,179 | ||||
| Redeemable common shares, par value, $0.001 per share, nil and 873 outstanding as of 2024 and 2023, respectively | — | 1 | ||||||
| Redeemable common shares, additional paid-in capital | — | 7,245 | ||||||
| Equity: | ||||||||
| Preferred shares, par value, $0.001 per share, 50,000 authorized; none issued and outstanding | — | — | ||||||
| Common shares, par value, $0.001 per share, 350,000 authorized, 199,326 and 197,749 outstanding as of 2024 and 2023, respectively | 199 | 198 | ||||||
| Additional paid-in capital | 1,773,758 | 1,770,060 | ||||||
| Accumulated deficit | (584,733 | ) | (306,525 | ) | ||||
| Accumulated other comprehensive income | 34,937 | 45,932 | ||||||
| Noncontrolling interests | 115,057 | 113,875 | ||||||
| Total equity | 1,339,218 | 1,623,540 | ||||||
| Total liabilities, redeemable noncontrolling interests and equity | $ | 3,245,045 | $ | 3,459,605 | ||||
| GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES | ||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| (in thousands, except per share data) | ||||||||
| Year ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Revenue | ||||||||
| Energy revenue | $ | 185,225 | $ | 159,301 | ||||
| Investment Management revenue | 18,757 | 13,490 | ||||||
| Other revenue | 6,085 | 8,434 | ||||||
| Contract amortization, net | (14,301 | ) | (8,060 | ) | ||||
| Total net revenue | $ | 195,766 | $ | 173,165 | ||||
| Operating expenses | ||||||||
| Direct operating costs | 124,681 | 105,586 | ||||||
| General and administrative | 52,552 | 60,617 | ||||||
| Change in fair value of contingent consideration | (39,348 | ) | (603 | ) | ||||
| Depreciation, amortization and accretion | 81,953 | 125,743 | ||||||
| Gain on deconsolidation, net | (5,622 | ) | — | |||||
| Impairment of goodwill | 221,314 | — | ||||||
| Impairment of long-lived assets, net and project termination costs | 88,410 | 59,294 | ||||||
| Total operating expenses | 523,940 | 350,637 | ||||||
| Operating loss | (328,174 | ) | (177,472 | ) | ||||
| Interest expense, net | (7,612 | ) | (20,328 | ) | ||||
| Change in fair value of investments, net | (14,701 | ) | 932 | |||||
| Income from sale-leaseback transfer of tax benefits | 22,764 | — | ||||||
| Other income (expense), net | 2,436 | (267 | ) | |||||
| Loss before income taxes | (325,287 | ) | (197,135 | ) | ||||
| Benefit (expense) from income taxes | 19,378 | 21,548 | ||||||
| Net loss | $ | (305,909 | ) | $ | (175,587 | ) | ||
| Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests | (63,609 | ) | (96,116 | ) | ||||
| Net loss attributable to Greenbacker Renewable Energy Company LLC | $ | (242,300 | ) | $ | (79,471 | ) | ||
| Earnings per share | ||||||||
| Basic | $ | (1.22 | ) | $ | (0.40 | ) | ||
| Diluted | $ | (1.22 | ) | $ | (0.40 | ) | ||
| Weighted average shares outstanding | ||||||||
| Basic | 199,313 | 199,293 | ||||||
| Diluted | 199,313 | 199,293 | ||||||
| GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES | ||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (in thousands) | ||||||||
| Year ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Cash Flows from Operating Activities | ||||||||
| Net loss | $ | (305,909 | ) | $ | (175,587 | ) | ||
| Adjustments to reconcile Net loss to Net cash provided by operating activities: | ||||||||
| Depreciation, amortization and accretion | 96,254 | 133,803 | ||||||
| Gain on deconsolidation, net | (5,622 | ) | — | |||||
| Impairment of goodwill | 221,314 | — | ||||||
| Impairment of long-lived assets, net | 74,782 | 59,294 | ||||||
| Loss on sale of Illinois Winds LLC | 12,656 | — | ||||||
| Share-based compensation expense | 378 | 11,248 | ||||||
| Changes in fair value of contingent consideration | (39,348 | ) | (603 | ) | ||||
| Amortization of financing costs and debt discounts | 6,261 | 6,711 | ||||||
| Amortization of interest rate swap contracts | (1,055 | ) | 6,750 | |||||
| Change in fair value of interest rate swaps, net | (44,748 | ) | (17,763 | ) | ||||
| Gain on interest rate swaps, net | (1,356 | ) | (2,428 | ) | ||||
| Change in fair value of investments | 14,701 | (932 | ) | |||||
| Deferred income taxes | (19,378 | ) | (21,548 | ) | ||||
| Interest expense on failed sale-leaseback financing and deferred ITC gain | 7,549 | — | ||||||
| Income from sale-leaseback transfer of tax benefits | (22,764 | ) | — | |||||
| Other | 3,565 | 5,743 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (4,864 | ) | (2,959 | ) | ||||
| Current and noncurrent derivative assets | 52,602 | 56,696 | ||||||
| Other current and noncurrent assets | 9,416 | (10,661 | ) | |||||
| Accounts payable and accrued expenses | 14,164 | 14,891 | ||||||
| Operating lease liabilities | (1,543 | ) | (1,290 | ) | ||||
| Other current and noncurrent liabilities | 420 | 1,036 | ||||||
| Net cash provided by operating activities | 67,475 | 62,401 | ||||||
| Cash Flows from Investing Activities | ||||||||
| Purchases of property, plant and equipment | (287,822 | ) | (360,650 | ) | ||||
| Net deposits returned (paid) for property, plant and equipment | 8,155 | 8,138 | ||||||
| Proceeds from sale of Illinois Winds LLC | 36,563 | — | ||||||
| Purchases of investments | (734 | ) | (5,298 | ) | ||||
| Return of capital on investments | 6,775 | 3,906 | ||||||
| Loans made to other parties | (19,742 | ) | — | |||||
| Receipts from notes receivable | 46,204 | 30,725 | ||||||
| Net cash used in investing activities | (210,601 | ) | (323,179 | ) | ||||
| Cash Flows from Financing Activities | ||||||||
| Shareholder distributions | (37,196 | ) | (87,597 | ) | ||||
| Return of collateral paid for swap contract | — | 1,735 | ||||||
| Repurchases of common shares | (6,428 | ) | (82,719 | ) | ||||
| Shares withheld related to net share settlement of equity awards | (1,880 | ) | — | |||||
| Deferred shareholder servicing fees | (3,150 | ) | (3,486 | ) | ||||
| Contributions from noncontrolling interests | 110,216 | 144,895 | ||||||
| Distributions to noncontrolling interests | (17,850 | ) | (17,498 | ) | ||||
| Proceeds from borrowings | 404,580 | 425,532 | ||||||
| Payments on borrowings | (320,174 | ) | (351,764 | ) | ||||
| Proceeds from failed sale-leaseback | 111,453 | 240,969 | ||||||
| Payments on failed sale-leaseback | (87,089 | ) | — | |||||
| Payments for loan origination costs | (34,698 | ) | (11,447 | ) | ||||
| Other capital activity | (745 | ) | (865 | ) | ||||
| Net cash provided by financing activities | 117,039 | 257,755 | ||||||
| Net decrease in Cash, cash equivalents and Restricted cash | (26,087 | ) | (3,023 | ) | ||||
| Cash, cash equivalents and Restricted cash at beginning of period* | 187,675 | 190,698 | ||||||
| Cash, cash equivalents and Restricted cash at end of period | $ | 161,588 | $ | 187,675 | ||||
| *Cash, cash equivalents and Restricted cash as of May 18, 2022 includes all consolidated subsidiaries of the Company upon the change in status. | ||||||||
Non-GAAP Reconciliations
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure that the Company uses as a performance measure as well as for internal planning purposes. We believe that Adjusted EBITDA is useful to management and investors in providing a measure of core financial performance adjusted to allow for comparisons of results of operations across reporting periods on a consistent basis as it includes adjustments relating to items that are not indicative of the ongoing operating performance of the business.
The Company defines Adjusted EBITDA as net income (loss) before: (i) interest expense; (ii) income taxes; (iii) depreciation expense; (iv) amortization expense (including contract amortization); (v) accretion; (vi) impairment of long-lived assets; (vii) amounts attributable to our redeemable and non-redeemable noncontrolling interests; (viii) unrealized gains and losses on financial instruments; (ix) gains and losses for asset dispositions; (x) other income (loss); and (xi) foreign currency gain (loss). Additionally, the Company further adjusts for the following items described below:
Adjusted EBITDA is a performance measure used by management that is not calculated in accordance with U.S. GAAP. Adjusted EBITDA should not be considered in isolation from or as superior to or as a substitute for net income (loss), operating income (loss) or any other measure of financial performance calculated in accordance with U.S. GAAP. Additionally, our calculations of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.
FFO
FFO is a non-GAAP financial measure that the Company uses as a performance measure to analyze net earnings from operations without the effects of certain non-recurring items that are not indicative of the ongoing operating performance of the business.
FFO is calculated using Adjusted EBITDA less the impact of interest expense (excluding the non-cash component) and distributions to Tax Equity Investors under the financing facilities associated with our IPP segment. The Company excludes these distributions as these are not recorded within Adjusted EBITDA and is therefore not a component of our earnings from operations.
The Company believes that the analysis and presentation of FFO will enhance our investors’ understanding of the ongoing performance of our operating business. The Company considers FFO, in addition to other GAAP and non-GAAP measures, in assessing operating performance and as a proxy for growth in distribution coverage over the long-term.
Adjusted EBITDA and FFO should not be considered in isolation from or as a superior to or as a substitute for net income (loss), operating income (loss) or any other measure of financial performance calculated in accordance with U.S. GAAP.
The following table reconciles Net loss attributable to Greenbacker Renewable Energy Company LLC to Adjusted EBITDA and FFO:
| Three months ended December 31, | Year ended December 31, | |||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net loss attributable to Greenbacker Renewable Energy Company LLC | $ | (176,623 | ) | $ | (15,822 | ) | $ | (242,300 | ) | $ | (79,471 | ) | ||||
| Add back or deduct the following: | ||||||||||||||||
| Net loss attributable to noncontrolling interests and redeemable noncontrolling interests | (14,635 | ) | (30,307 | ) | (63,609 | ) | (96,116 | ) | ||||||||
| Benefit (expense) from income taxes | (16,799 | ) | (7,393 | ) | (19,378 | ) | (21,548 | ) | ||||||||
| Interest expense, net | (27,546 | ) | 28,240 | 7,612 | 20,328 | |||||||||||
| Depreciation, amortization and accretion(1) | 25,310 | 15,589 | 97,056 | 134,647 | ||||||||||||
| EBITDA | $ | (210,293 | ) | $ | (9,693 | ) | $ | (220,619 | ) | $ | (42,160 | ) | ||||
| Share-based compensation expense | (12,602 | ) | 1,255 | 378 | 11,248 | |||||||||||
| Change in fair value of contingent consideration | (35,584 | ) | 3,500 | (39,348 | ) | (603 | ) | |||||||||
| Change in fair value of investments, net | 15,357 | (2,200 | ) | 14,701 | (932 | ) | ||||||||||
| Income from sale-leaseback transfer of tax benefits | (22,764 | ) | — | (22,764 | ) | — | ||||||||||
| Other income (expense), net | (1,808 | ) | 512 | (2,436 | ) | 267 | ||||||||||
| Gain on deconsolidation, net | 100 | — | (5,622 | ) | — | |||||||||||
| Loss on asset disposition | 12,932 | — | 12,932 | — | ||||||||||||
| Impairment of goodwill | 221,314 | — | 221,314 | — | ||||||||||||
| Impairment of long-lived assets, net and project termination costs | 55,700 | 8,632 | 88,410 | 59,294 | ||||||||||||
| Non-recurring professional services and legal fees | 1,560 | 468 | 8,654 | 3,388 | ||||||||||||
| Non-recurring salaries and personnel related expenses(2) | 2,491 | — | 4,150 | 1,250 | ||||||||||||
| Adjusted EBITDA | $ | 26,403 | $ | 2,474 | $ | 59,750 | $ | 31,752 | ||||||||
| Cash portion of interest expense | (7,828 | ) | (7,869 | ) | (30,217 | ) | (27,473 | ) | ||||||||
| Distributions to tax equity investors | (4,327 | ) | (2,449 | ) | (18,848 | ) | (15,748 | ) | ||||||||
| FFO | $ | 14,248 | $ | (7,844 | ) | $ | 10,685 | $ | (11,469 | ) | ||||||
| (1) Includes contract amortization, net in the amount of $4.9 million, $5.8 million, $14.3 million, and $8.1 million for the three months ended December 31, 2024 and 2023 and the years ended December 31, 2024 and 2023, respectively, which are included in Contract amortization, net on the Consolidated Statements of Operations; also includes certain other amortization costs included in Direct operating costs and General and administrative on the Consolidated Statements of Operations. | ||||||||||||||||
| (2) Non-recurring salaries and personnel related expenses for 2024 include start-up costs which primarily include salaries and personnel related expenses of incremental employees hired in advance to launch new investment strategy initiatives. Given the nature and scale of the related costs and activities, management does not view these as normal, recurring operating expenses, but rather as non-recurring investments to initially develop our new funds. Therefore, we believe it is useful and necessary for investors to understand our core operating performance in current and future periods by excluding the impact of these start-up costs as incurred. Non-recurring salaries and personnel related expenses for 2024 also include placement fees, including internal sales commission. | ||||||||||||||||
Adjusted EBITDA for the year ended December 31, 2024 has not been adjusted for the charges of $16.6 million incurred as part of a settlement agreement with a third-party vendor due to the termination of the existing purchase contract in order to acquire the solar panels needed for our development and construction pipeline from a different vendor with significantly better economic proposition due to reduced expected cash outlays.
The following table reconciles total Segment Adjusted EBITDA to Net loss attributable to Greenbacker Renewable Energy Company LLC:
| Three months ended December 31, | Year ended December 31, | |||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Segment Adjusted EBITDA: | ||||||||||||||||
| IPP Adjusted EBITDA | $ | 26,532 | $ | 6,721 | $ | 81,197 | $ | 62,180 | ||||||||
| IM Adjusted EBITDA | 3,033 | 1,601 | 2,051 | (2,674 | ) | |||||||||||
| Total Segment Adjusted EBITDA | $ | 29,565 | $ | 8,322 | $ | 83,248 | $ | 59,506 | ||||||||
| Reconciliation: | ||||||||||||||||
| Total Segment Adjusted EBITDA | $ | 29,565 | $ | 8,322 | $ | 83,248 | $ | 59,506 | ||||||||
| Unallocated corporate expenses | (3,162 | ) | (5,848 | ) | (23,498 | ) | (27,754 | ) | ||||||||
| Total Adjusted EBITDA | 26,403 | 2,474 | 59,750 | 31,752 | ||||||||||||
| Less: | ||||||||||||||||
| Share-based compensation expense | (12,602 | ) | 1,255 | 378 | 11,248 | |||||||||||
| Change in fair value of contingent consideration | (35,584 | ) | 3,500 | (39,348 | ) | (603 | ) | |||||||||
| Gain on deconsolidation, net | 100 | — | (5,622 | ) | — | |||||||||||
| Loss on asset disposition | 12,932 | — | 12,932 | — | ||||||||||||
| Impairment of goodwill | 221,314 | — | 221,314 | — | ||||||||||||
| Impairment of long-lived assets, net and project termination costs | 55,700 | 8,632 | 88,410 | 59,294 | ||||||||||||
| Depreciation, amortization and accretion(1) | 25,310 | 15,589 | 97,056 | 134,647 | ||||||||||||
| Non-recurring professional services and legal fees | 1,560 | 468 | 8,654 | 3,388 | ||||||||||||
| Non-recurring salaries and personnel related expenses(2) | 2,491 | — | 4,150 | 1,250 | ||||||||||||
| Operating loss | $ | (244,818 | ) | $ | (26,970 | ) | $ | (328,174 | ) | $ | (177,472 | ) | ||||
| Interest expense, net | 27,546 | (28,240 | ) | (7,612 | ) | (20,328 | ) | |||||||||
| Change in fair value of investments, net | (15,357 | ) | 2,200 | (14,701 | ) | 932 | ||||||||||
| Income from sale-leaseback transfer of tax benefits | 22,764 | — | 22,764 | — | ||||||||||||
| Other income (expense), net | 1,808 | (512 | ) | 2,436 | (267 | ) | ||||||||||
| Loss before income taxes | $ | (208,057 | ) | $ | (53,522 | ) | $ | (325,287 | ) | $ | (197,135 | ) | ||||
| Benefit from income taxes | 16,799 | 7,393 | 19,378 | 21,548 | ||||||||||||
| Net loss | $ | (191,258 | ) | $ | (46,129 | ) | $ | (305,909 | ) | $ | (175,587 | ) | ||||
| Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests | (14,635 | ) | (30,307 | ) | (63,609 | ) | (96,116 | ) | ||||||||
| Net loss attributable to Greenbacker Renewable Energy Company LLC | $ | (176,623 | ) | $ | (15,822 | ) | $ | (242,300 | ) | $ | (79,471 | ) | ||||
| (1) Includes contract amortization, net in the amount of $4.9 million, $5.8 million, $14.3 million, and $8.1 million for the three months ended December 31, 2024 and 2023 and the years ended December 31, 2024 and 2023, respectively, which are included in Contract amortization, net on the Consolidated Statements of Operations; also includes certain other amortization costs included in Direct operating costs and General and administrative on the Consolidated Statements of Operations. | ||||||||||||||||
| (2) Non-recurring salaries and personnel related expenses for 2024 include start-up costs which primarily include salaries and personnel related expenses of incremental employees hired in advance to launch new investment strategy initiatives. Given the nature and scale of the related costs and activities, management does not view these as normal, recurring operating expenses, but rather as non-recurring investments to initially develop our new funds. Therefore, we believe it is useful and necessary for investors to understand our core operating performance in current and future periods by excluding the impact of these start-up costs as incurred. Non-recurring salaries and personnel related expenses for 2024 also include placement fees, including internal sales commission. | ||||||||||||||||
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that both acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms, and provides investment management services to other renewable energy investment vehicles. We seek to acquire and operate high-quality projects that sell clean power under long-term contracts to high-creditworthy counterparties such as utilities, municipalities, and corporations. We are long-term owner-operators, who strive to be good stewards of the land and responsible members of the communities in which we operate. Greenbacker conducts its investment management business through its wholly owned subsidiary, Greenbacker Capital Management, LLC, an SEC-registered investment adviser. We believe our focus on power production and asset management creates value that we can then pass on to our shareholders—while facilitating the transition toward a clean energy future. For more information, please visit https://greenbackercapital.com.
About Greenbacker Capital Management
Greenbacker Capital Management LLC is an SEC registered investment adviser that provides advisory and oversight services related to project development, acquisition, and operations in the renewable energy, energy efficiency, and sustainability industries. For more information, please visit www.greenbackercapital.com.
Greenbacker media contact
Chris Larson
Media Communications
646.569.9532
c.larson@greenbackercapital.com
____________________________________________
¹ The financial and portfolio metrics set forth herein are unaudited and subject to change. Data as of December 31, 2024. Total assets and megawatts statistics include those projects where we have contracted for the acquisition of the project pursuant to a Membership Interest Purchase Agreement (“MIPA”).
² Includes pre-operating and operating assets across combined GREC and GREC II portfolios. Data as of December 31, 2024.
³ Total operating revenue excludes non-cash contract amortization, net.
⁴ Adjusted EBITDA is a non-GAAP financial measure that the Company uses as a performance measure, as well as for internal planning purposes. We believe that Adjusted EBITDA is useful to management and investors in providing a measure of core financial performance adjusted to allow for comparisons of results of operations across reporting periods on a consistent basis, as it includes adjustments relating to items that are not indicative on the ongoing operating performance of the business. See “Non-GAAP Financial Measures” for additional discussion. Adjusted EBITDA is unaudited. See the Company’s 10-K filed with the SEC for additional financial information and important related disclosures.
⁵ Data as of December 31, 2024. Total assets and megawatts statistics include those projects where we have contracted for the acquisition of the project pursuant to a Membership Interest Purchase Agreement (“MIPA”). The financial and portfolio metrics set forth herein are unaudited and subject to change
⁶ Does not include power generated from biomass facility during 2023 and a portion of 2024, and also does not include assets in which the Company holds a preferred equity position
⁷ Frequently Asked Questions (FAQs) – U.S. Energy Information Administration (EIA)
⁸ Data is as of December 31, 2024. When compared with a similar amount of power generation from fossil fuels. Carbon abatement is calculated using the EPA Greenhouse Gas Equivalencies Calculator which uses the Avoided Emissions and generation Tool (AVERT) US national weighted average CO2 marginal emission rate to convert reductions of kilowatt-hours into avoided units of carbon dioxide emissions.
⁹ Data is as of December 31, 2024. Water saved by Greenbacker’s clean energy projects is compared to the amount of water needed to produce the same amount of power by burning coal. Gallons of water saved are calculated based on Operational water consumption and withdrawal factors for electricity generating technologies: a review of existing literature – IOPscience, J Macknick et al 2012 Environ. Res. Lett. 7 045802.
¹⁰ Data is as of December 31, 2024. Green jobs calculated using The National Renewable Energy Laboratory (NREL) State Clean Energy Employment Projection Support, nrel.gov.
Source: GlobeNewswire (MIL-OSI)
NEW YORK, April 01, 2025 (GLOBE NEWSWIRE) — Presidio, a leading technology services and solutions provider, today announced the launch of its Sports, Media and Entertainment practice with new, innovative tailored cloud-based, AI-powered solutions and services. As organizations in these industries look for new ways to engage viewers, increase revenue, and deliver richer fan experiences, Presidio’s new Captivate suite of AI-powered metadata solutions is designed to transform content discovery, audience interaction, and betting engagement.
Built on Presidio’s proven expertise with industry leaders including the National Hockey League (NHL) and DraftKings, Captivate is an innovative audience experience solution with accelerators that leverage AWS for scalability, flexibility, and intelligence to drive immersive experiences and dynamic monetization opportunities specifically for the Sports, Media and Entertainment industries. By integrating AI-driven content curation with real-time data processing, Presidio Captivate enables organizations to deliver tailored, high-impact experiences faster and more efficiently. These include:
“We’ve worked with Presidio on a wide range of innovative projects spanning modernizing our IT infrastructure, developing and managing mission-critical applications and enhancing streaming and production experiences for fans. Their cloud-first solutions, combined with deep expertise in media workflows, have allowed us to advance the NHL and transform the way we engage with fans, deliver content, and operate as a league,” said Grant Nodine, NHL Senior Vice President, Technology.
“Our extensive success solving technology challenges for high-profile sports, media and entertainment customers provides invaluable insights into their specific and continuously evolving challenges. From ideation to execution across AI-powered fan experiences to optimizing operations and everything in between, we’re helping our customers excel in a rapidly shifting and competitive market,” said Roger Sherwood, Industry Practice Director at Presidio.
Discover how Captivate is redefining fan engagement here and if you’re attending NAB 2025 April 5–9, 2025 attend our session in the AWS theater “Unlocking the Future of Fan Engagement with Presidio & the NHL”
About Presidio
At Presidio, speed and quality meet technology and innovation. Presidio is a trusted ally for organizations across industries with a decades-long history of building traditional IT foundations and deep expertise in AI and automation, security, networking, digital transformation, and cloud computing. Presidio fills gaps, removes hurdles, optimizes costs, and reduces risk. Presidio’s expert technical team develops custom applications, provides managed services, enables actionable data insights and builds forward-thinking solutions that drive strategic outcomes for clients globally. For more information, visit www.presidio.com.
Source: Party of Wales
Welsh Government statistics published this week show that child poverty has risen by 2% to 31% in Wales, the highest rise of all UK nations. However, ahead of a Plaid Cymru debate in the Senedd on April 2nd 2025, where they will call on the Welsh Government to implement a child payment, the
Labour Welsh Government have deleted the calls in their amendment to the original motion.
Instead, the Welsh Government have focused once again on a ‘commitment…to engage with the Scottish Government to better understand the Scottish Child Payment and how it operates’ despite this having been a matter of discussion for a number of years in Wales.
Plaid Cymru Social Justice spokesperson Sioned Williams has criticised the Government’s decision to delete the call, accusing Labour of ‘stalling’ and ‘refusing to take direct action on tackling child poverty’ calling it out as a ‘national stain’.
This comes in the same week as the UK Labour Government announcement to cut almost £5 billion in welfare spending, a decision that will push a further 50,000 children into poverty across England and Wales.
Plaid Cymru announced a direct child payment to tackle child poverty in their Spring Conference in Llandudno last week. The payment will ‘boost support by putting money in the pockets of those struggling’.
A similar scheme in Scotland has had a transformative impact on child poverty, helping Scotland become the only nation in the UK where child poverty levels are expected to decrease.
Plaid Cymru’s spokesperson on Social Justice, Sioned Williams MS, said:
“Labour are failing our children and young people as the Government’s own figures released this week show. Not only is child poverty growing in Wales, but it is growing at the fastest rate of all UK nations. This is the result of 25 years of Labour inaction in getting to grips with the national stain that is child poverty.
“Their choice to ‘delete’ Plaid Cymru’s calls to implement a child payment is just another example of their refusal to take direct action on tackling child poverty. How long will Labour be content to talk around the issue when the actions needed are known and proven.
“Plaid Cymru has real, ambitious, tangible solutions to tackle child poverty. In Government we will take action to support the 31% of children that are currently growing up in poverty, living in households which are struggling to make ends meet, by implementing a child payment.
“While Labour are happy to stall, Plaid Cymru will act. While Labour chooses to cut almost £5 billion in support to the most vulnerable, Plaid Cymru look to boost support by putting money in the pockets of those struggling. While Labour are happy continuing with the status quo, Plaid Cymru offer a fresh start.”
Source: US State of Hawaii
Posted on Mar 31, 2025 in Main
March 31, 2025
NR25-07
HONOLULU – The price of local and mainland eggs in Honolulu rose significantly in the first quarter of this year. However, the price between local and mainland eggs was comparable, according to latest statistics from the Hawai‘i Department of Agriculture (HDOA), Market Analysis and News Branch (MANB).
Since Jan. 1, 2025, egg prices rose by 20% for local eggs, with a median price of $9.51 per dozen, while the price for imported mainland eggs rose 30% to $9.46, just a few cents difference.
Hawai‘i still pays significantly higher prices than the rest of the U.S., which averages at $4.90 per dozen. The increase in the price of mainland eggs can be mainly attributed to the highly pathogenic avian influenza (HPAI) which has impacted egg production across the continental U.S.
January 2025, HDOA released data that indicated that between 2021 and 2024, the price for a dozen locally produced eggs rose by 28.4% from $6.91 to $8.87 while the price of imported mainland eggs increased by 51.8% from $5.50 to $8.35. The data collected between 2023 and 2024 show that local egg prices rose by 2.7% while mainland eggs prices rose by 6.2%.
“While the increasing price of all eggs is a concern for everyone, it is good to see that local eggs are able to be very competitive in the marketplace,” said Sharon Hurd, chairperson of the Hawai‘i Board of Agriculture. “Of course, the added benefit of locally produced eggs is that they are fresher and we hope that everyone will choose local when available and support our local producers.”
While HPAI was detected in two locations on O‘ahu in early November 2024, no further detections of the virus have been confirmed and no Hawai‘i egg production facilities have been involved. HDOA continues to work with the local poultry industry to keep HPAI from infecting flocks.
# # #
Statistics on Egg Prices, Quarter 1, 2025
Statistics on Egg Prices, December 2021-2024
Source: Government of Singapore
Singapore, 1 April 2025 – The Northeast Monsoon conditions prevailing over the region since mid-November 2024 are expected to gradually weaken and end, with inter-monsoon conditions setting in during the first fortnight of April 2025. The inter-monsoon period usually lasts to May, and is characterised by light and variable winds and higher lightning activity.
2 Moderate to heavy thundery showers are expected over parts of the island in the afternoon on most days. The showers may extend into the evening on a few of these days. In addition, Sumatra squalls may bring widespread thundery showers and gusty winds on one or two mornings. The total rainfall for the first fortnight of April 2025 is forecast to be above average over most parts of the island.
3 The daily maximum temperatures are likely to range between 33 degrees Celsius and 34 degrees Celsius on most days and reach around 35 degrees Celsius on a few days.
4 For updates of the daily weather forecast, please visit the MSS website (www.weather.gov.sg), NEA website (www.nea.gov.sg), or download the myENV app.
REVIEW OF THE PAST TWO WEEKS (17 – 31 MARCH 2025)
5 Northeast Monsoon conditions prevailed over Singapore and the surrounding region in the second fortnight of March 2025. During the period, the low-level winds blew mainly from the northwest or northeast.
6 The second fortnight of March 2025 was very wet. Moderate to heavy thundery showers affected parts of the island on most days. On 19 – 20 March 2025, a surge of north-easterly winds (or monsoon surge[1]) over the South China Sea brought spells of moderate to heavy showers over Singapore and the surrounding region. This was the third wet monsoon surge during this Northeast Monsoon season. The daily total rainfall of 216.8 mm recorded at Kallang on 20 March 2025 was the highest rainfall recorded for the second fortnight of March 2025.
7 Based on the rainfall averaged across the island-wide stations with long-term data since 1980, March 2025 is the wettest March on record. The monthly total rainfall of 482.9 mm surpassed the previous record of 451.0 mm set in 2004.
8 The daily maximum temperatures in the second fortnight of March 2025 were between 32 degrees Celsius and 34 degrees Celsius on most days. During the monsoon surge on 19 – 20 March 2025, the daily minimum temperatures ranged from about 22 degrees Celsius to 24 degrees Celsius, while daily maximum temperatures ranged from about 24 degrees Celsius to 28 degrees Celsius. The lowest daily minimum temperature for the second fortnight of March 2025 was 21.9 degrees Celsius, recorded at Tuas South during the surge on 20 March 2025.
9 Well-above average rainfall was received across the island in the second fortnight of March 2025 with Changi registering rainfall of 570 per cent above average.
CLIMATE STATION STATISTICS
| Long-term Statistics for April (Climatological reference period: 1991-2020) |
||
|---|---|---|
| Average daily maximum temperature: | 32.4 | °C |
| Average daily minimum temperature: | 25.3 | °C |
| Average monthly temperature: | 28.2 | °C |
| Average rainfall: | 164.3 | mm |
| Average number of rain days: | 15 | |
| Historical Extremes for April (Rainfall since 1869 and temperature since 1929) |
||
| Highest monthly mean daily maximum temperature: | 33.9 | °C (1983) |
| Lowest monthly mean daily minimum temperature: | 23.1 | °C (1934) |
| Highest monthly rainfall ever recorded: | 454.9 | mm (1900) |
| Lowest monthly rainfall ever recorded: | 16.6 | mm (1977) |
METEOROLOGICAL SERVICE SINGAPORE
1 Apr 2025
[1] A monsoon surge refers to a strengthening of winds over the South China Sea, causing extensive rainclouds to form over our surrounding region.
~~ End ~~
For more information, please submit your enquiries electronically via the Online Feedback Form or myENV mobile application.
Source: City of Leeds
Leeds City Council has today welcomed the announcement of £10m of central government funding to help provide additional places for further education (FE) students across the city.
The Department for Education has confirmed the grant funding will be awarded directly to Leeds City Council to create more learning spaces within post-16 education settings to accommodate the significant increase in the number of mainstream students aged 16 to 19, from 2025-2026.
Like other major cities across England, Leeds has seen a demographic increase in 16-18-year-olds over the last three years, leading to a projected gap in the number of FE places available across the city.
The Office for National Statistics (ONS) has estimated the population of 16, 17 and 18-year-olds will continue to rise until 2030, levelling out at just under 30,000.
Since 2023, the council has been working extensively with partners across Leeds to address the need for provision, resulting in 900 new post-16 places created to meet shortfalls in areas of greatest need.
This new £10m grant will now support the development of further capacity within the city.
Councillor Helen Hayden, Leeds City Council’s executive member for children and families, said: “Leeds is an incredible city for people of all ages to learn and further their education, with a range of nationally-recognised colleges and institutions providing many learning, training and apprenticeship opportunities.
“The pressures we face are not unique to Leeds, with all core cities nationally grappling with similar challenges, but we remain committed to finding a solution.
“To that end, we have made great strides so far to address the pressing need for further places, working closely with FE providers, community stakeholders and the Department for Education.
“This £10m additional funding is a major boost in helping us to provide the physical spaces and learning environments needed to enable more students to continue their education and enjoy the best possible opportunities here in Leeds.”
ENDS
For media enquiries please contact:
Leeds City Council communications and marketing,
Email: communicationsteam@leeds.gov.uk
Tel: 0113 378 6007
Source: The Conversation (Au and NZ) – By John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra
The Reserve Bank of Australia left its benchmark interest rate unchanged at 4.1% today, stressing the uncertainty in the economic outlook.
As the Reserve Bank Governor Michele Bullock told a media conference, “since February there has been a lot more uncertainty introduced in the international context”.
The on-hold decision was widely expected and Bullock described it as a “consensus decision” by the board.
The decision to hold was not because the election campaign is underway. It was because there has not been enough new economic data to change materially its view on inflation. The governor said the board had never mentioned the election in its discussions.
In a statement, the central bank said:
Recent announcements from the United States on tariffs are having an impact on confidence globally and this would likely be amplified if the scope of tariffs widens.
As the Reserve Bank Governor put it, “we’re paid to worry” and they are discussing with peer central banks the response to global uncertainties.
The volatile monthly inflation series fell marginally, from 2.5% to 2.4%, in February.
The more trustworthy quarterly consumer price index (CPI) will come out on April 30 and will be an important factor in the Reserve Bank’s decision at its next meeting, on May 20.
The CPI report is likely to show the “trimmed mean” underlying inflation returning to the 2–3% target band for the first time since 2021. Headline inflation could be in the lower half of the band.
The unemployment rate has been steady at 4.1%. This is below what the Reserve Bank had regarded as the level consistent with steady inflation. But it has not been associated with an acceleration in wages. Indeed, wages have slowed to 3.2% growth, less than the Reserve Bank was forecasting for 2025.
This could all give the Reserve Bank the confidence to make another cut to the cash rate. Financial markets are predicting a cut in May.
The board itself said the current level of rates “remains restrictive”. So they will cut rates further once inflation is sustainably around the middle of the target band.
The main impact of last week’s federal budget will be to delay the bounceback in electricity prices, after the end of the current rebates, for another six months. If there is a change in government, there will be a temporary fall in petrol prices for a year.
But both of these have only temporary effects on the “headline” inflation rate. The Reserve Bank is more concerned about sustained movements in underlying inflation.
Labor’s proposed income tax cuts, which will be cancelled if the Coalition wins power, are only “modest” (in the treasurer’s own words) and do not come into effect until July 2026. They are also unlikely to have a material impact on the Reserve Bank’s inflation forecasts.
The governor suggested as much, commenting that the forecasts following the budget would be similar to those made in February. She described increasing government spending as “filling a gap” in relatively weak private demand.
We will not know the extent of the new tariffs being announced by United States President Donald Trump until later in the week. And even then he may change them within days – or even on the same day.
The US tariffs will push up prices there. But if they trigger a trade war, the global economy will weaken and this may lead to lower prices globally. The governor pointed out that trade diversion prompted by tariffs could lower the price of some imports.
Bullock said the central bank was assessing the potential impact of tariffs on Australia’s trading partners including China. If Chinese authorities boosted support for their economy, then the economic impact on Australia might be “muted”.
The Reserve Bank’s 0.25% interest rate cut in February to 4.1% was the first change in the cash rate since November 2023 and marked the first small reversal of 13 rate increases that began in the closing days of the Morrison government.
The heightened attention placed on the Reserve Bank in an election campaign is not that unusual. With Australian parliamentary terms limited to three years, but with no fixed duration, we are often approaching a possible election.
While cutting interest rates will suit one side of politics, not cutting benefits the other. The impartial approach taken by the Reserve Bank is to make the same decision as they would if no election were looming.
This is the first meeting of the new monetary policy board, which is now separate from the central bank’s governance board.
This specialisation was a recommendation of the 2023 Reserve Bank review commissioned by the treasurer. But seven of the nine member remain from the previous board. The two new members, including one of the authors of the review, are not expected to hold markedly different views to the continuing members.
John Hawkins was formerly a senior economist with the Reserve Bank.
– ref. Reserve Bank holds rates steady, cautious about the economic outlook – https://theconversation.com/reserve-bank-holds-rates-steady-cautious-about-the-economic-outlook-253434
Source: China State Council Information Office
Chinese tech giant Huawei generated 862.1 billion yuan (about 120.1 billion U.S. dollars) in sales revenue in 2024, up from 704.2 billion yuan the previous year, according to its 2024 annual report released on Monday.
The company generated 62.6 billion yuan in net profits last year, the report said, adding the company’s performance was in line with forecast.
In 2024, Huawei invested 179.7 billion yuan back into research and development (R&D), which accounted for approximately 20.8 percent of its annual revenue. Altogether, the company’s R&D investment over the past decade exceeded 1.249 trillion yuan, according to the annual report.
As of Dec. 31, 2024, the company’s R&D workforce comprised approximately 113,000 employees, accounting for 54.1 percent of the total staff. Huawei holds over 150,000 valid authorized patents worldwide, according to statistics as of the end of last year.
The report showed highlights in the tech giant’s performance. With 10 years of preparation in the computing domain, the company was able to seize new opportunities in AI and achieve substantial growth, it said.
Huawei devices are now back in the fast lane, with historic breakthroughs in HarmonyOS ecosystem development, it added. HarmonyOS, or Hongmeng in Chinese, is an open-source operating system developed by Huawei. Moreover, Huawei’s intelligent automotive solutions turned a profit in 2024 for the first time.
Huawei will continue to open up its platform capabilities to ecosystem partners and provide developers with easy-to-use tools and products in domains like HarmonyOS, Kunpeng, Ascend, and cloud computing, said Meng Wanzhou, the company’s rotating chairwoman.
Based in Shenzhen, Huawei is a leading global provider of information and communication technology (ICT) infrastructure and smart devices. Since 2021, Huawei’s revenue has experienced year-on-year growth, achieving global sales revenues of 636.8 billion yuan in 2021, 642.3 billion yuan in 2022, and 704.2 billion yuan in 2023.
Source: China State Council Information Office
Job seekers attend a job fair held in Shanghai, east China, Feb. 14, 2025. [Photo/Xinhua]
As China’s job market grows increasingly competitive, college graduates are discovering that mastering artificial intelligence (AI) skills could be their key to success.
At a recent job fair in south China’s Guangdong, a company specializing in brain-computer interface research and development made its ambitions clear, expressing a strong desire to hire algorithm engineers while noting that “there is no cap on hiring!”
“We offer a complimentary two-bedroom apartment and an annual salary of 400,000 to 700,000 yuan,” said Zheng Hui, founder of the startup NeuroDance. That’s roughly 55,000 to 96,000 U.S. dollars, a highly competitive package for new job seekers.
As China prioritizes boosting graduate employment, roles in emerging sectors like AI and robotics remain in critically short supply.
Official data shows that a record 12.22 million college graduates are expected to enter the job market in 2025. This year’s government work report has pledged to expand employment and business startup opportunities for students and other young people.
At the job fair that concluded on Monday, AI-related positions in electronics, IT and advanced manufacturing emerged as some of the most in-demand roles.
Tech firms like BYD, Pony.ai and UBTECH are actively recruiting for positions such as autonomous driving algorithm engineers and AI engine R&D engineers, drawing significant interest from job seekers.
Liu Silei, who is studying robotics, cognition and intelligence at the Technical University of Munich, returned to China for the recruitment event. “China’s AI boom is providing ample career opportunities,” Liu said.
At a similar job fair held in east China’s Hangzhou recently, 830 companies offered 21,000 positions, with half of them in AI algorithms and large models.
Chinese firm Unitree Robotics posted 10 AI-related roles, with monthly salaries reaching up to 70,000 yuan, underscoring the lucrative opportunities emerging in this sector.
“DeepSeek’s explosive growth is driving AI integration across sectors, and the intensifying competition for AI professionals is pushing companies to increase salaries,” said Li Qiang, executive vice president of Zhaopin, an online recruitment platform in China.
Data from the platform shows that job postings for algorithm engineers and machine learning roles in February grew by 46.8 percent and 40.1 percent year on year, respectively, with average monthly salaries surpassing 20,000 yuan.
The AI talent shortage deepened in Q1 2025, with demand outpacing supply by a ratio of 3:1, according to a report by Liepin, a Chinese job-seeking service provider. Specifically, there are nine job openings for every search algorithm engineer and seven for each recommendation algorithm specialist.
Demand for AI education and talent development is also surging. Job openings for AI trainers after this year’s Chinese New Year soared by 112 percent, with positions offering a monthly salary of over 15,000 yuan, according to Zhaopin.
“The most urgent needs are fundamental scientists and cross-disciplinary experts,” said Wang Liang, a researcher from the Institute of Automation under the Chinese Academy of Sciences. “They are crucial for advancing home-grown AI chip development and original algorithms while also accelerating AI’s adoption across industries.”
The DeepSeek phenomenon has sparked an AI race among China’s tech giants, including Alibaba and Tencent. At the same time, their models are being rapidly adopted across government services, manufacturing, healthcare, consumer goods and urban management, creating an unprecedented demand for professionals who can blend AI expertise with industry-specific knowledge.
AI only became an official undergraduate major in China in 2019. Currently, most AI professionals transition from backgrounds in computer science, software engineering, electronics, or mechanical engineering. These fields require a strong foundation in advanced linear algebra, probability theory, statistics and programming skills.
China’s higher education system has introduced AI programs at over 500 universities, marking one of the fastest disciplinary expansions in its history.
Leading Chinese universities such as Tsinghua University, Wuhan University and Shanghai Jiao Tong University have announced plans to expand their enrollments in AI and related interdisciplinary fields to meet the growing demand for talent.
Industry reports indicate that by 2030, China is expected to face a shortage of 4 million AI professionals.
AI entrepreneurs are urging working professionals to upskill in AI. “AI competency must become a core citizen skill,” said Liu Qingfeng, chairman of iFLYTEK. “Free AI training initiatives targeting low-income and disadvantaged groups should also be considered.”
“Young professionals should dedicate weekly time to track global AI advancements across industries,” said Wang Xingxing, founder of Unitree Robotics. “This will be the opportunity multiplier.”
Translartion. Region: Russians Fedetion –
Source: Novosibirsk State University – Novosibirsk State University –
A course of lectures on financial and computer literacy “Basics of Cybersecurity for the Senior Generation” was launched at Novosibirsk State University on March 28. Its students were pensioners from the Sovietsky District of Novosibirsk. This course on financial literacy is conducted by Sber specialists with the support of Faculty of Economics, NSU. It is organized within the framework of the mandatory course “Service Learning”, which is being implemented in various formats in all universities of the country and is aimed at developing citizenship, responsibility, leadership qualities and patriotism in combination with professional competencies through the implementation of socially oriented projects. The tasks for students are set by social partners. They also supervise the activities of students throughout the academic semester.
— The mandatory course “Service Learning” is an important platform for revealing the potential of young people in solving project tasks that have practical significance, and the social focus helps to more accurately build internal motivation for their solution. This is a subtle educational approach that develops the idea of volunteering, adding to it the experience of team solutions, reflection at all stages and mentoring from curators from both the university and the social partner. As part of the course, students receive a project result and reflect it on the Dobro.RF platform. It is open to everyone and can also be implemented by other regions in the course of solving similar problems, — said Elena Obukhova, PhD in Economics, Associate Professor of the Department of Management of the Faculty of Economics of NSU.
One of such projects was a course of lectures on financial and computer literacy for pensioners, organized jointly with the Administration of the Sovietsky District of Novosibirsk with the support of State Duma deputy Alexander Aksenenko. The course consists of 4 lectures and three practical classes.
— In the modern world of technological progress, fraudsters are moving into the category of cyberspace, that is, pickpocket fraud and apartment thefts are becoming less common, because people have stopped keeping paper money at home and carrying it in their wallets. Now it is a cashless world and fraudsters are already trying to steal non-cash money, so it is important to protect yourself in cyberspace, — said Nadezhda Volkova, Head of Financial Literacy and Sales Efficiency at Sberbank Siberian Bank.
Unfortunately, the most vulnerable category of citizens to cyber fraudsters are people of retirement and pre-retirement age. Our lectures are aimed at telling about the methods of cyber fraudsters and teaching the population to identify fraudsters and not fall for their tricks.
The information campaign about recruiting students for the 2025 course was held among the active pensioners of the Sovetsky District who had previously participated in various educational programs, including the Silver Age University, Our Favorite Front Garden, and 20 Meetings with Interesting People, which had been held since 2022. The course on cybersecurity interested the audience, and almost 200 people signed up for it.
— The topics covered in the course are particularly relevant given the growing statistics of fraudulent actions against citizens of our country. People of retirement age are in a particularly vulnerable position. In Novosibirsk, the level of defrauded citizens is especially high in the Sovetsky District — this is noted by representatives of the local government. And the issues of financial stability and savings strategy are relevant in our unstable times. The accelerated pace of digitalization poses challenges for us and pushes us to continuous learning. The older generation is faced with new tasks, not only related to performing everyday activities using various devices and programs, but also more complex ones, such as promoting communities on social networks, preparing materials and data, — Elena Obukhova explained.
The first part of the course of 4 lectures from Sber experts will be held at NSU. It is dedicated to financial literacy and protection from fraudsters. On April 28, Nadezhda Volkova gave a lecture on “Cybersecurity Basics for the Older Generation”. On April 4, there will be a lecture on “Data Protection on the Internet. Drops”. It will continue the topic of cybersecurity. Representatives of the older generation will be told how to protect themselves on the Internet, how to create passwords correctly so that they are memorable only to you and at the same time meet the requirements of reliability and security. Listeners will learn who drops are (this is what attackers call people with the help of whom they hide stolen funds) and how not to become a dropper yourself. On April 11, the lecture will be dedicated to digital financial assets. It will be about a new type of money, as well as what it was created for and how to handle it correctly. The first part of the course will end on April 18 with a lecture on a long-term savings program for senior citizens.
The second part of the classes, dedicated to computer literacy, will be conducted by a team of first-year students from the Business Informatics department: Mark Roninson, Artem Kuleshov and Alexander Zhuravlev. It was developed taking into account questions and wishes from the pensioners participating in the program. It will cover topics such as storing and sending data (between devices/applications), booking tickets and hotels, shopping on marketplaces, working with messengers, a short course in preparing content for social networks, including video editing, etc.
The first lecture was met with great interest by the audience. Its listeners left the following comments:
“Thanks to all the organizers! The guys met us, quickly checked the lists, saw us off, and met us. A very interesting lecture! The students are great! They prepared, waited for us, cared, and tried! Thank you very much!”
“The lecture went by in one breath. Thanks to Nadezhda Volkova – she presented the information in an interesting, accessible way and with real examples. Thanks to the organizers of this lecture course. Special thanks to the students of the NSU Economics Department for meeting us and paying attention to us until the very end of the lecture.”
“What an interesting lecture on cybersecurity was today! Nadezhda Volkova enthusiastically shared her knowledge in this area. The hall was full, young students helped, showed the way, were attentive and polite. It was very nice!”
“A great start to the course. Organized in a very modern way: fast, comfortable, friendly, high-quality presentation. An unexpected pleasant bonus was a tour of NSU. Thank you!”
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
