12th American national was announced as the latest US$1 million winner in the Dubai Duty Free Millennium Millionaire promotion at the draw held on 17 August at Concourse C of Dubai International Airport.
Mr. Fakhreldin Eltegane Ali Sabel, an American national living in New York became the latest US$1 million winner in Millennium Millionaire Series 397 with ticket number 0680, which he purchased 22 July.
Mr. Sabel, who is the 12th American national to have won US$1 million since the start of the Millennium Millionaire promotion in 1999, is currently uncontactable but will no doubt be surprised when he learns of his newfound wealth.
Today’s Millennium Millionaire draw was conducted by Dubai Duty Free’s Chief Operating Officer, Ramesh Cidambi, Salah Tahlak, Joint Chief Operating Officer and Sharon Beecham, SVP – Purchasing.
Following the Millennium Millionaire draw, the Finest Surprise draw was conducted for two luxury vehicles.
Two luxury vehicles drawn in the Finest Surprise Promotion in Series 1813 and 509
Mr. Elie Chami, a French national based in Lebanon, won a BMW 750Li xDrive M Sport (Donington Grey) car, with ticket number 1181 in Finest Surprise Series 1813, which he purchased online on 26 July.
Mr. Chami who celebrates his 50th birthday tomorrow (18 August) was thrilled to hear the news of his win and exclaimed: “What an amazing birthday gift! Thank you so much Dubai Duty Free for this unexpected surprise!”
Lastly, Mr. Mohammed Hashir, an Indian national based in Sharjah, won a BMW R1250 RS (Black Storm Metallic) motorbike, with ticket number 0159 in Finest Surprise Series 509, which he purchased online at dubaidutyfree.com.
A 33-year-old mechanical engineer living in Sharjah, Mr. Hashir is a regular participant in the Finest Surprise promotion and has been waiting for his dream motorbike for a few years now.
“I’m delighted to have finally won and would like to thank Dubai Duty Free for this amazing promotion, I can’t wait to see my new bike and looking forward to having a first ride” he said.
Canada’s Best New Restaurants celebrates its 21st year, making it the longest-running national culinary talent search and the only cross-country restaurant ranking to use a single, anonymous reviewer who sets out to sample the year’s best new restaurants. Based on the recommendations of our national panel of food experts, Air Canada sent one undercover writer on a month-long culinary marathon in search of the top 30 most notable openings across the country, all of which are now contenders for the coveted Top 10 list.
The 2022 Canada’s Best New Restaurants longlist spans 15 cities across eight provinces. From a four-seat Sichuan noodle counter at a Chinese grocery store in Montreal to a steakhouse reimagined in a panoramic lounge 40 floors above Calgary, this year’s list features 30 restaurants in a range of formats, including a permanent pop-up, an art gallery-housed takeout spot, and pandemic-delayed visions that finally came to fruition.
“Air Canada applauds and congratulates the work of the chefs and restaurateurs who undertook the incredible journey of opening up a restaurant over the past year, which is already a feat during the best of times,” says Andy Shibata, Vice President, Brand, Air Canada. “We are committed to sharing their stories and how they also successfully embraced new ways to explore cultural identity and made strides to advance sustainability and workplace equity.”
The 2022 nominees for Canada’s Best New Restaurants are:
Alentours, Québec City; Bar Susu, Vancouver; Le Clan, Québec; Delara, Vancouver; Drift, Halifax; Elephant, Vancouver; Fonda Balam, Toronto; Fox & Monocle, North Saanich; Fu’s Repair Shop, Edmonton; Gia Vin & Grill, Montréal; Hayloft Steak + Fish, Edmonton; Hearts Tavern & Bar, Kimberley; J’ai Feng, Montréal; Jeju, Tofino; Major Tom, Calgary; Mastard, Montréal; Mimi Chinese, Toronto; Mokili, Montréal; Một Tô, Calgary; Namjim at Bannerman Brewing Co., St. John’s; Nola, Winnipeg; Osteria Giulia, Toronto; Parcelles, Austin; Pei Pei Chei Ow, Edmonton; Perch, Ottawa; Pichai, Montréal; Pop Wine Bar, Saskatoon; Prime Seafood Palace, Toronto; Restaurant 20 Victoria, Toronto; Roy’s Korean Kitchen, Calgary
Canada’s Best New Restaurants 2022 highlights the top restaurants that have opened across the country between late spring 2021 and May 31, 2022 and deliver exceptional experiences through the quality of their food, level of service and commitment to culinary creativity.
The annual Top 10 ranking will be unveiled at a celebration in Toronto on November 1, 2022. The winners will also be showcased on CanadasBestNewRestaurants.com and in the November issue of Air Canada enRoute magazine.
A special thank you to Canada’s Best New Restaurants sponsors Diageo (gold) and American Express (silver).
About Air Canada
Air Canada is Canada’s largest airline, the country’s flag carrier and a founding member of Star Alliance, the world’s most comprehensive air transportation network celebrating its 25thanniversary in 2022. Air Canada provides scheduled passenger service directly to 51 airports in Canada, 51 in the United States and 86 internationally. It is the only international network carrier in North America to receive a Four-Star ranking from Skytrax, which in 2021 gave Air Canada awards for the Best Airline Staff in North America, Best Airline Staff in Canada, Best Business Class Lounge in North America, and an excellence award for managing COVID-19. Through its leading travel loyalty Aeroplan program, Air Canada offers the ability to earn or redeem points on the world’s largest airline partner network of 45 airlines, plus through an extensive range of merchandise, hotel and car rental rewards. Its freight division, Air Canada Cargo, provides air freight lift and connectivity to hundreds of destinations across six continents using Air Canada’s passenger flights and cargo-only flights with its fleet of Boeing 767-300 freighters. Air Canada has committed to a net zero emissions goal from all global operations by 2050.
About Air Canada enRoute
Air Canada enRoute is Air Canada’s award-winning travel media brand published by Spafax. An inspirational authority for the global traveller, it reaches passengers at every step of their journey through its multimedia portfolio: including print, digital channels (enroute.aircanada.com) and many prestigious programs and events. The Air Canada enRoute Canada’s Best New Restaurants print magazine will be distributed nationally through Globe and Mail home subscriptions and by direct mail to Aeroplan Super Elite and Million Miler members in November. Follow on Twitter and Instagram: @enroutemag, #AirCanadaTop10.
Group confirms full-year outlook2Q 2022: Total revenues rise 8.2 percent to 37.1 billion eurosOperating profit increases 5.3 percent to 3.5 billion euros, driven by Property-Casualty business segmentNet income attributable to shareholders amounts to 1.7 billion euros, down 23.3 percent Robust Solvency II capitalization ratio of 200 percent16M 2022: Total revenues surge 7.2 percent to 81.2 billion eurosOperating profit rises 1.2 percent to 6.7 billion euros Net income attributable to shareholders 2.3 billion euros, a decrease of 52.7 percent, mostly due to a provision booked in the first quarter in relation to the AllianzGI U.S. Structured Alpha proceedings Outlook:2022 operating profit target confirmed at 13.4 billion euros, plus or minus 1 billion euros2
Burberry is the first luxury fashion brand and one of the first companies globally to receive approval from the Science Based Targets initiative (SBTi) for its net-zero emissions target.
This validation confirms that the goals Burberry has set to reach net-zero emissions by 2040 are based on the latest climate science and meet the urgent need to keep warming to 1.5°C in line with the Paris Agreement. Burberry’s net-zero target is underpinned by a series of commitments across scope 1, 2 and 3 emissions.
In the near term, we commit to reduce absolute scope 1 and 2 greenhouse gas (GHG) emissions 95% by 2023 from a 2017 base year, and reduce absolute scope 3 GHG emissions 46.2% by 2030 from a 2019 base year.
In the long term, we commit to maintaining at least 95% absolute scope 1 and 2 GHG reductions from 2023 through 2040 against a FY2017 base year, while reducing absolute scope 3 GHG emissions 90% by 2040 from a 2019 base year.
Scopes 1 and 2 cover emissions generated from Burberry’s own operations, such as electricity and gas in stores, manufacturing hubs and offices. Scope 3 refers to emissions in Burberry’s extended supply chain, such as energy usage by manufacturing and material sourcing partners.
Burberry’s net-zero emissions target builds on the British luxury brand’s longstanding commitment to reduce its direct and indirect environmental impacts and make a positive difference to the lives of people around the world. Burberry is currently carbon neutral across its own operations globally, all the electricity it uses is from renewable sources and almost every product it makes has a social or environmental benefit. Over the past five years, Burberry’s community programmes have positively impacted more than 1 million people.
Caroline Laurie, VP of Corporate Responsibility, Burberry: “The Science Based Targets initiative (SBTi) plays a critical role in ensuring ambitions set by businesses are in line with the latest climate science and will contribute to tackling the climate emergency. Rooting our commitments in science has always been a priority at Burberry, so we can ensure the steps we are taking will have the necessary impact and bring about lasting change. We continue to challenge ourselves to drive measurement, improvement and transparency across our operations and we are committed to continue working with our suppliers and partners to accelerate the adoption of more sustainable practices. We hope this encourages others to do the same.”
Luiz Amaral, Chief Executive Officer of the Science Based Targets initiative (SBTi): “Climate science tells us that we need rapid and deep emissions cuts if we are to achieve global net-zero and prevent the most damaging effects of climate change. Burberry’s net-zero targets match the urgency of the climate crisis and set a clear example that their peers must follow.”
Honda Design Studio in California leads styling of brand’s first volume BEV coming in 2024
Prologue is first Honda model designed primarily through virtual reality visualization technology
Honda today released a new video showcasing how its Los Angeles-based Honda Design team led the exterior and interior styling of the all-new Prologue battery electric SUV launching in 2024. Project leader Jiro Ikeda leveraged his 30-years of design experience to assemble a team of talented young designers to develop an SUV motif that is modern and fresh, with clean and simple surface lines – imagined as “Neo-Rugged.”
“Designing the first volume Honda electric vehicle gave us more freedom than a vehicle with an internal combustion engine, and we can stretch our imagination, especially in styling the front-end,” said Sang-Hyuk Ahn, a four-year exterior designer at Honda. “We envisioned Prologue with a longer wheelbase, shorter overhang, and capable tires to create sporty proportions and a stronger stance.”
Additionally, the Prologue is the first Honda model designed primarily through virtual reality visualization technology, used by the team to envision Prologue in different environments and to accelerate cross-collaboration between Honda styling teams in the U.S. and Japan.
“We were able to see Prologue in digital environments that truly resemble the real world,” said Marco Tan, VR and CG designer with Honda Design. “By simulating and evaluating colors, materials, and even lighting in a virtual 3D environment we were able to explore possibilities that took styling to a higher level.”
Prologue styling suggests an adventure-ready SUV that delivers engaging everyday driving and fun weekend getaways with a strong hint of the well-received Honda e in the front fascia. More details on the Prologue will be released in the coming months with customers encouraged to sign up for updates at https://automobiles.honda.com/future-cars/prologue#stayinformed.
Honda Electrification Rollout
Toward its global goal to achieve carbon neutrality for all products and corporate activities by 2050, Honda will introduce 30 new EVs globally by 2030, with a volume of 2 million units. In North America, Honda has laid out an aggressive timeline of EV introductions based on three phases leading to 2030:
2024: Begin sales of the Honda Prologue, co-developed with GM
2026: Begin production and sales of Honda models based on Honda e:Architecture
2027: Begin production and sales of a new series of affordable EVs co-developed with GM
#HondaPrologue #HondaDesign
Sang-Hyuk Ahn, exterior designer, creating a key sketch of Prologue
Marco Tan, VR and CG designer in the Honda Design Studio VR Arena
About Honda Honda offers a full line of clean, safe, fun and connected vehicles sold through more than 1,000 independent U.S. Honda dealers. Honda has the highest fleet average fuel economy and lowest CO2 emissions of any full-line automaker in America, according to the U.S. Environmental Protection Agency’s (EPA) latest data1. The award-winning Honda lineup includes the Civic, Insight, and Accord, along with the HR-V, CR-V, Passport and Pilot sport utility vehicles, the Ridgeline pickup and the Odyssey minivan. Honda’s electrified vehicle lineup includes the Accord Hybrid, CR-V Hybrid, Insight and, in the future, Civic Hybrid. In 2024, the Prologue SUV, Honda’s first volume battery-electric vehicle, will join the lineup.
Honda has been producing automobiles in America for 40 years and currently operates 18 major manufacturing facilities in North America. In 2021, more than 95% of all Honda vehicles sold in the U.S. were made in North America, using domestic and globally sourced parts.
(Los Angeles) – Fans of the Game of Thrones franchise have a lot to look forward to this year! With less than one month to go until the highly anticipated premiere of the new HBO series House of the Dragon, the successor series to Game of Thrones, Warner Bros. Themed Entertainment and Creation Entertainment are thrilled to announce today the new date, location, and star-studded line-up for the first ever Game of Thrones Official Fan Convention. The exciting new addition of Kit Harington (“Jon Snow”) will be joining the previously announced Game of Thrones series stars including Alfie Allen (“Theon Greyjoy”), Jack Gleeson (“Joffrey Baratheon”), Kristofer Hivju (“Tormund Giantsbane”), Kristian Nairn (“Hodor”), Daniel Portman (“Podrick Payne”), Gemma Whelan (“Yara Greyjoy”), and Isaac Hempstead Wright (“Bran Stark”) on December 9-11 at the Los Angeles Convention Center. Also signed on to host the Game of Thrones Official Fan Convention are Jason Concepcion and Greta Johnsen, recently named hosts for the new and upcoming The Official Game of Thrones Podcast: House of the Dragon, launching on August 3. Tickets for the Convention are on sale now at http://gotcon.events.
From engaging panels and discussions to opportunities to come up close and personal with some of your favorite cast, the Game of Thrones Official Fan Convention offers an exciting and unique experience that has something for every Game of Thrones fan, allowing them to truly step back inside and revisit the world of Westeros and beyond. Guests will also have a chance to win great prizes during cosplay and trivia competitions and shop for exclusive merchandise on an action-packed show floor. A variety of a la carte offerings will be available including cast meet and greets, autograph signings, an evening dance party hosted by none other than special guest, DJ Kristian Nairn (“Hodor”) and much more to be announced.
HBO’s Game of Thrones has aired in over 207 countries and territories, culminating in record-setting ratings, and over its eight seasons, the show became one of the biggest and most iconic series in television history. Having celebrated “The Iron Anniversary” in April 2021, which marked ten years since the first episode hit television screens, the Game of Thrones franchise continues to engage passionate fans and ignite audiences’ excitement with the next iteration, House of the Dragon. The world of Westeros is expanding, and the Game of Thrones Official Fan Convention will be ready to celebrate. Stay tuned for more exciting announcements to come.
All episodes of Game of Thrones are available to stream now on HBO Max. House of the Dragon will premiere on HBO and HBO Max on Sunday, August 21.
For more information on the Game of Thrones Official Fan Convention, please visit http://gotcon.events.
Samsung Odyssey Ark, a gaming screen that garnered a great amount of interest at the 2022 Consumer Electronics Show (CES), is set to be released around the world.
Odyssey Ark is the world’s first 55-inch, 1000R curved gaming screen. It has a new, unmatched form factor with a highly innovative and intuitive interface. Its vertical Cockpit Mode provides a powerfully immersive experience unlike any other, while its Flex Move Screen enables users to change the screen size and freely adjust the screen’s position without hassle. These dynamic new features allow users to feel like they are playing their favorite video games from within the cockpit of a spaceship or a fighter jet.
Odyssey Ark supports 4K resolution and premium, high-performance gaming features, such as a high refresh rate of 165Hz, a fast response time of 1ms gray to gray (GtG) and AMD FreeSync Premium Pro. In addition, with the Samsung Gaming Hub fully embedded, users can conveniently play PC, console and even cloud games whenever they like. The Odyssey Ark’s gaming screen also comes with Multi View, in which users can play on up to four screens at once, or three screens if the gaming screen is in Cockpit Mode. This comprehensive entertainment feature empowers users to enjoy gaming, live streaming, chatting and over-the-top (OTT) media services all at once.
Samsung Odyssey Ark represents a bold new direction for gaming screens. Take a look at its key features in the infographic below.
Ajman Bank has been declared as one of the winners of the Best Engagement in Training & Emiratization Award in the Banking sector in the UAE.
The prestigious award is designed and hosted by the Emirates Institute for Banking and Financial Studies (EIBFS) to honour banks for their outstanding efforts towards continuous learning and development of employees with a special emphasis on the development of UAE nationals.
The award was presented to Ajman Bank at EIBFS during the annual CHRO meeting by Mr. Saif Humaid Al Dhaheri, Assistant Governor of Central Bank of the UAE and Vice Chairman of EIBFS, Mr. Shahab Essa Al Zaabi, Head of Licensing at Central Bank UAE and Board Member of EIBFS, and Mr. Jamal Al Jassmi, General Manager of EIBFS.
Ajman Bank is among the pioneers of Emiratization in the UAE and is highly committed to promote continuous learning and training among employees that helps them to adapt, update, and align with the dynamics of banking industry in a developing world.
Mr. Mohamed Amiri, the Chief Executive Officer of Ajman Bank, stated, “Emiratization is a national responsibility, and we are extremely honored to be recognized by the Emirates Institute for Banking and Financial Studies for our efforts towards this goal. The national development plans of the UAE have always been the key focus for us therefore, the training and development of national human resources is among our top priorities.”
The learning and development department, led by Ms Hakima Moosa, has invested extensively on the professional development as well as upskilling and reskilling of employees which has made a tremendous contribution to the success of the programme at Ajman Bank.
Air Canada and United Airlines today announced a joint business agreement for the Canada-U.S. transborder market, building on their long-standing alliance, that will give more flight options and better flight schedules to customers traveling between the two countries. Customers will be able to connect to 38 codeshare destinations in the U.S. and eight of the most popular cities in Canada — all while enjoying the benefits of the carriers’ MileagePlus® and Aeroplan loyalty programs. The agreement will also strengthen and grow both carriers’ networks and help accelerate their COVID-19 recovery.
“United is a world-class airline and we are pleased to significantly expand our well-established partnership to further enhance the customer journey between Canada and the U.S. by offering more choice, greater convenience and an improved airport experience,” said Mark Galardo, Senior Vice President of Network Planning and Revenue Management at Air Canada. “This agreement marks a new phase in our evolving relationship that will speed the recovery from the pandemic and strengthen both carriers. It will also enable us to optimize our hubs and schedules and to broaden our global network connectivity to maintain our leadership in the market.”
“With this new agreement, we are further strengthening our long-standing partnership with Air Canada,” said Patrick Quayle, Senior Vice President of Global Network Planning and Alliances at United. “As international travel continues to recover, this expanded partnership will provide an enhanced experience for all transborder travel.”
Customers who search for flights between the U.S. and Canada on United’s or Air Canada’s websites and apps will find more flight options scheduled at more convenient times. Codeshare between the two carriers will also be expanded and members of both the MileagePlus and Aeroplan programs will have more accrual and redemption options.
In 2019, the U.S.-Canada transborder market was the second largest international passenger air transportation market in the world and the largest international market for both Canada and the U.S., as measured by seats.
Air Canada and United already cooperate in the transborder market, according to the terms of their existing U.S. antitrust immunity. Under the joint business agreement, subject to compliance with U.S. and Canadian regulatory and antitrust requirements, the two airlines will now be able to:
Coordinate their networks and schedules, enabling the carriers to offer customers more choice, including more flights throughout the day and more access to each airline’s seat inventory.
Enhance codeshare on transborder flights, excluding certain U.S. leisure markets and territories. The carriers anticipate customers will be able to connect to 46 transborder codeshare destinations with more than 400 daily frequencies in 2022 – with opportunities to add more codeshare destinations for domestic routes within Canada and the U.S.
Sell seats on each other’s transborder flights and share revenue on flights between hub markets (where regulatory authorities and antitrust requirements allow), allowing the carriers to grow their overall capacities.
Align customer policies for greater consistency and enable the seamless provision of onboard products, establish airport co-locations where available and provide extra value to each carriers’ frequent flyer programs.
Allow the two carriers to work closer together to advance their sustainability objectives.
The implementation of an expanded partnership builds on the existing close cooperation of the two carriers and previously acquired regulatory approvals. United and Air Canada are also founding members of Star Alliance and a transatlantic joint business agreement with the Lufthansa Group.
About Air Canada
Air Canada is Canada’s largest airline, the country’s flag carrier and a founding member of Star Alliance, the world’s most comprehensive air transportation network celebrating its 25th anniversary in 2022. Air Canada provides scheduled passenger service directly to 51 airports in Canada, 51 in the United States and 86 internationally. It is the only international network carrier in North America to receive a Four-Star ranking from Skytrax, which in 2021 gave Air Canada awards for the Best Airline Staff in North America, Best Airline Staff in Canada, Best Business Class Lounge in North America, and an excellence award for managing COVID-19. Through its leading travel loyalty Aeroplan program, Air Canada offers the ability to earn or redeem points on the world’s largest airline partner network of 45 airlines, plus through an extensive range of merchandise, hotel and car rental rewards. Its freight division, Air Canada Cargo, provides air freight lift and connectivity to hundreds of destinations across six continents using Air Canada’s passenger flights and cargo-only flights with its fleet of Boeing 767-300 freighters. Air Canada has committed to a net zero emissions goal from all global operations by 2050.
About United
United’s shared purpose is “Connecting People. Uniting the World.” From our U.S. hubs in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington, D.C., United operates the most comprehensive global route network among North American carriers. United is bringing back our customers’ favorite destinations and adding new ones on its way to becoming the world’s best airline. For more about how to join the United team, please visit www.united.com/careers and more information about the company is at www.united.com. United Airlines Holdings, Inc., the parent company of United Airlines, Inc., is traded on the Nasdaq under the symbol “UAL”.
Air Canada Cautionary Statement Regarding Forward-Looking Statements
Air Canada’s public communications may include forward-looking statements within the meaning of applicable securities laws. These statements may involve, but are not limited to, comments relating to guidance, strategies, expectations, planned operations or future actions. Forward-looking statements, by their nature, are based on assumptions, are subject to important risks and uncertainties and cannot be relied upon due to, amongst other things, changing external events and general uncertainties of the business. Actual results may differ materially from results indicated in forward-looking statements due to a number of factors, including the factors identified in this news release and in Air Canada’s public disclosure file available at www.sedar.com. The forward-looking statements contained in this news release represent Air Canada’s expectations as of the date of this news release and are subject to change after such date. However, Air Canada disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as required under applicable securities regulations.
United Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. Such forward-looking statements are based on historical performance and current expectations, estimates, forecasts and projections about our future financial results, goals, plans, commitments, strategies and objectives and involve inherent risks, assumptions and uncertainties, known or unknown, including internal or external factors that could delay, divert or change any of them, that are difficult to predict, may be beyond our control and could cause our future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. These risks, assumptions, uncertainties and other factors include, among others, any delay or inability of United Airlines to realize the expected benefits of the joint business agreement. No forward-looking statement can be guaranteed. Forward-looking statements in this press release should be evaluated together with the many risks and uncertainties that affect United’s business and market, particularly those identified in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections in United’s Annual Report on Form 10-K for the year ended December 31, 2021, as updated by our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. The forward-looking statements included in this document are made only as of the date of this document and except as otherwise required by applicable law or regulation, United undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.
Jörg Ladwein, Regional Chief Investment Officer of Allianz Investment Management (AIM), has worked with the European Commission to bring greater clarity to what is a sustainable investment under the EU Taxonomy framework. In this interview, he talks about the final report on an extended Taxonomy and its significance in the transition of Europe to a net-zero carbon future.
Allianz: Jörg, for the last two years, you with the support of other Allianz colleagues have been working on a report on an Extended EU Taxonomy. Congratulations, but before you tell us what this report is about and why it is important, can you explain where it fits in?
Jörg Ladwein: Certainly. We are getting close to crunch time on climate change. Governments need to honor their pledges to the 2015 Paris Agreement, or the world will not be able to limit the climate disaster to only 1.5 degrees Celsius (2.7-degree Fahrenheit) increase in global temperatures.
Actually, forget 1.5°C. According to an assessment by the United Nations Environment Programme, the promises countries made at COP26 Glasgow last year to cut emissions by 2030 put the world on track for warming of at least 2.7°C – which will lead to catastrophic changes in the earth’s climate. To have any chance to rein in global warming this century, we need to halve annual greenhouse gas emissions in the next eight years.
Allianz: I thought the European Union was taking significant initiatives in this regard?
Jörg Ladwein: The European Union has launched bold initiatives. Starting in 2018 and continuing over the few last years, it unveiled a sweeping set of environmental initiatives to create the world’s first carbon-neutral continent by 2050. Known as the Green Deal, it touches everything from state-aid rules to a green industrial policy and a carbon border tax on imports.
Jörg Ladwein, Regional Chief Investment Officer, Allianz Investment Management (AIM)To have any chance to rein in global warming this century, we need to halve annual greenhouse gas emissions in the next eight years.
The initiatives include cutting emissions 50-55% from 1990 levels by 2030. The Green Deal aims to reconcile the European economy with the planet. It envisions a power sector based mainly on renewable sources, the rapid phasing out of coal, decarbonization of gas and a focus on energy efficiency.
Within the context of this Green Deal, the EU has also launched a taxonomy, a scheme of classification, for environmentally sustainable economic activities.
Allianz: Which is where you come in. What is the goal of the taxonomy?
Jörg Ladwein: The Green Deal demands massive amounts of funding. The investment plan that supports it proposed €1 trillion ($1.2 trillion) of investment across ten years. Of that, roughly half is to come from Europe’s emissions-trading scheme and the EU budget. The rest relies on mobilizing private investment.
The taxonomy helps steer capital to relevant projects by giving investors more certainty that what they are investing in is sustainable in the sense that it is in line with EU environmental targets. The taxonomy aims to provide a standard set of criteria that investors and finance companies can use to screen potential investments. Money managers have teams and tools to measure greenery, but the lack of a shared set of criteria means scorecards are subjective and inconsistent across the industry, which confuses investors.
The taxonomy addresses this. It is not a mandatory list of economic activities for investors, still, financial companies can use the taxonomy to design credible green financial products to help finance the transition to a net-zero future. Having a dictionary where we can look up whether an investment can be regarded as green gives everyone the same reference point.
Allianz: And what has been your role?
Jörg Ladwein: To ensure industry buy-in into the Taxonomy Regulation and the European Green Deal, the EU is cooperating with a wide range of stakeholders. The Platform on Sustainable Finance is an expert group that brings together experts on sustainability from the corporate and public sector, industry, academia, civil society and the financial industry to develop sustainable finance policies, particularly the EU taxonomy.
Together with Julia Backmann from AllianzGI, I worked in subgroup 3. This is where it gets a little complex. Four subgroups prepared various technical aspects relating to the taxonomy. Our subgroup advised on the development of the taxonomy concerning economic activities that do not have a significant impact on environmental sustainability and on economic activities that significantly harm environmental sustainability.
The recommendations were incorporated into the report on an Extended Taxonomy from the EU Platform on Sustainable Finance. That report was released at the end of March. From my perspective, it is noteworthy that the Platform delivered on its complex and demanding mandate in what was, because of COVID-19, a pure virtual meeting format over one-and-a-half years.
I am proud to have contributed and would like to thank Julia and all the other colleagues who contributed through excellent support and collaboration
Allianz: That report, was it the controversial one that proposed labelling investments in some gas and nuclear power plants as green investments?
Jörg Ladwein: Absolutely not. That suggestion was from the European Commission, but the Platform on Sustainable Finance was involved in so far that we published a response that opposed the proposal. In our opinion, the proposal is a deviation from the science and evidence based principle embedded in the EU Taxonomy regulation. Such principle sought to only use criteria that are based on available scientific evidence. It is rather the result of a political compromise among EU member states.
The European Parliament recently missed the opportunity to reject the European Commission’s proposal. With that the so-called complementary delegated act will come into force on 1 January 2023. While this is regrettable, we must acknowledge political realties in the European Union and its member states.
It must also be noted that any gas-fired or nuclear power plants claiming alignment with the EU Taxonomy must first prove they meet a range of detailed criteria included in the delegated act. In addition, there will be transparency on the inclusion of such activities in taxonomy aligned activities as these specific ones have to be disclosed separately by industrial companies and financial institutions investing in them.
Allianz: What does your report deliver?
Jörg Ladwein: The report is over 100 pages long, but in summary, it provides a framework for identifying economic activities with different environmental performance levels beyond the “deep green” ambition of the existing Taxonomy framework. It defines economic activities that significantly harm sustainability and activities that do not significantly impact sustainability. It also tackles the EU request for advice on how to consider transition finance, especially for activities to move away from significant harmful levels of performance.
The proposed extended taxonomy framework can be seen as a new ‘traffic light system.’ Originally the taxonomy was binary with only green/non-green categories, but the report introduces two new performance categories. Red is for significant negative impact on the environment, and amber indicates intermediate impact, with performances included between substantial contribution and does not significantly harm.
Additionally, the report recognizes a new category of activities, those with low or absent impact on the environment. These are typically service industries such as financial services, legal services, travel services, health services and education. Together they represent around 30% of all the economic activities on the markets.
Allianz: What is the benefit of recognizing the new category of activities?
Jörg Ladwein: First, it ensures that these activities do not get muddled with non-green activities that are far more impactful in environmental terms. The identification and then voluntary reporting of such low environmental impact activities would allow companies in these industries to have full access to green finance.
Additionally, by identifying them and the activities that are always harmful and need urgent action for exit or decommissioning, a clearer picture can emerge of the remaining industries and activities that will need to be included in the taxonomy in the next few years. The intention behind this and the traffic light approach is to boost finance for the green transition and support companies to unlock necessary funds.
Allianz: So, what’s next?
Jörg Ladwein: During the rest of the year, the European Commission will deliberate on how to use the proposals. The Commission can disregard, amend or adapt the report in their consideration of new regulations. It is possible that the Commission supports the proposals for voluntary use of its main elements, but it might shy away to kick-off the complex legislative process that is needed to enact so-called “level 1 “ changes in its regulation during the remaining term of the current Commission.
Allianz: But you must hope that the concept you developed is substantially adopted?
Jörg Ladwein: Absolutely, 18 months of arduous work and rigorous public consultation have gone into the report. More than that, it makes sense. The report extends the taxonomy to cover the whole economy rather than the small proportion of sectors currently considered ‘sustainable.’ In particular, the extended environmental taxonomy would cover the bulk of financial portfolios and become more relevant and valuable for financial institutions.
Allianz: And does that end your involvement?
Jörg Ladwein: No, Julia and I have moved since April to subgroup 5, which has the not yet completed task of advising the Commission on important implementation questions of taxonomy and sustainable finance regulation.
The current Platform on Sustainable Finance will officially finish at the end of September or latest in October. The Commission is currently preparing the set-up of a new “platform 2.0” with a new mandate following the completion of the current Platform mandate. It is not yet decided if Allianz or I will be involved. There is a good chance we will because the direct involvement in this group is becoming very valuable for our work at Allianz and for influencing topics that require clarification.
Two luxury vehicles drawn in the Finest Surprise Promotion in Series 1813 and 509
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