Around 4 million trees are required to offset the nearly 240 million kilograms of carbon dioxide produced by the CryptoKitties non-fungible token (NFT) collection, according to research by NFT Club, an NFT education company. See related article: NFTs and music: Is the fan outcry over NFTs’ environmental impact warranted? Fast facts Sorare, Axie Infinity, Art […]
Contrary to some expectations, Beijing’s crackdown on the crypto mining industry has increased Bitcoin’s carbon emissions, researchers have alleged. Leaving China, miners also left behind its eco-friendly hydropower and are increasingly relying on energy generated by fossil fuels, they claim. Bitcoin Mining Allegedly Less Green Since Miners’ Exodus From China Cryptocurrency mining has become a […]
Montana environmentalists aren’t happy about a decommissioned coal mine going into business again, this time as a crypto mining facility. Crypto Mining Rubs Climate Friendly People the Wrong Way Known as the Hardin generating station, the facility is a 115-megawatt coal plant located near the site of the historic battle of Little BigHorn. It was...
HONG KONG, Feb 7, 2022 - (ACN Newswire) - Synergy Group Holdings International Limited, stock code 1539.HK ("Synergy Group" or "The Group")(1) has successfully acquired verification statements of Greenhouse Gas (GHG) emissions granted by CMA Testing and Certification Laboratories under CMA Industrial Development Foundation Limited (CMA Testing(2)). The Group's projects were quantified to achieve emission by a total of 7,146.74 tonnes of CO2e (Carbon Dioxide Equivalent)(3). The GHG emission inventories have been verified in accordance with ISO14064-3:2019(4) as meeting the requirement of ISO14064-1:2018(4).
The Group Chairman and Chief Executive Officer Mr. Mansfield Wong commented, "It is a global uphill battle when it comes to reaching carbon neutral targets. Our goal is to reduce GHG emissions and strive to achieve carbon neutrality in the near future. The Group is actively formulating a commercial scheme to assist other companies in neutralizing their GHG emissions."
As of today, the Group has verified 7,146.74 tonnes of CO2e in total, which is estimated to be accounted for approximately 1% of the Group's total GHG emission inventory, the remaining inventories are being certified. Current carbon credit prices(5) are quoted by different international Carbon Credit Exchanges(5) ranging from RMB56 to EUR89 per tonne. The Group expects the global carbon credit prices(5)and market-based emission trading schemes continued to grow gradually as we are approaching the targets of Hong Kong's Climate Action Plan 2050(6), China's Carbon Dioxide Peaking 2030(7) and Carbon Neutrality 2060(7). Driving GHG emission is imminent action to curb global warming effects, the Group has set out its priorities for investing in carbon markets. The Group is committed to creating environmental sustainability through its experienced GHG emission management and green technological innovations.
1. Synergy Group Holdings International Limited ("Synergy Group" or "The Group")
Founded in 2008, Synergy Group Holdings International Limited (Stock code: 1539.HK), as the first Energy Service Company (ESCO) to be listed on the Hong Kong Stock Exchange, is one of the leading integrated energy saving and management solutions providers based in Hong Kong. The Group together with its subsidiaries, is principally engaged in design and customisation, investment, installation and commissioning, operation and maintenance of (i) energy efficiency technology; (ii) renewable energy; and (iii) energy storage and distributed energy resources. Serving clients in over 20 countries, businesses cover large multi-million projects in Malaysia, Indonesia and South Africa.
2. CMA Testing
Established since 1979, CMA Testing, a subsidiary of The Chinese Manufacturers' Association of Hong Kong, is a large-scale quality assurance center, specializes in testing, inspection and certification services. CMA Testing is also a third-party laboratory accredited by The Hong Kong Laboratory Accreditation Scheme (HOKLAS) and an inspection body accredited by The Hong Kong Inspection Agency Accreditation Scheme (HKIAS). CMA Testing's global footprint spans over 12 countries in Asia, Middle East, Europe and North America.
3. Carbon Dioxide Equivalent (CO2e)
CO2 refers to Carbon Dioxide, while CO2e stands for "Carbon Dioxide Equivalent" which includes CO2 and other greenhouse gases. For any quantity and type of greenhouse gas, CO2e signifies the amount of CO2 which would have the equivalent global warming impact.
4. ISO14064 Greenhouse Gas Calculation and Verification Management System
ISO14064-1: Specification with guidance at the organization level for quantification and reporting of greenhouse gas emissions and removals ISO14064-2: Specification with guidance at the project level for quantification, monitoring and reporting of greenhouse gas emission reductions or removal enhancements ISO14064-3: Specification with guidance for the verification and validation of greenhouse gas statements
5. Carbon Credit Price Index
While Hong Kong is still exploring the feasibility to have a platform for carbon trading exchange, the Company has made references to other international exchange platform or publicly available sources for the current market prices:
As of Country/Region Product(Quote) Individual exchange/ publicly available sources for reference: 27/1/2021 China CEA(RMB56.00 per tonne) Exchange: Shanghai Environmental and Energy Exchange https://www.cneeex.com/c/2022-01-27/491999.shtml
7. China's Carbon Dioxide Peaking 2030 and Carbon Neutrality 2060
The Communist Party of China Central Committee and the State Council on Oct 24 jointly released a document titled: Full Text: Working Guidance For Carbon Dioxide Peaking And Carbon Neutrality In Full And Faithful Implementation Of The New Development Philosophy ( www.gov.cn ) < https://tinyurl.com/yc59ycnb >
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comSynergy Group Holdings International Limited, stock code 1539.HK ("Synergy Group" or "The Group")(1) has successfully acquired verification statements of Greenhouse Gas (GHG) emissions granted by CMA Testing and Certification Laboratories under CMA Industrial Development Foundation Limited (CMA Testing(2)).
With the debate on the energy consumption of various crypto blockchains raging on, a new report now shows how various top blockchain networks relate in terms of power consumption. According to a recent report by Ulrich Gallersdörfer, Lena Klaaßen, and Christian Stoll of the Crypto Carbon Ratings Institute, Polkadot topped when compared to a list […]
During the last year, Bitcoin — the cryptocurrency network that leverages proof-of-work (PoW) to process transactions and secure the protocol — has received a lot of criticism about its environmental impact. This week, the cryptocurrency firm Coinshares published a report that shows talking points condemning the network’s electrical consumption have been greatly exaggerated. According to […]
TOKYO, Feb 2, 2022 - (JCN Newswire) - Mitsubishi Shipbuilding Co., Ltd., a Yokohama-based member of Mitsubishi Heavy Industries (MHI) Group, has concluded a contract with Sanyu Kisen Co., Ltd., a Kobe-based enterprise principally engaged in management of ships navigation in Japanese as well as foreign waters, calling for the construction of a demonstration test ship to transport liquefied carbon dioxide (LCO2) in conjunction with initiatives of the New Energy and Industrial Technology Development Organization (NEDO) in "CCUS R&D and Demonstration Related Project / Large-scale CCUS Demonstration in Tomakomai / Demonstration Project on CO2 Transportation / R&D and Demonstration Project for CO2 Marine Transportation" (the demonstration projects). Construction will get underway at the Enoura Plant of MHI's Shimonoseki Shipyard & Machinery Works, with completion and delivery scheduled for the second half of the fiscal 2023.
Conceptual image of the LCO2 demonstration test ship
The Engineering Advancement Association of Japan (ENAA), one of the entities performing business relating to the demonstration projects, will charter the ship from Sanyu Kisen, the subcontractor, and operate it for the project purposes. Under consignment from ENAA, three additional project partners - Kawasaki Kisen Kaisha, Ltd. ("K" LINE), Nippon Gas Line Co., Ltd., and Ochanomizu University - will accelerate R&D of the LCO2 transportation technology and contribute to cost reduction of CCUS technology and safe, long-distance and large-scale transportation of LCO2.
Although ships to carry LCO2 used in the food industry have previously been constructed and operated in Europe and Japan, the ship to be newly constructed is expected to be the world's first LCO2 carrier intended specifically for CCUS. Mitsubishi Shipbuilding will be in charge of all aspects from the ship design through construction, including the cargo containment system, applying its gas handling technologies and expertise cultivated through the construction of liquefied gas carriers (both LPG and LNG types).
CCUS is garnering attention today as an effective means of achieving a carbon-neutral society. Because CO2 emissions sites are often located distant from the sites selected for carbon utilization or storage, demand is expected to increase for LCO2 carriers which can transport their cargo safely and economically. Through the experience to be gained by constructing the world's first LCO2 carrier built specifically for CCUS, MHI Group will strengthen its current strategic business focused on the energy transition. The Company will also continue its dedication to developing and providing the technologies relating to LCO2 carriers necessary for CCUS value chain building, to contribute to CO2 ecosystem development.
Mitsubishi Shipbuilding, under its "MARINE FUTURE STREAM" growth strategy, has set two overarching targets: decarbonization through innovative technologies in maritime industry such as use of renewable energies and carbon recycling, and effective use of ocean spaces through autonomous operation and electrification. To achieve those goals, the company aims to pursue and realize diverse innovations applicable to the industry. The ongoing development of LCO2 carriers and active quest for commercial viability in this area are part of those initiatives, with the company's ultimate goal set on realizing decarbonization as a marine system integrator.
About MHI Group
Mitsubishi Heavy Industries (MHI) Group is one of the world's leading industrial groups, spanning energy, logistics & infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on www.spectra.mhi.com.
Copyright 2022 JCN Newswire. All rights reserved. www.jcnnewswire.comMitsubishi Shipbuilding Co., Ltd., a Yokohama-based member of Mitsubishi Heavy Industries (MHI) Group, has concluded a contract with Sanyu Kisen Co., Ltd., a Kobe-based enterprise principally engaged in management of ships navigation in Japanese as well as foreign waters.
The rapid expansion of cryptocurrency over the years has been nothing short of stunning. At press time, the crypto market stood just shy of the $1.7 trillion. But the increasing popularity of cryptocurrency has environmentalists on edge. The digital mining of Bitcoin created a massive carbon footprint due to the staggering amount of energy utilised. […]
The BTC mining CO2 footprint got below 0.08% of the global total accoridng to a report from CoinShares that we read more about in today’s latest Bitcoin news. The Bitcoin mining network contributed less than 0.08% to the total carbon dioxide emissions as per the data from Coinshares. The data obtained by the company suggests […]
Many factors affect carbon dioxide (CO2) emissions during steel production, including capacity utilization, facility age and upkeep, the electricity grid, and environmental regulations. Secondary steel production, which makes up about 70% of the steel that’s produced in the US, releases significantly less CO2 than primary steel production. As a result, the US is looking to create incentives for other countries to use this method over primary steel production.
While such a move certainly bodes well in the overall drive to encourage more sustainable practices, it also underscores how variable the market and rules of the game can be. Short-term incentives are helpful, but building supply chain resilience and strengthening sustainability practices will also take investment in supply chain technology that enables dynamic partnering, smarter order and transportation management, and better analytics to regularly – and effectively – shift and adapt to the ever-evolving playing field.