2024-08-29 07:26

SEOUL, Aug 29 (Reuters) - South Korea's top court said on Thursday that the country's climate change law was conditionally unconstitutional, citing a lack of emissions targets for 2031 and beyond, in a landmark ruling after activists blamed the government of failing to effectively tackle climate change. About 200 plaintiffs including young climate activists and even some infants filed petitions to the constitutional court since 2020, accusing the government of deferring the task of reducing carbon emissions to future policymakers and younger generations. The court said the country's carbon neutrality act, enacted in 2010 and revised later to layout emissions targets by 2030 and the goal of reaching carbon neutrality by 2050, failed to present "any quantitative levels" for the reductions targets between 2031 and 2049. "Since there is no mechanism that can effectively ensure gradual and continuous reductions until 2050, it stipulates reduction targets that would transfer an excessive burden to the future, lacking minimum requirements as a protective measure corresponding to the danger of the climate crisis," the chief justice said as he handed down the verdict. The environment ministry did not immediately provide a comment. Sign up here. https://www.reuters.com/world/asia-pacific/south-korean-constitutional-court-says-climate-law-needs-more-future-emissions-2024-08-29/

2024-08-29 07:12

LONDON, Aug 29 (Reuters) - Britain's energy regulator Ofgem said on Thursday power firm Drax (DRX.L) , opens new tab misreported some data about biomass imported from Canada and would pay 25 million pounds ($33 million) to Ofgem's voluntary redress fund. Drax, Britain's largest renewable power generator by output, has converted four coal-power units to use biomass and operates hydro power projects. The investigation found Drax did not have adequate data governance controls on biomass imported from Canada during the period from April 1 2021 to March 31 2022 but said it had not found any evidence the biomass did not meet its sustainability requirements. In Britain renewable power generators can receive renewable obligation certificates which can then be sold to energy suppliers who use them to sell renewable electricity products to customers. “The investigation found that the misreported data was technical in nature and would not have impacted the level of subsidy Drax received under the RO (renewable obligation) scheme,” Ofgem said. Drax said it would resubmit its Canadian data for the period and produce an independent audit of its biomass profiling data for the most recent reporting period, April 2023 to March 2024. “We recognise the importance of maintaining a strong evidence base and are continuing to invest to improve confidence in our future reporting,” Drax Group CEO Will Gardiner said in a separate statement. Drax says it only uses wood residuals or byproducts from trees primarily used for lumber and that demand for wood from sustainable managed forests can help to increase forest growth. Green groups have criticised the practice, arguing that it is not a renewable form of energy generation and that pellet production can contribute to deforestation. Ofgem's redress fund is used to help charities support vulnerable energy customers. ($1 = 0.7565 pounds) Sign up here. https://www.reuters.com/business/energy/uks-drax-pay-33-mln-after-misreporting-some-biomass-data-2024-08-29/

2024-08-29 06:56

JOHANNESBURG, Aug 29 (Reuters) - The South African rand firmed on Thursday to its strongest level in 13 months, buoyed by the return of risk appetite to financial markets ahead of key U.S. inflation data which could solidify rate cut bets in the world's biggest economy. At 1546 GMT the rand traded at 17.7675 against the dollar , about 0.38% stronger than its previous close. It hit 17.6775 to the greenback earlier in the day, its best performance since late July 2023. The dollar index , measuring performance against a basket of currencies, was last up 0.36%, after data showed the U.S. economy grew a little faster than expected in the second quarter. Globally, markets will look to key U.S. Personal Consumption Expenditures (PCE) price index on Friday, the Federal Reserve's preferred measure of inflation. If the inflation report is positive, it is another argument in favour of cutting interest rates in September. Like other emerging market currencies, the rand often takes cues from global drivers in addition to local factors. South Africa's producer inflation (ZAPPIY=ECI) , opens new tab fell to 4.2% year on year in July from 4.6% in June, statistics agency data showed on Thursday. Local investors will now shift focus to July money supply, trade and budget balance data on Friday. On the Johannesburg Stock Exchange, the blue-chip Top-40 index (.JTOPI) , opens new tab closed about 0.34% up. South Africa's benchmark 2030 government bond was slightly stronger, as the yield slipped 0.5 basis point to 9.135%. Sign up here. https://www.reuters.com/markets/currencies/south-african-rand-firms-ahead-producer-inflation-data-2024-08-29/

2024-08-29 06:51

KYIV, Aug 29 (Reuters) - Ukraine's military said on Thursday it had attacked an artillery depot and two oil storage facilities in Russia, causing a fire on Wednesday at the Atlas oil depot in the southern Rostov region. The military said it had also attacked the Zenit oil facility in Russia's Kirov region, some 1,500 km (930 miles) northeast of the border with Ukraine. A field artillery depot in the Russian region of Voronezh was also attacked, it added in the same message on the Telegram app. Russian authorities said on Wednesday Ukrainian drones had caused a fire at a Rostov oil depot and did not report any casualties, while Kirov regional governor Alexander Sokolov said a drone attack on an oil products depot in the town of Kotelnich did not cause a blaze or any casualties. In Voronezh, which borders Ukraine, Governor Alexander Gusev said debris from a Ukrainian drone had caused a fire to break out "near explosive objects" but they did not explode. Kyiv says its attacks aim to destroy energy, transport and military infrastructure key to Moscow's war effort. Both sides deny targeting civilians in the 30-month-old war launched by Russia's full-scale invasion of its neighbour. Sign up here. https://www.reuters.com/world/europe/ukraine-says-it-attacked-oil-facilities-military-depot-russia-2024-08-29/

2024-08-29 06:45

AHMEDABAD/ISLAMABAD, Aug 29 (Reuters) - Heavy rains battered India and Pakistan's coastal areas along the Arabian Sea, flooding cities in western India's Gujarat state and forcing thousands of people from their homes, with authorities predicting a cyclonic storm to develop by Friday. People waded through waist-high waters that partly submerged vehicles and roads in parts of the state, visuals from Reuters television showed. At least 28 people have died this week from rain-related incidents in the state, officials said, as meteorologists in India and neighbouring Pakistan warned that more heavy downpours and strong winds were expected to lash the coast. "There is no electricity for the last two days," said Prabhu Ram Soni, who lives in Gujarat's coastal city of Jamnagar. "I have an eight-month-old daughter and an asthma patient, my mother, who is on oxygen support." More than 18,000 have been evacuated since Sunday from cities near the coast, disaster management authorities said. The army was also involved in relief efforts in the state which was hit in last year by cyclone Biparjoy, damaging infrastructure and leading to the evacuation of more than 180,000 people. Heavy rains also lashed Jamnagar, home to the world's largest oil refinery complex, owned by Reliance (RELI.NS) , opens new tab, the district collector, B K Pandya, told Reuters. At nearby Vadinar, Nayara Energy, backed by Russian groups including its largest oil producer, Rosneft, runs another refinery. "They are operational," Pandya said, when asked if rain had affected work in the refineries, adding that authorities were focusing on rescue efforts in the district. A deep depression off Gujarat is expected to intensify into a cyclonic storm by Friday, the India Meteorological Department (IMD) said, but it was forecast to move away from the Indian coast over the next two days. In Pakistan, the weather department warned fishermen to not venture into the sea until Saturday. The IMD has forecast extremely heavy rainfall in Gujarat's Bharuch, Kutch and Saurashtra districts on Friday. Rain also triggered flash floods in the neighbouring Pakistani port city of Karachi, causing power outages, media reported. Pakistani authorities have also warned of flash floods in two districts of the southern province of Sindh, which is still recovering from the massive floods of 2022 which inundated large swathes of the country and damaged the economy. Sign up here. https://www.reuters.com/world/asia-pacific/rains-lash-india-pakistan-thousands-evacuated-2024-08-29/

2024-08-29 06:25

Aug 29 (Reuters) - Impala Platinum (IMPJ.J) , opens new tab has halted spending on a new mine it was developing in South Africa after profit plunged 87% in the year to June 30, hit by low metal prices, it said on Wednesday. The Twin Rivers project, being developed with African Rainbow Minerals (ARIJ.J) , opens new tab at a cost of about 5.7 billion rand ($320 million), will be placed on care and maintenance, Impala said in its full-year results announcement. The Johannesburg-based metals producer also said it would not pay a full-year dividend after profit plunged to 2.4 billion rand from 18.8 billion rand the previous year. Impala has also halted spending at its $134 million North Hill project at its Mimosa joint venture in Zimbabwe, shortened the life of its Canadian palladium mine and cut some jobs in South Africa. Impala and its South African peers are cutting jobs and curbing planned investments as profits slump after a drastic fall in prices for platinum group metals, which are key to reducing toxic vehicle emissions. ($1 = 17.8063 rand) Sign up here. https://www.reuters.com/markets/commodities/platinum-giant-impala-halts-new-mine-expansion-profit-plunges-2024-08-29/