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MIT Technology Review Insights' Green Future Index 2023 third annual ranking sees progress wavering as atmospheric carbon levels soar
CAMBRIDGE, Mass., March 31, 2023 /PRNewswire/ -- Produced by MIT Technology Review Insights in association with Kyndryl, Intel, and Iris Ceramica Group, the Green Future Index (GFI) is the third annual comparative ranking of 76 nations and territories on their progress toward developing a sustainable, low-carbon future for their economies and societies. Based on qualitative and quantitative research conducted between June 2022 and January 2023, the interactive Green Future Index 2023 measures the extent to which countries and territories are moving toward a green future by reducing carbon emissions, developing clean energy, innovating in green sectors, and preserving the environment, as well as the degree to which governments are implementing effective climate policies. The key findings of the Green Future Index 2023 report are as follows: Green Leaders reveal more consistency than progress. All but three countries in the top ranks for 2023—Green Leaders—were in the same cohort for 2022. Iceland remains top-ranked, and only one of the top 10 (South Korea) was not European. Just one country moved into the Green Leaders group: Luxembourg (to 16th place from 28th in 2022). The United States saw little improvement with a nudge up from 20th to 19th. Roughly half of all Green Leader scores declined during the past year. Although efforts to reduce carbon in economies are increasing and policy work is strengthening, early returns are diminishing. Jumping around in the Greening Middle. The 20 countries of the Greening Middle put sustainable policy formulation into action, and many rankings changed substantially. These include emerging economies able to link sustainable policies to economic incentives, including South Africa (in 25th place for 2023, up from 31st) and Uruguay (26th, up from 38th in 2022). As in past years, the highest-ranked emerging economy for the Green Future Index 2023 is Costa Rica, in 24th place. Wealth matters. Despite notable efforts to link economic and sustainable development, emerging economies continue to fare poorly in Green Future Index 2023 rankings. Correlating rankings with GDP per capita reveals an uncomfortable truth: wealth contributes significantly to a country's ability to define its low-carbon future. Economics alone does not define the future. Seventeen of the 35 countries that improved scores in 2023 were poorer countries. Argentina and Indonesia saw the biggest increases of all countries for 2023, moving 20 and 21 places respectively, placing them 48th and 49th overall. Significant commitment to improving a single pillar was behind both increases: Argentina's green society score increased, as did Indonesia's carbon emissions score. The unbearable weight of carbon. Economic over-reliance on fossil fuel production or natural resource extraction contributes to lower scores. Most Climate Laggards are weighed down by carbon-intensive industries. Australia is notable for beginning to free itself from a carbon-intensive economy. Its new policy-focused business incentives allowed it to jump 10 places in the 2023 rankings to 42nd place. "As the world faces the critical issue of climate change, the Green Future Index provides a comprehensive analysis of how countries are progressing toward a sustainable, low-carbon future," says Laurel Ruma, global editorial director, MIT Technology Review Insights. She continues, "Although there are clear leaders in this space, the report also reveals some uncomfortable truths about the link between wealth and a country's ability to define its low-carbon future. However, we're encouraged to see that commitment to improving sustainability is not limited to high-income countries, with developing nations such as Argentina and Indonesia making significant progress." "It's clear we all need to do more to combat climate change, and the Green Future Index can be a guide for policymakers and enterprises alike. As we continue to navigate these challenges, we must focus on driving meaningful change through policy work, innovative technologies, and reducing carbon emissions. MIT Technology Review Insights is committed to playing our part in this critical effort and we continue to support the development of a sustainable future for all." explains Ruma. To view the Green Future Index 2023 research findings, visit the interactive page or click here to download the report. For more information please contact: Natasha ContehHead of communicationsMIT Technology Review Insightsnatasha.conteh@technologyreview.com For general enquiries: insights@technologyreview.com About MIT Technology Review Insights MIT Technology Review Insights is the custom publishing division of MIT Technology Review, the world's longest-running technology magazine, backed by the world's foremost technology institution—producing live events and research on the leading technology and business challenges of the day. Insights conducts qualitative and quantitative research and analysis in the US and abroad and publishes a wide variety of content, including articles, reports, infographics, videos, and podcasts. And through its growing MIT Technology Review Global Insights Panel, Insights has unparalleled access to senior-level executives, innovators, and entrepreneurs worldwide for surveys and in-depth interviews.
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LONGi supplies BIPV solution to the 2023 Annual Conference of the Boao Forum for Asia
XI'AN, China, March 30, 2023 /PRNewswire/ -- On March 28th, the 2023 Annual Conference of the Boao Forum for Asia (BFA) officially kicked off in Hainan Province with the theme "An Uncertain World: Solidarity and Cooperation for Development amid Challenges." This year, the BFA considers the supply of "green electricity" to be a crucial aspect of "green hosting," serving as an important opportunity to showcase China's achievements in "Dual Carbon" initiatives. More than 2000 representatives from over 50 countries and regions will witness and experience the "Green Boao" achievements for the first time. According to the official figures from BFA, LONGi Green Energy Technology Co., Ltd. (LONGi), one of the world's leading solar technology companies, has cooperated with its partner CENTER INT supplied a total of 3.88 MW of building-integrated photovoltaics (BIPV) products (LONGi Roof & LONGi Park) for the permanent venue in Boao Town. In 2021, LONGi injected capital into CENTER INT, thus becoming the second largest shareholder of CENTER INT. Led by the "LONGi-CENTER INT" dual-brand strategy, the company is now focusing on BIPV market and making strategic transformation to the new energy field at all their capacity. LONGi and CENTER INT have effectively utilized the existing roofs and facades of the BFA by implementing green techniques and energy-saving upgrades, resulting in the installation of a unique and distinctive "New Skin". The Boao Zero Carbon Demonstration Zone, located on Dongyu Island, is the first national-international forum zero carbon park jointly developed by Hainan Province and the Ministry of Housing and Urban-Rural Development. It serves as a significant green development benchmark project that possesses international influence and stands as one of the six landmark projects in the province. Dongyu Island, with a land mass of about 1.78 square kilometers, has a limited forest area. As a result, LONGi's photovoltaic module products have become the "New Skin" of these landmark buildings on the available roofs and open spaces of hotels, news centers and parking lots on the island, constantly providing green power and security for the Boao Forum for Asia. In order to achieve the "Zero Carbon" goal and ensure that the building in the small is aesthetically pleasing and reliable, LONGi and its partner has fully taken into account the combination of photovoltaic and architecture and made full use of architectural space. Without affecting the light transmission of the building, they designed products such as photovoltaic roofs, glass curtain walls, photovoltaic power generation glass, and photovoltaic power generation railings, which perfectly integrated photovoltaic products with the building, and diversified photovoltaic application scenarios. About LONGi Founded in 2000, LONGi is committed to being the world's leading solar technology company, focusing on customer-driven value creation for full-scenario energy transformation. Under its mission of 'making the best of solar energy to build a green world', LONGi has dedicated itself to technology innovation and established five business sectors, covering mono silicon wafers cells and modules, commercial & industrial distributed solar solutions, green energy solutions and hydrogen equipment. The company has honed its capabilities to provide green energy and has more recently, also embraced green hydrogen products and solutions to support global zero-carbon development. www.longi.com
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Jackery Named One of America's Best Home and Garden Brands for Second Consecutive Year
Award recognizes Jackery's solar power generator offerings FREMONT, Calif., March 30, 2023 /PRNewswire/ -- Jackery proudly announces that the brand has once again been awarded one of America's Best Home and Garden Brands by Newsweek and Statista. This is the second year in a row that Jackery has won the award, thanks to the brand's home function products that provide clean, efficient backup power. The brand was named along with other well-known brands based on an in-depth analysis of online reviews and ratings. The award is a boost to the company after an already honor-filled year, following recognition at CES 2023 and in multiple media "Best of CES 2023" lists. America's Best Home and Garden Brands is an award handed out annually by Newsweek, partnered with Statista. The ranking is created using both online ratings and reviews about a variety of home and garden products. Developed with an eye for versatility in use, the solar generators under review by the jury enhance user comfort with a nearly noiseless operation, allowing for restful, quiet nights. Their reliance on solar panels eliminates harsh odors and harmful fumes that gas-fueled generators emit, so that users can experience a safe energy option, either indoors or outdoors. Jackery is proud of being the originator of the solar generator. The brand's solar generators are perfect for home back-up or outdoor use and provide plenty of energy that is easy to implement quickly and efficiently. Powered by environmental-friendly solar panels, Jackery generators are capable of supporting a variety of home appliances, from simple desk lamps to larger, more energy-consuming electronics such as refrigerators and stoves. With fast solar charging options and numerous power output options, users of Jackery's solar generators are capable of handling grid power loss for several hours or keeping their camping units well-lit throughout the evening. They provide portable, fast-charging power on the long-haul road and fishing trips, and outdoor enthusiasts can power up their e-bikes and mini coolers for a weekend outside. Quiet and emitting zero carbon into the atmosphere, the solar generators don't distract users from the moment, a fact that has earned Jackery inclusion on several "Best Of" lists, including those of Digital Trends and Popular Mechanics. "We're absolutely thrilled to win this award once more. Being named one of America's Best Home and Garden Brands is an honor that places Jackery amongst the elite of the consumer electronics and power generator industry. This recognition will further strengthen the company's drive to provide reliable, durable, and most importantly, environmental-friendly products to customers for years to come," said Lara Luo, the head of Jackery Brand Center. For more details about Jackery solar generators, please visit: https://www.jackery.com/pages/solar-generator About Jackery Jackery, the world's leading innovative portable power and green outdoor energy solution provider founded in California in 2012, is a global top-selling solar generator brand born with a mission to offer green energy to everyone, everywhere. Jackery launched the world's first outdoor portable power stations in 2016 and developed the world's first portable solar panels in 2018. Having introduced solar generators to the great outdoors, Jackery fulfills the power needs of every nature-lover, inspiring them to explore further and seek more extraordinary experiences. Expanding its footprint from the US to Europe, Japan, and China, Jackery has sold over 3 million units globally since 2018. Together, we are committed to making the world a better place.
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Baguio Green's 2022 Net Profit* Increased by 3.2 times
Contracts On Hand Recorded a Historical High with a Surge of 67% to HK$3.6 billion HONG KONG, March 30, 2023 /PRNewswire/ -- Baguio Green Group Limited (''Baguio'' or the ''Group'', Stock Code: 01397.HK) is pleased to announce its annual results for the year ended 31 December 2022 (the "Year"). During the Year, the Group's revenue was approximately HK$1.79 billion, representing an increase of approximately 40.8% as compared with the preceding year. The Group's profit attributable to equity shareholders of the Company was approximately HK$53.7 million, representing a surge of approximately 3.2 times as compared with the preceding year. The Board recommends the payment of a final dividend for the Year at HK$3.8 cents per share. Business Overview and Prospects In 2022, new contracts awarded to the Group amounted to a total of HK$3.08 billion. As a result, the Group recorded a historical high for its contracts on hand of approximately HK$3.59 billion (as of 31 December 2022), representing a surge of approximately 67.3%. During the Year, The Group's core business, cleaning services, recorded a substantial growth. Revenue of cleaning services increased by approximately 61.2% to approximately HK$1.33 billion. During the Year, the Group secured a number of service contracts worth approximately HK$1.99 billion in total for street cleansing services. Winning these contracts from the Food and Environmental Hygiene Department ("FEHD") of the HKSAR Government signifies that Baguio is a leading player in the Hong Kong cleaning market. The Group currently provides FEHD street cleansing services in a total of eight Hong Kong districts, serving over 2.8 million people. With regard to the waste management and recycling business, the Group continued to expand its operational capacity and collection network for recyclable items. During the Year, the Group secured two new contracts with FEHD for the provision of waste collection services, worth approximately HK$140 million. The Group is contracted by the Environmental Protection Department ("EPD") of the HKSAR Government to handle over 5,000 recycling spots (including plastic, glass bottles, metals and waste paper) across Hong Kong. During the Year, Baguio won a new 33-month EPD Plastic Recycling Pilot Scheme contract to provide plastic collection services for three districts (Eastern, Kwun Tong and Central & Western). Baguio also provides plastic collection services for Recycling Stations of "GREEN@COMMUNITY" and Reverse Vending Machines ("RVMs"), which were introduced by EPD and other institutions in Hong Kong. In addition, the Group also provides collection and management services of glass bottles for the Hong Kong Island, the New Territories and Islands District. With the Municipal Solid Waste (MSW) charging scheme scheduled to be launched in the second half of 2023, the recycling volume is expected to increase rapidly. To support the expected growth in the volume of the plastic recycling business, a new high-speed and fully-automated plastic-sorting facility was introduced to the Group's recycling plant. When fully operational, its plastic processing capacity per year could exceed 10,000 tonnes, equivalent to 400 million bottles. Leveraging the extensive recycling experience and innovative capability, the Group has been successfully awarded a 2-year service contract by the EPD for the provision of the self-developed Smart Recycling Machines ("SRMs"), and a Big Data Analytics Platform to help bring recycling in Hong Kong to the next stage and to drive the smart city development in Hong Kong. During the Year, the Group has been awarded EPD's first service contract for using bioconversion technology (Black Soldier Flies) to help solve Hong Kong's chicken manure problem. The project has commenced production. Both green technology contracts (SRMs and Bioconversion technology) represent important milestones for Baguio's development, and has strategic significance for rapid development of the Group's green technology business. It is expected that the green technology business will be one of the main growth drivers of the Group. With regard to recyclable food waste collection services, the Group secured two contracts with EPD for the provision of recyclable food waste collection services in Kowloon District and New Territories West, worth approximately HK$68.9 million. Among the total four EPD's similar contracts granted, Baguio has secured half of them, highlights Baguio's position as Hong Kong's market leader in food waste collection. For the landscaping services, Baguio secured a contract for the provision of landscaping services to Hong Kong University of Science and Technology and Tung Chung East Promenade. For pest management business, the Group won the FEHD's contract for pest management services in the Wong Tai Sin and Tai Po districts during the Year worth approximately HK$150 million. With the increasing emphasis on social and environmental issues, the Group has been actively integrating "Environmental, Social and Governance (ESG)" into its core business. By launching the "ESG+" solution, the Group provides sustainable low-carbon waste management, waste audit, recycling, sustainability professional services and green products, as well as green/ESG data, which can greatly enhance the ESG performance of listed company clients, thereby increasing their chances of securing green financing and becoming an ESG index constituent. Mr. Ng Wing Hong, Chairman of Baguio, commented, "2022 marks a year with outstanding result performance with net profit* substantially increased by 3.2 times and contracts on hand recorded a historical high since Baguio established 43 years ago. This further signifies Baguio's successful focus on cleaning, collection & recycling, green technology and sustainability related business. With reference to the contracts on hand as of 31 December 2022, HK$1.80 billion contract value will be recognised as revenue in 2023. This value is higher than the revenue for the whole year of 2022 (HK$1.79 billion). With potential new contracts to be obtained in 2023, the revenue growth of 2023 should be considered commendable considering the current unsatisfactory global economic environment. Looking ahead 2023, with the Municipal Solid Waste Charging Scheme scheduled to be launched in the second half of 2023, it is expected to further motivate the public to recycle and to increase the recycling volume. With the potential legislation of the Producer Responsibility Scheme on Plastic Beverage Containers this year, when the new regulation becomes effective, producers of plastic beverage containers will add a deposit to the selling price and refund the deposit to consumers when they return their plastic beverage containers. The recycling volume of plastic beverage containers is expected to have a significant increase. The two schemes are expected to directly drive the growth of Baguio's recycling business and create solid returns from our investment in recycling facilities which creates a strong entry barrier to the competition." For details of the Group's 2022 annual results announcement, please visit the following website: http://www.baguio.com.hk/en-US/Investor%20Relations/Announcements%20and%20Notices * The Group's profit attributable to equity shareholders of the Company About Baguio Green Group Established in 1980, Baguio Green Group (Stock code: 01397.HK) is one of Hong Kong's largest integrated environmental services groups. It provides a full spectrum of professional services including professional cleaning, waste collection & recycling, waste management, green technology, organic fertilizer and animal feed production, horticulture & landscaping, and pest control. It serves a wide range of customers in various sectors including Government departments, statutory organizations and multinational corporations. Fully committed to ESG, the Group works relentlessly to advance sustainable development and create a cleaner, greener, healthier city.
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DFRobot Unveils its Innovative Product Displays at Bett 2023
SHANGHAI, March 30, 2023 /PRNewswire/ -- DFRobot, a global leader in STEM education solutions, not only debuted its cutting-edge IoT-enabled 'Smart City' Solution, but also showcased an array of imaginative and innovative product displays at Bett 2023. These included the BOSON Lego Dog, a micro:bit smart home, a Plant Monitor with SCI DAQ module, the Lark Weather Station, and the Magical Sorting Hat. These captivating exhibits attract considerable attention and engagement from the attendees. DFRobot showcases innovative product displays at Bett 2023 A micro:bit smart home is a simulation of a basic Smart Home system that utilizes a micro:IoT expansion board. In this setup, all devices are interconnected through the Internet of Things, allowing users to conveniently control home appliances such as lighting or door locks remotely. Furthermore, the system gathers environmental data and uploads it to the cloud, enabling enhanced analysis and smarter decision-making for improved home automation and energy efficiency. The Lark Weather Station is a compact and portable device that provides real-time weather data wherever you are. It's a great tool for students to learn about atmospheric conditions, including wind speed and direction, temperature, humidity, and pressure. At the Bett show, DFRobot showcases the Lark Weather Station connected to a Unihiker, a user-friendly development computer that supports data charts on its LCD color touchscreen. This setup allows for easy tracking and storage of weather data over the long term. A Plant Monitor equipped with a SCI DAQ module is capable of monitoring the optimal growing conditions for plants, providing real-time data on the module display. With the ability to detect low ambient lighting, the module includes an automatic light function. The SCI DAQ module has the flexibility to support over 20 types of common sensors, making it compatible with most micro-controllers. Sensor identification is automated with the module, providing direct output of physical quantities through built-in algorithms. This allows for efficient and effective optimization of plant growth conditions. Visit Stand NP31B to speak with any member of the DFRobot team and receive personalized guidance on the most suitable resources for your school. Our team can help you navigate the various options and optimize your selections.
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Sasin and SCGC Drive the Startup Ecosystem Through SCG Bangkok Business Challenge @ Sasin 2023 - Global Competition for University Students
BANGKOK, March 30, 2023 /PRNewswire/ -- Sasin School of Management has partnered with SCG Chemicals (SCGC), an innovator of chemical innovations and solutions, to host SCG Bangkok Business Challenge @ Sasin 2023 - Global Competition to fuel the future of entrepreneuship. This competition invites passionate undergraduate and postgraduate students from every country to pitch ideas on sustainable business development that prioritizes environmental, social, and good governance. The winners will receive trophies and cash prizes worth US$42,000. Sasin and SCGC Drive the Startup Ecosystem Through SCG Bangkok Business Challenge @ Sasin 2023 - Global Competition for University Students SCG Bangkok Business Challenge @ Sasin is Asia's longest–running student startup competition that provides university students with an entrepreneurial mindset the opportunity to pitch their innovative business developmental ideas and demonstrate management skills through the visions of their startup. This year's Global Competition theme is "Growing Impactful Ventures" to foster innovative, sustainable, and creative approaches in business management. The competition also aims to inspire all participating teams to tackle future business challenges prioritizing sustainability, social responsibility, and environmental consciousness. Undergraduate and postgraduate students interested in the competition can submit their applications for the Global Competition from today until April 30, 2023. The semi-final and finals will take place on June 22-24, 2023, at Sasin School of Management in Bangkok, Thailand. Let's join the force for sustainability through an entrepreneurship mindset as all participants compete for the chance to win a trophy, cash prizes, and the opportunity to network with other international teams. Submit your applications at https://bit.ly/apply2bbcgl2023. For more information on the competition, visit https://bbc.sasin.edu/2023 or Facebook page: bangkokbusinesschallenge
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TUV Rheinland and smart Reach Strategic Cooperation to Promote Low-Carbon Transformation and Sustainable Development in the Automotive Value Chain
NINGBO, China, March 30, 2023 /PRNewswire/ -- TUV Rheinland Greater China, an international independent third-party testing, inspection and certification organization, held a strategic cooperation signing ceremony with smart Automobile. The two companies will start in-depth cooperation in the fields of green, low-carbon, and sustainability, giving full play to their respective technical and resource advantages to promote the low-carbon transformation and sustainable development of the global automotive value chain. Michael Weppler, Executive Vice President of Sales, Marketing and Communications at TUV Rheinland, and Yang Jun, Vice President of Research and Development at smart Automobile, signed a memorandum of cooperation on behalf of both sides. Other attendees included Li Tao, Vice President of TUV Rheinland Greater China Strategy, Marketing and Business Development, Fallight Xu, General Manager of TUV Rheinland Greater China Sustainability Service, and Dr. Du Hanbin, Chief Engineer of Research and Development at smart Automobile. Yang Jun, Vice President of Research and Development at smart Automobile, and Michael Weppler, Executive Vice President of Sales, Marketing and Communications at TUV Rheinland, signed a memorandum of cooperation on behalf of both sides. In the context of global carbon neutrality, electric vehicles are given high hopes in the low-carbon transformation of society. The carbon footprint of the power battery, one of the key components, as well as the low carbonization of the whole supply chain, determines the extent to which electric vehicles can contribute to the green economy. According to the agreement, TUV Rheinland will work with smart to develop environment-friendly evaluation standards, methods, and practices for product life cycle evaluation and carbon footprint calculation, product classification rules and carbon emission data sets for automotive vehicles and components such as power batteries, and evaluation standards for green and zero-carbon manufacturing in the automotive industry, as well as an evaluation index scheme for a green and sustainable supply chain according to the current status of production and operation in the automotive industry. At the signing ceremony, Michael Weppler stated that last September the smart #1 power battery was awarded China's First Carbon Footprint Certificate based on the EU Product Environmental Footprint Category Rules (PEFCR) & ISO 14067 by TUV Rheinland, setting a solid example for low carbon and emission reduction in the field of electric vehicles. The signing of this agreement is an important milestone in the cooperation between the two sides. TUV Rheinland will make full use of its technical capability over more than 100 years in the field of automotive testing and certification and its rich experience in the field of low-carbon energy and sustainability. Combined with smart's technical resources in the field of automotive vehicles and power batteries, the two sides will jointly develop relevant standard systems and explore best practices, contributing to the green, low-carbon, and sustainable development of the global automotive industrial chain. Yang Jun said, "Entering the carbon neutral era, smart takes a responsible stance on decarbonisation, implementing sustainable development measures through technological innovation and cooperating with excellent partners to promote coordinated decarbonisation across the industry and supply chain. Let's explore the best solutions for future low-carbon mobility together." As a leading global technical service provider, TUV Rheinland has been providing green solutions for customers who are concerned about energy conservation, environmental protection, low carbon, and emission reduction since 2010. To date, it has provided services such as data collection for energy consumption and carbon emission as well as modeling quantitative indexing and evaluation for the entire life cycle for industries including automotive vehicles and components, chemicals, photovoltaics, electrical and electronics, real estate, batteries, and building materials, covering all aspects of raw materials, design and development, production processes, and product recycling. In recent years, TUV Rheinland has successively launched related services such as energy management, energy saving diagnosis, life cycle assessment (LCA), product carbon footprint, water footprint, environmental product declaration (EPD), green factory, and supply chain energy saving diagnosis service, and dedicated itself to continuously improving its level of service capability in the field of low-carbon energy and sustainable development in order to contribute to the green and low-carbon transformation of enterprises and promote the high-quality development of industrial chains.
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Jennifer Yu Cheng Girls Impact Foundation Partners with Industry Leaders to Offer Teen Girls Head Start on "CareerXploration"
Jobs in the digital age, and the skills and competencies required to fill them, are transforming at an unprecedented rate. Students who leave school with industry-valued experiences are more likely to pursue higher education and successfully navigate their career journeys, finds a recent study by researchers at Victoria University. JYCGIF "10,000 Girls4Girls Coding+" programme aims to empower 10,000 teen girls by 2025 by equipping them with digital skills "plus" leadership experiences, university and pre-career preparation, and networking opportunities to lead in a world of innovation. Knowing that teen girls require exposure to career possibilities early on, and to empower them to tap into their talents and pursue their unique interests, Jennifer Yu Cheng Girls Impact Foundation ("JYCGIF") recently launched the "JYCGIF CareerXplorer Programme ("JYCGIF CareerXplorer") as part of its flagship 10,000 Girls4Girls Coding+ initiative. Through projects and activities designed in collaboration with leading corporate partners in the region, including Hang Seng Bank, HKSTP, Intuitive Fosun, Smart Farming, and more, JYCGIF CareerXplorer will offer more than 500 teen girls immediate relevance to the real world – helping them map out educational and extracurricular goals leading to their future careers. The JYCGIF CareerXplorer's real world immersive work experiences, aimed at activating, engaging, and inspiring them, will offer teen girls a head start on achieving their career goals. Inspiring teen girls to map out their goals to become future ready leaders JYCGIF CareerXplorer will provide hands-on opportunities for real world learning through interactive exposure to workplaces in high tech, ESG, tourism, retail, finance, entertainment, medicine, and other industries. In its first two events, on 25 March and 1 April 2023, JYCGIF CareerXplorer invited teen girls into the world of MedTech and Smart Agriculture through workshops led by Intuitive Fosun, on the evolution of surgery, and Smart Farming, on smart technology's role in helping to solve food shortages around the world. Moving forward, we will collaborate with supporting organisations on a series of JYC CareerXplorer workshops aimed at giving students an inside track to the real world of work. "Our future world will be fueled by today's talents," said Jennifer Yu Cheng, Founder of JYCGIF. "We are working to provide the teen girls in our programmes every opportunity to discover their intrinsic talents as well as the resources they need to cultivate them and pursue them in school, university, careers, and beyond." Through JYCGIF CareerXplorer, teen girls will engage with professionals from diverse sectors and industries and try their hand at different positions. They will leave with work experience, a taste of entrepreneurship, and industry credentials – but mostly, they will feel inspired and motivated to dream BIG and pursue their greatest ambitions. JYCGIF's "10,000 Girls4Girls Coding+" programme aims to empower 10,000 teen girls by 2025 by equipping them with digital skills "plus" leadership experiences, university and pre-career preparation, and networking opportunities to lead in a world of innovation. Looking forward, JYCGIF will continue to work closely with international and local stakeholders to empower teen girls with the education access, tech skills and mindset, and inspiration and confidence to lead in a future world and workplace. Schools, youth groups, and other organizations interested in learning more about JYCGIF are invited to visit: https://www.jycgirlsimpact.org/ or follow JYCGIF IG or Facebook for more updates about events and activities. Instagram：https://www.instagram.com/jyc.girlsimpact/ Facebook：https://www.facebook.com/jyc.girlsimpact/
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Trip.com Group celebrates hybrid working first anniversary milestone
SHANGHAI, March 30, 2023 /PRNewswire/ -- Trip.com Group is proud to celebrate its one-year-anniversary of successfully introducing hybrid working for employees, a work model which officially launched in March 2022. The global group was the first internet company in China to implement the scheme, offering employees the choice to work remotely on certain days of the week. There were three main reasons behind the implementation of the hybrid working model: to improve employee satisfaction, contribute to family care and the promotion of work-life balance, and help reduce traffic congestion in cities across the world. While initially introduced in mainland China, the policy has now been adopted by Trip.com Group in 14 countries and regions, including Singapore, Japan, Australia, and the Philippines. After the hybrid-working structure was launched, Trip.com Group collated data from its headquarters in Shanghai to analyse how the new structure affected employees,productivity and company growth. In mainland China, over 10,000 employees choose to adopt the scheme, with an average of 5,000+ employees working from home each month on Wednesdays, Fridays, or both days of the week. Among the 5,000 average employees a month, around 40% work from home on Wednesdays, and around 60% chose to do so on Fridays. A total of 30% of employees decided to work from home on both days, i.e. twice a week. The survey also reveals that the proportion of female employees who work from home is slightly higher than their male counterparts. However, there has been no difference in work productivity between the two, and overall productivity was not affected by the hybrid work model. Ru Yi, General Manager of Trip.com, said: "Hybrid work has revolutionised the way we work, and has led to increased employee satisfaction and productivity. The flexibility and balance between remote and in-person work has empowered our employees to thrive in their roles, and has also strengthened our employee value proposition." Doria Dong, a mother of a new born baby in Shanghai, believes that a hybrid work model showcases the forward-looking nature of the travel tech industry in China, and said: "I'm glad there is a hybrid work policy as it allows me to spend more time with my one-year-old daughter, who currently lives with my parents. I can avoid being stuck in Friday night's traffic and save over two hours of driving time to see her. The hybrid work policy has allowed me to balance my work commitments with my family responsibilities, and I believe it benefits both employees and employers alike." Manuela Saccone works in the UK office, and she believes she has become more productive and focused at work since the scheme was introduced: "Sharing work days with colleagues in the office is great for communication, team bonding and general morale. Enjoying a calmer pace when working from home is ideal for when you need peace, quiet and to concentrate on high-focus tasks or deal with basic admin." Employees have found hybrid working has reduced travel commuting times and expenses, meaning valuable time can be spent with family members and friends or for personal development - leading to a fuller and more rounded life in and outside the office. Seungjoo Baek works in the Korea office and believes hybrid working offers an excellent balance between his personal and professional life: "I used to spend at least four hours a day commuting via bus and subway before hybrid working was introduced in our Korea office. Now, my weekdays are more fruitful, I can work more effectively and my family is pleased that I can spend more quality time with them." Overall, more than 90% of employees at Trip.com Group's head office in Shanghai support the hybrid work policy. Speaking on the effectiveness of the model, Jane Sun, Trip.com Group CEO said: "Hybrid work is not just about adapting to a new way of working, but it's about empowering employees to achieve greater work-life balance, be present for their families, and ultimately, find greater fulfilment and satisfaction in both their professional and personal lives." Trip.com Group, has led the development and research into hybrid working for over a decade. In 2010, the company carried out its first trial and in 2013, Trip.com Group Chairman of the Board, James Liang, published a research paper in collaboration with scholars from the Stanford University Graduate School of Business in The Quarterly Journal of Economics, demonstrating the positive effects of hybrid work. Going forward, Trip.com Group will continue to support employee wellness and achieve further satisfaction in the work-life balance of its staff as traditional working structures continue to change and are re-evaluated in modern-day society.
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Grant Weinstein joins Performio as Head of Sales, APAC -- Performio Strengthens Global Sales Leadership Team
Grant brings 20 years of business development and sales management to help drive the next stage of Performio's APAC Growth IRVINE, Calif. and MELBOURNE, Australia, March 30, 2023 /PRNewswire/ -- Performio, a leading incentive compensation management (ICM) provider, announced today Grant Weinstein, has started his position as Head of Sales, APAC. In this role, Grant's extensive enterprise technology and data analytics background will be instrumental in further cementing Performio's category leadership in the APAC region. Founded in 2006 in Australia, Performio is the only incentive compensation management provider with a dedicated team in the APAC region. Grant's hire will ensure Performio continues to be the dominant ICM provider in this market. Grant Weinstein joins Performio as Head of Sales, APAC Most recently Grant held a leadership role in the APAC region with Sisense, a global business intelligence technology vendor, where he drove impressive revenue results and delivered successful customer outcomes. Grant brings both regional and global experience to the role with proven results scaling technology companies such as Equifax, SAP Concur, Sensis (Telstra), and Amadeus across the APAC region. His background in B2B solution-based sales across an array of industries, including financial services, travel, marketing services, business intelligence, and data analytics, made him an ideal choice for Performio's incentive compensation management solution, which serves customer needs across these industries. "I'm thrilled to be joining Performio to contribute to their growth and success in the APAC region," said Grant Weinstein. "Incentive Compensation Management is critical for organisations to manage well and plays a crucial role in driving the motivation and performance of sellers across multiple industries. What drew me to Performio was its impressive enterprise-grade offering and comprehensive data transformation capabilities. Their reputation in the APAC market as a customer-centric partner for global enterprise companies is second to none." "We're honored to have Grant Weinstein join us as our Head of Sales, APAC," says Neil Graham, CRO, Performio. "With Performio's extensive history successfully serving customers and partners in the APAC region, we were ready to expand our revenue operations in the region. Grant's proven track record helping other B2B SaaS providers scale and grow throughout the Asia Pacific region made him the obvious choice for the company's performance culture and growth plans." "We are thrilled to welcome Grant Weinstein to the Performio sales leadership team," said Grayson Morris, CEO, Performio. "Grant's respected background in enterprise software sales made him an ideal choice for this important role in the APAC region." About PerformioPerformio is the only Incentive Compensation Management provider that drives business performance with a product built to handle complexity, a team delivering world-class service, and a proven track record of long-term global success. Performio's product is used by large global enterprises and growing mid-market companies worldwide such as Abbott Laboratories, News Corp, Vodafone, Draeger, Johnson & Johnson, Nexstar, Optus, Wedbush Securities, and WP Engine. Performio's feature-rich cloud application enables enterprises to automate their sales compensation calculations, provide increased transparency to their sales reps, and adapt to changing market conditions with confidence. For more information, visit www.performio.co. Photo - https://mma.prnasia.com/media2/2042530/Performio_Grant_Weinstein.jpg?p=medium600Logo - https://mma.prnasia.com/media2/1439716/Performio_Logo.jpg?p=medium600
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Neusoft Education announced its annual performance report for 2022
Driven by the positive impact of digitalization and empowering intelligent education with technology HONG KONG, March 29, 2023 /PRNewswire/ -- The Board of Directors of Neusoft Education Technology Co. Limited (hereinafter referred to as "Neusoft Education" or "the Company"; Stock code: 9616.HK) is pleased to announce the audited comprehensive performance for the year ended December 31, 2022. In 2022, Neusoft Education continued to pursue a high-quality, connotation-based development strategy and accelerated the construction of its "4S" characteristic product service model, achieving fruitful results. The company's operating performance steadily improved, with revenues reaching approximately RMB 1,548.4 million, a year-on-year increase of 13.6% and gross profits reaching approximately RMB 666.7 million, a year-on-year increase of 12.7%, with a gross profit margin of 43.1%.The company's net profit for the year was RMB 385.4 million, a year-on-year increase of 28.0%. Adjusted net profit attributable to shareholders was approximately RMB 380.6 million, a year-on-year increase of 23.0%.Basic earnings per share were RMB 0.59, a year-on-year increase of 37.2%, and proposed dividends per share were HKD 0.165, a year-on-year increase of 17.0%. Brand reputation on the rise Comprehensive strength in educational attainment widely recognized The three universities operated by Neusoft Education in Dalian, Chengdu, and Guangdong have been widely recognized by students, parents, and society for their high-quality education. In the 2022-2023 academic year, the number of new students enrolled in the three universities exceeded 17,000, an increase of 17% compared to the previous year, and the number of current students in the three universities exceeded 50,000, setting a new historical record. According to third-party data, up to now, the average salary of Neusoft Education graduates has steadily increased, and the employment rate of each university has been higher than the national average for non-"Double-First Class" universities. During the reporting period, the three universities added four national-level and four provincial-level first-class undergraduate program construction sites. A total of 25 first-class undergraduate program construction sites have been approved, including 8 national-level construction sites, with Dalian University having seven national-level construction sites, leading the way among private universities in China. This has laid a solid foundation for the sharing and output of Neusoft Education's high-quality educational resources. Empowering smart education with technology Continuing to expand the business in educational resource output With a focus on enabling smart education with technology, Neusoft Education uses its reliable big data platform to digitize, productize, and platformize the advanced educational concepts, models, systems, and standards that have been validated through practice at the three universities. It continues to create a systematic educational product and teaching resource covering multiple dimensions and has built a comprehensive "4S" product service system that includes Platform-as-a-Service (PaaS), Software-as-a-Service (SaaS), Content-as-a-Service (CaaS), and Data-as-a-Service (DaaS), providing powerful support for educational reform and innovation in partner universities and expanding its educational resource output business. In 2022, the company's smart education platform, teaching content, and experimental training laboratories generated revenues of approximately RMB 82 million, a 19% increase compared to the same period in 2021, achieving new heights in product sales. In addition, in 2022, the company established cooperative partnerships with 69 universities to co-build industrial colleges and majors, covering nearly 25,000 students and generating revenues of approximately RMB 80 million, a year-on-year increase of 54%. Moreover, the company signed co-construction agreements with eight new universities for industrial colleges or majors, planning to launch cooperation in the new academic year, achieving comprehensive breakthroughs. Building a distinctive continuing education system Establishing a good reputation in the IT training industry Neusoft Education continued to improve its continuing education system with "quality-based, open and shared, online and offline integrated" feature in 2022, empowering individual learners and organizational continuous development. By the end of 2022, the company had obtained 19 national-level, 18 provincial-level, and 26 municipal-level training qualifications. The company continued to optimize and upgrade the "Neusoft Education Online" platform, offering more than 400 courses focusing on individual user certification and Internet + online learning platform projects for institutional users. In 2022, the company also launched the professional channel " Neusoft IT Cloud Academy" to provide IT vocational skill training services for individual learners, with 130 course products and 10 transformed primary industry projects. In the context of the scattered outbreak of the epidemic in 2022, the company continued to expand its market share in continuing education and enhance its brand influence. And its online and offline integrated delivery method had been widely recognized by customers. In terms of B2B training, the company implemented 112 training projects for 43 institutions, serving nearly 8,000 students and generating revenues of approximately RMB 26 million. In terms of B2C training, the company provided skill training services for more than 14,000 learners, generating revenues of approximately RMB 49 million. With the country's strong push for the development of the digital economy and further deepening the reform of modern vocational education system construction and promoting education digital transformation, facing vast market demands, Neusoft Education will take improving quality and promoting excellence as the main line, increase investment in research and development, continue to strengthen its educational attainment, expand its educational resource output and continuing education services, and consolidate its leading position in the field of digital talent education services. This will provide momentum for the company's sustained development and education empowerment and cultivate more high-quality digital talents for the development of the digital economy.
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51Talk Online Education Group Announces the Results for the Third Quarter, the Fourth Quarter and Full Year 2022
SINGAPORE, March 29, 2023 /PRNewswire/ -- 51Talk Online Education Group ("51Talk" or the "Company") (NYSE: COE), a global online education platform with core expertise in English education, announced its unaudited results for the third quarter ended September 30, 2022, and the fourth quarter and full year ended December 31, 2022. Full Year 2022 Financial Highlights The Company completed the divestiture of its China mainland business on June 30th, 2022. After the divestiture, the Company focuses on providing online English tutoring lessons taught by foreign teachers to K-12 and post-secondary students in countries and regions outside of mainland China. The Company has announced that the change of the Company's legal name from China Online Education Group to 51Talk Online Education Group was approved and adopted by way of annual general meeting on September 30, 2022. The Company has changed the ratio of its American depositary shares ("ADSs") to Class A ordinary shares (the "ADS Ratio") from one (1) ADS representing fifteen (15) Class A ordinary shares to one (1) ADS representing sixty (60) Class A ordinary shares.The effective date was on December 15, 2022 (U.S. Eastern Time). Net revenues were US$15.0 million for the full year 2022 and gross margin was 78.8% for the full year 2022. Net loss was US$42.5 million, including net loss from continuing operations[1] of US$12.8 million and net loss from discontinued operations[2] of US$29.7 million. Non-GAAP net loss[3] was US$41.8 million, including non-GAAP net loss from continuing operations of US$12.1 million and non-GAAP net loss from discontinued operations of US$29.7 million. Cash, cash equivalents and time deposits balance stood at US$23.1 million as of December 31, 2022. Operating cash outflow was US$45.7 million for the full year 2022, including discontinued operating cash outflow of US$47.6 million and continuing operating cash inflow of US$1.9 million. Gross Billings[4] for the full year of 2022 were US$28.7 million. Fourth Quarter 2022 Financial Highlights Net revenues for the fourth quarter of 2022 were US$5.1 million, and gross margin for the fourth quarter of 2022 was 79.0%. Net loss for the fourth quarter of 2022 was US$2.0 million. Non-GAAP net loss for the fourth quarter of 2022 was US$1.9 million. Operating cash inflow for the fourth quarter of 2022 was US$0.6 million. Gross Billings[4] for the fourth quarter of 2022 were US$7.5 million. Third Quarter 2022 Financial Highlights Net revenues for the third quarter of 2022 were US$4.6 million, and gross margin for the third quarter of 2022 was 78.6%. Net loss for the third quarter of 2022 was US$2.8 million. Non-GAAP net loss for the third quarter of 2022 was US$2.6 million. Cash, cash equivalents and restricted cash balance stood at US$22.2 million as of September 30, 2022. Operating cash inflow for the third quarter of 2022 was US$0.6 million. Gross Billings[4] for the third quarter of 2022 were US$8.2 million. Key Financial and Operating Data For the three months ended For the year ended Jun. 30, Sept. 30, Dec. 31, Dec. 31, 2022[5] 2022 2022 2022[5] Net Revenues (in US$ millions) 3.5 4.6 5.1 15.0 Gross Margin 79.2 % 78.6 % 79.0 % 78.8 % Gross Billings (in US$ millions) 7.8 8.2 7.5 28.7 Active students with attended lesson consumption[6](in thousands) 14.9 19.5 22.8 26.2 [1] "Continuing operations" refers to the Company's remaining international business after the divestiture of its China mainland business. [2] "Discontinued operations" refers to the Company's China mainland business, which has been disposed on June 30th, 2022. [3] For more information on non-GAAP financial measures, please see the section of "Use of Non-GAAP Financial Measures" and the table captioned "Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures" set forth in this press release [4] Gross Billings for a specific period, which is one of the Company's key operating data, is defined as the total amount of cash received and receivable from third party payment platforms for the sale of course packages and services in such period, net of the total amount of refunds in such period. The Gross Billings data included herein was from the Company's business system and converted with quarterly corresponding exchange rate, which may lead to differences with bank records. [5] For purposes of comparison, the financial and operating data of continuing business for the second quarter of 2022 or full year of 2022 are presented in this column. [6] An "active student with attended lesson consumption" for a specified period refers to a student who attended at least one paid lesson, excluding those students who only attended paid live broadcasting lessons or trial lessons. "FY2022 represents a new beginning for 51Talk. Specifically, we completed our divestiture of the China mainland business in the second quarter with the third quarter being the first quarter where 100% of the Company's revenues derived from international markets. On September 30th, our shareholders approved the proposal of changing our legal name from China Online Education Group to 51Talk Online Education Group. We believe these are all significant milestones that we have accomplished in 2022 and are excited by the future prospects of 51Talk as we continue to execute our localization strategy in the international markets." said Mr. Jack Jiajia Huang, Founder, Chairman and Chief Executive Officer of 51Talk. "Our Gross Billings for 2022 was US$28.7 million. In Q1 and Q2, we benefited from immediate demand due to COVID-related closing of schools and offline tutoring providers. In Q3 and Q4, classes returned to normal in some international markets and created defections from our classes. Starting from Q3 onwards, we intensified our localization efforts and deployed marketing and operational personnel in selected places. As our international experience grows, we are confident in our execution and expansion over the medium term. Results from early sales initiatives foster our belief that our product, processes and technology can be transferred to international markets with equal success in a post COVID world. In terms of technology, we believe AI-powered tutors will transform online education. The combination of tutor and AI will significantly improve user experience and greatly promote personalized education. Specifically, adaptive learning or the creation of personalized teaching content, the provision of customized teaching tools for teachers and customized lesson feedback based on students' learning situations, among others. We have already begun integrating ChatGPT into our products and operations and continue to strategically build around our vision of personalized education. Finally, our international business achieved positive operating cash flow during Q3 and Q4, reflecting strong execution of our sustainable growth strategy." Mr. Huang concluded. Third Quarter 2022 Financial Results Net Revenues and Gross Margin Net revenues for the third quarter of 2022 were US$4.6 million. The number of active students with attended lesson consumption was approximately 19,500 in the third quarter of 2022. Cost of revenues for the third quarter of 2022 was US$1.0 million. Gross profit for the third quarter of 2022 was US$3.6 million. Gross margin for the third quarter of 2022 was 78.6%. Operating Expenses Total operating expenses for the third quarter of 2022 were US$6.2 million. Sales and marketing expenses for the third quarter of 2022 were US$3.7 million. Excluding share-based compensation expenses, non-GAAP sales and marketing expenses for the third quarter of 2022 were US$3.7 million. Product development expenses for the third quarter of 2022 were US$0.63 million. Excluding share-based compensation expenses, non-GAAP product development expenses for the third quarter of 2022 were US$0.58 million. General and administrative expenses for the third quarter of 2022 were US$1.8 million. Excluding share-based compensation expenses, non-GAAP general and administrative expenses for the third quarter of 2022 were US$1.7 million. Loss from Operations Operating loss for the third quarter of 2022 was US$2.6 million. Non-GAAP operating loss for the third quarter of 2022 was US$2.4 million. Net Loss Net loss for the third quarter of 2022 was US$2.8 million. Excluding share-based compensation expenses of US$ 0.2 million, non-GAAP net loss for the third quarter of 2022 was US$2.6 million. Basic and diluted net loss per share attributable to ordinary shareholders for the third quarter of 2022 was US$0.01. Excluding share-based compensation expenses of US$ 0.2 million, non-GAAP basic and diluted net loss per share attributable to ordinary shareholders for the third quarter of 2022 was US$0.01. Basic and diluted net loss per American depositary share ("ADS") attributable to ordinary shareholders for the third quarter of 2022 was US$0.50. Each ADS represents 60 Class A ordinary shares. Excluding share-based compensation expenses of US$0.2 million, non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders for the third quarter of 2022 was US$0.46. Balance Sheet As of September 30, 2022, the Company had total cash, cash equivalents, restricted cash of US$22.2 million. The Company had advances from students[7] of US$13.2 million as of September 30, 2022. [7] "Advances from students" is defined as the amount of obligation to transfer goods or service to students or business partners for which consideration has been received from students in advance. The deposits from students are also presented in the total amount of "advances from students" Fourth Quarter 2022 Financial Results Net Revenues and Gross Margin Net revenues for the fourth quarter of 2022 were US$5.1 million. The number of active students with attended lesson consumption was approximately 22,800 in the fourth quarter of 2022. Cost of revenues for the fourth quarter of 2022 was US$1.1 million. Gross profit for the fourth quarter of 2022 was US$4.0 million. Gross margin for the fourth quarter of 2022 was US$79.0 %. Operating Expenses Total operating expenses for the fourth quarter of 2022 were US$6.2 million. Sales and marketing expenses for the fourth quarter of 2022 were US$3.99 million. Excluding share-based compensation expenses, non-GAAP sales and marketing expenses for the fourth quarter of 2022 were US$3.96 million. Product development expenses for the fourth quarter of 2022 were US$0.44 million. Excluding share-based compensation expenses, non-GAAP product development expenses for the fourth quarter of 2022 were US$0.39 million. General and administrative expenses for the fourth quarter of 2022 were US$1.74 million. Excluding share-based compensation expenses, non-GAAP general and administrative expenses for the fourth quarter of 2022 were US$1.71 million. Loss from Operations Operating loss for the fourth quarter of 2022 was US$2.2 million. Non-GAAP operating loss for the fourth quarter of 2022 was US$2.1 million. Net Loss Net loss for the fourth quarter of 2022 was US$2.0 million. Excluding share-based compensation expenses of US$0.1 million, non-GAAP net loss for the fourth quarter of 2022 was US$1.9 million. Basic and diluted net loss per share attributable to ordinary shareholders for the fourth quarter of 2022 was US$0.01. Excluding share-based compensation expenses of US$0.1 million, non-GAAP basic and diluted net loss per share attributable to ordinary shareholders for the fourth quarter of 2022 was US$0.01. Basic and diluted net loss per American depositary share ("ADS") attributable to ordinary shareholders for the fourth quarter of 2022 was US$0.36. Each ADS represents 60 Class A ordinary shares. Excluding share-based compensation expenses of US$0.1 million, non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders for the fourth quarter of 2022 was US$0.34. Balance Sheet As of December 31, 2022, the Company had total cash, cash equivalents, time deposits of US$23.1 million. The Company had advances from students of US$15.2 million as of December 31, 2022. Full Year 2022 Financial Results Net Revenues and Gross margin Net revenues for 2022 were US$15.0 million. The increase was primarily attributed to an increase in the number of active students with general lesson consumption. Cost of revenues for 2022 was US$3.2 million. Gross profit for 2022 was US$11.9 million, gross margin for 2022 was 78.8%. Operating Expenses Total operating expenses for 2022 were US$24.2 million. Sales and marketing expenses for 2022 were US$13.28 million. Excluding share-based compensation expenses, non-GAAP sales and marketing expenses for 2022 were US$13.26 million. Product development expenses for 2022 were US$2.9 million. Excluding share-based compensation expenses, non-GAAP product development expenses for 2022 were US$2.7 million. General and administrative expenses for 2022 were US$8.1 million. Excluding share-based compensation expenses, non-GAAP general and administrative expenses for 2022 were US$7.5 million. Loss from Operations Operating loss for 2022 was US$12.4 million. Non-GAAP operating loss for 2022 was US$11.6 million. Net Loss Net loss for 2022 was US$42.6 million. Non-GAAP net loss for 2022 was US$41.8 million. Basic and diluted net loss per ADS attributable to ordinary shareholders for 2022 was US$7.61. Each ADS represents 60 Class A ordinary shares. Non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders for 2022 was US$7.48. The financial statements for the third quarter ended September 30, 2022 and fourth quarter and full year ended December 31, 2022 herein have not been audited or reviewed by the Company's independent registered accounting firm. The audited financial statements for the year ended December 31, 2022 to be disclosed in the Company's Form 20-F may differ from the above-mentioned unaudited and unreviewed financial statements. Outlook For the first quarter of 2023, the Company currently expects net Gross Billings of international business to be between $8.0 million and $8.2 million, which would represent sequential growth of 6.2% to 8.9% and an increase of approximately 51.2% to 55.0% from the same quarter last year. The above outlook is based on current market conditions and reflects the Company's current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change. Conference Call The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on March 29, 2023 (8:00 PM Singapore/Hong Kong time on March 29, 2023). Dial-in details for the earnings conference call are as follows: United States (toll free): 1-888-346-8982 International: 1-412-902-4272 Singapore (toll free): 800-120-6157 Mainland China (toll free): 4001-201203 Hong Kong (toll free): 800-905945 Hong Kong (local toll): 852-301-84992 Participants should dial-in at least 5 minutes before the scheduled start time and ask to be connected to the call for "51Talk Online Education Group." Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.51talk.com. A replay of the conference call will be accessible until April 05, 2023, by dialing the following telephone numbers: United States (toll free): 1-877-344-7529 International: 1-412-317-0088 Replay Access Code: 4004363 About 51Talk Online Education Group 51Talk Online Education Group (NYSE: COE) is a global online education platform with core expertise in English education. The Company's mission is to make quality education accessible and affordable. The Company's online and mobile education platforms enable students to take live interactive English lessons, on demand. The Company connects its students with a large pool of highly qualified teachers that it assembled using a shared economy approach, and employs student and teacher feedback and data analytics to deliver a personalized learning experience to its students. Use of Non-GAAP Financial Measures In evaluating its business, 51Talk considers and uses the following measures defined as non-GAAP financial measures by the SEC as supplemental metrics to review and assess its operating performance: non-GAAP sales and marketing expenses, non-GAAP product development expenses, non-GAAP general and administrative expenses, non-GAAP operating expenses, non-GAAP operating income/(loss), non-GAAP net income/(loss), non-GAAP net income/(loss) attributable to ordinary shareholders, and non-GAAP net income/(loss) attributable to ordinary shareholders per share and per ADS. To present each of these non-GAAP measures, the Company excludes share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this press release. 51Talk believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding share-based compensation expenses that may not be indicative of its operating performance from a cash perspective. 51Talk believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to 51Talk's historical performance. 51Talk computes its non-GAAP financial measures using the same consistent method from quarter to quarter and from period to period. 51Talk believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision-making. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation expenses that have been and will continue to be for the foreseeable future a significant recurring expense in the 51Talk's business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying table at the end of this press release provides more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.. Safe Harbor Statement This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "aims", "future", "intends", "plans", "believes", "estimates", "likely to" and similar statements. Among other things, 51Talk's quotations from management in this announcement, as well as 51Talk's strategic and operational plans, contain forward-looking statements. 51Talk may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about 51Talk's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: 51Talk's goals and strategies; 51Talk's expectations regarding demand for and market acceptance of its brand and platform; 51Talk's ability to retain and increase its student enrollment; 51Talk's ability to offer new courses; 51Talk's ability to engage, train and retain new teachers; 51Talk's future business development, results of operations and financial condition; 51Talk's ability to maintain and improve infrastructure necessary to operate its education platform; competition in the online education industry in its international markets; the expected growth of, and trends in, the markets for 51Talk's course offerings in its international markets; relevant government policies and regulations relating to 51Talk's corporate structure, business and industry; general economic and business condition in the Philippines, its international markets and elsewhere; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in 51Talk's filings with the SEC. All information provided in this press release is as of the date of this press release, and 51Talk does not undertake any obligation to update any forward-looking statement, except as required under applicable law. 51TALK ONLINE EDUCATION GROUP UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) As of Sep.30, Dec. 31, 2022 2022 US$ US$ ASSETS Current assets Cash and cash equivalents 21,259 18,186 Time deposites - 4,872 Restricted cash 975 - Amounts due from related parties 3 - Prepaid expenses and other current assets 3,434 3,509 Total current assets 25,671 26,567 Non-current assets Property and equipment, net 32 25 Intangible assets, net 107 104 Right-of-use assets 853 769 Deferred tax assets 31 - Other non-current assets 236 169 Total non-current assets 1,259 1,067 Total assets 26,930 27,634 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Advances from students 13,167 15,167 Accrued expenses and other current liabilities 4,031 4,341 Amounts due to related parties - 389 Lease liability 419 427
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Cogo found that almost 1 in 3 Japanese consumers would consider switching to a bank or financial app that provides insight into their carbon footprint
New Zealand-headquartered green fintech firm Cogo conducted a survey to uncover Japanese customer attitudes towards banks and financial apps helping them drive sustainable lifestyles. Administered in collaboration with strategic design and sustainability consultancy Fabric, the survey engaged 1,966 participants who use banking and financial apps across demographics and regions that reflect the characteristics of the Japanese population. Consumers waking up to the need for change The research uncovered a sense of collective responsibility in Japanese society for addressing climate and environmental challenges. This included almost 40% of respondents who indicated they would find information about their carbon footprint useful. Upon seeing an example of a financial app showing carbon emissions associated with the user’s spending habits, 45% of participants believed this information would motivate them to reduce their environmental impact. In addition, almost 30% would consider switching banks or financial apps to access information about the environmental impact of their spending. Julie Lindenberg, APAC CEO for Cogo, said: “Financial institutions are uniquely positioned to help their customers turn around the climate crisis. Their reach means millions of people could gain access to carbon footprint management features through a provider that they already have day-to-day interactions with.” Ushering in the future of finance Approximately 41% of consumers expect their banks and card providers to do more to reduce their climate and environmental impact. Green financial products such as rewards, offers and cards encouraging sustainable behaviours could serve as a differentiator for banks and credit card issuers in Japan by elevating customer experience and values alignment. There are good indications that participants are open to making substantial changes to their lifestyles to reduce their climate and environmental impact, with 46% having already made some form of change. This is a clear opportunity for financial institutions to provide consumers with carbon tracking tools to support this transition. According to Lindenberg, “We are only at the beginning of the rise of conscious consumerism in Japan. As consumer focus shifts, financial institutions that offer the solutions that consumers want will be able to attract and retain new customers in a saturated market.” Commonwealth Bank, Natwest and most recently, Westpac have partnered with Cogo to capitalise on the full potential of transactional data to generate personalised insights into consumers’ finances and the carbon footprint associated with their spending. Going forward, Cogo plans to collaborate with Japanese financial institutions to encourage consumers to adopt environmentally-friendly behaviours in Japan as well.
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Kia EV9 Reshapes SUV User Experience with Superior Design and Technology
Breakthrough SUV EV redefines user experience with enhanced space and comfort for all occupants Kia drives towards sustainability with the EV9 by embracing sustainable and biomaterials on path to carbon neutrality Kia plans to introduce conditional Level-3 Autonomy via Highway Driving Pilot (HDP)[1] in GT-line All-electric WLTP target range over 541 km on a single charge; 239 km range with 15 minutes ultra-fast 800-volt charging time Kia Connect Store enables customers to update features of their EV9 Over-the-Air (OTA), anytime, anywhere EV9 accelerates Kia's transition to a sustainable mobility solutions provider SEOUL, South Korea, March 29, 2023 /PRNewswire/ -- Kia has today revealed full details of the Kia EV9, its first three-row seat electric flagship SUV that brings fresh thinking, design, and technology to the sector and spearheads the brand's rapid transformation to a sustainable mobility solutions provider in the era of electrification. Kia has today revealed full details of the Kia EV9, electric flagship SUV that spearheads the brand’s rapid transformation to a sustainable mobility solutions provider in the era of electrification. Based on the game-changing Electric Global Modular Platform (E-GMP), the EV9 ensures athletic performance, complemented by a targeted all-electric range over 541 km[2], according to the World harmonized Light vehicle Testing Procedure (WLTP). Ultra-fast 800-volt charging capability enables the EV9 battery pack to be replenished with sufficient charge to power the vehicle for 239 km in approximately 15 minutes[3]. Numerous technological breakthroughs include the Highway Driving Pilot (HDP) system, available in the Kia EV9 GT-line in the future, enabling conditional Level 3 autonomous driving in selected markets. It also introduces the Kia Connect Store, which enables customers to purchase digital features and services on demand, giving them the flexibility to choose the features they want and continuously upgrade the capability of the EV9 with Over the Air (OTA) updates at any time. Ho Sung Song, President and CEO, said: "The Kia EV9 transcends all aspects of traditional SUV thinking and represents the pinnacle of Kia's design and engineering capabilities. Created to meet the needs of all family members, the EV9 also spearheads Kia's rapid transition to a sustainable mobility solutions provider, not just by its advanced EV architecture, but also through the numerous recycled and sustainable materials used in its creation." Kia will begin offering pre-order of the EV9 for the Korean market in the second quarter of 2023. The Kia EV9 will go on sale in selected global markets from the second half of the year. Today, Kia has released the EV9 world premiere video with full details of the model. The video can be viewed on the Kia EV9 global brand page at https://worldwide.kia.com/int/ev9 For more information on Kia EV9, please visit: www.kianewscenter.com [1] Availability of HDP may vary by trim and market. The detailed features of HDP may vary by regions due to local rules and regulations. Further details on HDP will be disclosed nearer its market availability. [2] Based on Kia EV9 RWD Long Range model with 19-inch wheels [3] The statistics presented in this paragraph are based on preliminary data as of March 29, 2023 and may be adjusted depending on the testing results. Kia has today revealed full details of the Kia EV9, electric flagship SUV that spearheads the brand’s rapid transformation to a sustainable mobility solutions provider in the era of electrification. Kia has today revealed full details of the Kia EV9, electric flagship SUV that spearheads the brand’s rapid transformation to a sustainable mobility solutions provider in the era of electrification. Kia has today revealed full details of the Kia EV9, electric flagship SUV that spearheads the brand’s rapid transformation to a sustainable mobility solutions provider in the era of electrification.
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HOUSE OF ROSE PROFESSIONAL (HORP) LAUNCHES BeliEVE® INTEGRATED EXECUTIVE SEARCH AND DEVELOPMENT VERTICAL TO ACCELERATE GLOBAL, C-SUITE GENDER DIVERSIT
BeliEVE® supports HORP'S MISSION 2029 FOR A BETTER WORLD goal of 70 Female CEOs in the world's 500 largest Companies by end 2029 NEW YORK, March 28, 2023 /PRNewswire/ -- House of Rose Professional Pte (HORP). Ltd – global leaders in female executive leadership development today announced the launch of Break the ceiling touch the sky® BeliEVE® - a global, integrated executive search and development vertical that enables large Companies globally to hire, develop and leverage the world's best female, C-Suite talent and the most inclusive, high-performance leaders to power their businesses. BeliEVE® leverages HORP's proven best practices in Talent, Training and Transformation since 2014 and its insights and deep relationships with over 40000 senior female executive leaders as well as several thousand champions for DEI globally. BeliEVE® complements HORP's earlier existing Talent Brand – Dream Job International®. BeliEVE® is designed to specifically enable large Companies to meet or exceed their commitments to achieve gender parity at senior management levels. Gender diversity at the C-Suite is a proven indicator of success, with organizations with gender-diverse leadership delivering better business results, innovation, corporate social responsibility and overall greater attraction for Companies as good employers. BeliEVE® support's HORP's MISSION 2029 FOR A BETTER WORLD – the 10 year plan (announced by HORP in end-April 2020) to quintuple the number of Female CEOs (from 14 in 2020 to 70 in 2029) and double the number of Male CEOs (who actively advocate for gender diversity & inclusion) in the world's 500 largest companies by 2029 and in doing so, shape a better world. Currently, there are only 25 Female CEOs in the worlds 500 largest Companies, underlining the significant progress that needs to be made to unleash the potential of women in leadership at the very top of the world's largest Companies. BeliEVE® will be led by Anthony A. Rose, Chairman and CEO, HORP and former Executive at Walmart and The Procter & Gamble Company, with the active leadership and guidance of HORP's team of global Ambassadors/Consultants – leaders with experience across the world's most successful companies including: Nishi Vasudeva, former Chairman & Managing Director, Hindustan Petroleum Corporation Limited (HPCL) and independent Director on the Boards of Tata Projects, HCL Technologies and L&T Finance Limited Alex von Behr, President vBAssociates and former Global Chief Customer Officer, Unilever Plc. Angie Halamandaris, Founder, Juniper Group LLC and Co-Founder, Heart of America Foundation Denny Iker, Principal, Yi Consulting and former VP of HR, General Electric Peter Freedman, Chairman Spring Impact, Former Managing Director, The Consumer Goods Forum Val Quinn, Executive Coach and former GM/Managing Director, Central and Eastern Europe, The Coca-Cola Company Pramod Agarwal, former CFO – Global Hair Care & Color, The Procter & Gamble Company Carlos Barroso, Co-Founder and CEO, Plantasia Foods and former Senior Vice President of Global Research and Development and Quality, The Campbell Soup Company Vaidy Swamy, CEO, Excel Coaching and Former General Manager, Hasbro, P&G "Better gender diversity delivers better leadership, better business and a better world. Since 2014, House of Rose Professional has enabled, inspired and trained close to 40000 women in leadership across the Americas, Asia, the Middle East, Europe, ANZ and Africa via our Break the ceiling touch the sky®, Dream Job International® and CEOSmith® brands. Our deep insights into women in leadership over the past decade and the key drivers for their success are fundamental to BeliEVE®. We are uniquely positioned to support and enhance the talent pipelines of the world's leading companies with the best female executive talent in the world via this bespoke offering BeliEVE®" , shared Anthony A. Rose, Chairman and CEO, House of Rose Professional and founder of the global Break the ceiling touch the sky® forum. Anthony is also best-selling author of four books including "Break the ceiling touch the sky: success secrets of the world's most inspirational women" (2014) and "How to get, grow and succeed in your DREAM JOB"(2017). "House of Rose Professional's purpose-led executive search effort leverages its extensive connections with C-suite executives across industries and functions, a cost-competitive pricing model and responsiveness to both client and candidates' needs to deliver a unique complement to our Recruitment efforts with top leadership talent. HORP has invested significantly in developing leaders of character and inclusivity, especially in the female leadership space. Anthony's personal touch and unique cross-industry connections are a unique asset. A great partner," shared the CHRO of a multi-billion organization that has used HORP's services since 2017. Alex von Behr, President vbAssociates, former Global Chief Customer, Unilever and Senior Advisor and Consultant, House of Rose Professional and member of the MISSION 2029 FOR A BETTER WORLD advisory council shared, "I am delighted to serve as a partner in this initiative. The best practices, capabilities and insights that HORP has curated over the last decade in working with the finest female executive talent around the world ensure that with BeliEVE® we take the next step on MISSION 2029 FOR A BETTER WORLD with a deliberate effort to achieve our goal of helping establish 70 Female CEOs in the world's Top 500 Companies by end-2029." Nishi Vasudeva, Independent Board Director of several large Organizations and former Chairman & Managing Director, Hindustan Petroleum Corporation Limited (HPCL), and Senior Advisor and Consultant, House of Rose Professional commented, "Research indicates that women drive a majority of consumer purchasing decisions. For the world's largest Companies to accelerate their business and consumer value propositions, a focus on women in leadership is a key enabler. BeliEVE® will help Companies diversify their Talent pipelines with exemplary female leadership talent, with guidance from our HORP team of Consultants/ambassadors, all of whom have led or supported global, multi-billion-dollar organizations." Denny Iker, Principal Yi Consulting, Former SVP, Human Resources, Celanese Chemicals and Senior Advisor and Consultant, House of Rose Professional commented, "Break the ceiling touch the sky® BeliEVE® is a perfect complement to global Companies that are open, agile in their quest to hire and retain the world's best female executive talent and diverse talent to ensure they succeed in their new roles. As compared to the traditional, transactional executive search model, BeliEVE® integrates the hiring and development of top executive talent with outstanding support, ensuring better executive hiring and retention. It doesn't matter where the Company is starting from today in terms of current gender diversity at the top – what matters is where the company wants to get to in by 2029/30 on gender diversity and its business impact. This is for organizations that are willing to learn from the combined best practices of the world's best!" House of Rose Professional Pte. Ltd. (HORP) is a global leader in female executive leadership development and provides international services in the areas of Talent, Training and Transformation now via its BeliEVE®, Break the ceiling touch the sky® and CEOSmith® brands respectively. HORP is the owner of the annual Break the ceiling touch the sky® 101 Best Global Companies for women in leadership Index (BTC 101 Global Index) – the comprehensive, math-based record of gender diversity at the C-suite of the world's 500 largest Companies, published since 2020. To start a senior leadership search or partner with BeliEVE®, please email anthony@houseofroseprofessional.com MEDIA AND CUSTOMER INQUIRIES: Anthony A. Rose at anthony@houseofroseprofessional.com
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Delta Honored with the ENERGY STAR(R) Partner of the Year Sustained Excellence Award for the Sixth Consecutive Year
The U.S. EPA has recognized Delta as an ENERGY STAR Partner of the Year for each of the past eight years FREMONT, Calif., March 28, 2023 /PRNewswire/ -- Delta, a global leading provider of power and thermal management solutions, today announced it was recognized by the U.S. Environmental Protection Agency (EPA) with the prominent 2023 ENERGY STAR® Partner of the Year for Sustained Excellence award for the sixth consecutive year. The prestigious distinction values Delta's outstanding leadership in energy efficiency over the years, demonstrated by the indoor air quality (IAQ) energy savings achieved in North America by our wide portfolio of Delta Breez bathroom ventilation fans, which in 2022 alone, saved over 30.8 million kWh of electricity for U.S. consumers. By leveraging its own DC brushless motor technology, which is 70 percent more energy efficient than traditional AC motors, over 90 percent of Delta Breez fan models are certified by the ENERGY STAR program. "As we accelerate historic efforts to address climate change, public-private partnerships will be essential to realizing the scale of our ambition", said EPA Administrator Michael S. Regan. "I applaud this year's ENERGY STAR award winners for working with EPA to deliver a clean energy future that saves American consumers and businesses money and creates jobs." Kelvin Huang, President of Delta Electronics (Americas), said, "Being recognized with top-tier accolades consistently over the years, such as the ENERGY STAR Partner of the Year for Sustained Excellence, is an integral part of what makes Delta a world-class corporate citizen. Delta commonly invests 8 to 9 percent of its annual revenues into innovation and employs more than 10,000 R&D engineers in 73 R&D centers worldwide to enhance its core competence in high-efficiency power electronics and develop solutions that are contributing to the creation of smarter, healthier sustainable cities. Our growing capabilities in the U.S. are also a testament to Delta's commitment to Americas' sustainable future." Wilson Huang, General Manager of Fans and Thermal Management Business Group, Delta Electronics, Inc., said, "We are proud to be recognized by the EPA for each of the past eight years for the environmental benefits our line of Delta Breez ventilation fans have generated. In line with our corporate mission, 'To provide innovative, clean and energy-efficient solutions for a better tomorrow', we continuously develop low-carbon products and systems based on Delta's leading DC brushless motor and switching power supply technology, which are designed to meet fast-growing customer demands such as excellent indoor air quality." The ENERGY STAR Partner of the Year for Sustained Excellence not only values Delta's leadership in energy efficiency over the years, but also its excellent commitment to training employees and educating customers on the benefits of the ENERGY STAR program and the certification of over 90 percent of our Delta Breez fans. Currently, Delta offers 97 fans in the U.S. that are certified to meet the rigorous ENERGY STAR energy efficiency standards, with some models exceeding the standards by up to 337 percent. For decades, Delta's fans and thermal management solutions have been leading the industry in enhancing the energy efficiency and productivity of a wide array of critical applications in the IT, telecom, industrial, automotive, energy, appliance, and consumer electronics sectors. By currently expanding its R&D and manufacturing capabilities in key areas across the U.S., such as Texas and Michigan, Delta is increasingly contributing to the development and deployment of its IoT-based Smart Green Solutions for smart manufacturing and sustainable cities. About Delta Electronics (Americas)Delta Electronics (Americas) was established 38 years ago and has grown to over one thousand employees in the entire Americas region. Delta has offices, R&D centers, manufacturing, distribution and repair centers in multiple locations in the United States, Mexico and South America. In the U.S., operations are located in Fremont, Los Angeles, San Diego, Seattle, Austin, Dallas, Houston, Raleigh, Boston and Detroit to better serve its diverse customer base. Outside the U.S., Delta continues to expand its Americas operations in Mexico, Argentina, Brazil and Canada. Delta Electronics (Americas) serves the IT, communications, industrial automation, renewable energy, lighting, power tool, automotive electric vehicle and other major industries. Products include power electronics, DC brushless fans, visual displays, industrial automation, networking products, electronic components, consumer products and energy efficient and renewable energy products. The company is always striving to define new ways to improve the energy efficiency of its products through advanced research and product development. For more information, please visit: www.delta-americas.com About Delta Delta, founded in 1971, is a global leader in switching power supplies and thermal management products with a thriving portfolio of smart energy-saving systems and solutions in the fields of industrial automation, building automation, telecom power, data centre infrastructure, EV charging, renewable energy, energy storage and display, to nurture the development of smart manufacturing and sustainable cities. As a world-class corporate citizen guided by its mission statement, "To provide innovative, clean and energy-efficient solutions for a better tomorrow," Delta leverages its core competence in high-efficiency power electronics and its ESG-embedded business model to address key environmental issues, such as climate change. Delta serves customers through its sales offices, R&D centres and manufacturing facilities spread over close to 200 locations across 5 continents. Throughout its history, Delta has received various global awards and recognition for its business achievements, innovative technologies and dedication to ESG. Since 2011, Delta has been listed on the DJSI World Index of Dow Jones Sustainability™ Indices for 12 consecutive years. In 2022, Delta was also recognized by CDP with leadership level ratings for its substantial contribution to climate change and water security issues and named Supplier Engagement Leader for its continuous development of a sustainable value chain for the 3rd consecutive year. For detailed information about Delta, please visit: www.deltaww.com Media Contacts:Delta Electronics (Americas)Public RelationsArthur Jen+1 (510) 338-4076arthur.jen@deltaww.com
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Woodfibre LNG accelerates Canada’s pathway to net zero
Woodfibre LNG is proud to announce its Roadmap to Net Zero, a tangible plan to achieve net zero emissions by the time operations start in 2027, 23 years ahead of government regulation. This roadmap will see Woodfibre LNG be the first LNG export facility in the world to achieve net zero, and includes commitments to be net zero both through the construction stage of the Project and during operations. Woodfibre LNG is member of the Pacific Energy group of companies. This fast-tracked timeline exceeds the federal requirement to be net zero by 2050, while providing benefits to local First Nations, British Columbians, and Canadians. The Project's net zero roadmap follows the B.C. Government's announcement of a new Energy Action Framework, requiring proposed LNG facilities in or entering the environmental assessment process to develop and submit a credible plan to be net zero by 2030. "Woodfibre LNG's roadmap prioritizes emissions avoidance and reduction opportunities, and we are proud to have a credible strategy in place that will make us the world's first net zero facility," said Christine Kennedy, President of Woodfibre LNG. "Alongside the leadership and vision set out by the Province's new Energy Action Framework, achieving net zero allows Woodfibre LNG to advance the global energy transition, furthering economic reconciliation and contributing to British Columbia's standard of living." Woodfibre LNG is able to achieve net zero in part because of early stage decisions aligned with the Indigenous led environmental assessment process conducted by the Squamish Nation, which resulted in the Nation's own environmental assessment agreement related to the Project in 2015. Among these was the commitment for electric compressors using renewable hydroelectricity from BC Hydro, resulting in 14 times fewer emissions than a conventional LNG facility. Woodfibre LNG was already designed to be the lowest carbon intensive LNG export facility in the world, with an annual emissions profile of 83,374 tonnes of CO2e annually, and a carbon intensity of 0.04 (tonne of carbon dioxide equivalent [CO2e] per tonne of LNG), below the Provincial benchmark of 0.16. The company's net zero roadmap commits to implementing certain GHG reducing technologies, and outlines incremental opportunities to reduce emissions further as technologies develop and become more affordable. As part of its net zero roadmap, Woodfibre LNG will also offset emissions during the construction phase of the Project. Woodfibre LNG has secured carbon credits from Cheakamus Community Forest, which is a nature-based carbon offset project in Whistler, where the Squamish Nation, Lil'Wat Nation and Resort Municipality of Whistler are partners. In addition, Woodfibre LNG has procured carbon credits from BigCoast Forest Climate Initiative for hard-to-abate emissions during operations. BigCoast Forest Climate Initiative is a nature-based, forest preservation project located in coastal British Columbia that has partnerships with over 25 First Nations. Woodfibre LNG's robust strategy has been independently validated by a Canadian climate engineering firm, Brightspot Climate Inc. Woodfibre LNG's net zero roadmap is consistent with Canada's Methane Strategy and draft guidance for best-in-class GHG emissions performance by oil and gas projects. The roadmap is a living document that will be updated on an annual basis to integrate efficiency improvements, new technologies, and evolving industry practices to reflect the evolving net zero industrial and regulatory landscape. "Woodfibre LNG's announcement comes at a time when global trading partners, such as Japan, are calling on the Government of Canada to provide a reliable, sustainable source of LNG to support global energy demands. The Woodfibre LNG Project has a critical role to play in demonstrating that British Columbia and its diversified portfolio of energy offerings can contribute to a low carbon future, both at home and abroad", said Ratnesh Bedi, President of Pacific Energy. Review Woodfibre LNG's Roadmap to Net Zero at www.woodfibrelng.ca/emissions
