AVA launches tender for 3 land parcels for fish farming at Lim Chu Kang

Brandon Tanoto Channel NewsAsia 31 Oct 17:

SINGAPORE: Three plots of land in Lim Chu Kang with longer leases of 20 years were put up for public tender on Tuesday (Oct 31).

The lots are located at Neo Tiew Crescent and are intended for fish farming, the Agri-Food and Veterinary Authority (AVA) said in a press release.

They range in size from 15,574.9 sq m to 23,961.2 sq m and are part of the 60 hectares of land set aside by AVA earlier this year for food farming in Lim Chu Kang and Sungei Tengah.

The first tranche of 36 plots was put up for tender in August earlier this year.

In the second quarter of next year, seven plots for vegetables, quails' eggs and general food farming will be open for tender. The remaining 14 plots, for leafy vegetables, beansprouts and general agriculture farming will be available from 2019.

In June last year AVA had announced new 20-year leases for new agriculture land instead of the previously announced 10-year blocks.

The policy change was a result of engagement and consultation with farms, said AVA, and is meant to give farms more certainty and let them invest in more productive technologies.

Mr Nicholas Mak, executive director of ZACD Group, said the 20-year lease tenure is attractive and he expects between three to seven bids for each plot of land.

"The Neo Tiew Road area is quite far from residential and commercial uses, hence it is fairly suitable for such purposes like food-fish farming. Farmers typically need several years, sometimes more than seven years to recover the infrastructure that they have invested to set up the farm. (This is provided) the farmers are not evicted for redevelopment of the land in the next 20 years."

Dr Lee Nai Jia, Head of Research at Edmund Tie & Company said that demand for the land parcels should be high as consumption of fish in the region is likely to grow.

"Some companies have already started multi-story food fish ponds: Using technology to automate and optimise the yield without compromising on the quality. Additionally, the demand for food-fish is healthy judging from the consumption levels in the growing middle class in Southeast Asia."

The tender for the three fish farming land parcels will close at 12 noon on Jan 9, 2018.

More details are available at www.ava.gov.sg/landsales.

Source: CNA/nc

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When solar power comes at a cost to nature areas

Other environmental objectives need to be considered in efforts to meet national targets
Tilak Doshi and Euston Quah For The Straits Times 1 Nov 17;

Solar power is the world's fastest-growing energy source as of last year, according to Paris-based International Energy Agency (IEA). Indeed, photovoltaic or PV technologies have gone mainstream in many countries, with dramatic falls in costs and improved technological feasibility.

To this end, the Energy Market Authority (EMA) has recently awarded a $6.2 million research grant to study solar power generation. And at the recent Singapore International Energy Week, Senior Minister of State (Trade and Industry) Sim Ann announced the launch of a $17.8 million research grant to advance energy storage technologies. The remaining challenge now is to find space for utility-scale solar farms as urban areas run out of available rooftops on commercial and residential buildings.

Reflecting this quest for space, reservoirs in land-scarce Singapore could soon play host to floating solar energy farms, as the national water agency PUB announced in a press statement recently. With tenders called for engineering and environmental studies on floating solar farms in Tengeh and Upper Peirce reservoirs, such installations will soon have a noticeable impact on the natural landscape.

Similar developments in other parts of the world have led to fault-lines in the environmental movement, as one wing supports the clean, emission-reducing aspects of renewable energy while the other bemoans the loss of natural landscapes' aesthetic and recreational value to solar and wind farms. In 2014, for instance, Britain's environment secretary Liz Truss criticised large-scale solar farms as a "blight" on the countryside as she announced plans to axe a subsidy for the schemes. In Singapore, one letter writer to The Straits Times expressed that while floating solar panels might be a laudable clean energy move in our land-scarce island, it is "disappointing" to know that public reservoirs like the Lower Seletar could lose their scenic beauty and children be deprived of learning from these natural landscapes.

The work of valuing access to and enjoyment of natural landscapes has been of professional interest to economists for a long time. In conducting cost-benefit analysis of changing natural landscapes, economists and conservationists have had to grapple with trying to value the aesthetic and leisure uses of natural areas in the absence of private property rules. In advising policymakers on the costs and benefits so as to guide public use of natural environments, economists use a number of techniques which attempt to elicit the public's valuation of environmental amenities offered by natural landscapes.

"Contingent valuation" techniques for instance use surveying methods to directly measure the public's willingness to pay for environmental amenities available to them, or alternatively, their willingness to accept payments in return for "giving up" such access to environmental amenities. Such valuation is based on carefully constructed hypothetical markets in such amenities.

A simpler approach would be to estimate the value of the natural landscape to those living outside the area who would pay the cost of travel to such areas including the cost of entry (if imposed by an agency to maintain the area) and the cost of such ancillary services such as boat hire, the right to fish, and so on.

Yet another means to estimate people's valuation of natural landscapes would be to estimate comparable market values where people own property in proximity to similar areas of natural beauty. "Hedonic" pricing refers to attempts to estimate actual market transactions as a proxy to estimating the value of areas with similar environmental characteristics. For instance, the latest market values of private property located near open bodies of water, such as Sentosa or elsewhere in Singapore, would give some indication of what people are willing to pay in the open market for access to natural scenic areas which boast similar environmental characteristics.

As Singapore embarks upon environmental policies to meet national targets as outlined in its commitments to the Paris Agreement, it needs to ensure that other equally worthwhile environmental objectives - such as assuring citizens open access to the natural habitats offered by our reservoirs such as Lower Seletar - are appropriately weighted.

Will we as a society regrettably face "blights" in our natural landscapes as we cover open bodies of water with floating solar panels? And what about the "option value" of those who might not be able to visit such areas but would willingly pay for it as a bequest to future generations who are likely to appreciate the aesthetic and leisure values of lakes for kayaking or fishing even more than us?

A cost-benefit analysis of various options is very much warranted to study the impact of establishing more solar PV installations across Singapore, and perhaps, comparing that to initiatives to promote energy efficiency across industries and households.

Tilak Doshi is an energy sector consultant and author of the recently-published book Singapore Chronicles: Energy. Professor Euston Quah is head of economics, Nanyang Technological University.

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Proposed bill to introduce carbon tax in Singapore open for public consultation

Jalelah Abu Baker Channel NewsAsia 31 Oct 17;

SINGAPORE: The Government is conducting a second round of public consultation on the draft Carbon Pricing Bill, which sets out a framework for implementing the carbon tax, including the measurement, reporting and verification requirements.

The carbon tax will be applied “upstream” on large direct emitters, defined as those that emit 25,000 or more tonnes of greenhouse gases annually. This amount is equivalent to emissions produced by the annual electricity consumption of 12,500 four-room HDB households.

It is expected to affect between 30 and 40 emitters operating in Singapore, including power stations.

Under the proposed bill released for public consultation on Tuesday (Oct 31), the Government is looking at a tax rate of between S$10 and S$20 per tonne of greenhouse gas emissions from 2019.

These plans were first announced by Finance Minister Heng Swee Keat in his Budget speech this year, and are part of a suite of measures that will help Singapore meet its commitments under the Paris climate change agreement.


In its public consultation paper, which can be accessed on the REACH website, the Ministry of Environment and Water Resources (MEWR) said that the carbon tax will take the form of a “fixed-price credits-based mechanism”.

This means that the affected facilities will pay the tax by buying and surrendering carbon credits corresponding to their greenhouse gas emissions, rather than through direct payment.

The carbon credits will be issued by the National Environment Agency (NEA), and the price level for the credits will be determined closer to the date of implementation.

The carbon tax will be levied on a facility’s total emissions of the six greenhouse gases - carbon dioxide, methane, nitrous oxide hydrofluorocarbons, perfluorocarbons and sulphur hexafluoride.

As for the monitoring and reporting of emissions, facilities have to submit a monitoring plan according to NEA’s guidelines by Dec 31 each year. Their annual report on total emissions, which must be independently verified by a qualified third party, should be submitted by Jun 30.

Taxes have to be paid by Sep 30 every year.

Under the draft bill, there will be associated penalties for non-compliance, such as fraudulent reporting in the verifiable emissions report, late payment of tax or tax evasion.

Taking reference from legislation in other economies, if an entity fails to pay the tax, it can be fined triple the amount of outstanding tax. Those who intentionally provide an inaccurate emissions report can also be jailed for up to three years.

Revenue from the carbon tax will help to fund measures by industries to reduce emissions, said the National Climate Change Secretariat Strategy Group (NCCS) which comes under the Prime Minister’s Office.


While the tax will not apply to households, residents may see a trickle-down effect through a rise in electricity tariffs.

NCCS had said earlier this year that for the average household living in a four-room flat which pays around S$72 per month in electricity bills, the carbon tax translates to an increase of S$1.70 to S$3.30 per month.

The Finance Minister had also said that such a tax system would be “modest” on most businesses and households. The idea is to hit large industrial energy users and change mindsets on harmful emissions, said experts who spoke to Channel NewsAsia.

The NCCS said that the carbon tax will stimulate clean technology and market innovation, and create a price signal to incentivise industries to reduce their emissions, complementing other regulatory measures.

Members of the public may view the draft bill on the REACH website from Oct 31 to Dec 8 and submit their feedback to the ministry.

Source: CNA/ja

Upcoming carbon tax on large emitters to be paid via credits instead of cash: Draft Bill
SIAU MING EN Today Online 31 Oct 17;

SINGAPORE — The carbon tax to be levied on large emitters such as power stations and refineries from 2019 will be paid for using credits bought, rather than via cash directly, under the Government’s proposed framework.

This system keeps options open for Singapore if and when the authorities decide to adopt other systems, such as by linking Singapore’s carbon pricing framework to a bigger jurisdiction’s.

Under the draft Carbon Pricing Bill released for public consultation on Tuesday (Oct 31), large emitters can buy carbon credits at a fixed price from the National Environment Agency (NEA) throughout a year. At the end of a year of assessment, the credits are used to pay tax levied on their total greenhouse emissions.

The new tax, at a rate of between $10 and S$20 per tonne, is expected to apply to 30 to 40 emitters, defined as those that emit 25,000 or more tonnes of greenhouse gas emissions, Finance Minister Heng Swee Keat announced in his Budget speech this year. These include power stations, refineries, semi-conductor plants and the petrochemical sector, which contributed to about 79 per cent of Singapore’s total greenhouse gas emissions, based on 2014 data.

The price of the carbon credits will be determined closer to the implementation date of the tax, said a spokesperson from the Ministry of the Environment and Water Resources (MEWR).

These entities will have to register themselves as a taxable facility by June 30, and submit their plan for monitoring emission levels to the NEA by Dec 31. Their annual report on total emissions must be submitted by June 30. The first carbon tax is expected to be paid in 2020.

The tax will have to be paid by Sept 30 every year. Those who fail to pay the carbon tax can be fined triple the amount of outstanding tax. Those who intentionally provide inaccurate information or report to dodge taxes can be fined an amount that is triple the evaded sum, on top of a fine capped at S$10,000, or jailed up to three years, or both.

The six greenhouse gases to be covered under the tax are: Carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons and sulphur hexafluoride. Greenhouse gas emissions from several small emissions sources that do not form part of the main production activity for industrial facilities will be exempted from the carbon tax. These include the use of hydrofluorocarbons and perfluorocarbons in fire protection equipment and the carbon dioxide used for fire extinguishers.

This is in line with international practices, said a MEWR spokesperson.

The MEWR said it took into account international standards when designing the proposed carbon tax framework. A spokesperson said a fixed-price credit-based mechanism was favoured over direct cash payments because it allows Singapore to switch systems, if needed, as it continues to study different models of carbon pricing.

For instance, Singapore could link its carbon tax framework to a bigger jurisdiction in future and a credits system would put in place some “building blocks” for that.

Carbon pricing can come in the form of a carbon tax or an Emissions Trading Scheme, which uses market mechanisms to price carbon.

The draft Bill considers those who emitted 2,000 tonnes or more greenhouse gas in a preceding year as a reportable facility, which have to comply with similar reporting requirements in the Energy Conservation Act.

This means they have to monitor their emissions, for which they have to submit a report by June 30 every year to the NEA.

Both taxable and reportable facilities can apply to be deregistered if their greenhouse gas emissions fall below their respective thresholds for three calendar years running.

But if they can prove that there are “significant and substantial changes to its processes” that can lower its emissions “considerably” below the respective thresholds, they can apply for deregistration the very next year. The MEWR said such applications will be approved by the NEA on a case-by-case basis.

Members of the public have six weeks to give their feedback on the draft Bill, which should be submitted in softcopy to mewr_cpbill@mewr.gov.sg by Dec 8. This public consultation comes after an earlier one conducted by the National Climate Change Secretariat from March to May this year.

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NTU, SMI launch S$15m research centre to develop sustainable maritime solutions

Channel NewsAsia 31 Oct 17;

SINGAPORE: The Nanyang Technological University (NTU) and Singapore Maritime Institute (SMI) on Tuesday (Oct 31) launched a S$15 million research centre aimed at developing sustainable solutions for the maritime industry.

In a joint press release, the institutes said the Maritime Energy and Sustainable Development (MESD) Centre of Excellence will focus on port and shipping applications in three key areas: Energy management, emissions management and sustainable maritime operations.

It will, for example, work on joint projects to develop innovations to reduce harmful ship emissions and help shipping companies comply with anticipated changes in international maritime regulations.

When it begins operations by the end of the year, the centre will work closely with companies to ensure the research and technologies meet industry requirements, they added.

The MESD Centre will be jointly funded by NTU and SMI, who will contribute S$4 million and up to S$10 million respectively. A further S$1 million will come from NTU's industry partners.

MESD is the first maritime research centre supported by SMI "as part of its efforts to deepen research capabilities while developing a long-term pool of quality maritime researchers in Singapore".

SMI executive director Toh Ah Cheong said: "As we develop our Next Generation Port in Tuas, it opens up new opportunities for us to explore cleaner and alternative energy sources for use in our port and activities around the port."

"One of the key thrusts for Tuas Port is to achieve higher levels of environmental sustainability covering the port, its equipment, mobility and supporting activities such as logistics and warehousing," Mr Toh added.

The MESD governing board will be chaired by NTU's Professor Lam Khin Yong and include members from key stakeholders like Maritime and Port Authority of Singapore, SMI and industry partners.

The centre will be led by NTU Associate Professor Jasmine Lam, as well as her co-leads Professor Chan Siew Hwa and Mr Koh Eng Kiong.

Source: CNA/hs

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Malaysia: Pixman puts life in danger by picking up highly venomous box jellyfish

arnold loh The Star 1 Nov 17;

BALIK PULAU: A photographer put his life in danger when he used his bare hands to catch two deadly box jellyfish that got caught in his fishing net and gave them away for research purposes.

Scientists have only recently begun researching this deadly species of jellyfish, which is not native to the waters off Penang.

The Star’s assistant chief photographer Wan Mohizan Wan Hussein caught the two jellyfish while netting for prawns.

The box jellyfish were snagged in his net about one nautical mile west of Balik Pulau.

Unlike less venomous jellyfish that can have tentacles over a metre long, the box jellyfish’s are less than 20cm long.

The ones Wan Mohizan caught were the size of a large coffee mug.

The photographer said he dropped a live anchovy into a pail with the jellyfish to see the venom’s effect.

The anchovy soon stopped moving and sank.

“We’ve been finding them caught in our nets for many years. Some­times, only their tentacles get snagged and we can get stung while retrieving the net.

“The pain is unbearable. It’s like a fire spreading slowly through the body. The normal jellyfish sting only gives a burning itch,” said Wan Mohizan.

The box jellyfish were handed to Universiti Sains Malaysia’s Centre for Marine and Coastal Studies (Cemacs).

Cemacs director Datuk Prof Dr Aileen Tan warned people not to repeat Wan Mohizan’s stunt.

“It’s not safe! The bell of the jellyfish has no venom, but the tentacles might float up and sting you,” she said.

Early this month, The Star reported that Cemacs was studying this deadly animal’s population in Penang.

They are an invasive species that was previously not thought to exist here.

They are believed to have been brought here in the ballast of big ships.

Their venom causes Irukandji Syndrome, which includes severe hypertension, extreme lower back pain, nausea, vomiting, intense cramps, lung and heart failure.

While not as lethal as the Australian Box Jellyfish (Chironex fleckeri), which can kill an adult human in three minutes, these are still life-threatening to children, the elderly and the weak.

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Indonesia: Government to proceed with construction of two islands in Jakarta Bay

Antara 1 Nov 17;

Jakarta (ANTARA News) - Vice President Jusuf Kalla said that the government would proceed with the reclamation of Jakarta Bay to build two islands, C and D, out of the total 14 islands planned to be constructed previously.

"The government did not say that it (the reclamation project) would be continued, but it has stated that the running project would be continued, and I think the Jakarta administration has agreed to this," Kalla stated here on Tuesday.

According to Kalla, the decision to continue the running project had been discussed between the central and Jakarta administrations by taking its efficiency into account.

"We had been discussing about the existing project, as it is impossible to demolish them. It would be more costly to demolish them than to continue with the construction," he added.

Kalla admitted that he had been informed by Jakarta Governor Anies Baswedan about the decision.

"I have told Baswedan that the islands must provide more benefit to the public and the government as well," he noted.

Therefore, Kalla reiterated that the government would focus on the completion of construction of C and D Islands and manage its use to benefit local people as well as the Jakarta government.

"There is no other way; we cannot demolish them. If we fail to use them, they will be wrecked, but if we use them, they would be maintained," he continued.

On Aug 24, the North Jakarta land registry office issued the Building Rights on Land (HGB) certificate for Island D, constructed by reclaiming Jakarta Bay, on behalf of PT Kapuk Naga Indah.

The certificate was issued following the issuance of the Rights to Manage Land (HPL) certificate for the island on behalf of the Jakarta government on June 19.

The issuance of the HGB certificate for D Island is based on the cooperation agreement between the Jakarta administration and PT Kapuk Naga Indah, which stipulated that the developer would get the certificate.(*)

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UN warns of 'unacceptable' greenhouse gas emissions gap

Report reveals large gap between government pledges and the reductions needed to prevent dangerous global warming
Fiona Harvey The Guardian 31 Oct 17;

There is still a large gap between the pledges by governments to cut greenhouse gas emissions and the reductions scientists say are needed to avoid dangerous levels of climate change, the UN has said.

Current plans from national governments, and pledges made by private sector companies and local authorities across the world, would lead to temperature rises of as much as 3C or more by the end of this century, far outstripping the goal set under the 2015 Paris agreement to hold warming to 2C or less, which scientists say is the limit of safety.

The UN’s findings come in its latest assessment of progress on climate change, published on Tuesday ahead of the COP23 conference, a follow-up to the Paris agreement, to be held in Bonn next week.

There was some good news, however: the report found that carbon dioxide emissions had held steady globally since 2014. Against that, emissions of other greenhouse gases, notably methane, had increased.

The “emissions gap” uncovered by the UN does not include the consequences of a US withdrawal from the Paris agreement. If the US president, Donald Trump, presses ahead with plans announced this summer to take the US out of the agreement, the picture would become “even bleaker”, the report found. The US is the world’s second biggest emitter of greenhouse gases, after China.

Erik Solheim, the UN’s environment chief, called for urgent action: “We still find ourselves in a situation where we are not doing nearly enough to save hundreds of millions of people from a miserable future. This is unacceptable. If we invest in the right technologies, ensuring that the private sector is involved, we can still meet the promise we made to our children to protect their future. But we have to get on the case now.”

There are signs that the world is moving away from its high-emissions trajectory. For instance, growing investment in renewable energy has caused the price of low-carbon power to plunge around the world, making it more attractive as an alternative to fossil fuels.

However, there is also a danger that if buildings and other infrastructure, such as transport, are built along current lines, they will “lock in” high greenhouse gas emissions for the future. Instead, cities should be designed to avoid the need for cars in favour of public transport, to make room for renewable energy generation, and to cut down on the need for air conditioning.

Private sector companies could also do more, according to the UN report. The world’s 100 highest-emitting publicly traded companies account for a quarter of global emissions, showing the scope for reducing the prospective dangers of global warming if they were to make changes to their business practices and efficiency.

The report also noted several potential short-term wins in staving off the worst effects of climate change, such as reducing the amount of soot entering the atmosphere, and phasing out the production of hydrofluorocarbons, used in air conditioning and refrigeration. The latter are powerful greenhouse gases, which when they reach the atmosphere cause warming many times greater than carbon dioxide, but there are alternatives which can be used instead.

Separately, the UN reported this week that atmospheric concentrations of carbon dioxide had reached record levels, in part owing to a strong El Niño weather system.

Emissions gap remains 'alarmingly high' says UN
Matt McGrath BBC 31 Oct 17;

In its annual review, the UN says the gap between carbon cutting plans and the reductions required to keep temperature rises below 2 degrees Celsius is "alarmingly high".

Pledges made so far cover only one-third of the cuts needed by 2030 to keep below that goal, the review warns.

Even if all the promises are kept, temperatures might still rise by 3 degrees by 2100.

However, cost-effective options are available that can close the gap.

The UN has published an annual analysis of emissions every year since 2010.

This year's instalment re-iterates the point that current pledges are insufficient to keep within the temperature limits agreed in the Paris climate pact.

Emissions from human activities involving burning fossil fuels have stalled since 2014, caused by a reduction in coal use in China and the US, as well as the rapid rise of renewable energy sources.

Despite this slowdown, the World Meteorological Organization warned on Monday that concentrations of CO2 in the atmosphere were at a record high.

The new emissions gap report finds that global greenhouse emissions by 2020 "are likely to be at the high end of the range" consistent with keeping temperature rises below 2 degrees or 1.5C.

By 2030 the UN says that the global scale of emissions needed to keep within the 2-degree path should not exceed 42 gigatonnes of CO2-equivalent. Based on the promises made, this report projects a gap of 11 to 13 gigatonnes, while for the 1.5-degree target, the gap is 16 to 19 gigatonnes.

"The Paris agreement boosted climate action, but momentum is clearly faltering," said Dr Edgar E Gutiérrez-Espeleta, Costa Rica's minister for environment and president of the 2017 UN Environment Assembly.

"We face a stark choice: up our ambition, or suffer the consequences."

Ominously, the report warns that if the emissions gap is not closed by 2030 then "it is extremely unlikely that the goal of holding global warming to well below 2 degrees C can still be reached".

The report suggests that signatories of the Paris accord must significantly increase their ambitions in the new and updated national plans that will have to be submitted by 2020.

The authors also say that the private sector and cities are not doing enough. The report points out that the world's 100 largest emitting, publicly traded companies account for a quarter of global greenhouse emissions.

However, the UN says there are some relatively cheap options that can be taken up that have the potential to radically change the picture.

They say that solar, wind, efficient appliances, efficient passenger cars, planting more trees and preventing deforestation would more than cover the emissions gap.

The recommended actions in these areas would have a modest or net-negative cost says the report and could shave 22 gigtonnes of carbon equivalent by 2030.

"One year after the Paris agreement entered into force, we still find ourselves in a situation where we are not doing nearly enough to save hundreds of millions of people from a miserable future," said Erik Solheim, head of UN Environment.

"This is unacceptable. If we invest in the right technologies, ensuring that the private sector is involved, we can still meet the promise we made to our children to protect their future. But we have to get on the case now."

If the Paris targets are to be reached then coal use for energy must stop the report warns. Some 80-90% of reserves must remain in the ground. This compares to around 35% for oil and 50% for gas reserves.

In terms of which countries as doing their fair share, the UN report says China, the EU, India and Japan are on track to meet their 2020 pledges.

Should the US follow through on its promise to leave the Paris pact, the report states that the picture will become bleaker.

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Top 250 firms including Coal India emit third of CO2; few have strong goals to cut - study

Reuters 31 Oct 17;

OSLO (Reuters) - The world’s 250 biggest listed companies account for a third of all man-made greenhouse gas emissions yet few have strong goals to limit rising temperatures, a study showed on Tuesday.

Coal India, Gazprom and Exxon Mobil topped the list when measuring carbon dioxide emitted by companies and by consumers using their products, it said.

“Without continual reduction in emissions from this group of companies, effectively mitigating the long-term risks of climate change is not possible,” according to the study, a Thomson Reuters Financial & Risk white paper.

In the past three years, emissions from the group of 250 had been flat “when they should have been going down by roughly three percent per year” to limit temperatures in line with goals set by the 2015 Paris climate agreement, it said.

The report, written in collaboration with Constellation Research & Technology, emissions tracking group CDP and BSD Consulting, found the group emitted a third of world carbon emissions and that only about 30 percent of the 250 firms had set strong goals to curb them.

Under the 2015 Paris Agreement, almost 200 nations promised to curb emissions to limit more heat waves, downpours and rising sea levels and said they would work to involve the private sector.

U.S. President Donald Trump, who doubts human activities are the main driver of climate change, plans to pull out.

David Lubin, a co-author of the report at Constellation Research & Technology, told Reuters: “250 CEOs - that’s a relatively small auditorium if you can bring together the leaders who really have a significant impact on the fate of the planet.”

Tim Nixon, a co-author at Thomson Reuters, said the study found “no evidence” that companies adopting stronger policies to reduce their carbon emissions paid a penalty in terms of shareholder returns, profits or employment.

And case studies of companies including Xcel Energy, Ingersoll Rand and Total, which have acted strongly to curb emissions, showed there may even be a significant benefit to action, he said.

Almost 200 nations will meet in Bonn, Germany, next week to work on a detailed “rule book” for the Paris Agreement and ways to bolster the pact after Trump’s planned withdrawal.

Reporting by Alister Doyle; Editing by Mark Potter

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