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Clean Energy for All Europeans: Commission welcomes European Parliament’s adoption of new electricity market design proposals

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The adoption of the market design rules by the European Parliament marks the finalisation of negotiations on the Clean Energy for All Europeans package.

New rules making the EU’s electricity market fit for the future and putting the consumer at the centre of the energy transition have been signed off by the European Parliament today – an important step in enabling the European Union and its Member States to embrace the clean energy transition, follow up on the already adopted 2030 climate legislation and meet the Paris Agreement commitments. With the completion of these last four legislative acts, the negotiations on the Clean Energy for All Europeans package are concluded and the EU is on the right path to decarbonise its economy in the second half of the century while maintaining its global competitiveness and creating growth and jobs.

Commissioner for Climate Action and Energy Miguel Arias Cañete said: I thank the European Parliament for its strong support for the clean and fair energy transition, taking the EU a step closer towards delivering the Energy Union with citizens at its core, one of the key priorities President Juncker set out for this Commission. Today’s approval of the new electricity market design will make energy markets more flexible and facilitate the integration of a greater share of renewable energy. An integrated EU energy market is the most cost-effective way to ensure secure and affordable supplies to all EU citizens. I am particularly pleased that we have agreed on a common framework for capacity mechanisms that will ensure such mechanisms will be in line with our climate objectives in the future while taking into account legitimate security of supply concerns.”

Today the European Parliament completed the parliamentary approval of the new Electricity market Regulation and Electricity market Directive as well as of the Regulations on Risk Preparedness and on the Agency for the Cooperation of Energy Regulators (ACER). The Governance of the Energy Union Regulation the revised Energy Efficiency Directive, the revised Renewable Energy Directive and the Energy Performance of Buildings Directive have already entered into force last year.

The new electricity market design rules make the energy market fit for the future and place the consumer at the centre of the clean energy transition. The new rules are designed to empower energy consumers to play an active role in driving the energy transition and to fully benefit from a less centralised, and more digitalised and sustainable energy system. The new rules enable the active participation of consumers whilst putting in place a strong framework for consumer protection. By allowing electricity to move freely to where it is most needed, society will increasingly benefit from cross-border trade and competition to keep energy costs and prices in check. Capacity subsidies to power plants emitting more than 550gr CO2/kWh will be phased out under the new rules. The new market design also contributes to the EU’s goal of being the world leader in energy production from renewable energy sources by allowing more flexibility to accommodate an increasing share of renewable energy in the grid. The shift to renewables and increased electrification is crucial to achieve carbon neutrality by 2050.

Next steps

Following this parliamentary approval, the Council of Ministers of the EU will have to formally approve the texts of the Directive and three Regulations, after which the new laws will be published in the Official Journal of the Union. The Regulations will enter into force immediately (with a date of application of 1 January 2020 for the Electricity Regulation) and the Directive will have to be transposed into national law within 18 months.

Background

On 30 November 2016, the Commission proposed new rules (a revised Electricity market regulation and a revised Electricity market directive as well as a new Regulation on Risk Preparedness and a revised Regulation on the Agency for the Cooperation of Energy Regulators (ACER)) on the EU energy market design in order to help energy markets include more renewables, empower consumers, and better manage energy flows across the EU.

Markets need to be improved to meet the needs of renewable energies and attract investment in the resources, like energy storage, that can compensate for variable energy production. The market must also provide the right incentives for consumers to become more active and to contribute to keeping the electricity system stable. Today’s electricity market has fundamentally changed since 2009, when the most recent legislation was introduced. The share of electricity produced by renewables is expected to grow from 25% to 55% in 2030.

The proposed measures also contain measures that ensure that state interventions designed to make sure there is sufficient energy available are only used when really needed, and in a way that does not distort the internal electricity market.

Through the revised Directive, these new rules will put consumers at the heart of the transition – giving them more choice and greater protection. Consumers will be able to become active players in the market thanks to access to smart metres, price comparison tools, dynamic price contracts and citizens’ energy communities. At the same time, energy poor and vulnerable consumers will enjoy better protection.

The revised Electricity Regulation opens up electricity markets to renewables, energy storage and demand response, it brings stricter and harmonised rules for capacity mechanisms, reconciling thus the EU objectives of security of supply and emission reduction. Enhanced regional coordination will improve market functioning and thereby competitiveness while making the system more stable.

The Risk-preparedness Regulation increases the resilience of the EU electricity system and the Regulation on the Agency for the Cooperation of Energy Regulators (ACER) enhances ACER’s role of coordinating regulatory authorities of Member States.

More information

Energy Union

Clean Energy for All Europeans package

Electricity markets

Clean planet for all – a strategic long term vision for a prosperous, modern, competitive and climate neutral economy

Blockchain

CICC Upgrades Wealth Management Strategy and Officially Launches “CICC Wealth Management” Brand

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China International Capital Corporation Limited (CICC and “the Company”, 3908.HK) has just held the CICC Wealth Management Strategy Upgrade Conference 2019 in Shenzhen today under the theme of “Building Our Future through Partnerships, Achieving Life Goals to the Fullest” and announced the official launch of its wealth management brand “CICC Wealth Management”. More than 700 guests were invited, including government officials, regulatory authorities, customer representatives, shareholder representatives and employee representatives.

The Unified Brand “CICC Wealth Management” Officially Launched

Providing wealth management service for individuals is one of the important strategies of CICC. In 2007, CICC took the lead in providing wealth management services under the international standards. In 2016, CICC announced the restructuring with China Investment Securities Company Limited (CISC), which became an important starting point for the transformation and upgrading of CICC’s wealth management business. This restructuring has resulted in the further upgrade of CICC’s wealth management and retail brokerage business platform. By merging CISC’s extensive customer base and nationwide branch network, CICC’s strength in brand, research, products and prime brokerage business have been brought into full play.

This time, CICC has integrated the former “CICC Wealth Management” brand, with CISC’s wealth management and brokerage sub-brands, such as “CISC Gold” and “CISC Mobile” to launch the new unified brand “CICC Wealth Management”. It marks the comprehensive integration of the two platforms, and it is another milestone of the strategic transformation of CICC’s wealth management business.

Strategy Upgrade

With 12 years experience, CICC Wealth Management has become a leading wealth management institution in domestic market and has obtained many prizes from media. By taking advantage of the reform in Shenzhen and the restructuring of China Southern Securities, CISC has accumulated abundant experiences in the retail brokerage industry through more than 20 years, and has acquired strong industry position and impact.

After the brand integration, with its high-quality and professional wealth advisor team, its ability to provide solutions under international standards, its close interaction with other business divisions such as Investment Banking, Asset Management, Research and its strong technological platforms, CICC Wealth Management will provide its clients with a full-chain, one-stop and multidimensional platform, which offers more efficient, globalized and integrated trading, investment management, financing services, as well as a set of comprehensive solutions with the cooperation between wealth management and other business segments of CICC such as Investment Banking.

CICC Wealth Management will adhere to its faith of always putting its clients as priorities, persist on the model of wealth management from the buy-side perspective and dedicate itself to thoroughly understanding its clients’ needs and wants, helping its clients with professional investment advices, executing and keeping track of those investment plans religiously and trying to establish long-term trusting relationships with its clients. During this strategy upgrade conference, CICC launched “CICC Wealth Planning”, “CICC Wealth Management China Top 50 Private Account Service” and “CICC Global Family Office” which are close to advanced international market solutions. With leading professional standards, profound understanding of market policies and global visions, CICC provides life-long wealth planning for its clients, as well as asset allocation products and solutions.

Besides, CICC Wealth Management has been actively embracing the digital transformation and has made it step into the FinTech industry. Recently, CICC announced that the Company entered into a shareholders’ agreement with Tencent Digital (Shenzhen) Limited, an indirect wholly-owned subsidiary of Tencent Holdings Limited, pursuant to which the parties agreed to establish a technological joint venture. The technological joint venture is proposed to, through providing technological platform development and digitalized operational support services, facilitate the company’s wealth management, retail brokerage and other businesses to provide more convenient, intelligent and differentiated wealth management solutions, enhance the service efficiency of investment advisor, optimize precision marketing and strengthen compliance and risk control. The technological joint venture is expected to drive the accelerated transformation and scalable development of the Company’s wealth management business with digital and FinTech capabilities.

With sufficient experience in the Chinese market and always evaluating itself with global standards, CICC Wealth Management aims to build up a platform to satisfy its clients’ needs in their businesses, families and personal development comprehensively. By launching its official brand “CICC Wealth management”, imposing on its strategy upgrade and getting involved in the FinTech industry, CICC has implemented its best practices within the recent couple years to strengthen its wealth management service.

Looking into the Future

In the future, as the unified platform of CICC’s wealth management and retail brokerage business, CICC Wealth Management will continue to follow its core values of “Clients First”, “Integrity as Foundation” and “Chinese Roots and International Reach.” Adhering to our buy-side thinking and putting our clients’ interests as our priorities, we will keep on providing professional wealth management solutions to our clients under global standards and with the high quality resources from CICC’s investment banking, private equity, asset management, research and other business.

 

SOURCE China International Capital Corporation Limited

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IWFCIM & IBVM – championing efforts to incorporate sustainable business practices among entrepreneurs and promoting blockchain tech for supply chains

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Panelist for the segment Growing Local Industry Through Sustainable Fashion. From Left Ambika Sangaran, Managing Partner from Biji-biji, Dr Cordelia Mason, President from Yayasan UniKL Masrina Abdullah,Founder from Masrina Abdullah Empire Ventures Studio, Kristina Teow, President from Lean In Youth, Cris D Tran, Regional Head from Infinity Blockchain Ventures and Alejandro Kikuchi, Head International Growth, Wokana.

 

International Women’s Federation of Commerce and Industry Malaysia (IWFCIM) and Infinity Blockchain Ventures (IBV) has jointly organised the Blockchain and Fashion (BCF): Growing Local Industry Through Sustainable Fashion at the Black Box, Publika on October 15th, 2019 in conjunction with the Malaysia Fashion Week.

With the theme of Growing Local Industry Through Sustainable Fashion, BCF brings together iconic people from the sustainable fashion market and technology providers to showcase how blockchain’s transparency and traceability functions.

Dato’ Elaine Teh, President, IWFCIM, expressed her excitement on the opportunities available for entrepreneurs today: “The advent of technology enables companies to seamlessly integrate complex capabilities that can trace the whole journey of their products from farm to garment. That represents a whole new meaning to sustainability as consumers can now make smart choices on their purchases based on the information available.”

Biji-biji, one of the leading sustainable fashion players, showcased its product, the Merak Banner tote bag. Using the solution from WowTrace, it enables consumers to check and validate the origin of the product, what it is made of, when it is made — at every stage of the supply chain.

Malaysia’s leading technology visionary, Datuk Yasmin Mahmood, CEO, FutureReady Consulting Sdn Bhd says that, “The ABCD technology is embedded in our social fabric today. Specifically, with blockchain, we have arrived at an exciting time, where two-pronged goals are met. Firstly, we can have local industries and communities thrive as their artisan work, culture, heritage and rights can be protected. Secondly, it helps industries and SMEs immensely in integrating the Sustainable Development Goal as part of their strategic focus.”

“Sustainability is crucial in order to preserve the future. Through new technologies like blockchain, it can further enhance product traceability and can bring a whole new meaning to the term ethically sourced“, cite Cris D. Tran, Regional Head, Infinity Blockchain Ventures.

IBV has a full suite of blockchain solution offerings to support the local entrepreneurs by providing opportunities to learn more about blockchain technology. IBV believes that Malaysia has the potential of having successful blockchain technology implementations due to its diverse market and strong infrastructure. They are also currently working with local players to train more Malaysian blockchain developers to further support the growth of blockchain technology within the market.

 

SOURCE Infinity Blockchain Ventures

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Kakao’s Klaytn Welcomes 8 New Blockchain Application Partners

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Klaytn Welcomes 8 New Blockchain Partners

Klaytn, the leading blockchain project led by the South Korean Internet giant Kakao, today announced that 8 new blockchain projects have joined Klaytn as service partners to further developments in bringing mass blockchain adoption globally.

Dedicated to building readily usable blockchain-powered services, Klaytn is partnering with promising blockchain projects in various industry domains with massive global user base. More than a dozen of its partners that earlier joined Klaytn have already launched blockchain services, while others are set to open until early next year.

Operated by Korea’s art promotion initiative ‘ARTWA Platform,’ ‘STARTnet’ is a social commerce-based art platform committed to fostering new artists and innovating the art industry. It seeks to create a transparent art market by equipping the artists with the right to protect their own artworks. It also provides friendly art services and curations that anybody can enjoy.

Developed by Korea’s big data-based social media platform ‘0.8L,’ ‘LITER’ will also be operated through Klaytn. By applying the blockchain-powered incentive mechanism to its over 600,000 existing global users, LITER will offer fair rewards for reviews of the products and services.

‘GoodMorning’ is a marketing and data distribution platform that adds commercial value and creates trust index to various information and social networks owned by individual users.

A blockchain-based logistics service, ‘Dkargo’ has also released its plan to collaborate with Klaytn. By incorporating new mobility services beyond the existing freight transport, Dkargo seeks to create an efficient network and expand the entire logistics industry.

Other notable industry partners include ‘LOON,’ the blockchain-based healthcare service focused on women’s physiological health; ‘Monopoly,’ the platform that provides investment information for collectibles market including art, wine, and jewelry; ‘Spl.yt,’ the decentralized e-commerce protocol for global inventory and affiliate marketing system across marketplaces; and, ‘TUNE Token,’ the smart contract design service for the U.S.-based award winning music platform ‘Cre8tor.app,’ which rewards all stakeholders in the creation and distribution of music while providing a transparent royalty system.

“Klaytn is partnering with successful firms that have developed and operated services accruing millions of users, and the collaboration will contribute to building a user-friendly blockchain service,” said Jason Han, the CEO of Ground X, heading the development and operation of Klaytn. He added, “Together with service partners, Klaytn will take the blockchain industry to the next level by focusing on creating meaningful real use-cases, which stands as the next key challenge in our industry.”

 

SOURCE Klaytn

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