Friday, September 20, 2019 | ePaper

Coal-dependent Poland to compensate industry for carbon costs

  • Print
AFP, Warsaw :
Poland's parliament on Friday adopted measures to compensate its industry struggling to cope with surging electricity bills triggered by higher EU carbon emission costs.
Heavily dependent on polluting coal, Poland's power stations have faced rising costs to purchase pollution rights under the EU's emissions trading scheme, costs which they have passed on to consumers including businesses.
Under the scheme Warsaw will spend around 900 million zloty (211 million euro, $237 million) per year beginning in 2020 on payments to energy-intensive firms to help them remain competitive and preserve some 1.3 million jobs, the enterprise and technology ministry said in a Friday statement.
"Around 300 companies from energy-intensive industries, like the chemical, metal and paper sectors, will be entitled to compensation for the costs of purchasing CO2 emission rights included in the price of energy," it added.
The legislation by the right-wing Law and Justice (PiS) government was backed by 420 lawmakers in the 460-seat lower house, with one vote against and six abstentions.
Without solid plans to diversify its energy mix in the near term, the government has focused on price caps to mitigate the rising cost of emission under the bloc's rules.
This latest measures come after the government failed to implement a price cap for electricity last year due to technical reasons, and just ahead of a general election this fall that the PiS is on track to win.

More News For this Category

Canadian manufacturing sales continue down

Xinhua, Ottawa :Canadian manufacturing sales fell 1.3 percent to 57.2 billion Canadian dollars (about 43.2 billion U.S. dollars) in July after a 1.4 percent decline in June, according to

Gold futures settle higher for third straight session

Xinhua, Chicago :Gold futures on the COMEX division of the New York Mercantile Exchange notched third straight gain on Wednesday, before the Federal Reserve announced the second interest-rate cut

Sheikh Md. Abdul Wadood, Managing Director of Dada Group Limited, received the CIP card from Commerce Minister Tipu Munshi at a function held at a hotel in the city on Wednesday. Former Commerce Minister Tofail Ahmed and senior officials were also present.

Sheikh Md. Abdul Wadood, Managing Director of Dada Group Limited, received the CIP card from Commerce Minister Tipu Munshi at a function held at a hotel in the city on Wednesday. Former Commerce Minister Tofail Ahmed and senior officials were also present.

.

Mofizul Islam, Managing Director of A M Knitwear Limited, receiving the CIP card from Commerce Minister Tipu Munshi at a function held at a hotel in the city on Wednesday. Former Commerce Minister Tofail Ahmed and senior officials were also present.

Mofizul Islam, Managing Director of A M Knitwear Limited, receiving the CIP card from Commerce Minister Tipu Munshi at a function held at a hotel in the city on Wednesday. Former Commerce Minister Tofail Ahmed and senior officials were also present.

.

Bank of Japan leaves policy unchanged after Fed rate cut

AFP , Tokyo :The Bank of Japan on Thursday warned of increasing downside risks for the global economy but held off on further easing, even as European and US

Savor International Limited associated with Fireworks Trade Media Group (FTMG), Singapore, arranged the 2nd edition of International Exhibition on

Savor International Limited associated with Fireworks Trade Media Group (FTMG), Singapore, arranged the 2nd edition of International Exhibition on "Bangladesh International Marine and Offshore Expo 2019 (BIMOX)" and "Bangladesh International Marine Conference 2019" at a convention centre in the city on Thursday. Commodore Syed Ariful Islam, Director General, Department of Shipping, Abdullahel Bari, President, Association of Export Oriented Shipbuilding Industries of Bangladesh, Amirul Islam, Chairman, Md. Faizul Alam, Managing Director of Savor International Limited, Kenny Yong, Group CEO and Susan Tricia, Co-founder of FTMG, were also present.

.

Fish production stands at 42.77 lakh tonnes: Ashraf

BSS, Dhaka :The country's total fish production stood at 42.77 lakh metric tons because of the different multidimensional steps of the government to increase the production, State Minister for

Discussion on 'Supply Chain Finance in Bangladesh' held at BIBM

Business Desk :A roundtable discussion on "Supply Chain Finance in Bangladesh" was held on Thursday at the auditorium of the Bangladesh Institute of Bank Management (BIBM) in the city.Professor

M. Khorshed Anowar, Head of Retail and SME Banking of Eastern Bank Limited (EBL) and J.M Taslim Kabir, Head of Marketing of Fair Electronics Limited, (authorized distributor and manufacturer of SAMSUNG products in Bangladesh) exchanging an agreement signing document at EBL head office in the city recently. Senior officials from both sides were also present.

M. Khorshed Anowar, Head of Retail and SME Banking of Eastern Bank Limited (EBL) and J.M Taslim Kabir, Head of Marketing of Fair Electronics Limited, (authorized distributor and manufacturer of SAMSUNG products in Bangladesh) exchanging an agreement signing document at EBL head office in the city recently. Senior officials from both sides were also present.

.

China to release pork from national reserves as swine fever hits industry

BBC report :China is set to release pork supplies from its central reserves as it moves to tackle soaring prices and shortages caused by an outbreak of swine fever.A