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Arabian Entertainment Company, Ltd., a leading food, beverage and entertainment company in Saudi Arabia, enters into Business Combination Agreement with Sagaliam Acquisition Corp. Combined company is expected to trade on NASDAQ

Arabian Entertainment Company, Ltd. ("AEC") has entered into a business combination agreement with Sagaliam Acquisition Corp. (NASDAQ: SAGA). The combined company is expected to trade on NASDAQ.

AEC's business model focuses on three complimentary pillars "" franchise restaurants, fine dining & entertainment and live entertainment venues – in the MENA region. AEC owns the exclusive rights to the Applebee's and Ocean Basket franchises in Saudi Arabia.

Transaction to provide AEC up to $151.5 million in proceeds including an anticipated $35 million of immediate funding through a PIPE and up to $116.5 million of SPAC cash held in trust, based on a pre–transaction equity value of $379 million.

Proceeds will allow AEC to expand its presence in Saudi Arabia and the MENA region and diversify its offerings across the food, beverage and live entertainment eco–systems.

LOS ANGELES and JEDDAH, Saudi Arabia, Nov. 16, 2022 (GLOBE NEWSWIRE) — Arabian Entertainment Company Ltd. ("AEC"), a leading food, beverage and entertainment company in Saudi Arabia and Sagaliam Acquisition Corp. (NASDAQ: SAGA) ("Sagaliam"), a special purpose acquisition company ("SPAC"), announced today that they have entered into a definitive business combination agreement.

Under the terms of the agreement, Supraeon Investments, Ltd. ("Supraeon"), the parent company of AEC and Sagaliam will combine into a new company that is expected to be listed on NASDAQ and will adopt Tarfeeh Holdings, Ltd. as the corporate operating brand.

The transaction, once completed, will provide AEC with significant additional capital to continue its growth, better serve customers and execute its strategic plan to become a leading provider of food and beverage and live entertainment offerings in the MENA region.

In addition, Sagaliam and AEC expect to raise an additional $35 million through a private investment in public equities ("PIPE"). The anticipated $35 million from the PIPE is expected to be primarily used by AEC to pay transaction–related expenses and fund the expansion of its business platform in Saudi Arabia and the MENA Region.

AEC Overview

Headquartered in Jeddah, Saudi Arabia, AEC is a premier owner and operator of fast casual restaurant franchises operating under the Applebee's and Ocean Basket brands.

AEC has been in operation since 2001. Together with its parent company, Supraeon, AEC is a portfolio company of GLD Partners, LP., a Los Angeles based private equity firm ("GLD").

Sagaliam Overview

Sagaliam is a SPAC that raised $116.5 million in its initial public offering on December 23, 2021.

The business combination agreement between AEC and Sagaliam requires that the sponsor agree not to sell its founder shares for a period of twelve months after the business combination subject to the provisions of the lock up agreement. The sponsor believes that this “lock–up” period aligns the interests of the sponsor with those of Sagaliam's investors. As such, with certain limited exceptions, the sponsor expects to continue to be invested in the combined company after the completion of the business combination.

Management Commentary

“AEC is raising the bar in the fast casual food and beverage industry in the MENA region and strives to create the best possible experience for customers, partners, and employees so it can create more moments that matter,” said Omar Mirza, Interim CEO of AEC. “We are excited to enter the public markets through our business combination with Sagaliam. We expect that this capital, combined with our leadership team's significant food, beverage and entertainment industry experience, will allow AEC to grow our workforce, expand our offerings and further invest in our customer experience, while maintaining our core values and family–first culture.”

“We believe AEC has become one of the fastest–growing providers of fast casual dining experiences in Saudi Arabia thanks to its world–class leadership team, and the consistent high–quality service it provides to customers,” said Barry Kostiner, CEO and Director of Sagaliam. “We are confident in the AEC team and we believe they are ready to further accelerate their market position through this opportunity to become a public company.”

“GLD is pleased to support the combination of AEC and Sagaliam. GLD initially acquired AEC because of its faith in the growth potential of AEC and the overall MENA region. GLD remains committed to seeking out investment opportunities in the MENA region and this transaction is in line with GLD's investment strategy," said Eric Miller, a spokesperson for GLD Partners, LP. “AEC and Sagaliam are ideal partners. AEC's differentiated model and track record of performance, combined with Sagaliam's investment, will allow AEC to extend their leadership position and deliver shareholder value.”

Transaction Overview

Under the terms of the definitive business combination agreement, the transaction is expected to provide AEC up to $151.5 million in proceeds, including $35 million from an anticipated PIPE offering described above and $116.5 million of SPAC cash in trust assuming no redemptions, based on a pre–transaction equity value of $379 million. No additional funding beyond the $35 million PIPE offering is contemplated for the business combination, which includes a minimum net cash condition of $25 million in the aggregate to close.

Upon the closing of the proposed transaction, AEC's senior management will continue to serve in their current roles. The current AEC owners will retain approximately 50% of the ownership at close, assuming no SPAC shareholder redemptions.

The respective boards of directors of both Sagaliam and AEC have each approved the proposed transaction. Completion of the proposed transaction is subject to approval of Sagaliam stockholders and other customary closing conditions. The parties expect that the proposed transaction will be completed in the first half of 2023.

A more detailed description of the transaction terms and a copy of the definitive business combination agreement will be included in a Current Report on Form 8–K to be filed by Sagaliam with the United States Securities and Exchange Commission (the "SEC"). Sagaliam or one of its subsidiaries or affiliates will file a registration statement (which will contain a proxy statement and prospectus) with the SEC in connection with the transaction.

Investor Conference Call

AEC and Sagaliam will host a joint investor conference call discussing the business and the proposed transaction. Information as to how to join the call will be made available at either https://sagaliam.com or www.tarfeehksa.com.

For Investor Relations, including a copy of an investor presentation as filed with the SEC, please visit the Sagaliam website at www.sagaliam.com or the SEC's website for Sagaliam's filings at: https://sec.report/CIK/0001855351.

Advisors

King & Spalding LLP is serving as legal advisor to AEC and Mayer Brown LLP and Al Akeel & Partners are serving as legal advisors to Sagaliam. Marshall & Stevens, Inc. has delivered a fairness opinion to a Special Committee of the Board of Directors of Sagaliam in connection with the proposed transaction.

Important Information about the Proposed Business Combination and Where to Find It

This document relates to a proposed transaction between AEC and Sagaliam. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Sagaliam intends to file a preliminary proxy statement with the SEC in connection with the proposed transaction. Sagaliam will mail the definitive proxy statement to all Sagaliam shareholders. Sagaliam also will file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of Sagaliam are urged to read the preliminary proxy statement (and, when available, the definitive proxy statement) and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction.

Investors and security holders will be able to obtain free copies of the proxy statement and all other relevant documents filed or that will be filed with the SEC by Sagaliam through the website maintained by the SEC at www.sec.gov.

Participants in Solicitation

Sagaliam and AEC and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Sagaliam Acquisition Corp.'s shareholders in connection with the proposed transaction. A list of the names of the directors and executive officers of Sagaliam and information regarding their interests in the business combination will be contained in the proxy statement when available. You may obtain free copies of these documents as described in the preceding paragraph.

Non–Solicitation

This press release is not a proxy statement or solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

Cautionary Statement Regarding Forward–Looking Statements

This document contains certain forward–looking statements within the meaning of the federal securities laws with respect to the proposed transaction between AEC and Sagaliam. These forward–looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward–looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward–looking statements in this document, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of Sagaliam's securities, (ii) the risk that the transaction may not be completed by Sagaliam's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Sagaliam, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the approval by the shareholders of Sagaliam and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third party valuation in determining whether or not to pursue the transaction, (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the Business Combination Agreement, (vi) the effect of the announcement or pendency of the transaction on AEC's business relationships, operating results and business generally, (vii) risks that the proposed transaction disrupts current plans and operations of AEC and potential difficulties in AEC's employee retention as a result of the transaction, (viii) the outcome of any legal proceedings that may be instituted against AEC or against Sagaliam related to the Business Combination Agreement or the transaction, (ix) the ability to maintain the listing of the Sagaliam's securities a national securities exchange, (x) the price of Sagaliam's securities may be volatile due to a variety of factors, including changes in the competitive industries in which Sagaliam plans to operate or AEC operates, variations in operating performance across competitors, changes in laws and regulations affecting Sagaliam's or AEC's business and changes in the combined capital structure, (xi) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities, and (xii) the risk of downturns and a changing regulatory landscape in the highly competitive food and beverage industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Sagaliam 's registration on Form S–1, the proxy statement that will be filed as discussed below and other documents filed by Sagaliam from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward–looking statements. Forward–looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward–looking statements, and AEC and Sagaliam assume no obligation and do not intend to update or revise these forward–looking statements, whether as a result of new information, future events, or otherwise. AEC nor Sagaliam gives any assurance that either AEC or Sagaliam or the combined company will achieve its expectations.

CONTACT INFORMATION

Eric Miller
GLD Partners, LP
213–315–2550
press@gldlp.com


GLOBENEWSWIRE (Distribution ID 8698718)

Impulse Dynamics Announces 100th Implant Milestone in China for CCM® Therapy

MARLTON, N.J., Nov. 16, 2022 (GLOBE NEWSWIRE) — Impulse Dynamics, a global medical device company dedicated to improving the lives of people with heart failure, announced the 100th implant in China, signifying the opportunity for its innovative Optimizer system delivering CCM therapy in markets around the world. Cardiologist Prof. Guo Tao, Executive Director of Internal Medicine, Fuwai Cardiovascular Hospital, Yunnan Province, performed the 100th procedure and emphasized the role of this therapy in providing an option and hope to patients living with the debilitating reality of heart failure.

"It is quite a coincidental milestone for us that the 10th patient implanted in our center also happened to be the 100th patient treated in China. I have paid very close attention to CCM therapy for more than 20 years now, but it wasn't until recently we could clinically apply this technology. Under close clinical observation, our 10 CCM patients have improved even more than we anticipated. All the CCM patients in our center improved both symptomatically and on various objective indicators, which made both us and our patients very happy. Therefore, it seems from our experience that CCM is performing exactly as described in the foreign research "" specifically, by modulating the exchange of calcium ions and thereby enhancing contractility of the myocardium in the acute period, then normalizing the expression of contraction–related proteins, which leads to reverse remodeling of the heart. Based on these results, we are now planning to expand the application of CCM normatively and actively while continuing to closely follow our implanted patients to obtain more clinical evidence of CCM to optimize its application so more Chinese patients can benefit from this latest innovative treatment."

Prof. Zhang Shu, Chief Physician of Fuwai Hospital of the National Center for Cardiovascular Diseases and the Chinese Academy of Medical Sciences, Honorary Chairman of the Electrocardiology and Pacing Branch of the Chinese Medical Association, Director of the Cardiology Committee of the Chinese Medical Doctor Association, and former President of the Asia–Pacific Heart Rhythm Society further commented "Currently there are almost nine million patients with heart failure in China, and many of them have not been optimally treated. Heart failure has also become the leading cause of death among cardiovascular and other major chronic diseases in China. I believe CCM will bring good news to Chinese patients. These successful initial experiences provide our doctors with good prospects of bringing hope to the patients they care for."

"We are proud to see the growing acceptance of this technology in markets around the world," said Mateusz Zelewski, MD, Impulse Dynamics VP International. "In reaching this milestone, we have connected with physicians, patients, and their families. We are inspired by the benefits of this therapy to our patients and continue to reinforce our commitment to address the immense need for advanced heart failure options for patients around the world."

CCM therapy was approved in China late last year, and the first implant in the country was announced on November 1, 2021. The Optimizer system delivers CCM therapy, which consists of electric pulses applied to the heart between heartbeats and serves to enhance the performance of cardiac muscular contraction, making the heart work more efficiently without increasing the heart rate or the oxygen consumption of the cardiac muscle.

To date, CCM therapy has been used to treat heart failure in more than 7,000 patients worldwide and is available in 44 countries across the globe. The therapy has been studied in almost 2,000 patients and has appeared in more than 100 peer–reviewed journal articles. Ongoing studies are also underway to examine the safety and efficacy of CCM for patients suffering from heart failure with a left ventricular ejection fraction between 40 "" 60 percent.

About Impulse Dynamics

Impulse Dynamics is dedicated to helping healthcare providers enhance the lives of people with heart failure by transforming how the condition is treated. The company is focused on delivering its proprietary CCM therapy, which is delivered by the company's Optimizer device, the CE–marked, and FDA–approved treatment verified to improve the quality of life for heart failure patients. CCM therapy is a safe, effective, and minimally invasive treatment option for many heart failure patients who otherwise have few effective options available to them.[1] To learn more, visit www.ImpulseDynamics.com, or follow the company on LinkedIn, Twitter, and Facebook.

Forward–looking Statements

This press release contains forward–looking statements. All statements other than statements of historical facts contained in this press release are forward–looking statements. In some cases, you can identify forward–looking statements by terms such as ""may,'' ""will,'' ""should,'' ""expect,'' ""plan,'' ""anticipate,'' ""could,'' ""intend,'' ""target,'' ""project,'' ""contemplate,'' ""believe,'' ""estimate,'' ""predict,'' ""potential'' or ""continue'' or the negative of these terms or other similar expressions, although not all forward–looking statements contain these words. Forward–looking statements include, but are not limited to, statements concerning potential benefits of CCM therapy, and the absence of risks associated therewith; the ability for CCM therapy and our products to fill a significant unmet medical need for patients with heart failure; and the short–term and long–term benefits of the Optimizer and CCM therapy in patients with heart failure, as well as to the physicians treating those patients. These forward–looking statements are based on management's current expectations and involve known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward–looking statements. Other important factors that could cause actual results, performance or achievements to differ materially from those contemplated in this press release include, without limitation: the company's future research and development costs, capital requirements and the company's needs for additional financing; commercial success and market acceptance of CCM therapy; the company's ability to achieve and maintain adequate levels of coverage or reimbursement for Optimizer systems or any future products the company may seek to commercialize; competitive companies and technologies in the industry; the company's ability to expand its indications and develop and commercialize additional products and enhancements to its current products; the company's business model and strategic plans for its products, technologies and business, including its implementation thereof; the company's ability to expand, manage and maintain its direct sales and marketing organization; the company's ability to commercialize or obtain regulatory approvals for CCM therapy and its products, or the effect of delays in commercializing or obtaining regulatory approvals; FDA or other U.S. or foreign regulatory actions affecting us or the healthcare industry generally, including healthcare reform measures in the United States and international markets; the timing or likelihood of regulatory filings and approvals; and the company's ability to establish and maintain intellectual property protection for CCM therapy and products or avoid claims of infringement. The company does not undertake any obligation to update forward–looking statements and expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward–looking statements contained herein. These forward–looking statements should not be relied upon as representing the company's views as of any date subsequent to the date of this press release.

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[1] https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5494150/

Attachments


GLOBENEWSWIRE (Distribution ID 8698682)

Impulse Dynamics Announces 100th Implant Milestone in China for CCM® Therapy

MARLTON, N.J., Nov. 16, 2022 (GLOBE NEWSWIRE) — Impulse Dynamics, a global medical device company dedicated to improving the lives of people with heart failure, announced the 100th implant in China, signifying the opportunity for its innovative Optimizer system delivering CCM therapy in markets around the world. Cardiologist Prof. Guo Tao, Executive Director of Internal Medicine, Fuwai Cardiovascular Hospital, Yunnan Province, performed the 100th procedure and emphasized the role of this therapy in providing an option and hope to patients living with the debilitating reality of heart failure.

"It is quite a coincidental milestone for us that the 10th patient implanted in our center also happened to be the 100th patient treated in China. I have paid very close attention to CCM therapy for more than 20 years now, but it wasn't until recently we could clinically apply this technology. Under close clinical observation, our 10 CCM patients have improved even more than we anticipated. All the CCM patients in our center improved both symptomatically and on various objective indicators, which made both us and our patients very happy. Therefore, it seems from our experience that CCM is performing exactly as described in the foreign research "" specifically, by modulating the exchange of calcium ions and thereby enhancing contractility of the myocardium in the acute period, then normalizing the expression of contraction–related proteins, which leads to reverse remodeling of the heart. Based on these results, we are now planning to expand the application of CCM normatively and actively while continuing to closely follow our implanted patients to obtain more clinical evidence of CCM to optimize its application so more Chinese patients can benefit from this latest innovative treatment."

Prof. Zhang Shu, Chief Physician of Fuwai Hospital of the National Center for Cardiovascular Diseases and the Chinese Academy of Medical Sciences, Honorary Chairman of the Electrocardiology and Pacing Branch of the Chinese Medical Association, Director of the Cardiology Committee of the Chinese Medical Doctor Association, and former President of the Asia–Pacific Heart Rhythm Society further commented "Currently there are almost nine million patients with heart failure in China, and many of them have not been optimally treated. Heart failure has also become the leading cause of death among cardiovascular and other major chronic diseases in China. I believe CCM will bring good news to Chinese patients. These successful initial experiences provide our doctors with good prospects of bringing hope to the patients they care for."

"We are proud to see the growing acceptance of this technology in markets around the world," said Mateusz Zelewski, MD, Impulse Dynamics VP International. "In reaching this milestone, we have connected with physicians, patients, and their families. We are inspired by the benefits of this therapy to our patients and continue to reinforce our commitment to address the immense need for advanced heart failure options for patients around the world."

CCM therapy was approved in China late last year, and the first implant in the country was announced on November 1, 2021. The Optimizer system delivers CCM therapy, which consists of electric pulses applied to the heart between heartbeats and serves to enhance the performance of cardiac muscular contraction, making the heart work more efficiently without increasing the heart rate or the oxygen consumption of the cardiac muscle.

To date, CCM therapy has been used to treat heart failure in more than 7,000 patients worldwide and is available in 44 countries across the globe. The therapy has been studied in almost 2,000 patients and has appeared in more than 100 peer–reviewed journal articles. Ongoing studies are also underway to examine the safety and efficacy of CCM for patients suffering from heart failure with a left ventricular ejection fraction between 40 "" 60 percent.

About Impulse Dynamics

Impulse Dynamics is dedicated to helping healthcare providers enhance the lives of people with heart failure by transforming how the condition is treated. The company is focused on delivering its proprietary CCM therapy, which is delivered by the company's Optimizer device, the CE–marked, and FDA–approved treatment verified to improve the quality of life for heart failure patients. CCM therapy is a safe, effective, and minimally invasive treatment option for many heart failure patients who otherwise have few effective options available to them.[1] To learn more, visit www.ImpulseDynamics.com, or follow the company on LinkedIn, Twitter, and Facebook.

Forward–looking Statements

This press release contains forward–looking statements. All statements other than statements of historical facts contained in this press release are forward–looking statements. In some cases, you can identify forward–looking statements by terms such as ""may,'' ""will,'' ""should,'' ""expect,'' ""plan,'' ""anticipate,'' ""could,'' ""intend,'' ""target,'' ""project,'' ""contemplate,'' ""believe,'' ""estimate,'' ""predict,'' ""potential'' or ""continue'' or the negative of these terms or other similar expressions, although not all forward–looking statements contain these words. Forward–looking statements include, but are not limited to, statements concerning potential benefits of CCM therapy, and the absence of risks associated therewith; the ability for CCM therapy and our products to fill a significant unmet medical need for patients with heart failure; and the short–term and long–term benefits of the Optimizer and CCM therapy in patients with heart failure, as well as to the physicians treating those patients. These forward–looking statements are based on management's current expectations and involve known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward–looking statements. Other important factors that could cause actual results, performance or achievements to differ materially from those contemplated in this press release include, without limitation: the company's future research and development costs, capital requirements and the company's needs for additional financing; commercial success and market acceptance of CCM therapy; the company's ability to achieve and maintain adequate levels of coverage or reimbursement for Optimizer systems or any future products the company may seek to commercialize; competitive companies and technologies in the industry; the company's ability to expand its indications and develop and commercialize additional products and enhancements to its current products; the company's business model and strategic plans for its products, technologies and business, including its implementation thereof; the company's ability to expand, manage and maintain its direct sales and marketing organization; the company's ability to commercialize or obtain regulatory approvals for CCM therapy and its products, or the effect of delays in commercializing or obtaining regulatory approvals; FDA or other U.S. or foreign regulatory actions affecting us or the healthcare industry generally, including healthcare reform measures in the United States and international markets; the timing or likelihood of regulatory filings and approvals; and the company's ability to establish and maintain intellectual property protection for CCM therapy and products or avoid claims of infringement. The company does not undertake any obligation to update forward–looking statements and expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward–looking statements contained herein. These forward–looking statements should not be relied upon as representing the company's views as of any date subsequent to the date of this press release.

###

[1] https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5494150/

Attachments


GLOBENEWSWIRE (Distribution ID 8698682)

New government of St Kitts and Nevis ready to usher in new sense of cooperation and good governance, hints at changes to the country’s CBI programme

Basseterre, Nov. 16, 2022 (GLOBE NEWSWIRE) — St Kitts and Nevis welcomed a new government in August and the new administration, led by Dr Terrance Drew, is ready and determined to usher in a new sense of cooperation, good governance, and transparency "" starting with steps to improve the country's long–standing citizenship by investment (CBI) programme.

In his address on Tuesday, 15 November, marking his first 100 days in office, Prime Minister Dr Terrance Drew provided insight into the focus areas for the CBI changes, which he gave to the citizens of St Kitts and Nevis at an event held earlier today in the country's capital Basseterre.

Since winning the snap election on 5 August, Prime Minister Dr Terrance Drew has been working tirelessly for the overall development of St Kitts and Nevis and has undertaken various initiatives including the formation of a committee to combat corruption.

The new administration has presented plans for the advancement of the twin–island nation, outlining steps that will pave the way to improving the lives of its people. A large part of these plans is funded by the CBI programme which has secured foreign direct investment into the nation for nearly 40 years since it is independence.

"Our government has been relentless in our pursuit to strengthen and improve our Citizenship by Investment programme, for enhanced sustainability within a framework of integrity. We have held productive discussions with local developers and international investors alike," said Prime Minister Drew.

"There will be much stronger oversight and leadership in the CBI Unit by a new CBI Board and Technical Committee. I will announce the detailed changes at our upcoming press conference, but I want to be absolutely clear, that our evolved CBI programme will be run with the utmost transparency."

To help progress the economy, Prime Minister Drew highlighted that more oversight would ensure that the people of St Kitts and Nevis would also benefit from the CBI programme as it was intended. Plans are in place to support women in sectors like construction, to provide more support to small businesses, and to review opportunities for the development of the renewable energy sector, the processing of fish, as well as packaging and exports.

With promises to improve health care, provide more affordable housing and access to better education "" Prime Minister Drew understands that all this will be underpinned by a stronger economy.

Speaking at the event Prime Minister Drew said that while the nation has been the benchmark of citizenship by investment value proposition, the new administration understands that in order to remain one of the most sought–after economic citizenship programmes in the world, it needs to evolve and forge a new path for itself and the industry as it responds to a changing demographic.

Through ongoing consultations with all stakeholders during the exploratory phase, the new government aims to have regular engagement with local and international stakeholders in the programme to ensure it meets their salient needs.

Prime Minister Drew also emphasised how his government is on a journey to bring clarity to locals and international investors through constant transparency and integrity. "Our ongoing work to strengthen this programme and the system must result in prosperity for all."

Consultations with stakeholders have led to the development of committees to supervise the process and implement strengthened legislative and administrative structures to prevent "underselling" and ensure that real estate projects funded by the CBI programme are completed.

The government's plan is to maintain a progressive programme that cements St Kitts and Nevis' place as a leader in the CBI Industry.

The government is also seeking out reliable and trustworthy developers who are ready to put capital behind creative and strong projects that will enhance St Kitts and Nevis' CBI offering.

St Kitts and Nevis holds the oldest citizenship by investment programme in the world "" established in 1984, the programme currently allows investors to gain second citizenship by donating to a government fund or by investing in real estate.

The government fund channels investment to projects that will uplift the country and has enabled, in part, sectors such as health, education, tourism, business, and agriculture to flourish.


GLOBENEWSWIRE (Distribution ID 8698419)

New High-Yielding Perennial Rice Sees Sustainability Success Catalyzed by Global Collaboration and Knowledge Sharing Approach

Salina, Kansas, USA, Nov. 16, 2022 (GLOBE NEWSWIRE) — Over 70% of the food calories that feed humanity come from annual grain crops, which occupy 60""80% of global croplands. But annual grain dominance may be changing. A study in the journal Nature Sustainability reports that a new high–yielding, long–lived perennial rice with significant environmental, economic, and social sustainability impacts is now being grown in Southeast Asia and parts of Africa.

Researchers in China's Yunnan Province developed perennial rice in a relatively short two–decade timeframe, achieving comparable yields to annual rice varieties. They were supported with scientific expertise and seed funding from Kansas–based nonprofit The Land Institute and a global network of researchers.

“I congratulate the authors for delivering one of the most important reports in modern agriculture,” says National Geographic Society Explorer Jerry Glover, whose work has focused on developing and using perennial crops. “I believe this report will catalyze a generation of new discoveries by scientists who have not yet been involved in pursuing perennial traits in staple grain crops. This research marks a distinct new line of possibilities for global food production from the nearly 10,000–year single–track reliance on annual grain crops.”

Rice feeds 4 billion people and is the grain most consumed by humans, and is the third largest cereal grain crop after corn and wheat worldwide in metric tons. But annual grain agriculture comes at an ecological and economic cost, compromising ecosystems and forcing ever–higher inputs of chemical fertilizers, pesticides, fossil fuel energy, and labor to maintain yields. The growing perennial grain agriculture movement is shifting this paradigm to address some of the food system's most pressing challenges.

“Since perennial rice can produce yields over eight consecutive harvests similar to annual rice, this is direct evidence that developing perennial versions of grain crops is feasible,” says Lee DeHaan, Director of Crop Improvement and Lead Scientist of the Kernza Domestication Program at The Land Institute. “This evidence provides a clear reason to vastly increase research investment in ongoing work to develop perennial versions of crops like wheat and sorghum.”

Senior author Fengyi Hu and Dayun Tao began working with co–author Erik Sacks to develop perennial rice in 1999 in a collaboration between the Yunnan Academy of Agricultural Sciences (YAAS) and the International Rice Research Institute (IRRI). Hearing of the IRRI project, The Land Institute invited Sacks to present his research in 2005. This connection eventually led to Hu and the YAAS team partnering with the perennial grain breeding experts at The Land Institute in 2007 to help jumpstart the development of a promising wide hybrid cross between annual, cultivated rice and a perennial rice cousin from Africa. Inspired by the potential for Hu's research to develop upland perennial rice, given the catastrophic soil erosion in the hilly regions of Southeast Asia, The Land Institute provided critical funding, technical support, and mentoring and helped expand a network of global peer researchers. The University of Illinois, Yunnan University, and the University of Queensland soon joined the effort.

“The success of Dr. Hu's group is a wonderful example of how an international network of researchers can help support, advise and advance an amazing and important achievement,” says co–author Tim Crews, The Land Institute's Chief Scientist and International Program Director. “At The Land Institute, we are intent on working with more research groups worldwide to build on the successes of Hu and others in the perennialization of grain agriculture.”

“Almost yearly since 2009, we've held workshops in Yunnan, China, on perennial rice and perennial grain crops, inviting international experts, including African and U.S. rice breeders, sustainable ag researchers, international ag development leaders, and more. This sharing of ideas and building an international network of collaborators has proven invaluable for accelerating progress and achieving success on perennial grains,” says Sacks, professor in the Department of Crop Sciences, part of the College of Agricultural, Consumer and Environmental Sciences at the University of Illinois.

The research shows that perennial rice crops have advantages over annual rice crops:

  • Long–Lived Production: Perennial rice produced grain for eight consecutive harvests over four years from a single planting
  • Comparable High Yields: Average perennial rice yields were equivalent to annual rice, with 6.8 Mg ha–1 harvest–1 of perennial rice versus 6.7 Mg ha–1 harvest–1 of replanted annual rice for each perennial rice regrowth cycle
  • Significant Carbon Sequestration: By switching from annual to perennial rice, soils accumulated almost a ton of organic carbon per hectare per year, 0.81 Mg organic carbon ha–1 yr–1
  • Labor and Inputs Savings: Farmers used nearly 60% less labor and spent almost 50% less on seed, fertilizer, and other inputs for perennial rice than annual rice
  • Improved Farmer Livelihoods: Farmer profits from perennial rice ranged from 17% to 161% above annual rice

“Interest in developing and testing perennial grain cultivars has grown exponentially over the last ten years,” says Rachel Stroer, President of The Land Institute. “Besides perennial rice, our work on wide hybrid crosses of annual wheat and sorghum with their perennial relatives show promise. With intensified investment in perennial grain agriculture research from global funders and partners, we're confident that these grains and more will reach high yields with robust ecological and social benefits and move onto the landscape in the coming decades.”

ABOUT THE LAND INSTITUTE

The Land Institute co–leads the global movement for perennial, diverse, regenerative grain agriculture at a scale that matches the enormity of the intertwined climate, water, and food security crises. An independent 501c3 nonprofit founded in 1976, the organization seeks to reconcile the human economy with nature's economy, starting with food. Its transdisciplinary team of scientists and global partners are developing new perennial grain crops, like Kernza , and diverse cropping systems that function within nature's limits and researching the social transformation required for a just, perennial human future.

Attachments


GLOBENEWSWIRE (Distribution ID 8697794)

Cellebrite Endpoint Inspector Empowers Organizations with Remote Collection of Workplace Applications

PETAH TIKVA, Israel and TYSONS CORNER, Va., Nov. 16, 2022 (GLOBE NEWSWIRE) — Cellebrite DI Ltd. (Nasdaq: CLBT), a global leader in Digital Intelligence (DI) solutions for the public and private sectors, today announced the launch of the cloud workplace app collection, a new Cellebrite Endpoint Inspector capability aimed at improving organizations' investigation and eDiscovery capabilities by enabling them to collect remote mobile and computer data and cloud workplace application data in a unified platform.

The addition of the cloud workplace app collection to Cellebrite Endpoint Inspector should help reduce the time and cost associated with the collection of data from applications such as Office365, Google Workspace, Slack, and Box by allowing examiners to initiate multiple collections for custodians from the largest sources of employee work–related data. With our unified collection capability, and now adding cloud workplace app collection to Endpoint Inspector, customers will be able to have one tool for all their collection sources.

The cloud workplace app collection aims at enabling examiners to research and consolidate data, build a comprehensive picture, surface actionable insights, and uncover the truth. Additionally, the cloud workplace app collection uses smart collection capabilities to gather only necessary data from workplace applications while ensuring data security and privacy are protected at each step of the process.

Ken Basore, Enterprise Solutions General Manager at Cellebrite, said: "In today's world, it is imperative that organizations in every industry and of every size can access employee work–related data in a secure and efficient way. Cloud workplace app collection is transforming how organizations collect data associated with corporate investigations and the eDiscovery process. We are proud to be the only company that offers a unified platform for remote mobile and computer collection and now from the most widely used cloud workplace applications "" with our revolutionary capability, companies across the private sector can boost efficiencies while maintaining data security."

For more information about workplace cloud app collection and Cellebrite Endpoint Inspector, please visit here.

About Cellebrite

Cellebrite's (Nasdaq: CLBT) mission is to enable its customers to protect and save lives, accelerate justice, and preserve privacy in communities around the world. We are a global leader in Digital Intelligence solutions for the public and private sectors, empowering organizations in mastering the complexities of legally sanctioned digital investigations by streamlining intelligence processes. Trusted by thousands of leading agencies and companies worldwide, Cellebrite's Digital Intelligence platform and solutions transform how customers collect, review, analyze and manage data in legally sanctioned investigations. To learn more visit us at www.cellebrite.com, https://investors.cellebrite.com, or follow us on Twitter at @Cellebrite_UFED.

Caution Regarding Forward Looking Statements

This document includes "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward looking statements may be identified by the use of words such as "forecast," "intend," "seek," "target," "anticipate," "will," "appear," "approximate," "foresee," "might," "possible," "potential," "believe," "could," "predict," "should," "continue," "expect," "estimate," "may," "plan," "outlook," "future" and "project" and other similar expressions that predict, project or indicate future events or trends or that are not statements of historical matters. Such forward looking statements include estimated financial information. Such forward looking statements with respect to revenues, earnings, performance, strategies, prospects, and other aspects of Cellebrite's business are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements. These factors include, but are not limited to: Cellebrite's ability to keep pace with technological advances and evolving industry standards; Cellebrite's material dependence on the acceptance of its solutions by law enforcement and government agencies; real or perceived errors, failures, defects or bugs in Cellebrite's DI solutions; Cellebrite's failure to maintain the productivity of sales and marketing personnel, including relating to hiring, integrating and retaining personnel; uncertainties regarding the impact of macroeconomic and/or global conditions, including COVID–19 and military actions involving Russia and Ukraine; intense competition in all of Cellebrite's markets; the inadvertent or deliberate misuse of Cellebrite's solutions; political and reputational factors related to Cellebrite's business or operations; risks relating to estimates of market opportunity and forecasts of market growth; Cellebrite's ability to properly manage its growth; risks associated with Cellebrite's credit facilities and liquidity; Cellebrite's reliance on third–party suppliers for certain components, products, or services; challenges associated with large transactions and long sales cycle; risks that Cellebrite's customers may fail to honor contractual or payment obligations; risks associated with a significant amount of Cellebrite's business coming from government customers around the world; risks related to Cellebrite's intellectual property; security vulnerabilities or defects, including cyber–attacks, information technology system breaches, failures or disruptions; the mishandling or perceived mishandling of sensitive or confidential information; the complex and changing regulatory environments relating to Cellebrite's operations and solutions; the regulatory constraints to which we are subject; risks associated with different corporate governance requirements applicable to Israeli companies and risks associated with being a foreign private issuer and an emerging growth company; market volatility in the price of Cellebrite's shares; changing tax laws and regulations; risks associated with joint, ventures, partnerships and strategic initiatives; risks associated with Cellebrite's significant international operations; risks associated with Cellebrite's failure to comply with anti–corruption, trade compliance, anti–money–laundering and economic sanctions laws and regulations; risks relating to the adequacy of Cellebrite's existing systems, processes, policies, procedures, internal controls and personnel for Cellebrite's current and future operations and reporting needs; and other factors, risks and uncertainties set forth in the section titled "Risk Factors" in Cellebrite's annual report on Form 20–F filed with the SEC on March 29, 2022, as amended on April 14, 2022 and in other documents filed by Cellebrite with the U.S. Securities and Exchange Commission ("SEC"), which are available free of charge at www.sec.gov. You are cautioned not to place undue reliance upon any forward looking statements, which speak only as of the date made, in this communication or elsewhere. Cellebrite undertakes no obligation to update its forward looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

Cellebrite Contacts

Media
Victor Cooper
Public Relations and Corporate Communications Director
Victor.cooper@cellebrite.com
+1 404.804.5910

Investors
Investor Relations
investors@cellebrite.com


GLOBENEWSWIRE (Distribution ID 8697724)

FreedomPay Announces Integration with Castles Technology to Expand Commerce Offering Globally

Philadelphia, Pennsylvania, Nov. 16, 2022 (GLOBE NEWSWIRE) — FreedomPay, the commerce technology partner of choice for global leaders across hospitality, retail, restaurants and sports and entertainment, announce today a partnership with Castles Technology, a globally recognized and industry–leading manufacturer of payment hardware solutions.

"FreedomPay creates a world–class experience for consumers through optimized speed, security, and personalization," said Chris Kronenthal, President of FreedomPay. "By partnering with Castles, merchants can provide a best–in–class commerce experience for consumers globally."

Available beginning Q1 2023, FreedomPay will offer Castles' all–in–one Android SmartPOS terminal to create a secure, frictionless and unified shopping experience for consumers while also supporting merchants with robust loyalty and data analytics capabilities. The move furthers its commitment towards an open and accessible ecosystem for FreedomPay's merchants and industry partners alike. "Ultimately, FreedomPay's proposition to the market is innovation based around choice and flexibility "" we take another step forward with this announcement", said Kronenthal.

"This partnership with FreedomPay brings together world–class commerce technology with industry–leading payment acceptance hardware solutions that drive global commerce by serving consumers and businesses to securely pay and get paid. Delivering innovation and trust is part of our DNA, and we are thrilled to be working with FreedomPay, who shares our ambitions to keep pushing our industry forward for our clients," said Ben Love, President & CTO of Castles Technology North America.

Castles devices offer merchants many benefits including:

  • FreedomPay's PCI–Validated P2PE solution and PCI PTS v6 firmware
  • Front and rear cameras for QR code payment acceptance and loyalty programs
  • Laser scanner for fast product scanning
  • 5" touchscreen with PIN on glass

Supported by Castles, FreedomPay continues its global expansion across 130+ countries, more than one hundred currencies and thousands of commerce partners.

About FreedomPay

FreedomPay's Next Level Commerce platform transforms existing payment systems and processes from legacy to leading edge. As the premier choice for many of the largest companies across the globe in retail, hospitality, lodging, gaming, sports and entertainment, foodservice, education, healthcare and financial services, FreedomPay's technology has been purposely built to deliver rock solid performance in the highly complex environment of global commerce. The company maintains a world–class security environment and was first to earn the coveted validation by the PCI Security Standards Council against Point–to–Point Encryption (P2PE/EMV) standard in North America. FreedomPay's robust solutions across payments, security, identity, and data analytics are available in–store, online and on–mobile and are supported by rapid API adoption. The award winning FreedomPay Commerce Platform operates on a single, unified technology stack across multiple continents allowing enterprises to deliver an innovative Next Level experience on a global scale. www.freedompay.com

About Castles Technology

With thirty years of worldwide market experience, Castles Technology has established itself as a top global manufacturer of next–generation payment acceptance hardware. Our goal is to create simple, innovative, and secure payment solutions that provide mobility and flexibility for a diverse range of attended and unattended payment environments such as retail, vending, micro markets, restaurants, transportation, finance, lodging, and hospitality. We pride ourselves on crafting accessible payment solutions, reducing the lifetime cost of payment acceptance hardware, and providing robust integration options. Our North American headquarters are in Atlanta, GA, and Castles Technology has 11 regional offices across Asia, Europe, and North and South America.


GLOBENEWSWIRE (Distribution ID 8697556)

FreedomPay Announces Integration with Castles Technology to Expand Commerce Offering Globally

Philadelphia, Pennsylvania, Nov. 16, 2022 (GLOBE NEWSWIRE) — FreedomPay, the commerce technology partner of choice for global leaders across hospitality, retail, restaurants and sports and entertainment, announce today a partnership with Castles Technology, a globally recognized and industry–leading manufacturer of payment hardware solutions.

"FreedomPay creates a world–class experience for consumers through optimized speed, security, and personalization," said Chris Kronenthal, President of FreedomPay. "By partnering with Castles, merchants can provide a best–in–class commerce experience for consumers globally."

Available beginning Q1 2023, FreedomPay will offer Castles' all–in–one Android SmartPOS terminal to create a secure, frictionless and unified shopping experience for consumers while also supporting merchants with robust loyalty and data analytics capabilities. The move furthers its commitment towards an open and accessible ecosystem for FreedomPay's merchants and industry partners alike. "Ultimately, FreedomPay's proposition to the market is innovation based around choice and flexibility "" we take another step forward with this announcement", said Kronenthal.

"This partnership with FreedomPay brings together world–class commerce technology with industry–leading payment acceptance hardware solutions that drive global commerce by serving consumers and businesses to securely pay and get paid. Delivering innovation and trust is part of our DNA, and we are thrilled to be working with FreedomPay, who shares our ambitions to keep pushing our industry forward for our clients," said Ben Love, President & CTO of Castles Technology North America.

Castles devices offer merchants many benefits including:

  • FreedomPay's PCI–Validated P2PE solution and PCI PTS v6 firmware
  • Front and rear cameras for QR code payment acceptance and loyalty programs
  • Laser scanner for fast product scanning
  • 5" touchscreen with PIN on glass

Supported by Castles, FreedomPay continues its global expansion across 130+ countries, more than one hundred currencies and thousands of commerce partners.

About FreedomPay

FreedomPay's Next Level Commerce platform transforms existing payment systems and processes from legacy to leading edge. As the premier choice for many of the largest companies across the globe in retail, hospitality, lodging, gaming, sports and entertainment, foodservice, education, healthcare and financial services, FreedomPay's technology has been purposely built to deliver rock solid performance in the highly complex environment of global commerce. The company maintains a world–class security environment and was first to earn the coveted validation by the PCI Security Standards Council against Point–to–Point Encryption (P2PE/EMV) standard in North America. FreedomPay's robust solutions across payments, security, identity, and data analytics are available in–store, online and on–mobile and are supported by rapid API adoption. The award winning FreedomPay Commerce Platform operates on a single, unified technology stack across multiple continents allowing enterprises to deliver an innovative Next Level experience on a global scale. www.freedompay.com

About Castles Technology

With thirty years of worldwide market experience, Castles Technology has established itself as a top global manufacturer of next–generation payment acceptance hardware. Our goal is to create simple, innovative, and secure payment solutions that provide mobility and flexibility for a diverse range of attended and unattended payment environments such as retail, vending, micro markets, restaurants, transportation, finance, lodging, and hospitality. We pride ourselves on crafting accessible payment solutions, reducing the lifetime cost of payment acceptance hardware, and providing robust integration options. Our North American headquarters are in Atlanta, GA, and Castles Technology has 11 regional offices across Asia, Europe, and North and South America.


GLOBENEWSWIRE (Distribution ID 8697556)

FreedomPay Announces Integration with Castles Technology to Expand Commerce Offering Globally

The partnership brings a unique consumer experience powered by loyalty and value–added services to millions of merchants globally.

PHILADELPHIA, Nov. 16, 2022 (GLOBE NEWSWIRE) — FreedomPay, the commerce technology partner of choice for global leaders across hospitality, retail, restaurants and sports and entertainment, announce today a partnership with Castles Technology, a globally recognized and industry–leading manufacturer of payment hardware solutions.

"FreedomPay creates a world–class experience for consumers through optimized speed, security, and personalization," said Chris Kronenthal, President of FreedomPay. "By partnering with Castles, merchants can provide a best–in–class commerce experience for consumers globally."

Available beginning Q1 2023, FreedomPay will offer Castles' all–in–one Android SmartPOS terminal to create a secure, frictionless and unified shopping experience for consumers while also supporting merchants with robust loyalty and data analytics capabilities. The move furthers its commitment towards an open and accessible ecosystem for FreedomPay's merchants and industry partners alike. "Ultimately, FreedomPay's proposition to the market is innovation based around choice and flexibility "" we take another step forward with this announcement," said Kronenthal.

"This partnership with FreedomPay brings together world–class commerce technology with industry–leading payment acceptance hardware solutions that drive global commerce by serving consumers and businesses to securely pay and get paid. Delivering innovation and trust is part of our DNA, and we are thrilled to be working with FreedomPay, who shares our ambitions to keep pushing our industry forward for our clients," said Ben Love, President & CTO of Castles Technology North America.

Castles devices offer merchants many benefits including:

  • FreedomPay's PCI–Validated P2PE solution and PCI PTS v6 firmware
  • Front and rear cameras for QR code payment acceptance and loyalty programs
  • Laser scanner for fast product scanning
  • 5" touchscreen with PIN on glass

Supported by Castles, FreedomPay continues its global expansion across 130+ countries, more than one hundred currencies and thousands of commerce partners.

About FreedomPay
FreedomPay's Next Level Commerce platform transforms existing payment systems and processes from legacy to leading edge. As the premier choice for many of the largest companies across the globe in retail, hospitality, lodging, gaming, sports and entertainment, foodservice, education, healthcare and financial services, FreedomPay's technology has been purposely built to deliver rock solid performance in the highly complex environment of global commerce. The company maintains a world–class security environment and was first to earn the coveted validation by the PCI Security Standards Council against Point–to–Point Encryption (P2PE/EMV) standard in North America. FreedomPay's robust solutions across payments, security, identity, and data analytics are available in–store, online and on–mobile and are supported by rapid API adoption. The award winning FreedomPay Commerce Platform operates on a single, unified technology stack across multiple continents allowing enterprises to deliver an innovative Next Level experience on a global scale. www.freedompay.com

About Castles Technology
With thirty years of worldwide market experience, Castles Technology has established itself as a top global manufacturer of next–generation payment acceptance hardware. Our goal is to create simple, innovative, and secure payment solutions that provide mobility and flexibility for a diverse range of attended and unattended payment environments such as retail, vending, micro markets, restaurants, transportation, finance, lodging, and hospitality. We pride ourselves on crafting accessible payment solutions, reducing the lifetime cost of payment acceptance hardware, and providing robust integration options. Our North American headquarters are in Atlanta, GA, and Castles Technology has 11 regional offices across Asia, Europe, and North and South America.

Jennifer Tayebi
Hill+Knowlton Strategies
Jennifer.tayebi@hkstrategies.com
(734) 395–0780


GLOBENEWSWIRE (Distribution ID 8697871)

COP27: Show Me the Money–Supported by Policy

In 2021, the world experienced four mega weather events that each cost $20+ billion in economic loss: Hurricane Ida, flooding in Europe, flooding in China and unprecedented winter weather in Texas and parts of Mexico. Credit: Patricia Grogg/IPS

In 2021, the world experienced four mega weather events that each cost $20+ billion in economic loss: Hurricane Ida, flooding in Europe, flooding in China and unprecedented winter weather in Texas and parts of Mexico. Credit: Patricia Grogg/IPS

By Peter Schlosser and Michael Dorsey
SHARM EL-SHEIKH, Nov 16 2022 – Climate change is an existential threat to humans and our ability to thrive on a healthy planet. But when it comes to rising temperatures, the inability of humankind to slow emissions and limit warming to 1.5 degrees Celsius isn’t because we lack knowledge or need new technologies.

Consider: Humans have been warned for more than a century about the dangers of a warming climate and its adverse impact on human health and planetary systems, including but not limited to loss of biodiversity, decreased soil and ocean health, increased sea-ice melt and corresponding sea-level rise, and amplified disasters such as hurricanes, floods, heat waves and droughts.

The IPCC estimates that globally, $1.6-3.8 trillion (USD) must be invested every year through public and private climate-related finance to keep warming well below warming beyond 2 degrees Celsius. For comparison, the International Monetary Fund reports that fossil-fuel subsidies in 2020 were $5.9 trillion (USD) when summing up explicit and implicit subsidies

Fifty years ago, “The Limits to Growth” warned humans of the serious need to live in balance with Earth’s systems. The science is settled. Likewise, technologies that drastically reduce greenhouse gas emissions are available and increasingly cost-competitive–particularly in energy production and transportation, two of the most significant contributors to global emissions.

What is missing? This is not a difficult physics equation. While we live in a complex world, the laggards in this area are observable: money and societal will.

As countries enter the second week of the global negotiations at the 2022 United Nations Climate Change Conference in Sharm El-Sheikh, Egypt, typically referred to as COP27, success will depend on the ability of the negotiators to mobilize investments and advance policy at the conference to accelerate opportunities for progress in altering the trajectory of climate change.

Even discussions on “loss and damage”–a signature issue of this conference that is historically neglected–are defined by these two needs. Underlying the issues of loss and damage are questions about processes for addressing loss (policy) and determinations of who is financially responsible (investment).

The price tag to address climate change is not small, but viewed in the right frame, it is a bargain. Take climate-enhanced disasters. In 2021, the world experienced four mega weather events that each cost $20+ billion in economic loss: Hurricane Ida, flooding in Europe, flooding in China and unprecedented winter weather in Texas and parts of Mexico.

These types of human-induced disasters are now increasingly frequent, occurring at more places and at higher amplitudes, and are more costly without considerable investment to curtail rising greenhouse gas emissions. The 5th High Level Ministerial Dialogue on Climate Finance takes place during the second week of COP27, where ministers will discuss achieving the annual $100 billion support mark for lower-income countries, a total those countries already note as too little, too late. The real need is in trillions of dollars, not billions.

The Intergovernmental Panel on Climate Change estimates that globally, $1.6-3.8 trillion (USD) must be invested every year through public and private climate-related finance to keep warming well below warming beyond 2 degrees Celsius. For comparison, the International Monetary Fund reports that fossil-fuel subsidies in 2020 were $5.9 trillion (USD) when summing up explicit and implicit subsidies.

Combining policy with public investment can dramatically amplify results. The U.S. Inflation Reduction Act, the country’s most dramatic attempt to reorient its infrastructure and electricity production to lower emissions, could spend as much as $800 billion (USD) in tax credits, spurring on private investment to the tune of $1.7 trillion (USD) over the next decade, according to a Credit Suisse review of the policy.

The same report estimates that with the manufacturing and consumer tax credits, the cost of solar electricity could fall below one U.S. cent, possibly as soon as 2025. The investment bank declared that the U.S. Inflation Reduction Act “definitively changes the narrative from risk mitigation to opportunity capture” for corporations to take advantage of the law’s positive impact on the economy.

We have fallen behind the timeline set by the Paris Climate Accords and the 1.5 degrees Celsius target no longer seems to be achievable. The international negotiations must push the agenda to define aggressive mitigation policies, with incentives and disincentives, to scale known solutions on the fastest timescales possible for manufacturing and distribution throughout the world.

This needs real investments, private as well as public, for a chance to prevent the worst impacts of climate change. The time is now to show the most marginalized countries the money.

Peter Schlosser is one of the world’s leading earth scientists, with expertise in the Earth’s hydrosphere and how humans affect the planet’s natural state. He is the vice president and vice provost of the Julie Ann Wrigley Global Futures at Arizona State University.

Michael Dorsey is a globally recognized expert on sustainability, finance, renewable energy and environment matters. He is the chair of the Rob and Melani Walton Sustainability Solutions Service at Arizona State University.