Hitachi Energy signs agreements with ENOWA and Saudi Electricity Company to design and develop the first phase of visionary NEOM region transmission system

Zurich, Switzerland, May 30, 2023 (GLOBE NEWSWIRE) — Hitachi Energy, a global technology leader advancing a sustainable energy future for all, has signed agreements under the supervision and management of the Ministry of Energy with the Saudi Electricity Company (SEC) and with ENOWA. The agreements include the supply of three high–voltage direct current (HVDC) transmission systems to end customer ENOWA, the utility company for NEOM in Northwest Saudi Arabia. Built with sustainability in mind, NEOM is among Saudi Arabia's Giga–Projects1 reshaping the future of development. The three HVDC links will have a total power capacity of up to 9 gigawatts (GW).

The agreements include an order from ENOWA's engineering, procurement and construction management (EPCM) partner, the Saudi Electricity Company (SEC) awarded to Hitachi Energy and its consortium partner, Saudi Services for Electro Mechanical Works (SSEM), to provide one of the world's first 3 GW, 525 kilovolt (kV) HVDC Light transmission system connecting Oxagon, NEOM's regional development, with the larger Yanbu area more than 650 kilometers away in Western Saudi Arabia.

Hitachi Energy's scope of supply includes design, engineering, procurement of HVDC technology and commissioning of the HVDC Light converter stations. Whilst SSEM "" a leading Saudi EPC specialized in power, water and industrial projects "" will design and supply the AC equipment portion and perform the construction and the installation. The converter stations convert the power from AC to DC then back to AC for integration into the receiving grid. The converters will be sourced by and supplied to Saudi Electricity Company, who were contracted in 2022 by ENOWA to act as their EPCM to build this first HVDC system for NEOM.

Further to this, Hitachi Energy and ENOWA have signed an early works and capacity reservation agreement for two additional HVDC projects, each rated up to 3 GW. Under this agreement, both companies commit to having the resources and capacity necessary to implement these two HVDC systems. As part of a new scalable and modular regional network design that is targeted to seamlessly integrate future renewables and energy storage technologies in the NEOM Energy System, making it unique in terms of size and complexity. The co–operation will also explore opportunities to develop local competencies in the Kingdom, including ways to sustainably assemble the necessary HVDC Light components locally.

"We are delighted to strengthen our collaboration with ENOWA and Saudi Electricity Company in order to power one of the most visionary development projects of all time," said Niklas Persson, Managing Director of Hitachi Energy's Grid Integration business. "As the world progresses towards a more sustainable future, our expertise and HVDC technologies are true enablers of the electrification of the global energy system and the transition to renewables."

"By securing the first capacities for such an important part of our future grid in only one year since the decision to use this technology, we show ENOWA's commitment to supporting Saudi Vision 2030 in collaboration with Saudi Electricity Company and Hitachi Energy," said Thorsten Schwarz, Executive Director of Grid Technology & Projects, Energy of ENOWA.

ENOWA, NEOM's energy and water company, produces and delivers clean and sustainable energy for industrial and commercial applications. The company benefits from NEOM's greenfield site and strategic location in the northwestern part of Saudi Arabia, with abundant solar and wind resources. ENOWA will act as a catalyst and incubator for developing new, sustainable energy and water businesses while creating a robust economic sector regionally.

ENOWA seeks by its commitment to renewable energy and efficient water management, to become a global reference for industry leaders and setting a benchmark for sustainable economic circular systems around the world. Formed in 2022, ENOWA is the principal shareholder in the world's largest green hydrogen production plant set to be commissioned in 2026 and will enable NEOM to be a global green hydrogen hub.

NEOM will be powered by 100 percent clean energy, through renewable solar, wind and green hydrogen–based energy. The region is designed to be a blueprint for sustainable urban living with minimal impact on the environment and enhanced livability.

Note to editors:
Hitachi Energy's HVDC solution combines world–leading expertise in HVDC converter valves; the MACH digital control platform2, converter power transformers and high–voltage switchgear; as well as system studies, design and engineering, supply, installation supervision and commissioning.

HVDC Light is a voltage source converter technology developed by Hitachi Energy, which was launched over 25 years ago. It is the preferred technology for many grid applications, including interconnecting countries, integrating renewables and "power–from–shore" connections to offshore production facilities. HVDC Light's defining features include uniquely compact converter stations and exceptionally low electrical losses.

Hitachi Energy pioneered commercial HVDC technology almost 70 years ago and has delivered more than half of the world's HVDC projects.

Hitachi Energy's consulting services assist energy customers in pinpointing their challenges and suggesting customized solutions tailored to their unique requirements. Our consultants operate independently, with a product and system–agnostic approach, possessing in–depth knowledge of global technologies, standards, and local grid codes.

1 Saudi's Giga–Projects
2 Modular Advanced Control for HVDC (MACH)

See also:
Hitachi Energy to supply the first ever large–scale HVDC interconnection in the Middle East and North Africa (2022)
Hitachi Energy and Gulf Cooperation Council Interconnection Authority sign contract to upgrade high–voltage direct current transmission system (2023)

ENOWA website

–END–

About Hitachi Energy
Hitachi Energy is a global technology leader that is advancing a sustainable energy future for all. We serve customers in the utility, industry and infrastructure sectors with innovative solutions and services across the value chain. Together with customers and partners, we pioneer technologies and enable the digital transformation required to accelerate the energy transition towards a carbon–neutral future. We are advancing the world's energy system to become more sustainable, flexible and secure whilst balancing social, environmental and economic value. Hitachi Energy has a proven track record and unparalleled installed base in more than 140 countries. Headquartered in Switzerland, we employ around 40,000 people in 90 countries and generate business volumes of over $10 billion USD.
https://www.hitachienergy.com
https://www.linkedin.com/company/hitachienergy
https://twitter.com/HitachiEnergy

About Hitachi, Ltd.

Hitachi drives Social Innovation Business, creating a sustainable society through the use of data and technology. We solve customers' and society's challenges with Lumada solutions leveraging IT, OT (Operational Technology) and products. Hitachi operates under the business structure of "Digital Systems & Services" – supporting our customers' digital transformation; "Green Energy & Mobility" – contributing to a decarbonized society through energy and railway systems, and "Connective Industries" – connecting products through digital technology to provide solutions in various industries. Driven by Digital, Green, and Innovation, we aim for growth through co–creation with our customers. The company's consolidated revenues for fiscal year 2022 (ended March 31, 2023) totaled 10,881.1 billion yen, with 696 consolidated subsidiaries and approximately 320,000 employees worldwide. For more information on Hitachi, please visit the company's website at https://www.hitachi.com.

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GLOBENEWSWIRE (Distribution ID 8848737)

Urgency for a Global Fund for Media & Journalism

By Simone Galimberti
KATHMANDU, Nepal, May 30 2023 – There have been an array of proposals to sustain journalism around the world– from tax incentives and subsidies to the idea of allocating 1% of governments’ GDP to a drastically increased ODA for independent journalism in the global South.

The debate has been intense and rightly so.

What is needed is a long-term project that would put together a global architecture supporting serious and reliable journalism regardless of the size and business model of the outlets producing it. Amid such calls for governments and philanthropies to do more, something finally is moving.

Yet the needs require real ambition and farsightedness that in practice means a coherent global governance to safeguard trustworthy media worldwide. The International Fund for Public Interest Media, initially announced by France during the Paris Peace Forum in 2022, is taking shape and an initial pilot cohort of media outlets already got selected.

Because of its hybrid form of governance, independent but backed by governments and major philanthropies alike, the IFPIM could become the biggest source of funds for media around the world.

As per the information provided on its website, it has already raised $50 million USD from more than 15 governments, philanthropies, and corporate entities but the ambition is much bigger.

The Center for International Media Assistance (CIMA), an initiative of the bipartisan National Endowment for Democracy, an entity funded by the American Congress, estimates that global spending to support independent media globally should be $1 billion a year.

The reality on the ground– considering also how many legacy media houses are struggling with revenues and a declining readership– might require a much bigger figure.

If the situation was already dire before the pandemic, COVID was the knockdown blow for many media around the world that were already assaulted by the damaging impacts of big tech companies and their social media platforms. And now we also have to deal with an even more threatening and disruptive use of artificial intelligence.

While AI-based technologies can offer some positive elements on how media engage with public, the risks are enormous. “AI-based technologies also have an enormous potential to harm our information ecosystems and threaten the fundamental human rights on which robust, independent media systems, and free societies” reads a resolution recently passed at the International Press Institute General Assembly just held in Vienna.

With this gloomy scenario, the public interest media landscape is rapidly turning into what experts define as “news desert. We should be all very weary of the perils associated with its consequences. After all, as explained by the World Trends Report published by UNESCO, it is a vital issue because journalism is a public good that must be protected at any costs.

In such a scenario the fact that the IFPIM aims to reach $500 million USD, itself a milestone in this quest, is a relief. Still, it is not enough.

An issue to be taken into account is the fact that we are dealing with a fragmented landscape in this line of sector. There are already a small but increasingly more visible and impactful ecosystem, still in construction that is made up of blended agencies supporting independent media around the world.

Some of the most significant among them are the Media Development Investment Fund, MDIF that takes a more investor like approach then what seems the still in construction approach of IFPIM, has been already able to provide a variety of funding options.

With also a mixed lineup of investors, MDIF has already invested $300 million USD in 148 media outlets from 47 different countries. In addition, there is an increasing number of “intermediary” organizations.

Some of them like Pluralis acts more like investors (among its own backers there is MDIF). Others offer a blended package, financial and capacity building like Free Press Unlimited IMS, International Media Support while United for News takes a market approach of linking ads with local online news outlets.

BBC Media Action and Internews, on other hand, are intermediary closer to the field.

Though each of these represent a different model of support, are different from each other, they are all aimed at enhancing the viability of robust, independent media.

Interestingly we are seeing a crosspollination of such initiatives because their backers are often interlinked to each other with a major philanthropic foundation or bilateral donor supporting multiple initiatives at the same time.

And we are not mentioning the mechanisms that several bilateral institutions in the West are putting together only exclusively to safeguard and protect journalists in danger.

For example, the recently announced Reporters Shield, an undertaking of USAID, is particularly designed on tackling SLAPPs, the strategic lawsuits against public participation.

Undoubtedly the IFPIM is going to be a standout catalyst but it is rightly showing commitment to partner with other key stakeholders.

The recent MoU signed with Reporters without Frontiers, RSF and the Forum on Information and Democracy, the latter itself a global initiative leading the debate on safeguarding journalism that is housed at RSF, is promising but it is not enough.

If the ambitions of IFPIM is to become a global fund for media and journalism support akin to the funding mechanisms being used to fight HIV and Tuberculosis, all the actors investing in independent media must truly come together.

The fact that some of the major philanthropic organizations are putting resources in different baskets could be a positive element in a yet to establish globally coordinated multilayered approach promoting journalism and media houses.

Such common intent would enable a truly global ecosystem allowing media to return to prominence they used to command and becoming, once again, a central pillar of public debate.

First governments with adequate fiscal capacity should do whatever it takes to support their own media industry. Some of them in Europe are already doing so and also in the USA there are discussions for a new legislation and other financial tools, including cash vouchers for the citizens to buy subscriptions.

Yet if we want to safeguard journalism and media around the world, it is essential to boost public and private media working with integrity in the North, including legacy newsrooms.

It is not just about providing incentives, rebates or other financial support or ensuring that big tech owned platforms pay what is due to the newsrooms like it is slowly starting to happen.

It is also about re-persuading people, including the youths, to read news, on and off line.
Massive awareness initiatives involving schools and universities should also be prioritized in a way that a common user of news, can also turn into a citizen journalist or opinion writer.

Second, a truly global and truly massive funding for media and journalism should be established even by merging existing entities. The result could become mega funder or donor of donors, a true Global Fund for Media and Journalism.

All major governments and philanthropic organizations would inject financial resources and know-how that would then trickle to other smaller actors in the supply chain.

In a potential ecosystem protecting media and journalism, there would be enough spaces for intermediary organizations like the ones already operating close to media houses on the ground, especially in the global South.

It might be that entities like IFPIM and MDIF, each with its unique identity and features but united in their intents, one day might come together or might themselves act as at the upper level of a pyramid sustaining journalism and media, just a step below what would be a Global Fund for Media and Journalism.

Journalism and the thriving of media should also become a central area of focus of the United Nations. Despite the obvious resistance that might come from certain camps, the United Nations Secretary General António Guterres should include it in its ambitious Our Common Agenda.

Two of its twelve strategic pillars, “promote peace and prevent conflict” together with “build trust” should be strengthened with initiatives focused on media. A global code of conduct that promotes integrity in public information, one of the milestones under “build trust” should be accompanied by other bolder actions.

Let’s not forget that UNESCO has been already involved in the promotion of media with two programs, like the International Programme for the Development of Communication (IPDC) on the top of the narrower, journalist focused protection tool Global Media Defense Fund.

Positively, at the present, the momentum to save the media is gaining strength.
Yet it is indispensable to ensure that the focus is going to be on medium and long term measures rather than on a short term fixes.

Without a global design and ambition, it’s certain that the situation is only going to be worse. All global actors, together with the professionals and activists on the ground, must come together. The level and speed of discussions around the future of media must step up.

It is only with profound changes in the funding mechanisms of journalism that serious and reliable news outlets both in North and South, either legacy or startups thriving on internet, will be able to continue to operate and thrive.

There is no firewall to stop the journalism’s decadency. Only urgency and bold actions offer the best chance to ensure a “New Deal” for global media and journalism.

Simone Galimberti is the co-founder of ENGAGE and The Good Leadership. He writes mostly about youths’ involvement in the UN, social development and human rights.

IPS UN Bureau

 


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Waiting Game for Nigerian Students Awaiting Evacuation from Sudan

Student evacuees from Sudan wait to return to Nigeria. Credit: Handout

Student evacuees from Sudan wait to return to Nigeria. Credit: Handout

By Abdullahi Jimoh
ABUJA, May 30 2023 – Seven weeks after the bloody conflict in Khartoum, Sudan started, and 41 days after the Nigerian government began the evacuation of residents studying there, students are still waiting to be airlifted back to their home country.

“Today is exactly one week after we left Khartoum for Port Sudan. Our living conditions are not favourable, but the biggest problem is the lack of communication from the (Nigerian) embassy,” said Abdul-Hammid Alhassan, a student who was evacuating war-torn Khartoum and travelling to Port Sudan. This was the first time IPS interviewed him. The distance between the cities was 825 kilometres, and he and his colleagues felt abandoned. Now weeks later, he is still waiting.

“Our food supply isn’t constant; we don’t have enough water and good medical care, although there are people with poor health among us,” he told IPS on May 9, 2023. His voice trembles with fear and rage.

Now he has a greater problem; while most of his fellow students have been evacuated, he remains behind.

One and a half weeks into the bloody confrontation between the Sudanese Arms Force (SAF) and the Rapid Support Force (RSF) in Sudan, the Nigerian government started to evacuate the students—after other countries like Germany, the United Kingdom and the United States who quickly to evacuated their nationals from the warzone.

In preparation for the evacuation, the government paid USD 1.2 million through the Central Bank of Nigeria via the National Emergency Management Agency (NEMA) for 40 buses to convey the students to Aswan in Egypt.

On April 26, Nigerians in Diaspora Commission’s chair Abike Dabiri Erewa said that 5,500 students were ready for evacuation to the Egyptian border to return to Nigeria. An evacuee told IPS that the buses arrived around 2 pm Central Africa Time (CAT), but the evacuation didn’t go as planned, with a media outlet HumanAngle saying the fleeing students were left in the desert by the drivers who complained about non-payment of the balance. After the payment was settled, the evacuees continued on their route.

On May 4, 376 students arrived in Abuja, and they were each given N100 thousand (about USD 216) as a stipend so they could travel back to their families. By May 11, a further 2,246 had been evacuated, according to the National Emergency Management Agency (NEMA) – but Alhassan was not among them.

He is convinced something “fishy” is behind the delays. Weeks later, he is still awaiting transport home.

“They are selecting our names at random. We don’t know when we will leave here, but I’m convinced there is a kind of ploy and corruption going on to keep us staying as long as possible to keep the cash flowing from the federal government,” he said hopelessly.

On May 30, Alhassan says he and what he estimates to be about 300 fellow students (both women and men) still hadn’t been evacuated.

An official from Nigerian Embassy in Khartoum said they were working to return the remaining students to Nigeria.

“The embassy is available, and officials were there for screening exercise while waiting for the federal government to schedule the flight,” the official told IPS.

The Director General of the National Emergency Management Agency, Mustapha Ahmed, told IPS that NEMA had been trying to evacuate all the students and follow Embassy recommendations and advice.

“We only wait for Embassy’s recommendations, they advise, and we follow,” Ahmed said.

Sani Bala Sheu, a Kano-based current affairs analyst and former Civil Liberties Organization (CLO) activist speculated there was something untoward at play.

“In a situation like this, there will certainly be corruption,” he said. “Why can’t the Nigerian government deploy the methods of Dubai or Turkey and other advanced countries in evacuating their citizens? The federal government should ensure that all the students returned home safely.”

Mukhtar Saeed, one of the Nigerian student refugees in Port Sudan and among 265 that were airlifted to Nigeria in mid-May, said he was anxious because Alhassan is not among those who have returned.

“He wasn’t allowed to pass by the embassy officials because he had been very vocal since the war started, so they marked him and decided to punish him for absolutely no reason,” Saeed told IPS.

Why Do Nigerian Students Study Abroad?

The budget for education falls short of the 15-20 percent recommended by the United Nations Educational Scientific and Cultural Organization UNESCO for developing countries, with 8.2 percent of the budget allocation.

A long-term disagreement between the government and the Academic Staff Union of Universities (ASUU) in an eight-month strike and closure of higher education facilities.

As a result, middle-class Nigerians seek education from abroad. Data from Campus France shows that Nigeria tops among the migrating sub-Saharan students in Africa, with 71,700 Nigerian students representing 17 percent studying abroad, according to its 2020 study.

Middle-class northerners from Nigeria who are predominantly Muslim sought higher education in Sudan.

IPS UN Bureau Report

 


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Kenyan Scientist’s Trend-Setting Research into Health Benefits of Snails

Dr Paul Kinoti at the JKUAT snail farm, where he is researching the potential of snail slime cough syrup. Credit: Wilson Odhiambo/IPS

Dr Paul Kinoti at the JKUAT snail farm, where he is researching the potential of snail slime cough syrup. Credit: Wilson Odhiambo/IPS

By Wilson Odhiambo
NAIROBI, May 29 2023 – Snails and slime are usually followed by the thought ‘EEW!’ from most people … some might even scream at seeing a snail near them.

For Dr Paul Kinoti, however, these slimy creatures could earn him international recognition because his research on snails landed his institution, Jomo Kenyatta University of Agriculture and Technology (JKUAT), a Ksh. 127 million (USD 1 million) grant.

The grant, awarded by the Cherasco Institute of Snail Breeding, Italy, is expected to fund a two-phase research project to produce cough syrup meant for children under five.

As a lecturer at JKUAT’s Horticulture and Food Security department, Kinoti has specialized in non-conventional farming systems for over a decade.

Non-conventional farming is a system that employs modified/unique farming methods in crop and animal production. Kinoti has been researching insects and worms (vermiculture), concentrating on how they add value to supplement crop and livestock production.

According to Kinoti, snails are already associated with a wide variety of products, including animal feeds, skin care products, pharmaceuticals, and fertilizer.

“My research focuses on unique farming methods that farmers are not used to, including rearing insects and worms as a source of livestock feed and fertilizer for plants. I keep black soldier flies and worms which are a major source of proteins for livestock, especially for poultry and fish,” Kinoti explained to IPS.

And as a food security specialist, one of his goals is to encourage people to include snails in their diet, given that it is rich in proteins and iron.

“Lack of awareness is the main reason why Kenyans do not see snails as a source of food for themselves, and getting them to accept it will be a difficult task. This is why we are using a simpler approach by encouraging farmers to take up snail farming to get used to the idea of having snails around them,” he told IPS.

Across the globe, majorly in Asia, parts of Europe, and West Africa, snails are a known delicacy.

The snail products are currently being manufactured within JKUAT, where, through training, they have engaged local farmers to supply them with snail slime (mucin). The institution offers these farmers short, three-day courses on how to rear snails and extract their slime, which they later sell to the institution for profit.

“We are grateful to the institution for opening our minds to an opportunity that has become quite lucrative. Most of the people in Kiambu County are either full-time farmers or have a piece of land somewhere that they have put aside for farming activities, making this a good source of extra income. Snail farming is new to us. Most would never even have considered practicing it due to the culture that we have grown up with,” said Antony Njoroge, one of the local farmers who now farms snails.

During his PhD studies in Austria, Kinoti was introduced to snail farming by his host, a snail farmer.

“When I came back, I realized that snail farming was still alien to Kenya, and rather than just focus on rearing the snails, I decided to research their value addition for farming. It is from this that I was able to come up with different products such as fertilizer, animal feeds, and skin care products,” Kinoti told IPS. The products have been certified by the Kenya Bureau of Standards (KEBS) and are already in the market.

The idea for the cough syrup did not come about until 2019, when Kinoti conducted field research on snails in Kumasi, Ghana. His visit happened to be during the flu season, where he was surprised at the strange concoctions that parents were using as remedy for their children who were coughing.

“I noticed that rather than being given ginger or lemon tea that most of us are used to when someone gets the flu, their parents were collecting snail slime and mixing it with some bit of honey which they gave the children as a remedy,” Kinoti explained to IPS. This idea stuck in my mind, and when I came back, I decided to do more research on it.

The project’s first phase, which is meant to take two years, will involve identifying the best snail species for production and research on snail slime while encouraging farmers to breed them. The second phase will be manufacturing and producing the cough syrup once it has been approved by the Kenya Food and Drug Authority (KFDA).

The snail species commonly used for slime production is the African giant land snail (Achatina Fulica), which produces up to 4 milliliters of slime per snail. It takes about 250 of these giant snails to make a liter of slime, extracted once weekly.

The Achatina Fulica is native to East Africa, where its origin can be traced to Kenya and Tanzania. Across the globe, it is regarded as an invasive species due to its ability to produce colonies from a single female. It feeds in large quantities and is a carrier for plant pathogens, making it a pest to farmers when it invades their farms. It has spread across the globe through exportation to Europe and Asia as a delicacy, being bought into those areas as a pet or by accidental transportation when it latches on to something.

The project involves a number of experts (mainly within the university) from different departments to help oversee its success. These experts include animal scientists, food scientists, health scientists, and other technical staff who help run the snail farm.

It also works in conjunction with other major institutions such as the Kenya National Museum, whose work is to help them identify the best type of snails for slime production, and the Kenya Wildlife Service (KWS), which is the main stakeholder and body that provides them with the license they need to carry out snail farming in Kenya.

As a conservation measure, the snails are not supposed to be harmed during the slime extraction, which makes it a delicate process that involves using citric acid, and the extraction is only done once a week.

Once successful, the cough syrup is expected to help lower the cost of importation since everything will be manufactured locally, thus helping save a lot of money. The farmers are also excited that they no longer have to rely on expensive fertilizer and animal feeds from the government, which has always made their input expensive while giving them little returns.

As a delicacy, snails are primarily spotted in high-end hotels that are mostly visited by foreigners and tourists.

“Growing up, the one memory I had about snails from my biology lessons was that they caused bilharzia, which made me dislike them. Today, I am one of the suppliers of snail meat to some big hotels in Nairobi and Mombasa,” says Brian Wandera, a local businessman from Nairobi. “It is amazing what knowledge can do.”

“I buy the snails from the farmers in Kiambu and sell them to the hotels at a profit. Locally, Kenyans are yet to adopt snail meat as a source of food,” he added.

The grant is also expected to help empower women and the youth by providing them with employment opportunities through training on snail farming, according to Kinoti, an investment of Ksh. 20,000 (USD 190) can earn a snail farmer between Ksh. 50,000 (USD 450) and 100,000 (USD 950) monthly once the snails start to produce their slime, usually at four months. The slime is categorized into three grades which are sold at different prices.

“We buy the slime from the farmers at a fee of Ksh. 1200 (USD 11) per liter for grade A slime, Ksh. 850 (USD 8) per liter for grade B slime and Ksh. 650 (USD 6) for grade C slime,” Kinoti concluded.

IPS UN Bureau Report

 


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Carbon Tax: A Surprisingly Simple Contribution to Fight Climate Change

Carbon taxes can incorporate the environmental cost of doing business to a product’s final price. Credit: Bigstock - Failure to account for the environmental cost of doing business through a carbon tax also provides for the indirect subsidization of carbon intensive products

Carbon taxes can incorporate the environmental cost of doing business to a product’s final price. Credit: Bigstock

By Tatiana Falcão
May 29 2023 – Reducing carbon emissions is critical for combating climate change. And one effective way to do this is through the use of carbon taxes.

Carbon taxes are among some of the most efficient policies in pricing carbon, particularly if employed at “choke points” – specific points in the production or supply chain where carbon taxes can be applied – at the upstream level. This is because it allows the process to reach the whole of the economy, without the need to focus on certain industries or sectors.

The lack of a robust tax policy framework that accounts for the environmental damage resulting from private investment means that companies have ultimately been free riding on the environment and society has been paying for that price by now being confronted with the adverse effects of climate change

An upstream carbon tax is simple to administer and can impact both the formal and the informal economies, a point which is particularly relevant for Africa where most countries are either middle- and low-income countries.

Carbon taxes can incorporate the environmental cost of doing business to a product’s final price. The environmental cost of doing business ultimately translates into the cost of the emissions released and waste produced because of a manufacturing process. That cost has been largely avoided or undervalued by corporates.

The lack of a robust tax policy framework that accounts for the environmental damage resulting from private investment means that companies have ultimately been free riding on the environment and society has been paying for that price by now being confronted with the adverse effects of climate change.

Failure to account for the environmental cost of doing business through a carbon tax also provides for the indirect subsidization of carbon intensive products. These products are at a competitive advantage because they have been using “standard” technologies and are part of the routine industrial functions.

A shift in the way society consumes and relies on energy products will require also a change in the valuation of energy forms. By internalizing the carbon equivalent externality via a carbon tax, a government is capable of equalizing consumption patterns by using cardon laden fuel sources as the pricing benchmark.

As a result, every additional ton of carbon in a particular fuel source is accounted for in the final price. Green and brown energy sources can hence compete in parity of conditions, in an environment where the least carbon intensive product receives the lowest price.

Consumers sensitive to the price difference, will seek to consume more of the low carbon fuels and products, fostering the green transition process. The mechanics are more pronounced in Africa where the proportion of low-income consumers is highest and therefore even a small price difference can cause a change to a consumption pattern.

The Africa Tax Administration Forum (ATAF) has recently released a carbon tax policy brief to guide African governments on how to best apply a carbon tax policy that is capable of conferring a whole of government approach. By this we mean how governments can act to establish a carbon price that equally burdens all segments of the economy.

The policy brief explores the key features in the design of a carbon tax that can meet the dual objective of raising revenues while conferring a positive effect on the environment. Beyond carbon tax, the brief also discusses the role of supplementary policies in achieving climate goals. For example, there is ample discussion concerning the need for countries to assess and eventually eliminate harmful fossil fuel subsidies, in line with the commitments assumed by African countries under the Glasgow Pact, the role of implicit carbon pricing in complementing explicit pricing approaches, and general remarks on measures to alleviate concerns around potential competitive disadvantages triggered from the implementation of a carbon tax.

African countries are also facing the increasing use of Border Carbon Adjustment (BCA) measures, like the European Union’s Carbon Border Adjustment Mechanism (CBAM). These measures add a carbon price to products imported into a country if the carbon price has not been added in the country of origin or production. This means that, if there is no carbon price in the country of origin, the destination country will add a carbon fee at the border upon import.

The EU is still establishing the CBAM but its price is expected to be around EUR 100 t/CO2e, based on the price set by the European Emissions Trading Scheme. African countries that do not have a carbon fee and export these products to the EU may lose money because of the price difference. Other countries, like the United States, Canada, Korea, and Taiwan, are also considering similar fees to account for the environmental cost of doing business.

The world is changing, and we need to consider the environmental costs of producing and transporting goods. This new normal means that the price of products will include the environmental costs. African governments can lead the way by introducing policies that include carbon taxes to promote sustainable development and reduce our impact on the environment.

It’s time to act!

Tatiana Falcão is a Ph.D in environmental taxation and a consultant to African Tax Authorities Forum (ATAF). ATAF’s carbon policy brief can be found here: https://bit.ly/3OH1CyH

 

Climate Carnage: Things Can Only Get Worse

The UN Office for Disaster Risk Reduction has now reported on the “Staggering’ rise in climate emergencies in the last 20 years.’ Credit: Manipadma Jena/IPS

By Baher Kamal
ROME, May 29 2023 – Please stop repeating all this softened wording, such as climate change, climate-related hazards, climate crisis, or extreme weather events… And just call it what it really is: climate carnage.

Indeed, several scientific findings, released ahead of the 2023 World Environment Day (5 June), staggeringly indicate that the world-spread climate carnage is predicted to hit all-time records.

See: global temperatures are set to break records during the next five years, the World Meteorological Organization (WMO) on 17 May 2023 alerted.

 

Warmest year ever

“There is a 98% likelihood that at least one of the next five years, and the five-year period, will be the warmest on record.”

It was baffling that nations were continuing knowingly to sow the seeds of our own destruction, despite the science and evidence that we are turning our only home into an uninhabitable hell for millions of people

Mami Mizutori, UNDRR chief

The world-leading meteorological body then informs that such a rise is fuelled by heat-trapping greenhouse gases and a naturally occurring El Niño weather pattern.

El Niño is a naturally occurring climate pattern associated with the warming of the ocean surface temperatures in the Central and Eastern tropical Pacific Ocean. It occurs on average every two to seven years, and episodes usually last nine to 12 months.

El Niño steers weather patterns around the world, WMO further explains, “can aggravate extreme weather events,” and its events are typically associated with increased rainfall in parts of southern South America, the Southern United States, the Horn of Africa and Central Asia.

“This year is already predicted to be hotter than 2022 and the fifth or sixth hottest year on record. 2024 could be even hotter as the impact of the weather phenomenon sets in.”

 

‘Staggering rise…’

Mind you: This WMO report is just an update that would be logically expected. Indeed, it actually adds to earlier reiterated findings about the worse to come.

For instance, the UN Office for Disaster Risk Reduction (UNDRR) has now reported on the “Staggering’ rise in climate emergencies in the last 20 years.’

According to its report, there has already been an 80% increase in the number of people affected by disasters since 2015.

 

Out of control

“However, many of the lessons from past disasters have been ignored.”

The consequences are that now a steadily increasing number of people are being affected by larger, ever more complex and more expensive disasters because decision-makers are failing to put people first and prevent risks from becoming disasters.

“Many of these disasters are climate-related, and in light of the latest warnings from the Intergovernmental Panel on Climate Change (IPCC), countries are likely to face even worse disasters if global temperatures continue to rise.”

 

“Brutally unequal”

The impacts are “brutally unequal,” with developing countries hit the hardest, as highlighted by the UN Office for Disaster Risk Reduction (UNDRR).

Its report multi-country review points to the rapid accumulation of risk that is building up, intersecting with the risks of breaching planetary boundaries, biodiversity and ecosystem limits – which is spiralling out of control.

Not so new, anyway. Indeed the UNDRR chief, Mami Mizutori, reminded already at the end of 2020 that the international community pledged in Paris in 2015 to reduce global temperature rise to 1.5 degrees Celsius above pre-industrial levels.

 

‘Uninhabitable hell…’

However, she added, “It was “baffling” that nations were continuing knowingly “to sow the seeds of our own destruction, despite the science and evidence that we are turning our only home into an uninhabitable hell for millions of people”.

One doesn’t have to look hard to find examples of how disasters are becoming worse, said Mami Mizutori. “The sad fact is that many of these disasters are preventable because they are caused by human decisions.”

The point is that already a year ago, the UNDRR warned that “by deliberately ignoring risk, the World is bankrolling its own destruction.”

But this should not be surprising: many fingers have been pointing to the responsibility of the short-sighted politicians, who are too often influenced by the powerful money-making business, that they end up turning a blind eye on such mass destruction.

 

Drought, heat “100 times more likely”

On 5 May 2023, the World Meteorological Organization reported that climate ‘change’ made both the devastating drought in the Horn of Africa and the record April temperatures in the Western Mediterranean at least 100 times more likely.

Regarding the Horn of Africa, it said that the drought was made much more severe because of the low rainfall and increased evaporation caused by higher temperatures in a world which is now nearly 1.2°C warmer than pre-industrial times.

 

Mediterranean heatwave

In late April, parts of Southwestern Europe and North Africa experienced a massive heatwave that brought extremely high temperatures never previously recorded in the region at this time of the year, with temperatures reaching 36.9 – 41 °C in the four countries.

“The event broke temperature records by a large margin, against the backdrop of an intense drought.”

“The intense heat wave came on top of a preexisting multi-year drought, exacerbating the lack of water in Western Mediterranean regions and threatening the 2023 crop yield.”

 

Spreading everywhere

Across the world, climate change has made heat waves more common, longer and hotter, reports WMO based on researchers’ analysis that looked at the average of the maximum temperature for three consecutive days in April across southern Spain and Portugal, most of Morocco and the northwest part of Algeria.

 

Crops under threat

As other analyses of extreme heat in Europe have found, “extreme temperatures are increasing faster in the region than climate models have predicted,” said the researchers.

Until overall greenhouse gas emissions are halted, global temperatures will continue to increase and events like these will become more frequent and severe.

“The intense heat wave came on top of a preexisting multi-year drought, exacerbating the lack of water in Western Mediterranean regions and threatening the 2023 crop yield.”

 

And the carnage goes on

In short, the ongoing climate carnage is expected to move from the worst to the worst.

And anyway, the term ‘carnage’ should not sound at all new.

Indeed, it was already spelt out by the United Nations’ top chief, António Guterres, in September 2022, following his field visit to the vast Pakistan’s regions impacted by unprecedented devastating floods.

The people of Pakistan are the victims of “a grim calculus of climate injustice”, said Guterres, reminding that while the country was responsible for less than 1% of global greenhouse gas emissions, it is paying a “supersized price for man-made climate change”.

The UN chief stated that he saw in those regions “a level of climate carnage beyond imagination.”

By the way, do you expect that the coming COP28 in Dubai (November 30th-December 12th, 2023) will come out with anything different from the usual ‘politically correct,” “radical chic” statements?

ROSEN, A LEADING LAW FIRM, Encourages First Republic Bank Investors with Losses Over $2MM to Secure Counsel Before Important Deadline in Securities Class Action – FRC, FRC-PI, FRC-PH, FRC-PJ, FRC-PK, FRC-PL, FRC-PM, FRC-PN

NEW YORK, May 28, 2023 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of First Republic Bank (NYSE: FRC, FRC–PI, FRC–PH, FRC–PJ, FRC–PK, FRC–PL, FRC–PM, FRC–PN) between January 14, 2021 and March 14, 2023, both dates inclusive (the "Class Period"), of the important June 23, 2023 lead plaintiff deadline.

SO WHAT: If you purchased First Republic securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the First Republic class action, go to https://rosenlegal.com/submit–form/?case_id=13005 or call Phillip Kim, Esq. toll–free at 866–767–3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 23, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about First Republic's business, operations, and prospects. Specifically, defendants: (1) misrepresented the strength of First Republic's balance sheet and liquidity position; (2) understated the significant pressure rising interest rates posed to First Republic's business model; (3) misrepresented the strength of First Republic's ability to deliver consistent results across different interest rate environments; (4) misrepresented the diversity of First Republic's deposit funding base; and (5) misrepresented First Republic's ability to generate net interest income ("NII") growth and maintain stable net interest margin ("NIM"). When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the First Republic class action, go to https://rosenlegal.com/submit–form/?case_id=13005 or call Phillip Kim, Esq. toll–free at 866–767–3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the–rosen–law–firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

———————————————–

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686–1060
Toll Free: (866) 767–3653
Fax: (212) 202–3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com


GLOBENEWSWIRE (Distribution ID 8847801)

GWGHQ DEADLINE NOTICE: ROSEN, A TOP RANKED LAW FIRM, Encourages GWG Holdings, Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action – GWGHQ

NEW YORK, May 27, 2023 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of GWG Holdings, Inc. L Bonds or Preferred Stock of GWG ("GWG securities") (OTC: GWGHQ) between December 23, 2017 and April 20, 2022, both dates inclusive (the "Class Period"), of the important June 2, 2023 lead plaintiff deadline.

SO WHAT: If you purchased GWG securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the GWG class action, go to https://rosenlegal.com/submit–form/?case_id=14048 or call Phillip Kim, Esq. toll–free at 866–767–3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 2, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) they intended to misappropriate GWG assets; (2) GWG's life insurance investment business had failed; and (3) GWG could only repay prior investors by issuing increasing amounts of securities to new investors. In essence, defendants had turned GWG into a Ponzi scheme. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the GWG class action, go to https://rosenlegal.com/submit–form/?case_id=14048 or call Phillip Kim, Esq. toll–free at 866–767–3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the–rosen–law–firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

———————————————–

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686–1060
Toll Free: (866) 767–3653
Fax: (212) 202–3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com


GLOBENEWSWIRE (Distribution ID 8847793)

ROSEN, NATIONAL TRIAL LAWYERS, Encourages Fulcrum Therapeutics, Inc. Investors with Losses to Secure Counsel Before Important Deadline in Securities Class Action – FULC

NEW YORK, May 27, 2023 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Fulcrum Therapeutics Inc. (NASDAQ: FULC) between March 3, 2022 and March 8, 2023, both dates inclusive (the "Class Period"), of the important June 27, 2023 lead plaintiff deadline.

SO WHAT: If you purchased Fulcrum securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Fulcrum class action, go to https://rosenlegal.com/submit–form/?case_id=15766 or call Phillip Kim, Esq. toll–free at 866–767–3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 27, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the preclinical data submitted in support of FTX–6058 (a prospective drug for the potential treatment of sickle–cell disease) showed safety concerns regarding potential hematological malignancies; (2) the foregoing safety concerns increased the likelihood that the FDA would place a clinical hold on preclinical studies of FTX–6058; (3) accordingly, Fulcrum had overstated FTX 6058's clinical and/or commercial prospects; and (4) as a result, defendants' public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Fulcrum class action, go to https://rosenlegal.com/submit–form/?case_id=15766 or call Phillip Kim, Esq. toll–free at 866–767–3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the–rosen–law–firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

———————————————–

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686–1060
Toll Free: (866) 767–3653
Fax: (212) 202–3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com


GLOBENEWSWIRE (Distribution ID 8847787)

ROSEN, A TOP RANKED LAW FIRM, Encourages Horizon Bancorp, Inc. Investors with Losses to Secure Counsel Before Important Deadline in Securities Class Action – HBNC

NEW YORK, May 26, 2023 (GLOBE NEWSWIRE) —

WHY: Rosen Law Firm, a global investor rights law firm, reminders purchasers of securities of Horizon Bancorp, Inc. (NASDAQ: HBNC) between March 9, 2022 and March 10, 2023, both dates inclusive (the "Class Period"), of the important June 20, 2023 lead plaintiff deadline.

SO WHAT: If you purchased Horizon securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Horizon class action, go to https://rosenlegal.com/submit–form/?case_id=12953 or call Phillip Kim, Esq. toll–free at 866–767–3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 20, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Horizon maintained deficient internal accounting controls relating to its classification of certain loan balances and securities; (2) as a result of the foregoing deficiencies, throughout 2022 Horizon issued quarterly financial statements containing errors that would require subsequent revision; (3) restatement of the foregoing financial statements would hinder Horizon's ability to timely file its annual report for 2022; and (4) as a result, Horizon's public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Horizon class action, go to https://rosenlegal.com/submit–form/?case_id=12953 or call Phillip Kim, Esq. toll–free at 866–767–3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the–rosen–law–firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686–1060
Toll Free: (866) 767–3653
Fax: (212) 202–3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com


GLOBENEWSWIRE (Distribution ID 8847653)