Business
Mitigating the Effects of Climate Change organized by Alternate Development Services (ADS)
Multan, September 06: The industrial sector of Pakistan, particularly the textile and sports industries, urgently needs to reduce carbon emissions. It has become critical for Pakistan’s industries to adopt renewable energy sources to tackle climate change while also improving their export potential. The textile industry in Pakistan is responsible for 91.6% of its carbon emissions, which are linked to the electricity grid. Therefore, reducing reliance on the grid and adopting renewable energy is the need of the hour to increase exports. These views were expressed by speakers during a seminar titled “Mitigating the Effects of Climate Change: A Review of Emissions from Pakistan’s Industrial Sector and Future Plans,” organized by Alternate Development Services (ADS) at a local hotel. The seminar was attended by key stakeholders from the textile and sports industries.
Speaking on the occasion, Amjad Nazir, CEO of ADS, said that adopting renewable energy sources is essential for Pakistan’s industries to address climate change and enhance their export potential. He stated, “91.6% of carbon emissions in Pakistan’s textile industry are linked to the electricity grid. Hence, reducing dependency on the grid and adopting renewable energy is crucial to boost exports.”
Assistant Professor at National Textile University Faisalabad, Dr. Shahood Uz Zaman, highlighted that the textile sector, responsible for 55-60% of the country’s exports, lags in global competition due to its reliance on fossil fuels. He mentioned, “The textile industry emits an average of 25.9 tons of CO2 per month, but if solar energy usage is increased, these emissions could be reduced to 9.2 tons per month per industry.” He emphasized the need for industries to be aware of decarbonization and for the government to establish coherent policies in this regard.
Industry representative Khawaja Hussain shed light on the current situation of the textile industry in Multan. He discussed energy usage trends, the potential for integrating renewable energy, and the possible impacts of the upcoming Carbon Border Adjustment Mechanism (CBAM).
Dr. Muhammad Daud from Zakariya University elaborated on carbon reduction strategies for industries and their benefits. He said, “Our textile sector is facing a 15% reduction in export potential due to rising energy costs and CO2 emissions. Transitioning to renewable energy is not only advantageous but also essential for growth and success.”
Environmental department officials Abdul Hameed, Dr. Amjad Bukhari, Fazal Lund, and Zahoor Joiya stated, “Industrial carbon reduction is essential not only for cost-cutting but also for protecting the environment in regions like Multan. A cleaner industrial sector ensures sustainable development, which is vital for both the environment and the economy.”
Multan: Amjad Nazir, Dr. Shahood Uz Zaman, Professor Dr. Muhammad Daud, Khawaja Hussain, Abdul Hameed, Dr. Amjad Bukhari, Fazal Lund, and Zahoor Joiya addressing the seminar titled Mitigating the Effects of Climate Change, organized by Alternate Development Services (ADS).
Business
A billion laser points helped bring Notre Dame back to life
After a catastrophic fire five years ago, the Notre Dame Cathedral de Paris reopened this month looking almost the same as it did when it was first constructed in 1163.
The massive reconstruction project was a testament not just to the hard work of the French people – but also to the lasers, drones and other advanced technology that gave rebuilders a window into the building’s past.
“The time frame wouldn’t have been possible without the record of what existed,” Amy Bunszel, executive vice president of architecture, engineering and construction at 3D-software company Autodesk, told CNN. Her company was a major part of creating a model of the building as it existed before the fire, giving the reconstruction effort a sort of guide for what to do. “It would’ve required a lot more guesswork. Imagine taking millions of tourist photographs (as a reference point) versus having one consolidated perfect representation.”
Business
Inflation was the cause, not the result, of the ‘hot’ labor market, research shows
Back in 2022, when the labor market was so hot that Beyoncé even released a song about it, Americans were job hopping in large numbers, boosting their salary in the process.
The Great Resignation was in full swing.
That fueled fears of a “wage-price spiral” — where wages and prices perpetually rise and feed off each other.
But what appeared to be a hot job market was actually a symptom — not the cause — of the recent bout of inflation, according to new research that explored the consequences of unexpected rising prices on the labor market.
Business
The Container Store files for bankruptcy
The Container Store has filed for bankruptcy. It is the latest well-known retailer to fall victim to customers cutting back on discretionary spending.
The 46-year-old company said in a statement late Sunday that filing for Chapter 11 bankruptcy protection will help it “bolster its financial position, fuel growth initiatives, and drive enhanced long-term profitability.” The Container Store revealed in court documents that it has about $230 million in debt and just $11.8 million in cash on hand, but will receive $40 million in fresh financing.
The chain’s 102 locations and website will remain open for orders during the process, which is expected to take 35 days to complete.
“The Container Store is here to stay,” said CEO Satish Malhotra in a statement. “Our strategy is sound, and we believe the steps we are taking today will allow us to continue to advance our business, deepen customer relationships, expand our reach, and strengthen our capabilities.”
Payments to vendors and suppliers will be made as normal and all customer deposits and orders will be honored and delivered, the company said. The Container Store plans to emerge as a private company when the Chapter 11 process is complete.
The company’s Sweden-based Elfa brand, described as a “premium customizable storage system,” isn’t included in the bankruptcy.
The filing comes a few weeks after a deal with Beyond, the parent company of Bed Bath & Beyond and Overstock.com. The Container Store was expected bring Bed Bath & Beyond-branded products to some stores, but that deal appears to be in jeopardy. Beyond previously said that the financing deal was in doubt because the Container Store was struggling to reach an agreement with its lenders.
The Container Store’s stock has already been delisted by the New York Stock Exchange because it failed to meet the exchange’s financial standards.
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