70 centers planned to assess Kingdom’s renewable sources

Updated 03 July 2013
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70 centers planned to assess Kingdom’s renewable sources

King Abdullah City for Atomic and Renewable Energy (KACARE) recently embarked on the establishment of 70 stations and centers aimed to determine renewable energy sources in all parts of the Kingdom, local media said.
The centers will assess all renewable sources, including solar, wind, waste-conversion, and geothermal energies and collect ground readings from different parts in a step to build a database that will help implementation of renewable energy projects for electric generation and water desalination.
Meanwhile, the KACARE is currently organizing a workshop to acquaint attendees on a national map of renewable energy sources in the Kingdom. The map, scheduled to be finalized by the end of the current year, will be used by all concerned parties such as universities, research centers and energy project developers.
So far, ten centers have been erected and evenly distributed to collect all weather and air data conducive to show renewable energy sources in all parts of the Kingdom. The data will be accessible by researchers through a website on some basic information such as solar radiation and wind speed.
KACARE is reportedly working on the project with a number of national entities such as King Abdulaziz City for Science and Technology (KACST), King Abdullah University for Science and Technology (KAUST), Technical and Vocational Training Corporation (TVTC), Saudi Electricity Company (SEC), Saudi Company for Power Transmission (SCPT), Saline Water Conversion Corporation (SWCC), the Royal Commission for Jubail and Yanbu (RCJY).
The Kingdom, which recently selected eight locations to test the possibility of producing electricity from wind energy, is said to have the ability to reduce consumption of hydrocarbon fuels in electricity generation and water desalination up to 50 percent by 2032 by resorting to other renewable sources. According to a study released by KACARE, the share of renewable energy in this regard will roughly hit 30 percent.
The Kingdom is targeting that the share of solar energy to electricity generation capacity will be between 16-22 percent by 2032, or 41 Giga-Watt (GW), sources said.


Britain unveils “short and sharper” code for companies

Updated 16 July 2018
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Britain unveils “short and sharper” code for companies

  • The new code emphasises the need for boards to refresh themselves, become diverse and plan properly for replacing top jobs
  • Company remuneration committees should also take into account workforce pay when setting director pay

LONDON: Companies in Britain must strive to rein in excessive executive pay and make boards more diverse under a new “short and sharper” corporate code, published on Monday.
The Financial Reporting Council (FRC) has updated its code of corporate standards for publicly listed companies, which must comply with it or explain to shareholders if they do not.
The new code comes as the watchdog, which oversees company governance standards and accountants, faces a review to see if it can uphold high corporate standards to maintain Britain’s attractions as a place to invest after Brexit.
British lawmakers have called for tougher corporate govenance standards following a row between food retailer Tesco and its suppliers and the collapse of retailer BHS and outsourcer Carillion. And shareholders have become much more active in terms of rejecting some executive pay deals.
“To make sure the UK moves with the times, the new code considers economic and social issues and will help to guide the long-term success of UK businesses,” FRC Chairman Win Bischoff said.
“This new code, in its short and sharper form, and with its overarching theme of trust, is paramount in promoting transparency and integrity in business for society as a whole.”
There is a new provision for greater board engagement with the workforce to understand their views — aimed at reinforcing an existing provision in law since 2006 which has had a patchy impact.
This, along with a requiremnent to have “whistleblowing” mechanisms that allow directors and staff to raise concerns for effective investigation, mark the biggest broadening of corporate standards in many years, the FRC said.
“The new code is much stronger on abilities to raise concerns in confidence,” said David Styles, FRC director of corporate governance.
It also emphasises the need for boards to refresh themselves, become diverse and plan properly for replacing top jobs.
It introduces a requirement for companies to explain publicly if a board chair has remain unchanged for more than nine years.
Company remuneration committees should also take into account workforce pay when setting director pay.
“To address public concern over executive remuneration... formulaic calculations of performance-related pay should be rejected,” the watchdog said.