Nyxoah Reports Third Quarter 2023 Financial and Operating Results

Nyxoah Reports Third Quarter 2023 Financial and Operating Results
Partners with ResMed Germany to increase OSA awareness and therapy penetration

Mont–Saint–Guibert, Belgium "" November 8, 2023 10:05pm CET / 4:05pm ET "" Nyxoah SA (Euronext Brussels/Nasdaq: NYXH) ("Nyxoah" or the "Company"), a medical technology company focused on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea (OSA), today reported financial and operating results for the third quarter of 2023.

Recent Financial and Operating Highlights

  • Filed the third module in the modular PMA submission.
  • Accelerated U.S. pre–commercialization efforts, focused on market access around CPT coding.
  • Initiated a commercial partnership with strategic investor ResMed in Germany. This collaboration introduces a novel continuum of care into the German OSA market.
  • Reported third–quarter sales of 1.0 million and ended the quarter with 46 active German accounts.
  • Ended the quarter with a cash position of 72.5 million, providing an anticipated cash runway into late 2024.

"Nyxoah is entering one of the most exciting times in the company's history. We will report data from our DREAM U.S. pivotal trial early next year, shortly thereafter complete our modular PMA submission, and expect FDA approval late 2024," commented Olivier Taelman, Chief Executive Officer. "Hypoglossal nerve stimulation (HGNS) remains highly underpenetrated and guiding patients through their OSA journey is key to unlocking the market's potential. Our agreement with ResMed Germany, which takes ResMed from a valued investor to commercial partner, creates a continuum of care that directs patients towards the appropriate treatment, resulting in greater therapy penetration."

CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS (unaudited)
(in thousands)

For the three months ended September 30 For the nine months ended September 30
2023 2022 2023 2022
Revenue 976 182 2,524 1,777
Cost of goods sold ( 336) ( 63) ( 930) ( 685)
Gross profit 640 119 1,594 1,092
Research and Development Expense (6,568) (4,221) (19,330) (11,286)
Selling, General and Administrative Expense (5,058) (4,763) (16,794) (13,492)
Other income/(expense) ' 87 265 237
Operating loss for the period (10,986) (8,778) (34,265) (23,449)
Financial income 2,178 5,127 3,592 11,372
Financial expense (1,033) (2,524) (2 765) (5,473)
Loss for the period before taxes (9,841) (6,175) (33,438) (17,550)
Income taxes 2,229 (65) 1,119 ( 379)
Loss for the period (7,612) (6,240) (32,319) (17,929)
Loss attributable to equity holders (7,612) (6,240) (32,319) (17,929)
Other comprehensive loss
Items that may be subsequently reclassified to profit or loss (net of tax)
Currency translation differences ( 10) 100 ( 88) ( 14)
Total comprehensive loss for the year, net of tax (7,622) (6,140) (32,407) (17,943)
Loss attributable to equity holders (7,622) (6,140) (32,407) (17,943)
Basic Loss Per Share (in EUR) (0.266) (0.242) (1.166) (0.695)
Diluted Loss Per Share (in EUR) (0.266) (0.242) (1.166) (0.695)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (unaudited)
(in thousands)

As at
September 30
2023
December 31 2022
ASSETS
Non–current assets
Property, plant and equipment 4,328 2,460
Intangible assets 45,720 39,972
Right of use assets 3,602 3,159
Deferred tax asset 47 47
Other long–term receivables 668 173
54,365 45,811
Current assets
Inventory 1,709 882
Trade receivables 1,918 1,463
Other receivables 2,437 1,775
Other current assets 1,683 1,284
Financial assets 59,239 76,968
Cash and cash equivalents 13,250 17,888
80,236 100,260
Total assets 134,601 146,071
EQUITY AND LIABILITIES
Capital and reserves
Capital 4,926 4,440
Share premium 246,130 228,275
Share based payment reserve 7,468 5,645
Other comprehensive income 88 176
Retained loss (150,070) (118,212)
Total equity attributable to shareholders 108,542 120,324
LIABILITIES
Non–current liabilities
Financial debt 8,407 8,189
Lease liability 2,990 2,586
Pension liability 75 '
Provisions 125 59
Deferred tax liability 6 '
11,603 10,834
Current liabilities
Financial debt 769 388
Lease liability 788 719
Trade payables 4,480 4,985
Current tax liability 2,367 3,654
Other payables 6,052 5,167
14,456 14,913
Total liabilities 26,059 25,747
Total equity and liabilities 134,601 146,071

Revenue

Revenue was 1.0 million for the third quarter ending September 30, 2023, compared to 182,000 for third quarter ending September 30, 2022.

Cost of Goods Sold

Cost of goods sold was 336,000 for the three months ending September 30, 2023, representing a gross profit of 640,000, or gross margin of 66.0%. This compares to total cost of goods sold of 63,000 in the third quarter ending September 30, 2022, for a gross profit of 119,000, or gross margin of 65.4%.

Research and Development Expenses

Research and development expenses were 6.6 million for the three months ending September 30, 2023, versus 4.2 million for the prior year period, driven by an acceleration in clinical activities, notably the start of the ACCCESS study.

Selling, General and Administrative Expenses

Selling, general and administrative expenses rose to 5.1 million for the third quarter of 2023, up from 4.8 million in the third quarter of 2022. This was due primarily to increased commercial efforts in Germany and other European markets, as well as investments in Nyxoah's corporate infrastructure. The Company expects to continue adding headcount across the organization ahead of the U.S. commercial launch.

Operating Loss

Total operating loss for the third quarter 2023 was 11.0 million versus 8.8 million in the third quarter of 2022. This was driven by the acceleration in the Company's R&D spending, as well as ongoing commercial and clinical activities.

Cash Position
As of September 30, 2023, cash and financial assets totaled 72.5 million, compared to 94.9 million on December 31, 2022. Total cash burn was approximately 4.0 million per month during the third quarter of 2023.

Third Quarter 2023 Report
Nyxoah's financial report for the third quarter 2023, including details of the consolidated results, are available on the investor page of Nyxoah's website (https://investors.nyxoah.com/financials).

Conference call and webcast presentation
Nyxoah will conduct a conference call open to the public today at 10:30pm CET / 4:30pm ET. A webcast of the call will be accessible via the Investor Relations page of the Nyxoah website or through this link: Nyxoah's Q3 2023 earnings call webcast. For those not planning to ask a question of management, the Company recommends listening via the webcast.

If you plan to ask a question, please use the following link: Nyxoah's Q3 2023 earnings call. After registering, an email will be sent, including dial–in details and a unique conference call access code required to join the live call. To ensure you are connected prior to the beginning of the call, the Company suggests registering a minimum of 10 minutes before the start of the call.

The archived webcast will be available for replay shortly after the close of the call.

About Nyxoah
Nyxoah is a medical technology company focused on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea (OSA). Nyxoah's lead solution is the Genio system, a patient–centered, leadless and battery–free hypoglossal neurostimulation therapy for OSA, the world's most common sleep disordered breathing condition that is associated with increased mortality risk and cardiovascular comorbidities. Nyxoah is driven by the vision that OSA patients should enjoy restful nights and feel enabled to live their life to its fullest.

Following the successful completion of the BLAST OSA study, the Genio system received its European CE Mark in 2019. Nyxoah completed two successful IPOs: on Euronext Brussels in September 2020 and NASDAQ in July 2021. Following the positive outcomes of the BETTER SLEEP study, Nyxoah received CE mark approval for the expansion of its therapeutic indications to Complete Concentric Collapse (CCC) patients, currently contraindicated in competitors' therapy. Additionally, the Company is currently conducting the DREAM IDE pivotal study for FDA and U.S. commercialization approval.

For more information, please visit http://www.nyxoah.com/.

Caution "" CE marked since 2019. Investigational device in the United States. Limited by U.S. federal law to investigational use in the United States.

Forward–looking statements
Certain statements, beliefs and opinions in this press release are forward–looking, which reflect the Company's or, as appropriate, the Company directors' or managements' current expectations regarding the Genio system; planned and ongoing clinical studies of the Genio system; the potential advantages of the Genio system; Nyxoah's goals with respect to the development, regulatory pathway and potential use of the Genio system; the utility of clinical data in potentially obtaining FDA approval of the Genio system; and the Company's results of operations, financial condition, liquidity, performance, prospects, growth and strategies. By their nature, forward–looking statements involve a number of risks, uncertainties, assumptions and other factors that could cause actual results or events to differ materially from those expressed or implied by the forward–looking statements. These risks, uncertainties, assumptions and factors could adversely affect the outcome and financial effects of the plans and events described herein. Additionally, these risks and uncertainties include, but are not limited to, the risks and uncertainties set forth in the "Risk Factors" section of the Company's Annual Report on Form 20–F for the year ended December 31, 2022, filed with the Securities and Exchange Commission ("SEC") on March 22, 2023, and subsequent reports that the Company files with the SEC. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Forward looking statements contained in this press release regarding past trends or activities are not guarantees of future performance and should not be taken as a representation that such trends or activities will continue in the future. In addition, even if actual results or developments are consistent with the forward–looking statements contained in this press release, those results or developments may not be indicative of results or developments in future periods. No representations and warranties are made as to the accuracy or fairness of such forward–looking statements. As a result, the Company expressly disclaims any obligation or undertaking to release any updates or revisions to any forward–looking statements in this press release as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward–looking statements are based, except if specifically required to do so by law or regulation. Neither the Company nor its advisers or representatives nor any of its subsidiary undertakings or any such person's officers or employees guarantees that the assumptions underlying such forward–looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward–looking statements contained in this press release or the actual occurrence of the forecasted developments. You should not place undue reliance on forward–looking statements, which speak only as of the date of this press release.

Contacts:
Nyxoah
David DeMartino, Chief Strategy Officer
[email protected]
+1 310 310 1313

Attachment


GLOBENEWSWIRE (Distribution ID 1000898348)

Nyxoah Présente ses Résultats Financiers et Opérationnels du Troisième Trimestre 2023

Nyxoah Prsente ses Rsultats Financiers et Oprationnels du Troisime Trimestre 2023

Partenariat avec ResMed Allemagne pour accrotre la sensibilisation au SAOS et la pntration des thrapies

Mont–Saint–Guibert, Belgique "" 8 novembre, 2023, 22h05 CET / 16h05 ET "" Nyxoah SA (Euronext Brussels/Nasdaq: NYXH) ( Nyxoah ou la Socit ) opre dans le secteur des technologies mdicales et se concentre sur le dveloppement et la commercialisation de solutions innovantes destines traiter le Syndrome d'Apnes Obstructives du Sommeil (SAOS). Elle annonce aujourd'hui ses rsultats financiers et d'exploitation pour troisime trimestre 2023.

Temps Forts Financiers et d'Exploitation

  • Soumission du troisime module de la demande d'autorisation modulaire de mise sur le march (PMA).
  • Acclration des efforts de pr–commercialisation aux tats–Unis, axs sur l'accs au march autour du codage CPT.
  • Mise en place d'un partenariat commercial avec l'investisseur stratgique ResMed en Allemagne. Cette collaboration introduit un nouveau continuum de soins sur le march allemand du SAOS.
  • Le chiffre d'affaires du troisime trimestre s'est lev 1,0 million d'euros et le trimestre s'est termin avec 46 centres actifs en Allemagne.
  • Clture du trimestre avec une position de trsorerie de 72,5 millions d'euros, ce qui devrait permettre de disposer de liquidits jusqu' la fin de 2024.

“Nyxoah entre dans l'une des priodes les plus passionnantes de l'histoire de la socit. Nous prsenterons les donnes de notre tude pivot DREAM aux tats–Unis au dbut de l'anne prochaine, nous complterons peu aprs notre demande d'autorisation modulaire de mise sur le march et nous prvoyons l'approbation par la FDA fin 2024 “, a comment Olivier Taelman, Chief Executive Officer. ” La stimulation du nerf hypoglosse (HGNS) reste fortement sous–pntre et l'accompagnement des patients dans leur parcours de SAOS est essentiel pour librer le potentiel du march. Notre accord avec ResMed Allemagne, qui fait passer ResMed du statut d'investisseur celui de partenaire commercial, cre un continuum de soins qui oriente les patients vers le traitement appropri, ce qui se traduit par une plus grande pntration des thrapies.”

COMPTE DE RESULTATS INTERMEDIAIRES CONSOLIDS NON AUDITS (en milliers)

Pour la priode de trois mois termine le 30 septembre Pour la priode de neuf mois termine le 30 septembre
2023 2022 2023 2022
Chiffre d'affaires 976 182 2 524 1 777
Cot des biens vendus ( 336) ( 63) ( 930) ( 685)
Bnfice brut 640 119 1 594 1 092
Frais de recherche et de dveloppement (6 568) (4 221) (19 330) (11 286)
Frais de vente, dpenses administratives et autres frais gnraux (5 058) (4 763) (16 794) (13 492)
Autres revenus / (frais) d'exploitation ' 87 265 237
Perte d'exploitation de la priode (10 986) (8 778) (34 265) (23 449)
Produits financiers 2 178 5 127 3 592 11 372
Charges financires (1 033) (2 524) (2 765) (5 473)
Perte de la priode avant impts (9 841) (6 175) (33 438) (17 550)
Impts sur le revenu 2 229 ( 65) 1 119 ( 379)
Perte de la priode (7 612) (6 240) (32 319) (17 929)
Perte attribuable aux actionnaires (7 612) (6 240) (32 319) (17 929)
Autres lments du rsultat global
Elments pouvant tre reclassifis en bnfices ou en pertes (nets d'impts)
Diffrences de conversion de devises ( 10) 100 ( 88) ( 14)
Perte globale totale de la priode, nette d'impts (7 622) (6 140) (32 407) (17 943)
Perte attribuable aux actionnaires (7 622) (6 140) (32 407) (17 943)
Perte par action (en ) (0,266) (0,242) (1,166) (0,695)
Perte dilue par action (en ) (0,266) (0,242) (1,166) (0,695)

BILAN CONSOLID NON AUDIT (en milliers)

Au
30 septembre
2023
31 dcembre
2022
ACTIFS
Actifs non courants
Immobilisations corporelles 4 328 2 460
Immobilisations incorporelles 45 720 39 972
Droit d'utilisation des actifs 3 602 3 159
Actif d'impts diffrs 47 47
Autres crances long terme 668 173
54 365 45 811
Actifs courants
Stocks 1 709 882
Crances commerciales 1 918 1 463
Autres crances 2 437 1 775
Autres actifs courants 1 683 1 284
Actifs financiers 59 239 76 968
Trsorerie et quivalents de trsorerie 13 250 17 888
80 236 100 260
Total de l'actif 134 601 146 071
CAPITAUX PROPRES ET PASSIFS
Capital et rserves
Capital 4 926 4 440
Prime d'mission 246 130 228 275
Rserve pour paiement fond sur des actions 7 468 5 645
Autres lments du rsultat global 88 176
Rsultats reports (150 070) (118 212)
Total des capitaux propres attribuables aux actionnaires 108 542 120 324
PASSIFS
Passifs non courants
Dettes financires 8 407 8 189
Passifs locatifs 2 990 2 586
Passifs au titre des retraites 75 '
Provisions 125 59
Passif d'impts diffrs 6 '
11 603 10 834
Passifs courants
Dettes financires 769 388
Passifs locatifs 788 719
Dettes commerciales 4 480 4 985
Passif d'impts exigibles 2 367 3 654
Autres dettes 6 052 5 167
14 456 14 913
Total du passif 26 059 25 747
Total des capitaux propres et du passif 134 601 146 071

Revenus
Le chiffre d'affaires s'est lev 1,0 million d'euros pour le troisime trimestre se terminant le 30 septembre 2023, contre 182 000 euros pour le troisime trimestre se terminant le 30 septembre 2022.

Cot des Marchandises Vendues
Le cot des marchandises vendues tait de 336 000 pour les trois mois se terminant le 30 septembre 2023, soit un bnfice brut de 640 000 , ou une marge brute de 66,0 %. titre de comparaison, le cot total des marchandises vendues tait de 63 000 pour le troisime trimestre se terminant le 30 septembre 2022, soit un bnfice brut de 119 000 , ou une marge brute de 65,4 %.

Frais de Recherche et de Dveloppement
Les dpenses de recherche et dveloppement se sont leves 6,6 millions d'euros pour le trimestre clos le 30 septembre 2023, contre 4,2 millions d'euros pour la priode de l'anne prcdente, sous l'effet d'une acclration des activits cliniques, notamment le dmarrage de l'tude ACCCESS.

Frais Commerciaux, Gnraux et Administratifs
Les frais commerciaux, gnraux et administratifs ont augment pour atteindre 5,1 millions d'euros au troisime trimestre 2023, contre 4,8 millions d'euros au troisime trimestre 2022. Cela s'explique principalement par l'intensification des efforts commerciaux en Allemagne et sur d'autres marchs europens, ainsi que par des investissements dans l'infrastructure de l'entreprise Nyxoah. La socit prvoit de continuer ajouter des effectifs dans l'ensemble de l'organisation avant le lancement commercial aux tats–Unis.

Perte d'Exploitation
La perte d'exploitation totale pour le troisime trimestre 2023 s'est leve 11,0 millions d'euros contre 8,8 millions d'euros au troisime trimestre 2022. Cette volution s'explique par l'acclration des dpenses de R&D de la Socit, ainsi que par les activits commerciales et cliniques en cours.

Position de Trsorerie

Au 30 septembre 2023, la trsorerie et les actifs financiers s'levaient 72,5 millions d'euros, contre 94,9 millions d'euros au 31 dcembre 2022. La consommation totale de trsorerie a t d'environ 4,0 millions d'euros par mois au cours du troisime trimestre 2023.

Rapport du Troisime Trimestre 2023

Le rapport financier de Nyxoah pour le troisime trimestre 2023, y compris les dtails des rsultats consolids non audits, sont disponibles sur la page investisseurs du site web de Nyxoah (https://investors.nyxoah.com/financials).

Confrence tlphonique et prsentation par webcast
Nyxoah tiendra une confrence tlphonique ouverte au public aujourd'hui 22h30 CET / 16h30 ET. La retransmission de la confrence sera accessible sur la page Relations avec les investisseurs du site web de Nyxoah ou par le biais de ce lien : Nyxoah's Q3 2023 earnings call webcast. Pour ceux qui n'ont pas l'intention de poser une question la direction, la socit recommande d'couter la webdiffusion.

Si vous avez l'intention de poser une question, veuillez utiliser le lien suivant : Nyxoah's Q3 2023 earnings call. Aprs l'inscription, un courriel sera envoy, comprenant les dtails de la composition et un code d'accs unique la confrence tlphonique ncessaire pour rejoindre l'appel en direct. Pour s'assurer que vous tes connect avant le dbut de l'appel, la socit suggre de s'inscrire au moins 10 minutes avant le dbut de l'appel.

Le webcast archiv pourra tre rcout peu aprs la clture de la confrence.

propos de Nyxoah
Nyxoah opre dans le secteur des technologies mdicales. Elle se concentre sur le dveloppement et la commercialisation de solutions innovantes destines traiter le Syndrome d'Apnes Obstructives du Sommeil (SAOS). La principale solution de Nyxoah est le systme Genio , une thrapie de neurostimulation du nerf hypoglosse sans sonde et sans batterie qui a reu le marquage CE, centre sur le patient et destine traiter le Syndrome d'Apnes Obstructives du Sommeil (SAOS), le trouble respiratoire du sommeil le plus courant au monde. Ce dernier est associ un risque accru de mortalit et des comorbidits, dont les maladies cardiovasculaires. La visions de Nyxoah est que les patients souffrant de SAOS doivent pouvoir profiter de nuits rparatrices et vivre pleinement leur vie.

la suite de la finalisation probante de l'tude BLAST OSA, le systme Genio a reu le marquage europen CE en 2019. Nyxoah a ralis avec succs deux IPO : l'une sur Euronext Bruxelles en septembre 2020 et l'autre sur le NASDAQ en juillet 2021. Grce aux rsultats positifs de l'tude BETTER SLEEP, Nyxoah a reu le marquage CE pour l'extension de ses indications thrapeutiques aux patients souffrant de collapsus concentrique complet (CCC), pour lesquels les thrapies concurrentes sont actuellement contre–indiques. En outre, la Socit mne actuellement l'tude pivot IDE DREAM pour la FDA obtenir l'autorisation de mise sur le march.

Pour de plus amples informations, veuillez consulter le site http://www.nyxoah.com/.

Attention "" marquage CE depuis 2019. Dispositif de recherche aux tats–Unis. Limit un usage exprimental aux tats–Unis par la loi fdrale amricaine.

Dclarations prospectives
Certaines dclarations, croyances et opinions contenues dans le prsent communiqu de presse sont de nature prospective et refltent les attentes actuelles de la socit ou, le cas chant, des administrateurs ou de la direction de la socit concernant le systme Genio , les tudes cliniques prvues et en cours sur le systme Genio , les avantages potentiels du systme Genio ; les objectifs de Nyxoah en ce qui concerne le dveloppement, la voie rglementaire et l'utilisation potentielle du systme Genio ; l'utilit des donnes cliniques pour l'obtention ventuelle de l'approbation du systme Genio par la FDA ; et les rsultats d'exploitation, la situation financire, les liquidits, les performances, les perspectives, la croissance et les stratgies de la socit. De par leur nature, les dclarations prvisionnelles impliquent un certain nombre de risques, d'incertitudes, d'hypothses et d'autres facteurs qui pourraient faire en sorte que les rsultats ou vnements rels diffrent matriellement de ceux exprims ou sous–entendus dans les dclarations prvisionnelles. Ces risques, incertitudes, hypothses et facteurs pourraient avoir une incidence ngative sur les rsultats et les effets financiers des plans et des vnements dcrits dans le prsent document. En outre, ces risques et incertitudes comprennent, sans s'y limiter, les risques et incertitudes noncs dans la section “Facteurs de risque” du rapport annuel de la socit sur le formulaire 20–F pour l'exercice clos le 31 dcembre 2022, dpos auprs de la Securities and Exchange Commission (“SEC”) le 22 mars 2023, et des rapports ultrieurs que la socit dpose auprs de la SEC. Une multitude de facteurs, y compris, mais sans s'y limiter, les changements dans la demande, la concurrence et la technologie, peuvent faire en sorte que les vnements, les performances ou les rsultats rels diffrent de manire significative de tout dveloppement anticip. Les dclarations prospectives contenues dans le prsent communiqu de presse concernant des tendances ou des activits passes ne constituent pas des garanties de performances futures et ne doivent pas tre considres comme une dclaration selon laquelle ces tendances ou activits se poursuivront l'avenir. En outre, mme si les rsultats ou dveloppements rels sont conformes aux dclarations prospectives contenues dans le prsent communiqu de presse, ces rsultats ou dveloppements peuvent ne pas tre reprsentatifs des rsultats ou dveloppements des priodes futures. Aucune dclaration ou garantie n'est donne quant l'exactitude ou la justesse de ces dclarations prospectives. En consquence, la socit dcline expressment toute obligation ou tout engagement de publier des mises jour ou des rvisions des dclarations prospectives contenues dans le prsent communiqu de presse la suite d'un changement des attentes ou d'un changement des vnements, conditions, hypothses ou circonstances sur lesquels ces dclarations prospectives sont bases, sauf si la loi ou la rglementation l'exige expressment. Ni la Socit, ni ses conseillers ou reprsentants, ni aucune de ses filiales, ni les dirigeants ou employs de ces personnes ne garantissent que les hypothses sous–jacentes ces noncs prospectifs sont exemptes d'erreurs et n'acceptent aucune responsabilit quant l'exactitude future des noncs prospectifs contenus dans le prsent communiqu de presse ou la survenance relle des dveloppements prvus. Vous ne devriez pas accorder une confiance excessive aux dclarations prospectives, qui ne sont valables qu' la date du prsent communiqu de presse.

Contacts :
Nyxoah
David DeMartino, Chief Strategy Officer
[email protected]
+1 310 310 1313

Pice jointe


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Cellebrite Equips Investigators with Next Generation Cloud-Based Solution

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Victor Cooper
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[email protected]
+1 404.804.5910

Investor Relations

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Vice President, Investor Relations
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+1 973.206.7760


GLOBENEWSWIRE (Distribution ID 8975286)

Bombardier Brings Global 7500 and Challenger 3500 Business Jets to Dubai Air Show 2023, Showcases Defense Capabilities

  • Showstoppers Global 7500 and Challenger 3500 aircraft on display present outstanding performance attributes, technological advancements, sustainability aspects and exceptional, pristine cabins for maximum productivity and comfort
  • On–site Bombardier Defense and Bombardier leadership presence reveals the expansive aircraft capabilities of our highly specialized business jets
  • Exclusive customer visits of Global 7500 and Challenger 3500 aircraft available by appointment

MONTRÉAL, Nov. 08, 2023 (GLOBE NEWSWIRE) — Bombardier today announced that its industry–leading Global 7500 and Challenger 3500 aircraft will be on display during the Dubai Air Show Nov. 13–17 in Dubai, UAE revealing the uncompromising attributes of these impressive business jets. Bombardier is also pleased to share that it will have a strong presence on site, with dedicated sales teams from business aircraft and Bombardier Defense.

"We are pleased to be bringing the uncompromising Challenger 3500 and Global 7500 aircraft to the Dubai Air Show this year, celebrating the Global 7500's recent 150th built aircraft and impressive new speed records*," said ric Martel, Bombardier's President and Chief Executive Officer. "The Middle East is an important market for Bombardier both for business jet customers as well as growing defense business. The Bombardier team on site will proudly showcase our impressive defense capabilities and the many multi–mission solutions we can flexibly tailor. We also look forward to showcasing our Challenger and Global platforms to business jets customers, who will benefit from our aircraft cutting–edge innovation, cabin design, performance, reliability and smooth ride."

With a top speed of Mach 0.925 and a range of 7,700 nautical miles (14,260 km), the Global 7500 aircraft possess unmatched performance capabilities, boasts the smoothest ride in the skies and has transformed the industry with its refined, luxurious cabin.

Like the Global 7500, Bombardier's Challenger aircraft possess industry–leading attributes that set it apart from its competition. Bombardier's Challenger 3500 aircraft combines a world–class interior design with the ultimate value proposition. It boasts the widest in–class cabin and lowest direct operating costs in its class, making this business aircraft a consistent winning option with customers.

The Defense sales team will also be on hand to highlight Bombardier's portfolio of proven and versatile aircraft platforms, including the Global 6500 jet. Bombardier Defense has more than 500 specialized business aircraft in–service worldwide with more than 3 million fleet hours and some 160 operators in more than 50 countries. The Challenger and Global aircraft families provide the ideal solution for urgent humanitarian assistance, VIP transportation, Maritime Patrol, Electronic Warfare, Search and Rescue and more. For customers or media interested in exploring the aircraft on display, visits are available by appointment.

About Bombardier

Bombardier (BBD–B.TO) is a global leader in aviation, focused on designing, manufacturing, and servicing the world's most exceptional business jets. Bombardier's Challenger and Global aircraft families are renowned for their cutting–edge innovation, cabin design, performance, and reliability. Bombardier has a worldwide fleet of approximately 5,000 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments, and private individuals. Bombardier aircraft are also trusted around the world in government and military special–mission roles leveraging Bombardier Defense's proven expertise.

Headquartered in Greater Montral, Qubec, Bombardier operates aerostructure, assembly and completion facilities in Canada, the United States and Mexico. The company's robust customer support network services the Learjet, Challenger and Global families of aircraft, and includes facilities in strategic locations in the United States and Canada, as well as in the United Kingdom, Germany, France, Switzerland, Italy, Austria, the UAE, Singapore, China and Australia.

For corporate news and information, including Bombardier's Environmental, Social and Governance report, as well as the company's plans to cover all its flight operations with Sustainable Aviation Fuel (SAF) utilizing the Book and Claim system visit bombardier.com. Learn more about Bombardier's industry–leading products and customer service network at businessaircraft.bombardier.com. Follow us on Twitter @Bombardier.""

Bombardier, Bombardier Global, Global 6500, Global 7500, Challenger and Challenger 3500 are registered or unregistered trademarks of Bombardier Inc. or its subsidiaries.

*All records are pending final approval by the National Aeronautic Association (NAA)

For Information
Matthew Nicholls
Bombardier
+ 1 514–243–8214
[email protected]


GLOBENEWSWIRE (Distribution ID 8974581)

Bombardier présente les avions d’affaires Global 7500 et Challenger 3500 au salon aéronautique de Dubaï 2023, ainsi que les capacités de sa division Défense

  • Les avions vedettes Global 7500 et Challenger 3500 exposs offrent des caractristiques de performance exceptionnelles, une technologie de pointe, des particularits coresponsables et des cabines exceptionnelles assurant un maximum de productivit et de confort
  • La prsence sur place des quipes de Bombardier Dfense et de Bombardier tmoigne des capacits tendues des avions d'affaires hautement spcialiss de l'entreprise
  • Des visites exclusives des avions Global 7500 et Challenger 3500 sont offertes aux clients sur rendez–vous

MONTRÉAL, 08 nov. 2023 (GLOBE NEWSWIRE) — Bombardier a annonc aujourd'hui que ses avions Global 7500 et Challenger 3500 de premier ordre seront exposs du 13 au 17 novembre durant le salon aronautique de Duba, aux mirats arabes unis, rvlant les caractristiques sans compromis de ces avions d'affaires impressionnants. Bombardier est galement heureuse d'annoncer qu'elle aura une solide prsence sur place, avec des quipes de ventes spcialement affectes par ses divisions des Avions d'affaires et de Bombardier Dfense.

Nous sommes heureux de prsenter les avions aux caractristiques sans compromis Challenger 3500 et Global 7500 au salon aronautique de Duba cette anne, alors que nous venons d'annoncer la livraison du 150e avion Global 7500 ainsi que d'impressionnants nouveaux records de vitesse* , a affirm ric Martel, prsident et chef de la direction de Bombardier. Le Moyen–Orient est un march important pour Bombardier, tant pour les clients des avions d'affaires que pour la clientle des solutions de dfense en pleine croissance. L'quipe de Bombardier sur place prsentera firement nos impressionnantes capacits de dfense et les nombreuses solutions multimissions que nous pouvons adapter de faon flexible. Nous sommes galement impatients de prsenter nos plateformes Challenger et Global nos clients, qui profiteront de l'innovation de pointe de ces avions, du design de leur cabine, de leurs performances, de leur fiabilit et de leur vol en douceur.

Avec une vitesse maximale de Mach 0,925 et un rayon d'action de 7 700 milles marins (14 260 km), l'avion Global 7500 possde des capacits de performance ingales, offre le vol le plus en douceur et a transform l'industrie grce sa cabine raffine et luxueuse.

Comme l'avion Global 7500, les avions Challenger de Bombardier prsentent des qualits spcifiques qui les distinguent de leurs concurrents. L'avion Challenger 3500 combine un design intrieur de calibre mondial la proposition de valeur ultime. Offrant la plus large cabine et les plus faibles cots d'exploitation de sa catgorie, cet avion d'affaires est une option toujours gagnante auprs des clients.

L'quipe des ventes de la division Dfense sera sur place pour mettre en valeur les plateformes d'avions prouves et polyvalentes de Bombardier, dont l'avion Global 6500. Bombardier Dfense compte plus de 500 avions d'affaires spcialiss en service dans le monde entier, avec plus de 3 millions d'heures de vol pour l'ensemble de la flotte et plus de 160 exploitants dans plus de 50 pays. Les gammes d'avions Challenger et Global constituent la solution idale pour tout le spectre des missions d'assistance humanitaire urgente, de transport de personnes de marque, de patrouille maritime, de guerre lectronique, de recherche et sauvetage et plus encore. Pour les clients ou les reprsentants des mdias souhaitant voir les avions exposs, des visites exclusives sont offertes sur rendez–vous.

propos de Bombardier

Bombardier (BBD–B.TO) est un leader mondial en aviation, ax sur la conception et la construction d'avions d'affaires exceptionnels et sur les services connexes. Les avions des gammes Challenger et Global de Bombardier sont reconnus pour les innovations de pointe qu'ils offrent, la conception de leur cabine, leurs performances et leur fiabilit. La flotte mondiale d'avions Bombardier compte environ 5 000 avions en service auprs d'un large ventail de multinationales, de fournisseurs de vols noliss et de programmes de multiproprit, de gouvernements ou de particuliers. Les avions Bombardier sont aussi utiliss dans le monde entier dans le cadre de missions gouvernementales et militaires spciales faisant appel l'expertise prouve de Bombardier Dfense.

Bombardier, dont le sige social est situ dans la rgion mtropolitaine de Montral, au Qubec, exploite des installations d'activits lies aux arostructures, l'assemblage ou la finition au Canada, aux tats–Unis et au Mexique. Le solide rseau de soutien la clientle de l'entreprise comprend des centres de service pour avions Learjet, Challenger et Global, situs stratgiquement aux tats–Unis et au Canada, ainsi qu'au Royaume–Uni, en Allemagne, en France, en Suisse, en Italie, en Autriche, aux mirats arabes unis, Singapour, en Chine et en Australie.

On trouvera des nouvelles et des renseignements sur l'entreprise, y compris le rapport de Bombardier sur les aspects environnementaux, sociaux et de gouvernance, ainsi que les plans de l'entreprise pour couvrir la totalit de ses oprations ariennes avec du carburant d'aviation durable en utilisant le systme Rserver et rclamer, sur le site bombardier.com. Pour en savoir plus sur les produits de Bombardier et son rseau de service clientle l'avant–garde de l'industrie, consultez le site businessaircraft.bombardier.com/fr. Suivez–nous sur Twitter (X) @Bombardier.""

Bombardier, Bombardier Global, Global 6500, Global 7500, Challenger et Challenger 3500 sont des marques dposes ou non dposes de Bombardier Inc. ou de ses filiales.

*Tous ces records sont en attente de l'homologation finale par la National Aeronautic Association (NAA) des tats–Unis

Information
Matthew Nicholls
Bombardier
+1 514–243–8214
[email protected]


GLOBENEWSWIRE (Distribution ID 8974581)

Nagorno Karabakh: Displaced, But Far From Safe

Armenians from Nagorno Karabakh on September 25, departing from the besieged enclave. Virtually the entire population has fled for fear of violence by Azerbaijani forces. Credit: Gaiane Yenokian/IPS

Armenians from Nagorno Karabakh on September 25, departing from the besieged enclave. Virtually the entire population has fled for fear of violence by Azerbaijani forces. Credit: Gaiane Yenokian/IPS

By Gaiane Yenokian
TEGH, Armenia, Nov 8 2023 – From the balcony of the house she’s lived in for the past weeks, 32-year-old Margarita Ghushunts says she often looks in the direction of her home, in Nagorno Karabakh.

“Every time I look that way, I remember the hellish journey we took to escape from home. It feels like losing it over and over again,” she tells IPS.

Also called “Artsakh” by its Armenian former residents, Nagorno-Karabakh was a self-proclaimed republic within Soviet Azerbaijan which had sought international recognition and independence since the dissolution of the Soviet Union in 1991.

“An international fully mandated mechanism needs to be deployed in Azerbaijan to protect Armenians in case they face security issues. Without a substantial change in the situation, no one will return,” says Siranush Sahakyan
The First Nagorno-Karabakh War (1988-1994) ended with an Armenian victory. Azerbaijan would unleash its armed forces in 2020 and take back many of the areas lost years before.

But grievances were still not settled.

On September 19, Azerbaijan launched a massive attack against Nagorno Karabakh. All the population —more than 100,000 ethnic Armenians— fled the region for Armenia within a few days.

Panicked by the Azerbaijani attack, the civilian population rushed to evacuate. The sole road connecting Nagorno Karabakh to Armenia —closed by a 9-month blockade imposed by Azerbaijan— had just been reopened, but it could be closed again at any moment.

After a 28-hour, exhausting ride to the Armenian border from Nagorno Karabakh´s capital city Stepanakert, Margarita, her husband Harutyun and their three minor children arrived at her father’s house in Tegh village, in southern Armenia.

The village is located right on the Azerbaijani border. Margarita can even see the Azerbaijani military positions and their flags waving from the neighbouring mountain peaks.

“We can also hear the periodic gunshots so my children cannot sleep peacefully. Even when they hear the sound of thunder, they come to me and ask: “Mama, are they shooting at us again?”

 

Refugees in Kornidzor, the first town on the Armenian side of the border, on September 25. Many arrived empty-handed after fleeing on foot through the forest and under shelling. Credit: Gaiane Yenokian/IPS

Refugees in Kornidzor, the first town on the Armenian side of the border, on September 25. Many arrived empty-handed after fleeing on foot through the forest and under shelling. Credit: Gaiane Yenokian/IPS

 

Killed and tortured

On September 28, the last leader of Nagorno Karabakh, Samvel Shajramanian, issued a decree dissolving the self-proclaimed Nagorno Karabakh Republic as of January 1, 2024.

Today, the population of the evacuated enclave is spread throughout the regions of Armenia. Some of them are in the accommodations provided by the government, while others rent houses or live in free accommodations offered by caring individuals.

In several public speeches and international meetings, Azerbaijani President Ilham Aliyev has repeatedly emphasized that the rights of Armenians living in Nagorno Karabakh would be safeguarded “with Azerbaijan’s national legislation and international commitments”.

But there’s little trust among the Armenians. Less than 40 remain in the besieged enclave. They are now provided with humanitarian aid by the International Committee of the Red Cross (ICRC).

On October 19, the Armenian Human Rights Defender, Anahit Manasyan, reported that the bodies of the victims in Nagorno-Karabakh during the Azeri attack from September 19-21 showed signs of torture and mutilation.

It matches data issued by Armenia’s Investigative Committee on the 31st of October which points to 14 people being tortured by the Azerbaijani military and 64 people dying on the road from Nagorno Karabakh to Armenia.

In an interview with IPS in Yerevan, southern Armenia, International law and human rights expert Siranush Sahakyan notes that previously recorded cases of brutal murders among the civilian population of Nagorno-Karabakh demonstrate the futility of Aliyev´s words.

“After the 2020 war, up to 70 civilians decided to remain in their settlements of Hadrut, Shushi and other regions which came under Azerbaijani control. All these civilians were either captured, taken to Baku, tortured and killed or murdered in their own houses. Their bodies were desecrated,” recalls Siranush Sahakyan.

UN also called on Azerbaijan that “Rights and security of Karabakh Armenians must be guaranteed”. Other than just making calls, says Siranush Sahakyan, the UN should also create the conditions for it.

“The first condition is to eliminate hatred against Armenians. Also, an international fully mandated mechanism needs to be deployed in Azerbaijan to protect Armenians in case they face security issues. Without a substantial change in the situation, no one will return,” stresses the lawyer.

 

Romela Avanesyan prepares a traditional dish from Nagorno-Karabakh. As winter approaches, these displaced people depend on both government and international aid. Credit: Gaiane Yenokian/IPS

Romela Avanesyan prepares a traditional dish from Nagorno-Karabakh. As winter approaches, these displaced people depend on both government and international aid. Credit: Gaiane Yenokian/IPS

 

Fear of new attacks

Margarita Ghushunts’s little daughter, Rozi, was born under the blockade of Nagorno Karabakh during which they were deprived of gas, electricity, food, medicine, and fuel, and the healthcare system was almost non-functional.

But it was not the harsh living conditions that forced Margarita to leave Stepanakert

“We could bear all the cruelty of the blockade to protect our right of self-determination, but as Artsakh’s government was forced to surrender arms to save the civil population, we could not stay there anymore,” explains the displaced woman.

Life in Artsakh without its defence army, she claims, “simply equates to death for the population.”

Today, Ghushunts her neighbours often ask if they will stay in the village. Her answer, however, is unsettling for everyone. The displaced woman fears Azerbaijani troops “may launch an attack on Armenia at any moment.”

It can happen. According to the Armenian MFA, after the 2020 war Azerbaijan has occupied 150 square kilometres of the internationally recognized territories of the Republic of Armenia.

 

Displaced children from Nagorno Karabakh play in the only park in the town of Kalavan. According to the Armenian government, around 30,000 of the more than 100,000 refugees are minors. Credit: Gaiane Yenokian/IPS

Displaced children from Nagorno Karabakh play in the only park in the town of Kalavan. According to the Armenian government, around 30,000 of the more than 100,000 refugees are minors. Credit: Gaiane Yenokian/IPS

 

On November 1st, The Lemkin Institute for Genocide Prevention issued a “Red Flag Alert” for the Republic of Azerbaijan in the Republic of Armenia, due to the alarming potential for an invasion of Armenia by Azerbaijan in the coming days and weeks.

Siranush Sahakyan, the International law expert interviewed by IPS, claims that the ratification of the Rome Statute on the International Criminal Court (ICC) by Armenia’s parliament on the 3rd of October could open the door to an international investigation of Azerbaijan’s crimes against Armenia.

“Non-ratification of the Rome Statute by Azerbaijan creates obstacles to investigate their crimes in Artsakh, but it will fall under jurisdiction for the crimes committed on the internationally recognised territory of Armenia starting from May 2021. This could be one of the ways to protect Armenia from future international crimes,” Sahakyan states.

The Avanesyans also left Nagorno Karabakh to settle in Vazashen, another border village in Armenia’s north. But they soon decided to move again.

“Our neighbour pointed out the Azerbaijani positions right in front of the village. He mentioned that they could not graze the cattle because the Azerbaijanis were stealing it. The children got scared, so we had to seek another shelter,” Lusine Avanesyan, a 35-year-old mother of five children told IPS from Kalavan village.

That´s where they moved again after the local guesthouse offered its rooms for the family allowing them to stay as long as they wished.

Romela Avanesyan, Lusine Avanesyan’s mother-in-law, began exploring the resources available in Kalavan to start a farm as soon as they arrived.

The displaced 61-year-old remembers the pomegranate garden she planted many years ago but was forced to leave behind. While they were rushing to evacuate Karabakh, she held onto what was most precious to her: the seeds of plants and vegetables from her garden.

“I was urging my grandchildren to pick only the cracked pomegranates and leave the beautiful ones to ripen,” Avansesyan tells IPS. Today, she adds, “those pomegranates are lost, and so is our entire homeland.”

Why Demography is Key to Unlocking a Sustainable Future for Asia & the Pacific

Pedestrian crossing at an intersection in Tokyo. Credit: Unsplash/Ryoji Iwata

By Armida Salsiah Alisjahbana and Natalia Kanem
BANGKOK, Thailand, Nov 8 2023 – Asia and the Pacific is an economic powerhouse, fuelled by its vibrant and diverse population. Comprising 60 per cent of the world’s population, this region is bursting with both a wealth of experience and untapped potential.

Exciting advancements have been made here, in education; health care, including sexual and reproductive health; jobs, and sustainable development. Yet there is a catch: this progress has not been evenly distributed. In fact, inequity pervades the region, especially within individual countries.

Women still lose their lives during childbirth at alarming rates, and in many countries we have seen limited progress in reducing maternal mortality in the past decade. In several countries, less than 30 per cent of women of reproductive age use contraception. Unemployment rates among young women remain high, reaching up to 25 per cent in some places.

Women are still struggling for a seat at the political table, with less than a quarter of national parliamentary seats being occupied by women in 35 countries across the region. Progress towards gender equality and women’s empowerment has been sluggish, creating a roadblock to sustainable development.

The region is particularly susceptible to the effects of climate change and environmental degradation, with disasters claiming 2 million lives since 1970. Financial losses from these calamities add up to $924 billion every year, eating up nearly 3 per cent of the region’s GDP. Humanity’s environmental footprint has expanded dramatically. The region’s greenhouse gas emissions have risen by 54 per cent since 1990, largely due to the energy and agricultural sectors.

Population ageing is another mega-trend affecting this part of the world. More people are enjoying longer and healthier lives, and in this new reality we need policies that adapt to these shifts and invest in every stage of life. Rather than perceiving older persons as a drain on resources, we should recognize them as individuals with human rights who make important contributions to society in various ways all the time.

The same applies to persons with disabilities, migrants and other groups who have much to contribute, yet too often face stigma and discrimination. Let us build societies for people of all abilities and ages.

Over 60 per cent of the population in the Asia Pacific region has access to the internet, and this has turbocharged development across many sectors. Nevertheless, these technological advances bring new challenges, from the digital divide between the haves and the have-nots, to privacy violations and a disturbing rise in technology-facilitated gender-based violence.

While it is important that we celebrate the region’s many achievements, we must simultaneously confront its population and development challenges. We have a unique opportunity to do so as we mark 60 years since the first Asian and Pacific Population Conference and 30 years since the International Conference on Population and Development – two important milestones on the path towards sustainable progress.

At the midpoint of the 2030 Agenda for Sustainable Development, as countries seek to accelerate action towards our global goals, we urgently need comprehensive, forward-thinking, intergenerational approaches to harness the opportunities of population dynamics for sustainable development. To be effective, such approaches must be based on individual human rights and rooted in evidence and data.

Innovative solutions, financing and political commitment through inclusive partnerships are our path forward. Let us ensure young and older persons have a voice in decision-making and in designing solutions. Let us tap into the goldmine of shared knowledge and proven methods we have built over the past few decades.

Investing in people, through improved health, education and training, while providing social protection for all to retain development gains, lays the foundation for inclusive, just and sustainable societies. It is also our route to achieving the Sustainable Development Goals.

The Seventh Asian and Pacific Population Conference taking place this week is the perfect launchpad for collective action. Governments, civil society, young people and others can come together and make a real difference, building on their collective investments and successes to date. Together, we can protect people and the planet and ensure prosperity for all, now and in the future.

Let us refocus our actions to ensure human rights and choices for everyone, driving us closer to peace and a sustainable future for this generation and those that follow.

Armida Salsiah Alisjahbana is UN Under-Secretary-General and Executive Secretary of the Economic and Social Commission for Asia and the Pacific (ESCAP); Natalia Kanem is UN Under-Secretary-General and Executive Director of the United Nations Population Fund (UNFPA).

IPS UN Bureau

 


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Fast-Track Climate Resilience Building of Small and Vulnerable Nations Ahead of COP28

Coastal protection at Anse Kerlan Beach in the Seychelles where residents often take the initiative to protect their properties from the impact of climate-change-induced environmental changes. The Commonwealth Climate Finance Access Hub assists small island states, among others, with climate finance and technical assistance. Credit: Kadir van Lohuizen/NOOR/UNEP

Coastal protection at Anse Kerlan Beach in the Seychelles where residents often take the initiative to protect their properties from the impact of climate-change-induced environmental changes. The Commonwealth Climate Finance Access Hub assists small island states, among others, with climate finance and technical assistance. Credit: Kadir van Lohuizen/NOOR/UNEP

By Joyce Chimbi
NAIROBI, Nov 8 2023 – As the countdown to COP28 in Dubai, United Arab Emirates, continues, IPS caught up with Dr Oldman Koboto, Mauritius-based Manager for the Commonwealth Climate Finance Access Hub (CCFAH).

The hub was established through the Commonwealth Heads of Government Meeting (CHOGM) in 2013 to provide technical assistance aimed at enhancing the countries’ access to international climate finance. This is achieved through technical assistance around project proposal development, policy support, human and institutional capacity building, knowledge management, and learning, all of which are anchored on gender and youth mainstreaming.

The hub embeds climate finance experts in individual government ministries to work with and offer technical support. The experts help identify project proposals, provide policy support, and, above all, build the capacity of both technical and institutional capacity in those ministries to develop bankable funding proposals. Since its operationalization in 2016, the hub has supported member countries to access USD 315 million in climate finance. Additionally, projects amounting to over USD 800 million are in the pipeline.

Here are excerpts from the interview.

Dr Oldman Koboto

Dr Oldman Koboto

IPS: What is the nature of climate negotiations thus far?

Koboto: Negotiations are progressing well, in my view, considering the historical background. Negotiations started when climate jurisprudence was still in its infancy. It has since progressed to a point of more certainty around legal systems and transformative approaches to address the climate change convention’s objectives. Negotiations have moved from the actual architect for implementing the convention to innovative approaches toward achieving the 1.5°C Paris Agreement aspiration.

One of the pending issues, especially on finance, is the establishment of the Loss and Damage Fund – to be operationalized through the COP28. The draft outcome document for the Transitional Committee on operationalizing the Loss and Damage Fund showed consensus that could catalyze its operation. That being said, critical gaps still exist.  IPCC cautions that even if we were to implement all the Nationally Determined Contributions (NDCs), we would still not achieve the 1.5°C targets, many of them centered around mitigation actions.

This is an indictment on the international community, through these negotiations, to make progress on adaptation-related issues. And fast-track resilience building and adaptative capacities of small and other vulnerable member states. One of the innovative approaches is leveraging private sector finance for NDCs towards climate mitigation action. But, the design parameters for both adaptation and mitigation projects are such that mitigation actions are attractive to the private sector more than adaptation measures. This creates innovation gaps toward adaptation actions, and yet mitigation initiatives do not build significant resilience. There are, therefore, successes and challenges to these negotiations.

IPS: Have countries voiced concerns regarding these negotiations?

Koboto: Almost all countries raise concerns around the pending areas and celebrate progressive areas. Countries prepare to go into the COPs by developing country positions informed by developments in international negotiations. They then build interventions around points of divergence to be ironed out in upcoming negotiations to inform or shape COP outcomes. This, on its own, is a demonstration of the countries’ concerns around those specific agenda items. It is not about one country speaking about being unhappy, but the process itself, through the established legal frameworks, enables countries to raise their concerns through platforms where such consensus could become part of the formal documentation for the COP process.

IPS: Is Africa better placed for COP28 negotiations, having recently held its inaugural Climate Summit?

Koboto: The inaugural Africa Climate Summit was a step in the right direction. It allowed African countries to paint their own vision and develop a basket of issues to push forward within international negotiations. The Nairobi Summit was consistent with other platforms for engagement on development challenges facing Africa. The message was that Africa is part of the solution and requests to be treated as equals, which is consistent with the messaging at the World Economic Forums and UN General Assembly. The draft outcome of the Loss and Damage Fund Transitional Committee indicates that developed countries’ parties will contribute to the financing of loss and damage and that developing country parties are also encouraged to contribute.

IPS: What sustains the impasse on climate financing between developed and developing countries? What will it take to break the impasse?

Koboto: This is a tough one because it falls at the heart of the principle of Common but Differentiated Responsibilities and Respective Capabilities of the UNFCCC. Having said that, it is also very difficult to target one country with the capability or capacity to provide support because of foundational principles of state policy, which sets the direction of each country regarding national and international interests. It goes without saying that national interests take precedence over international interests in areas where the two compete.

There is a willingness at the international level for developed countries to help. Meanwhile, the African continent must design innovative financing instruments to facilitate access to climate finance and attract investments to the continent. Such innovative mechanisms can be developed in subsequent African climate summits. The global climate solution lies in Africa, for the continent still has a lot of unexploited potential both in resources and opportunities around geothermal, hydrothermal, and solar energy.

IPS: What are the expectations from small island states and other vulnerable countries on new funding mechanisms and the Loss and Damage Fund going into COP28?

Koboto: The newest funding mechanism is the Loss and Damage Fund. Others are the Global Environment Facility, the Green Climate Fund, and the Adaptation Fund. African countries are unrelenting about the USD100 billion pledge made at COP15. All these funds must trickle down to developing states so that the Loss and Damage Fund becomes just an additional funding to existing funding sources.

African countries are focused on building enough consensus and influencing developed countries to deliver on promises made. Institutions such as the Commonwealth Climate Finance Access Hub, which I lead, stand ready to facilitate African countries’ access to those Funds as soon as there is predictable and adequate funding in those Funds.

CCFAH can provide technical assistance to enhance access to climate investments at a country level and to build capacities to access these funds without the use of third parties. But these countries are unrelenting and are firmly focused on unlocking much-needed climate finance to establish and or accelerate climate action.

IPS UN Bureau Report

 


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JETEX & SHELL AVIATION SIGN AGREEMENT FOR SAF SUPPLY TO PRIVATE AVIATION

Dubai, United Arab Emirates, Nov. 08, 2023 (GLOBE NEWSWIRE) — Jetex, a global leader in executive aviation, is the first to offer SAF to customers in the United Arab Emirates. Building on the success of supplying SAF at selected locations in Europe, Jetex will now offer aircraft operators and private owners the possibility of significantly reducing emissions whenever they operate flights from its flagship private terminal in Dubai.

"Bringing SAF to the United Arab Emirates is a milestone achievement, and today I am pleased that we finally can offer this type of aircraft fuel to our customers in Dubai in partnership with Shell Aviation. It is even more important in light of 2023 being announced as the Year of Sustainability in the UAE as it cements our ambition to reduce carbon emissions", said Adel Mardini, Founder & CEO of Jetex.

As a safe and fully certified drop–in fuel compatible with existing aircraft fleet and airport infrastructure, SAF can be blended with conventional jet fuel at a ratio of up to 50%, creating an aviation fuel that is significantly lower in lifecycle carbon emissions. In its neat form, SAF can reduce lifecycle emissions by up to 80% compared to conventional jet fuel.

Doris Tan, General Manager Asia and Middle East, Shell Aviation, said: "To reduce emissions from flying, all parts of the aviation value chain need to play their part. This is particularly crucial for private business customers as they can create a concentrated, high–impact demand for SAF. Additionally, expanding the availability of SAF to new locations is equally important, which is why it's been highly rewarding to work with Jetex to enhance our SAF capabilities in the Middle East by delivering SAF at DWC for the first time."

Jetex's environment strategy focuses on reducing carbon emissions, recycling and adapting the latest green technologies across its global network. The company's efforts are aligned with IATA's commitment to fly net zero by 2050 and achieving this requires a combination of maximum elimination of emissions at the source, offsetting and carbon capture technologies.

It is vital for the future of aviation to continue to address climate change and Jetex remains focused on playing its part to reduce the impact on the planet.

– END –

About Jetex:

An award–winning global leader in executive aviation, Jetex is recognized for delivering flexible, best–in–class trip support solutions to customers worldwide. Jetex provides exceptional private terminals (FBOs), aircraft fueling, ground handling and global trip planning. The company caters to both owners and operators of business jets for corporate, commercial and personal air travel. To find out more about Jetex, visit jetex.com and follow us on Instagram, Twitter, Facebook and LinkedIn.


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GLOBENEWSWIRE (Distribution ID 8975124)

PPPs Fiscal Hoax Is a Blank Financial Silver Bullet

By Jomo Kwame Sundaram
KUALA LUMPUR, Malaysia, Nov 8 2023 – Public-private partnerships (PPPs) for infrastructure and service provision are both costly and risky. Worse, PPPs typically fail to ensure universal, let alone fair access to public amenities.

Public-private partnerships?
PPPs usually involve long-term contractual arrangements in which private businesses provide infrastructure and services traditionally provided by governments. In recent years, PPPs have built or run hospitals, schools, prisons, roads, airports, railways, water and sanitation.

Jomo Kwame Sundaram

Risk-sharing between public and private sectors has long been widespread. In recent years, more than two dozen different types of PPPs have been identified. Such variations reflect differences in deals between governments and commercial partners.

Most international financial institutions (IFIs) advise governments to guarantee profits for their private partners. The IFIs continue to urge governments to ‘de-risk’ commercial providers to attract their investments.

Private investor preferences for specific types of PPPs may vary over time and with circumstances, often reflecting changing needs and priorities. As no one type fits all, changing circumstances and preferences have increased the variety of PPPs.

PPP problems
PPPs are far more complex than suggested by their cheerleaders’ narratives. Their negative impacts on infrastructure and public service delivery have been highlighted again by a Eurodad-led report. Public expenses rise as governments bear private costs and risks.

Following World Bank and other IFI advice, national authorities attract commercial financial investments by appealing to private greed. PPPs have been used to ‘de-risk’ such investment, by using their terms to ensure profits for private investors.

The report also exposed PPPs’ negative impacts for democratic governance. PPP arrangements typically lack transparency, and rarely involve prior consultation with affected communities. Thus, they have been more prone to corruption and abuse.

While private partners are guaranteed profits, their PPPs may still fail. In recent years, PPPs’ fiscal and other costs kept mounting as their shortfalls grew despite their rising profitability. As such problems grow, criticisms and dissent have risen.

Why PPPs fail?
PPPs have increasingly been touted as the magic solution to many problems, particularly financial constraints, poor management and delivery. PPPs have become popular among elites in the global South, where their ‘middle classes’ were enticed by the promise of better services and ‘trickle-down’.

The private sector is supposedly more efficient and better able to deliver public amenities including energy, education, health, water and sanitation. But better value for money has rarely ensued, as many studies show. Instead, the converse is more typical.

A 2020 study by the European Federation of Public Service Unions and Eurodad identified eight major reasons why PPPs in Europe have not improved outcomes.

First, PPPs rarely raised additional funds. Instead, they have typically incurred more public debt in the form of government guarantees, rather than direct borrowing. But such additional public debt has often been obscured from the public.

Second, private commercial loans generally cost much more than government borrowings. Third, public authorities, especially central governments, still bear ultimate responsibility, especially in the event of project failure.

Fourth, PPPs have rarely delivered better ‘value for money’ than reasonably managed public projects. Fifth, seeming PPP efficiency gains have been largely due to risky cost-cutting, e.g., in public infrastructure or healthcare provision.

Sixth, PPPs distort public policy priorities, typically requiring even more cost-cutting. Seventh, PPPs have rarely delivered both ‘on-time’ and ‘on-budget’. Eighth, PPP deals are typically opaque, rather than transparent, often involving abuses and corruption.

From early 2020, the Covid-19 pandemic exposed the long-term adverse effects of earlier austerity and underfunding of public health. More recently, inflation, stagnation and more extreme weather have exposed other vulnerabilities and their causes.

What can be done?
As the world faces multiple and interconnected crises, PPPs offer bogus, even dangerous solutions. Eurodad has made policy recommendations to national governments and development finance institutions (DFIs) to improve infrastructure and public service financing.

• Stop promoting PPPs. The World Bank, IMF, regional development banks and DFIs should all end the promotion of PPPs, especially for social services. Access to health, education, water and sanitation should not depend on capacity to pay.

• Fiscal and other major PPP risks should be publicly acknowledged. Governments should be warned of PPPs’ generally poor outcomes, and of the pros and cons of various financing arrangements. DFIs should all more effectively finance national plans for sustainable and equitable development.

Countries should be helped to find the best financing means to deliver responsible, transparent, gender-sensitive, environmentally and fiscally sustainable public infrastructure and social services consistent with national and multilateral obligations.

• Informed public consultations should always precede any infrastructure and public service provision agreement by PPPs. These should include ensuring the rights of all affected communities, including those to fair remedy or compensation.

• Exercise rigorous and transparent government regulation, especially for public spending, PPP contract values, project impacts, and long-term fiscal implications. The public interest must always prevail over commercial ones.

DFIs should only finance projects serving the public interest. Appropriate, publicly funded public services should be promoted, with transparent contracts for and accountable reporting on social service and infrastructure project delivery.

PPPs have often proved to be budgetary frauds, exacerbating, rather than reducing national fiscal deficits. Far from being the financial silver bullet they have been touted as, PPPs have proven to be blanks, making much noise, but with little real benefit.

IPS UN Bureau

 


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