What is a payday loan?

How does a personal loan work?

Why you need to know about payday loans

Benefits of Payday Loans

Disadvantages of Payday Loans

]]> https://xing-wu.com/ballot-proposal-would-cap-predatory-interest-rates-for-payday-loans/ Wed, 23 Feb 2022 20:50:00 +0000 https://xing-wu.com/ballot-proposal-would-cap-predatory-interest-rates-for-payday-loans/

LANSING, MI — A polling committee is busy asking a question about the November ballot that would prevent payday lenders from charging “predatory” interest rates if approved by voters.

The Michiganders for Fair Lending campaign officially launched its petition-raising effort Wednesday to cap high interest rates on payday loans, payday loan advocates say are creating a cycle of indebtedness that is becoming impossible to escape. . The group said it wants to change the current payday loan landscape to one that provides access to small loans to those in need, not a debt trap.

“Payday lenders are targeting Michigan’s most vulnerable communities by offering quick cash that traps people in an endless cycle of debt with outrageously high interest rates,” said Michiganders spokesman Josh Hovey. for Fair Lending.

“State lawmakers have been urged for years to end predatory lending practices. People harmed by these loans cannot afford to wait any longer. That’s why we’re putting the issue directly to voters in November. »

In Michigan, the typical payday loan carries the equivalent of a 370% annual percentage rate (APR). The Michiganders for Fair Lending proposal would cap payday loans at a maximum of 36% APR.

Payday loans are marketed as short-term, but the vast majority of borrowers are caught in a cycle of long-term debt, say fair lending advocates. About 70% of Michigan payday borrowers borrow again the same day they repay a previous loan, according to a Consumer Financial Protection Bureau study. The same study found that the average payday loan borrower ends up taking out 10 loans over the course of a year.

Michigan Attorney General Dana Nessel describes a payday loan as a short-term, high-cost transaction where customers borrow money for a service fee. Michigan law calls this type of loan a “delayed presentment service transaction” because the customer’s check is held for a period of time before being cashed. Loans are not like car payments because borrowers are unable to make installment payments.

Payday loans have high service fees and a short repayment period. For example, a customer who borrows $100 for two weeks and is charged $15 will pay a service fee equal to a three-digit APR. The actual cost of the two-week loan is $15, which equates to an APR of 391%. And that still doesn’t include additional fees for “eligibility checks” or processing.

Payday loan shops often allow customers unable to repay the loan to take out a second payday loan to pay off the first. Service charges can lead the customer into a cycle of debt.

“It’s a slippery slope,” Nessel said in a process-focused consumer alert.

Fair lending advocates say payday loan shops are unquestionably predatory. Stores are deploying manipulative tactics and engaging customers in a process that creates a cycle of debt that traps people in poverty, Hovey said.

“Stopping predatory lending is an issue in Michigan that resonates across all parties, geographies, age and income levels. Even in today’s divisive climate, this is an issue the vast majority of people can agree on,” said Jessica AcMoody, director of policy at the Community Economic Development Association of Michigan.

“Lenders know they are getting their money because they have direct access to the borrower’s bank account and can get their own money back before the borrower can pay rent, utilities or food. With no funds left over for basic living expenses, guess what happens? You guessed it. The borrower returns to take out another loan,” AcMoody said.

Gabriella Barthlow, a financial coach with the Macomb County Veterans Service, said she’s seen the predatory payday loan process play out with the veterans she works with. Military veterans are particularly vulnerable to predatory lending, Barthlow said.

“As a targeted community for predatory lending, it’s critical that veterans understand the risk associated with payday loans and the importance of a 36% interest rate cap,” Barthlow said.

The 36% APR cap used by many states is similar to the National Military Loans Act, which sets consumer credit protections for active military members. Congress passed the law in 2006 after the military found payday lenders setting up stores near military bases.

Dallas Lenear of Project Green, a Grand Rapids-based financial education nonprofit, said he was motivated to help try to change the laws after hearing first-hand stories about interest rates. excessive that trapped people in financial ruin.

“Payday lenders are exploiting our most vulnerable communities and neighbors without consumer protections,” said Dallas Lenear of Project Green in Grand Rapids. “People go to payday lenders because they feel they have no other choice. They get stuck in quicksand that imprisons them for months and sometimes years.

Payday lenders also disproportionately locate their stores in communities of color. Statewide, there are 5.6 payday loan stores per 100,000 residents. That number is 25% higher in majority black communities, Lenear said.

Michigan would join 18 other states and Washington DC that have set a payday loan rate limit of 36% APR or less. Voters in Nebraska, Colorado, South Dakota and Montana passed per-vote payday loan rate caps that all got more than 70% voter approval.

ALSO ON MLIVE:

Read petitions before signing them, group warns

Betsy DeVos says ballot initiative would allow parents to ‘take control’ of Michigan education

Petition for a “voucher” school scholarship system approved by the state board

Tribune press service

Amritsar, February 14

Guru Nanak Dev University was ranked 19th by AD (Alper-Doger) Scientific Index-2022, among 2,146 universities surveyed by them nationwide. The university was also indexed at the 155th position out of 6,569 universities in Asia. Globally, the university was ranked 824th out of 14,339 universities worldwide surveyed by Google Scholar.

Ninety-one scientists from the university have also been listed in AD-Scientific Index-2022 in various fields including medical and health sciences, natural sciences, engineering and technology, agriculture, business management, economics, education, social sciences, etc. The index additionally covers 16 GNDU scientists in the Top 100,000 Scientists list.

The AD Scientific Index (Alper-Doger Scientific Index) is a ranking and analysis system that shows the total and coefficients of productivity of scientists for the past five years based on the h-index, scores of the i10 index and citations in Google Scholar. Such analyzes also make it possible to reveal the medium and long-term results of several policies implemented by the institutions, in particular those of employment and retention policies for academic staff, salary policies, academic incentives and working environments. scientists. “AD Scientific Index” shows the ranking of individual scientists in 112 subjects (agriculture and forestry, arts, design and architecture, business and management, economics and econometrics, education, engineering and technology, history, philosophy, theology, law / law and law studies, medical and health sciences, natural sciences, social sciences and others). It covers 256 branches and 14,153 institutions in 215 countries in 10 regions (Africa, Asia, Europe, North America, Oceania, Arab League, BRICS, Latin America and others).

Recently, Stanford University in the United States also identified 13 scientists from the university in the list of top 2% scientists in the world. The prestigious Nature Index also identifies the university among the top four institutions in Punjab and among the top 10 institutions in North India.

Vice Chancellor Jaspal Sandhu informed that the h-index (Hirsch index) of the university is also the 2nd highest among all institutions in Punjab. To boost research, the university has also established the Golden Jubilee Incubation Center for Innovation and Entrepreneurship.

The Commonwealth of the Northern Mariana Islands says there is a viable alternative to Japan’s plan to dump more than a million tonnes of treated water from the crippled Fukushima nuclear power plant into the Pacific Ocean, and that it requires urgent examination.

The sewage is the product of efforts to cool the Fukushima nuclear reactors that were badly damaged in the March 2011 earthquake and tsunami.

The Northern Mariana Islands, a territory of the United States with a population of approximately 51,659 people, are located just 2,500 km (1,553 miles) southeast of Japan. Island leaders have said Japan’s plan, officially announced last year, is unacceptable.

“The discharge is not expected to take place until 2023. It is time to reverse this decision,” Sheila J Babauta, a member of the House of Representatives for the Northern Mariana Islands, told Al Jazeera in an interview last month. In December, his government passed a joint resolution opposing any nation’s decision to dispose of nuclear waste in the Pacific Ocean.

“The effort that went into creating the joint resolution revealed research and reports from Greenpeace East Asia highlighting alternatives for the storage of Japanese nuclear waste, including the only acceptable option, long-term storage. term and treatment using the best available technology”, Babauta mentioned.

Currently, Japan intends to dispose of all sewage, which will be treated, over a period of about 30 years.

Anxiety is high among local Japanese fishermen and coastal communities. And his plan has faced fierce opposition from neighboring countries, including China, South Korea and Taiwan, as well as Pacific island nations and the Pacific Islands Forum, the region’s intergovernmental organization.

“This water adds to the ocean already polluted by nuclear power. This threatens the lives and livelihoods of islanders heavily dependent on marine resources. These include inshore fishing as well as pelagic fish such as tuna. The former provides daily subsistence and food security, and the latter is in dire need of foreign exchange via fishing licenses for national distant water fishing fleets,” Vijay Naidu, assistant professor at the Faculty of Law and Social Sciences of the University of the South Pacific in Fiji, told Al Jazeera.

It was the use of the Pacific Islands for nuclear weapons testing by the United States, United Kingdom and France from the 1940s to the end of the last century that sparked strong opposition among islanders to any nuclear-related activity in the region.

Radioactive contamination from more than 300 atmospheric and underwater nuclear tests rendered many locations, especially in the Republic of the Marshall Islands and French Polynesia, uninhabitable and led to irreversible long-term health disorders in affected communities.

Satyendra Prasad, the Chair of Pacific Islands Forum Ambassadors at the United Nations, reminded the world in September last year of the Pacific’s “ongoing struggle with the legacy of nuclear testing from the transboundary contamination of homes and habitats to higher numbers of birth defects and cancers”.

In 1985, regional leaders established the South Pacific Nuclear Free Zone Treaty, prohibiting the testing and use of nuclear explosive devices and the dumping of radioactive wastes in the sea by member states, including Australia, New Zealand and Pacific Island nations.

“For us in the Pacific, the Pacific Ocean has become a proving ground, a theatre of war, a highway for nuclear submarines and waste. The Pacific is not a dumping ground for radioactive waste water,” Maureen Penjueli, Co-ordinator of the Pacific Network on Globalisation, added.

Running out of space

When the earthquake and tsunami struck the Fukushima power plant, three nuclear reactors went into meltdown.

The process of decommissioning the disaster-hit site, which could take up to four decades, includes pumping cooling water through the affected infrastructure to prevent overheating. About 170 cubic metres of treated wastewater is accumulating every day and now fills at least 1,000 tanks around the site.

The Japanese government says it needs to release the water because it is running out of space to store it all.

It says it consulted with other countries in the region after announcing its plan in April last year, conducting briefings with Pacific Island Forum countries and the organisation’s secretariat. It adds that it will cooperate with the international community and adhere to relevant international standards.

“In November last year, experts from laboratories of the IAEA [International Atomic Energy Agency], France, Germany and the Republic of Korea traveled to Japan to collect samples such as fish. These samples will be divided and sent to these laboratories for analysis,” a Japanese Foreign Ministry spokesperson told Al Jazeera.

“The surveillance of the maritime area will be reinforced from one year before the discharge, which should start in spring 2022 under the current plan. Measurement of the concentration of legally regulated nuclides, including tritium and carbon-14, will be measured prior to discharge at sea, and reports of the results will be made public.

Last year, Rafael Mariano Grossi, the director general of the IAEA, expressed his support for Japan’s decision.

“We will work closely with Japan before, during and after the water spill,” Grossi said. “Our cooperation and presence will help build confidence, in Japan and beyond, that water disposal is carried out without negative impact on human health and the environment.”

The United States also lent its support to Japan.

Babauta believes storage space is available at the Fukushima Daiichi site and nearby land in Japan’s Futaba and Okuma districts.

In a 2020 report, Greenpeace claimed that “the only acceptable solutionwas for Japan to continue the long-term storage and treatment of contaminated water.

“It is logistically possible and will allow time to deploy more efficient treatment technology while allowing the threat of radioactive tritium to naturally diminish,” the environmental group said. Greenpeace said while the Japanese government had considered allocating land for storage in Okuma and Futaba, dumping at sea was considered easier and less time-consuming.

The option of storing wastewater is also favored by the expert civil society organization, the Citizens Committee on Nuclear Energy (CCNE), supported by Tilman Ruff, associate professor at the Institute for Global Health at the University of Melbourne in Australia.

“Their [CCNE’s] recommendation for water management is that the first thing to do would be to store it in large, properly constructed, secure and long-lived reservoirs, similar to those that Japan uses for its national oil and petroleum reserves… The point they make, which I think is really very valid, is that if this water hasn’t been stored for an indefinite period, but even for a period of about 50 to 60 years , so by then the tritium will have decayed to a tiny fraction of what it is today and will hardly be a problem,” Ruff told Al Jazeera.

An aerial view shows the treated water storage tanks at the Fukushima Daiichi nuclear power plant, which was devastated in the 2011 tsunami [File: Kyodo/via Reuters]

The Japanese government insists that the effect of radiation on human health as a result of the discharge is small, stating that it will amount to 0.00081 mSv/year (millisievert of radiation per year), a fraction the level of exposure to natural radiation, estimated at 2.1 mSv/year. But medical experts are seriously concerned about the huge volume of wastewater and the potential fallout of even small amounts of tritium, a radioactive isotope that will not be removed during treatment.

“Tritium is a normal contaminant in the releases, the cooling water from normal reactor operations, but that equates to several centuries of normal tritium production that’s in that water, so it’s a very large amount,” he said. said Ruff.

“The government says it will dilute the water so it doesn’t exceed regulated concentration limits… It might allow you to tick off a regulatory requirement, but it doesn’t actually reduce the amount of radioactivity that enters the environment and the amount of radioactivity released here is really critical,” added Ruff, Nobel laureate and co-chair of the International Physicians for the Prevention of Nuclear War.

He says the human and environmental consequences of even very low levels of radiation exposure cannot be ignored.

“Obviously, the higher the level of exposure [to radiation], the greater the risk, but there is no level below which there is no effect,” Ruff said. “It’s now been proven quite conclusively, because over the last decade there have been impressive, very large studies of large numbers of people exposed to low doses of radiation. At levels even a fraction from those we receive from the normal fund [radiation] exposure of rocks, cosmic radiation. Even at these very low levels, harmful effects have been demonstrated.

For Babauta and other Pacific Islanders, any effect is unsustainable.

For now, she said, it is vital that the Northern Mariana Islands have “a place at the decision-making table. Major decisions like these impact at the heart of our lives as Pacific Islanders, impacting the future of our children and generations to come.

People of all ages can get into deep debt, but young people can be particularly vulnerable due to a lack of financial education and experience. They may continue to shop with their credit cards for the things they want, then be devastated when they find their bills are out of control. Yes, an expensive lifestyle can put you in serious financial trouble, and no one can force you to learn how to properly manage your funds unless you actively learn from your mistakes.

Money mistakes may not seem serious at first, but if ignored, they could have a huge impact. It is advisable to correct money mistakes to live a financially secure existence. Here are some risky financial mistakes and the steps you can take to avoid them.

1. Not budgeting

You need to create an appropriate budget for yourself. Budgeting is, after all, the foundation of personal finance. You need to keep track of all your expenses, even the smallest ones. You may need to cut back on extra expenses, such as entertainment and dining out, at first. However, if you have regained your financial balance, you can also include these additional expenses in your budget. All of these expenses should be categorized appropriately.

You must set aside a certain amount of money for each category and not exceed this number. By creating a budget, you can better understand how much money you have, what you spend it on, and where you spend it. You’ll be more motivated to save money.

2. Signing up for useless subscriptions or offers

Don’t choose a credit card, gym, or club membership just because of promotional offers and enticing perks. You should carefully study all terms and conditions before deciding whether or not to consider offers. Some specific tacit terms and costs exceed your budget.

3. Having too many credit cards

Carrying too many credit cards is a common mistake among young adults. Keep in mind that having too many credit cards is not good. It encourages people to spend money they don’t have. As a result, they are more likely to fall into the credit card debt trap.

4. Ignore existing debts

Instead of wasting money, you should pay off student loan debt or other financial responsibilities. To live a financially stable life, you need to focus on paying the bills. If you already have debt, pay more than the minimum amount due on those bills. If you only pay the bare minimum, it will take you a long time to pay off your obligations and you will have to pay a lot of interest.

It’s a good idea to pay more than the minimum on a bond, usually with the highest interest rate. The money you save on (long-term) interest will make it easier to pay your bills.

5. Ignore the credit card statement

Ignoring monthly bank statements is risky. Check your bank statements to see if all of your charges are listed correctly and determine whether or not you are in arrears.

Double-checking your statement can also help you spot potential signs of identity theft. Reviewing your bills allows you to notice any outstanding issues and dispute erroneous charges.

6. Not setting aside money in an emergency fund

Emergencies are unpredictable; you need to plan for the possibility of unexpected life events. Build an emergency fund for financial crises if you have no debt. When you have a sufficient savings account, you won’t need to go into debt or borrow money from others in a financial emergency. As a result, you will be able to secure a stable financial future.

7. Not contributing to a retirement account

Make an effort to set aside some of your income for retirement. If you want to be financially happy and live a financially independent life, you need to plan for your retirement years. You need to recognize that your income will cease after you retire, but your costs will not. Preparation for retirement should begin as early as possible. Each month, contribute a portion of your income to your retirement savings, such as a 401(k) or IRA.

8. Regular default of monthly payments

Late and missed payments add to your financial hardship. Missed payments show up on your credit report, indicating a lack of financial responsibility. Additionally, creditors and lenders can revoke discounts and impose fines, late fees, and other expenses, or they can raise rates, further worsening your financial situation. Therefore, make every effort to make all your monthly payments on time.

9. Use credit cards to pay medical bills

Medical bills can be expensive, but paying them with plastic would be a mistake. If you are having financial difficulty, you will need to establish a payment plan for your medical expenses. It is not recommended to pay medical expenses with a credit card.

10. Not paying bills on time

You may accrue further debt or be penalized for late payments once you have made late payments. This will hurt your credit report as well as your credit score. Everything becomes more difficult when you have a bad credit rating. The creditor or the insurer can refuse your loan application. A good company may even be hesitant to offer you a job if your neglectful habits show up on your credit report (although employers won’t see your credit score when they do a background check).

How to Work Diligently to Correct Money Mistakes

• Subtract your total expenses from your total income; you can allocate the remaining amount to another objective (savings, repayment of debts, etc.).
• Budgeting does not imply deprivation or limitations. You can still enjoy life while saving money if you follow good financial tactics.
• You need to understand that credit card companies target young adults by advertising unnecessary hot deals and offers. But you should check the interest rate before buying a credit card, and it is advisable to apply for a low interest rate card. If you’re taking a high interest card just to get rewards points, you’re doing it wrong.
• To eliminate payment headaches, set a reminder or automate your invoices.
• Be sure to prepare a list of the things you buy. Track expenses and make payments on things you’ve bought recently so you don’t rack up debt.
• If you have several debts and you cannot repay them, consider debt consolidation. You should understand how to consolidate payday loans first. You can take out a consolidation loan to pay off existing debts. You can also enroll in a debt consolidation program for help with debt relief.
• You can calculate the total amount you owe credit card companies. If you find that you cannot make payments to creditors, negotiate with the company to reduce the outstanding balance.

Financial liabilities will always be incurred by those who do not correct their money mistakes, but correcting those mistakes is not impossible. Although circumstances sometimes require significant lifestyle changes, these changes will lead to a financially peaceful life.

Lyle Solomon has considerable litigation experience and substantial practical knowledge and expertise in legal analysis and writing. In 1998, he graduated from the McGeorge School of Law at the University of the Pacific in Sacramento, and he is now the senior attorney for the Oak View Legal Group in Auburn. He has contributed to publications such as Entrepreneur, All Business, US Chamber, Finance Magnates, Next Avenue and many more.

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By Mr. Sunil Sood, Business Manager, Executive Education, Times Professional Learning

Family businesses account for 79% of India’s GDP. Even in times of volatility and uncertainty, family businesses have shown conviction and resilience. However, adopting new era techniques and skills is essential for them to grow in today’s fast-paced world.

Family businesses play a central role in the Indian economy by contributing to the growth and stability of businesses in the country. Family businesses in India represent 79% of the national GDP. With 111 publicly listed family businesses valued at $839 billion, India is home to the third highest number of family businesses in the world. It may be difficult to fully understand why family businesses should be treated any differently than any other business, but it is essential to understand that family businesses are most often founded on unwavering values ​​and principles. Arguably, these values ​​and principles are what allow family businesses to navigate troubled waters through meaningful internal and external collaborations.

Family businesses are rooted in trust, integrity, kinship and brotherhood, which also extend to their employees. Data shows that 78% of family businesses have done everything possible to retain their existing staff in the face of adversity. Family businesses tend to be resilient in volatile conditions as they are not solely dependent on external entities for their capital.

Another factor behind their resilience is the goodwill they establish among their customer base or consumer base. In a country like India, where the family is the unit of society, consumers tend to trust family businesses more. In fact, 67% of respondents in the 2020 Edelman Report said they trust family businesses more than others. This resilience and goodwill have become essential to thrive in the uncertain circumstances brought about by the COVID-19 pandemic. Data shows that despite the temporary setbacks imposed by the pandemic, family businesses are ready to resume normal operations by early 2022.

Challenges Facing Family Businesses

Despite their rock-solid foundations, family businesses have often been unable to grow beyond a certain point. The main reason behind this is the hands-on leadership style followed by most family business leaders, which proves extremely effective in the early stages of growing a business. But beyond a certain point, leaders must let go of the reins and delegate responsibility accordingly, which is not possible without a solid strategy in place. Family businesses have also not been able to adapt to changing market conditions. With only 38% believing they are digitally capable, digital transformation has been slow among family businesses. The pandemic and Industry 4.0 have necessitated a rapid transition to hybrid working, virtual operations and automated processes. To ensure long-term resilience and unlock tremendous growth potential, it is no longer enough for family businesses to rely solely on their core values ​​and traditional management styles.

Channeling the benefits of the new era into growth

Results from PwC’s 10th Global Family Business Survey show that 71% of family businesses with strong digital capabilities were able to change the course of their organization in the short term and adapt to new developments. Digital transformation and diversification ranked at the top of organizational priorities, according to a survey of family businesses in 2019. The data highlights the importance of digitalization for family businesses. The figure above gives a comprehensive overview of the top priorities of Indian family businesses. While there is a strong will among family business leaders to use modern tools and techniques to grow their organizations, there is also a strong resistance to change. To be successful in their change initiatives, family business leaders must be equipped with knowledge of today’s management best practices and state-of-the-art tools for effective application.

Unfortunately, there are few family business courses that meet the requirements of a leader. A certificate or regular course in business management would not adequately equip leaders with the specific skills needed to run family businesses. Continuing education is proving to be an effective solution to meet these needs. Times Professional Learning has partnered with IIM Calcutta to offer a Postgraduate Certificate in Family Business Management aimed at enabling leaders of family businesses to understand and learn to meet the challenges they face in the dynamic environment of today. The IIM Calcutta Family Business Program is one of a kind and aims to equip leaders with the necessary skills to help them achieve their organizational goals and objectives.

Family businesses are rooted in cultural values ​​and community principles that give them a solid foundation. This foundation helps family businesses stay strong even in the midst of market volatility. However, the COVID-19 pandemic is proof that traditional values ​​alone are not enough for organizations to survive and thrive in the rapidly changing world we find ourselves in today. Augmenting preexisting advantages with new era tools and skills can help leaders usher their family businesses into the new era of endless possibilities.

Disclaimer: Content produced by Times Professional Learning (TPL)

]]> https://xing-wu.com/the-path-to-net-zero-energy-creating-jobs-and-more-affordable-energy/ Thu, 20 Jan 2022 11:09:48 +0000 https://xing-wu.com/the-path-to-net-zero-energy-creating-jobs-and-more-affordable-energy/

Northern Ireland’s new energy strategy – The Path to Net Zero – will create jobs and lead to more affordable energy, Economy Minister Gordon Lyons said today.

The minister was speaking as he launched a 22-point action plan for the path to net zero energy and NIE Networks announced 110 new jobs aligned with the strategy.

The action plan follows last month’s release of The Path to Net Zero Energy, which outlined a roadmap to reduce our energy-related emissions by 56% by 2030 and a pathway to achieve the vision. 2050 net zero carbon and affordable energy. The action plan includes a series of new initiatives, including a £10m green innovation fund, a hydrogen center of excellence and a one-stop-shop for energy advice.

At the launch of W5’s new Energize exhibition in Belfast, the minister was supported by representatives from NIE Networks, the Housing Executive, the Consumer Council, National Energy Action and the Utility Regulator.

He said:
“I am delighted that The Path to Net Zero has been endorsed by some of the most prominent organizations working in the energy sector. A collaborative approach is key to putting affordability at the center of our new strategy and action plan. We will take an energy efficiency approach that will help consumers reduce their energy consumption and therefore minimize their energy bills.

“The action plan charts the best course to ensure people live and work in more energy-efficient buildings, while helping some of society’s most vulnerable live in warmer homes, reduce health problems and, ultimately, to save lives. We understand that people need information, advice and financial support to make some of these changes, especially with affordability in mind, and we will ensure that the appropriate help is available. .

NIE Networks has announced it will create at least 110 new jobs, with an additional £50million investment in the power grid with opportunities for engineers, designers, apprentices and operational roles. It is part of a major investment that will focus on the deployment of clean energy infrastructure.

The Minister welcomed the announcement, saying it reinforces the vision of the Green Economy Strategy, which aims to create new jobs and develop a skills base for the low-carbon economy through the innovation, support and focus on our competitive strengths.

He added:
“I am delighted and encouraged that NIE Networks is investing in our energy future. As we move forward on The Path to Net Zero Energy, we can expect to see new investments in clean energy that will create real economic opportunities on the ground for our businesses and citizens. We aim to double the size of our low carbon, renewable energy economy. This will create the jobs of the future and we will ensure that everyone has the skills and training to benefit from them.

“I therefore welcome NIE Networks’ commitment to providing a wide range of employment opportunities, including management positions and apprenticeships through its award-winning apprenticeship program and training center as part of this announcement.”

NIE Networks Managing Director Paul Stapleton said:
“Our investment announced today aligns with The Path to Net Zero. The electricity grid is at the heart of Northern Ireland’s journey to net zero carbon emissions and is a central part of the economic recovery following of the Covid-19 pandemic. The creation of these 110 jobs and our investment in the additional skills we are developing at NIE Networks over the next few years will help Northern Ireland achieve these goals and drive green growth in the years to come.

The action plan has been welcomed by a number of other organizations.

Chief Housing Officer Grainia Long said:
“I welcome the release of The Path to Net Zero Energy Strategy Action Plan, which is a very welcome step in Northern Ireland’s transition to net zero emissions. We are determined that housing plays a vital role in this and estimate that improved energy efficiency in local homes could reduce emissions by 2.2 million tonnes per year. It is also fundamental in the fight against fuel poverty. As part of our own plans, we recently launched a research and development competition to rapidly develop ‘smart’ systems that help reduce carbon emissions from home heating by using more local clean renewable energy and enable our tenants to keep their homes warm and dry. , while saving on energy costs for tenants.

Noyona Chundur, Chief Executive of the Consumer Council of Northern Ireland, said:
“We are convinced that the objective of net zero greenhouse gas emissions is essential for the long-term protection of consumers. This must go through the development of a sustainable energy future that works for all of us. It is essential that we achieve a fair and equitable transition by ensuring affordability, security of supply and consumer protection.

“We must avoid demands that are too burdensome and unaffordable for consumers if we are to achieve our net zero goal. Instead, we need to engage, empower and mobilize communities and consumers to create a grassroots movement capable of delivering net zero. We support the New Energy Strategy and are committed to working in partnership to implement it, and the consumer education, support and empowerment needed to help our citizens navigate their changing energy future.

John French, chief executive of the utilities regulator, said:
“This strategy offers a real opportunity for Northern Ireland to contribute to the goals of the decarbonisation agenda while ensuring energy bills are affordable for all.”

The action plan comes at a time when energy prices are rising dramatically.

Pat Austin, of energy charity National Energy Action, said:
“Many fuel-poor people are struggling this winter, especially with soaring household energy bills. There are so many negative impacts resulting from living in a cold house – unnecessary deaths, poor physical and mental health, reduced life chances and added pressure on our precious healthcare services. These consequences affect us all.

“We support this new energy strategy and hope it will be a catalyst for change, ending energy poverty and shaping a fairer energy future in Northern Ireland.”

Notes to editors:

1. Photo caption:
   Pictured at the W5 in Belfast at the launch of the Net Zero Energy Transition Action Plan are (lr) Grainia Long, Chief Housing Officer; Noyona Chundur, Chief Executive of the Consumer Council; Economy Minister Gordon Lyons; Paul Stapleton, Managing Director of NIE Networks; Pat Austin of National Energy Action; and John French, chief executive of the utilities regulator.
2. The Path to Net Zero Energy Strategy and Action Plan can be found on the Department’s website: https://www.economy-ni.gov.uk/energy-strategy-action-plan
3. The Department may take photos and videos during announcements and events to publicize its work. Photographs, interviews, videos or other recordings may be given to media organizations for publicity purposes or used in promotional material, including in publications, newspapers, magazines, other print media, television, radio and electronic media (including social media and the Internet) . Photographs and videos will also be stored in the Department’s internal records management system. The Department will retain photographs and recordings only as long as necessary for the purposes for which they were obtained. The Department’s privacy policy is available on our website.

4. To keep up to date with Department news, you can follow us on the following social networks:

   Twitter – @Economy_NI https://twitter.com/Economy_NI
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5. For media enquiries, contact the Department of Economics Press Office at [email protected]

6. The Executive Information Service runs an after-hours service for media inquiries only between 6:00 p.m. and 8:00 a.m. Monday to Friday and on weekends and public holidays. The permanent press officer can be contacted on 028 9037 8110.

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