Tag: Climate Change

News

Climate Change Heats Up Workforce Safety and Health Concerns: International SOS Calls for Action

Apr 29, 2024 by Sujata Muguda 0 Comments #Climate Change, #Dr Olivier Lo, #Dr Vikram Vora, #Global Medical Director, #Indian Subcontinent, #International SOS, #Medical Director, #mental health and wellbeing, #Occupational Health Services, #occupational safety and health (OSH), #risk assessments, #The International Labour Organization (ILO), #worker health and safety:, #Workforce Safety and Health Concerns, #World Day for Safety and Health at Work

National, 29th April 2024 – In light of World Day for Safety and Health at Work on 28 April, the International SOS encourages organizations to reassess their occupational safety and health (OSH) programmes. Climate change is intensifying existing OSH challenges, and organizations must prioritize proactive solutions. This year’s theme, “Impacts of climate change on occupational safety and health,” highlights the urgency of this evolving threat.

The International Labour Organization (ILO) latest report estimates that over 70% of the global workforce faces potential exposure to climate-related health hazards.1 These hazards include extreme heat stress, worsening air quality, and more frequent and severe weather events. Furthermore, the Intergovernmental Panel on Climate Change (IPCC) projects a decline in growth in labour productivity due to climate change impacts.2 By 2030, the equivalent of more than 2% of total working hours worldwide is projected to be lost annually, as a result of extreme temperatures, leading to unsafe working conditions or a decrease in worker output.3

Dr Olivier Lo, Global Medical Director, Occupational Health Services, at International SOS “The escalating threats of climate change necessitate a heightened focus on managing risk exposure and health incidents for the workforce. At International SOS, we saw an 80% increase in climate-related medical alerts throughout the majority of 2023 compared to 2022. This concerning trend is further highlighted by the International SOS Risk Outlook 2024 report, with four of the top five health risks identified by respondents being related to climate or weather factors.4 With climate change adding urgency, it is crucial for organizations to acknowledge its combined impact with existing OSH threats. This is key to effectively safeguard workforce safety, and health and manage productivity.”

The traditional focus of occupational health and safety on physical safety, accident prevention, and maintaining a sustainable work environment has overlooked a critical factor, the impact of climate change on workforce wellbeing. Extreme weather events and climate-related disasters pose a growing threat to mental health and psychosocial wellbeing. These events can trigger a range of emotional responses, including distress, anxiety, depression, grief, and even suicidal behaviour. 5

Dr Vikram Vora, Medical Director – Indian Subcontinent adds “With Southeast Asia bearing the brunt of an unprecedented heat wave this year, it is essential for organizations to go beyond mere compliance and redesigning their workforce health and wellbeing programs to include the capability to respond to health threats posed by climate change. Regular assessments and adaptations are key to ensuring workforce safety in this evolving landscape. By proactively managing emerging occupational health and safety risks, organizations can not only create positive work environments but also contribute to a more sustainable future. This includes mental and emotional wellbeing support, chronic disease management, and preventive healthcare.”

To ensure workforce safety, health and well-being in the face of a changing climate, International SOS encourages organisations to consider the following:

1. Conduct regular risk assessments: Incorporate climate-specific hazards and factor in rising temperatures, extreme weather events and changing air quality. Identify vulnerable workforce profiles and locations most at risk from climate impacts.

2. Prioritise worker health and safety: Integrate climate considerations into existing health and safety programmes. Promote heat stress awareness and prevention measures like hydration protocols and rest breaks.

3. Provide mental health and wellbeing support: Develop resources and training to help employees cope with the psychological impact of extreme weather events or environmental disasters. Offer access to mental health professionals to address potential anxiety or stress related to climate events.

4. Climate-ready training programmes: Equip the workforce with knowledge and skills to work safely in a changing environment. Provide training on emergency preparedness and safe work practices during extreme weather events like floods or wildfires.

5. Robust incident response protocols: Develop clear and well-communicated protocols for responding to heat-related illnesses, accidents during extreme weather, and other climate-related incidents. Implement a system for continuous improvement by reviewing incidents and updating protocols as needed.

Disclaimer: The following press release is provided by a third party and does not necessarily reflect the views or opinions of The Web Portal. The Web Portal does not endorse or take responsibility for the content, accuracy, or completeness of the information provided in the press release.

Business

Hindustan Power combats climate change with innovative measures

Jun 17, 2022 by Agency 0 Comments #Climate Change, #Hindustan Power

The Environment Week, starting from June 3-10, 2022, concluded at Hindustan Powerprojects flagship company MB Power (Madhya Pradesh) Limited at its Anuppur Thermal Power Plant, with a slew of initiatives geared towards easing the carbon footprint and for creating environmental awareness among stakeholders, workers, women and children of families involved with the company and nearby localities.

Amidst fast paced industrialization, better balance between environment and progress is mandatory. The concluded week of environment day celebrations, aligned with this year’s theme for Environment Day, “Only One Earth”, stressed on prioritizing green power generation, the importance of biofuels and the need for proactive measures to save the environment.

Commenting on the week-long activities, Sanjiv Mehra, Regional Officer, Madhya Pradesh Pollution Control Board, Shahdol said, “A sensitive and responsible industry always thinks of People first and then Profits and Planets. Hindustan Power’s innovative measures to reclaim unused land, low lying areas and abandoned mines with back filling and supplying fly ash to several cement factories are truly inspiring.”

To create greater awareness and sensitivity towards the environment, Hindustan Power under the aegis of its group firm MB Power (Madhya Pradesh) Limited- Anuppur Thermal Power Plant, encouraged workers and families, including women and children to take part in theme-based online quizzes, making posters, slogan writing and speech competitions, with awards/gifts given to outstanding contributions. On the concluding day, a mass tree plantation drive was organized.

Ajit Chopde, Head Operations & Maintenance, at the Anuppur Thermal Power Plant, said, “Our environment is important for our health. Each small step is part of a long journey. For instance, implementation of FGD and replacing sodium lights with LED saves energy and conserves resources. We have only one planet to live, so we need to drive greater efforts at the local level as well.”

Dr Bhola Prasad Kushwaha, Head, Environment, and RK Khatana, GM, HR & Administration at the Anuppur Power Plant, shared the steps taken by the company for environment protection such as the creation of green energy, climate change awareness drives, involving local communities, and so on.

Business

Creating sensitivity among people, involving students and contributing in our own way in mitigating Climate change is need of hour.

Jun 6, 2022 by Agency 0 Comments #Climate Change, #World Environment Day 2022

On the occasion of World Environment Day 2022, the Environment Committee of PHD Chamber of Commerce and Industry organised an Interactive Session with Shri Prakash Javadekar Ji, Hon’ble Member of Parliament & Former Cabinet Minister for Environment, Forest and Climate Change on 4th of June 2022 in hybrid mode .

         

Mr. Pradeep Multani, President, PHDCCI in his presidential address talked about the theme on which the World Environment Day 2022 is centred which is “Only One Earth” and how important it is to protect the Earth that sustains us. Further, he said that a close collaboration between the national and sub-national governments as well as a partaking involvement of all stakeholders and community is essential at this stage if we are to meet the sustainable development goals set for the country. Lastly, He talked about the pressing need for incorporating sustainability in Businesses in order to achieve the goal of green business.

 

Dr. J P Gupta, Chair, Environment Committee, PHDCCI while giving the welcome address talked about the importance of sustaining the earth now more than ever. He said that the new data released by the Mauna Loa Observatory, Hawaii shows that Carbon Dioxide level is the highest in human history in the month of May. It is now 50% higher than the pre-industrial average suggesting that there is more carbon dioxide than any time in 4 million years. Due to this Global temperatures are increasing at a higher rate. Further, he said that Global warming is geometric progression and not arithmetic progression. Therefore, we should all come together to take serious actions to save the Environment.   

 

Shri Prakash Javadekar Ji, Hon’ble Member of Parliament & Former Cabinet Minister for Environment, Forest and Climate Change in his address highlighted that emissions of carbon dioxide has significantly increased since the industrial revolution, impacting climate change. It has resulted into high number of floods,hurricanes,sea level rise, drought etc. He said, developed nations  are responsible for this and the damage done to the climate so far and  India’s contributions to climate Change is only  3 precent in this direction. There are some some significant steps taken by the Government to mitigate climate change like formation of international solar alliance, reclamation of desertified land, electronic vehicles and many other pacts and agreements have been signed with different countries. He urged developed countries to come forward and   provide  new technologies to the developing nation and collectively work for Environment development. He further emphasized on Creating sensitivity among people,  involving students and contributing in our own way in mitigating Climate change which is a need of hour. 

 

Ms. Sheelu Sagar, Assistant Controller of Examination, Amity University delivered an insightful presentation wherein she talked about the Impact of Yoga on quality of life of Employees for Environmental Protection. She said that Yoga teaches one a holistic vision of the world to live in harmony with ourselves, society and nature. It inspires one to shift away from the unsustainable practices to move towards inclusive green growth, belief in conscious consumption and sustainable lifestyles. Further, she said that Yoga can help in environment protection and climate change by Building ethics, Refining behaviour and providing a sense of calm. Lastly, she said that Yoga & meditation are tools which can be utilised in restraining environment pollution. In this disbalanced world Yoga promises equilibrium in a world of excess.

 

Dr. Mamta Saxena, Director, Vedmurty Center for Innovative Research in Vedic Sciences (VCIRVeS) in her address talked about Yagya’s Effect on Air Pollution. She apprised all about the research study done in association with Central Pollution Control Board wherein it was found that performing Yagya has significant effects on Air Pollution, Bacteria and Total Pathogens. In her study it was found that there were drastic reductions in pathogens, bacteria and fungus and improvement in Air Quality when performed in an Indoor Setting and the Yagya performed was effective for a period of 7 days. Yagya performed in an open air outdoor setting also has similar results in improvement of air quality and reducing microbial pollution.  

 

Dr. Rohit Rastogi, Associate Professor, CSE Department, ABES Engineering. College, Ghaziabad through his presentation talked about Yagyopathy which is now being treated as therapy to cure diseases. He also talked about Yajna which is the basic foundation of Indian Culture performed by Rishi Muni to uplift common mass consciousness to heights. Further, he said that performing Havans is a best healing method for physical and mental illness and is also helpful in curtailing the electromagnetic radiations emitting from electronic gadgets.

 

Mr. Mahendra Rustagi, Co-chair, Environment Committee, PHDCCI while delivering the concluding remarks recited a small poem that he had written on the occasion of World Environment Day. Further, he thanked Shri Prakash Javadekar Ji and all the panellists and participants for attending the session.

 

The event was graced by the presence of Mr Saurabh Sanyal,  Secretary General PHDCCI .Dr. Chitra Rajagopal, Former DS and DG (R&M), DRDO and was attended by Industry stalwarts and experts from  all across India.

 

The Session was moderated by Ms. Kanchan Zutshi, Sr Secretary, PHDCCI. 

Technology

Bosch Tech Compass: 80% Indians believe technology will play a key role in combating climate change

Jan 21, 2022 by Praveen 0 Comments #Bosch Tech Compass, #Climate Change

A vast majority of Indians believe that technologies such as 5G, AI and IoT will create a positive impact on society. The survey indicates that 42% believe that 5G will have the most positive effect, followed by AI and IoT. These are some of the findings from the Bosch Tech Compass, a representative survey of the general public in China, India, Germany, the United Kingdom, and the United States. The survey had its global debut at CES 2022. In view of the rapid and profound changes technology is driving in many spheres of life, the Bosch Tech Compass aims to encourage people to take a closer look at the positive impact of technological progress on a globalized world.

Technology to play a key role in combating climate change

Climate change is a global concern of pivotal importance to individuals, communities and organizations. While technology is in every sector, using technology to combat climate change has gained importance lately. “Creating an ecologically sound and sustainable environment should be an imperative for individuals and organizations, and not just an afterthought. People want technology to help them live a better quality of life that offers convenience and an ideal way of living. Bosch Tech Compass shows how technology is instrumental in solving the climate crisis,” says Krishnamurthy Vadiraj, Head Technology & Innovation, BGSW.

Technology that will be the most influential in 10 years

When the respondents were asked about which of the technologies will be the most influential in their own country, the vast majority of respondents in India and China said 5G, AI and IoT while the US and UK added self-driving/automated driving along with AI and 5G as the most influential. The future relevance of specific technologies from a global response is clearly dominated by AI (43%) and 5G (42%) worldwide.

Business

Epson Global Survey Reveals Startling Climate Reality Deficit – 73.4% Of Indians Are Still Optimistic…

Sep 16, 2021 by Rekha Nair 0 Comments #2021 United Nations Climate Change Conference, #Climate Change, #Global President of Epson, #Yasunori Ogawa

Bangalore, India – With just 45 days to go to the start of the 2021 United Nations Climate Change Conference (COP 26) in the UK in November, Epson announces the results of its Climate Reality Barometer. Epson’s research discovers a potentially damaging gap between climate reality and people’s understanding of its catastrophic effects. The survey captures global experiences and perceptions of climate change from 15,264 consumers across Asia, Europe, North America and South America, including 1,207 consumers in India.

Timed to help frame discussions at COP 26, the goal of the Epson Climate Reality Barometer is to raise greater public awareness of climate change impacts, influence transformative business decisions, and better inform policymakers.

Reality deficit: Optimism vs evidence

When questioned about their views on humanity’s ability to avert a climate crisis within their lifetimes, almost three in four (73.4%) of people surveyed in India as part of the Epson Climate Reality Barometer, state they are “very” or “somewhat” optimistic, while just one in 10 (11.4%) claim to be very or somewhat pessimistic. This significantly outweighs the global trend, with close to half of the respondents worldwide (46%) stating that they are optimistic and 27% expressing pessimism in this regard. Results show a worrying climate reality deficit between participants perception of, the scale and immediacy of the climate emergency on one hand and the actions to tackle the same on the other. In India 4.1% of respondents do not believe that there is a climate emergency at all. The US tops the list of climate deniers at 11%.

Optimism in India is driven most by the opportunity to use science and technology to solve problems (31.9%), the fact that people are not aware of climate change dangers (26.4%) and the ability to move away from fossil fuels like coal to renewable sources like wind energy (21.4%). On the other hand, those who are pessimistic are driven mostly by a belief that people are not aware of climate change dangers (32.6%), a lack of government action (30.4%) – with 17.4% believing we are not switching to renewable energy sources link wind energy fast enough.

The latest Intergovernmental Panel on Climate Change (IPCC) report warned that India will suffer more frequent and intense heat waves, extreme rainfall events and erratic monsoons, as well as more cyclonic activity, among other weather-related calamities in the coming decades (source). Epson’s Climate Reality Barometer’s findings suggest a damaging triumph of optimism over evidence, with potentially devastating consequences.

Reality check: Understanding vs. action

The Barometer suggests that optimism may be the result of a failure to recognize climate change and, therefore, its scale. Around three-quarters of respondents in India see the link between climate change and rising global temperatures (81.6%), extreme weather (78.5%) and declining water supplies (75.6%). In contrast, awareness falls to just over half for other important events such as famine (58.4%), thawing permafrost (54.1%) and insect outbreaks (59.8%).

Many in India, however, still believe action should come from elsewhere: a quarter (25.8%) believe governments are “most responsible for tackling the climate emergency”, and 26.9% say businesses are the “most responsible” for tackling climate. The findings also suggest a lack of consistency between individual intention and action. While 66.2% of Indians are already reducing plastic use, worryingly 8.8% of people say they have no intention of doing so, or don’t know how to. Similarly, 42.6% of Indians claim that they are boycotting unsustainable brands but 16.7% of those surveyed say they don’t intend to or aren’t sure how to go about this. And while 65.1% of Indians claim that they are walking or cycling more often, 8.9% still say they don’t intend to change their travel habits.

There is evidence, however, that the idea of personal and collective responsibility is gaining currency. Encouragingly, 21% of respondents see that they are personally “most responsible”, while (21.5%) believe that we are all responsible — with action incumbent on governments, businesses, and individuals alike.

Business reality — the time to act is now

The Climate Reality Barometer suggests that for many, climate crisis remains something that happens to someone else. As the survey reveals that globally only 14% of respondents recognize big businesses as most responsible for tackling the climate emergency, and just 3% small companies (fewer than the 5% of climate change deniers), it also suggests that now is the time for companies of all sizes to play a bigger role.

Companies can empower other businesses and consumers with sustainability-supporting innovations. At Epson, this has seen the development of, for example: initiatives to reduce customer impact through the use of highly energy-efficient Heat-Free printing technology; and R&D into environmental technologies such as naturally derived (non-plastic) materials.

Beyond product and materials innovation, businesses can make a big difference by promoting and demonstrating climate responsibility. Epson carries this forward by: transitioning to 100% renewable electricity and engaging with initiatives such as the RE100 renewable energy project; working to close the resource loop for example, by promoting product refurbishment and reuse; and engaging in high impact partnerships such as its work with National Geographic to protect permafrost.

Yasunori Ogawa, Global President of Epson, commented: “The discovery of the Climate Reality Deficit shows that awareness coupled with action, will be critical to tackling the emergency. Epson’s goal is to bring this awareness and the technologies needed — by our company, other businesses and consumers — to action transformational change. Sustainability is central to our business plan and backed by significant resources — because while we know there is a long way to go, we believe we can build a better future.”

About Epson

Epson is a global technology leader dedicated to co-creating sustainability and enriching communities by leveraging its efficient, compact, and precision technologies and digital technologies to connect people, things, and information. The company is focused on solving societal issues through innovations in home and office printing, commercial and industrial printing, manufacturing, visual and lifestyle. Epson will become carbon negative and eliminate use of exhaustible underground resources such as oil and metal by 2050. Led by the Japan-based Seiko Epson Corporation, the worldwide Epson Group generates annual sales of around JPY 1 trillion.

About Epson India

Epson India Pvt. Ltd. was incorporated in the year 2000. Epson products address the needs of homes, businesses and commercial enterprises as those of consumers with specialized needs in India. With a commitment to providing products and services that surpass people’s expectations, Epson India today has an enviable reputation for quality and value. Headquartered in Bangalore, the company markets and supports Epson Inkjet Printers, Inkjet All-in-Ones, Point of Sale Printers, 3LCD Projectors, Scanners, Large Format Printers, Robots and Dot-Matrix Printers. In all of these categories, Epson is either the No. 1 or No. 2 brand in India and growing fast. https://www.epson.co.in/

Business, News

GoingZero, the #ZeroWaste Store, announces Independence Day offer for 100% plastic-free, cruelty-free & animal-free products

Aug 10, 2021 by Rekha Nair 0 Comments ##ZeroWaste Store, #Climate Change, #co-Founder, #GoingZero, #Sagar Singh

National: With the United Nations (UN) announcing a Code Red for Humanity with respect to climate change, GoingZero, the #ZeroWaste Store co-founded by Environmentalist and Green Crusader awardee, Sagar Singh, has announced that India’s largest marketplace for 1,000 plus zero-plastic, eco-conscious vegan products with reusable plastic packaging, now offers FREE shipping and plastic-free delivery as part of its special Independence Day offer.

GoingZero, the #ZeroWaste Store, also offers 100% Cruelty Free with No Animal Products or No Animal Testing. The website also runs on clean energy servers.

Customers can shop in various categories such as Home Essentials, Daily Use, Skin/ Hair Care, Zero Waste Kit, Travel, Bathroom Essentials and Festival among others. The daily care products include tooth powder, aloe vera gel, wood comb and tea leaves strainer. Travellers can shop for Explorer’s Essentials online at the best prices. GoingZero recently launched edible spoons (super crunchy and tasty) by ThinkEarth.

Sagar Singh, co-founder, GoingZero, says, “With the United Nations announcing Code Red for Humanity on the climate change front, it is time for a paradigm change in vendor and consumer behaviour. GoingZero values and encourages plastic-free, cruelty-free and chemical-free, vegan, zero-waste products. We serve to bring all eco-friendly businesses that serve nature, together, at a common platform, for conscious customers to buy quality products. Going Zero came into being to provide a conscious, eco-friendly alternative to people who opt for a zero-waste lifestyle.”

As a brand, GoingZero aims to bring together such conscious brave-hearts, by offering a common international sustainable marketplace for conscious buyers. It comprises a team of environmentally conscious millennials, belonging from different regions of the country, functioning remotely, flagging the idea of minimizing resource wastage.

GoingZero aims to minimize our negative impact on the earth and care for our wildlife and Mother Earth to keep humane empathy alive. It outlines its mission as: Reducing waste; Making sustainable products accessible to one and all; and promoting handcrafted, cruelty-free products which incur zero damage to the environment.

The Promise of GoingZero is: 100% cruelty-free, no animal testing done; Absolutely handcrafted, non-factory made; Infused with the magic of traditional Indian customs, combined with sustainable alternative ingredients; and Complete zero-waste packaging.

About Sagar Singh

Sagar Singh has an experience of 4 years as Social Science Teacher Environmentalist with a demonstrated history of working in the environmental services industry. Singh is skilled in Non-profit Organizations, Environmental Awareness, Environmental Education, Environmental Consulting, and Climate Change Impacts. He is a community and social services professional with a Bachelor’s degree focused in Biotechnology from University of Mumbai.

Singh is also the founder of Eco-Warriors India, a community of like-minded individuals who are working to conserve the environment and dedicated to protecting the ‘Lungs of Mumbai.’ The organization is tirelessly striving to make Mumbai a cleaner & greener city through its tree plantation drives, beach clean-up drives & various water conservation projects. Eco-Warriors India believes in a collaborative effort to safeguard forests & water bodies.

Singh is the ambassador for SeedBalls India, a campaign to assist fertilize the earth through entertainment and simple community workshops. The organization is tirelessly endeavouring to make Mumbai a cleaner & greener city through its tree plantation campaigns, beach clean-up campaigns & numerous water conservation operations.

Singh is a nature lover, and protector and he believes and says ‘hope is a good thing and no good thing ever dies. He collaborated with Youtuber Saiman Says and Mission Green Mumbai to form a team #TreeSena (Green Army) and decided to work on planting of trees. The tree plantation drive started from 5th January 2020 and they have decided to plant 4,000+ trees in and around Aarey Colony in Mumbai to revive green cover in the city. In order to achieve this ambitious dream, he joined hands, volunteered and donated for planting trees. Recently Singh collaborated with many schools, colleges and institutes in Mumbai and Pune to raise funds towards this dream.

GoingZero is registered Pvt. Ltd company registered in MCA with CIN No. U52399RJ2021PTC073271. We are proudly part of Startup India program.

Business World

NatWest Group named as banking sponsor of next year’s COP26 climate summit in Glasgow

Nov 17, 2020 by Gouri Achary 0 Comments #Alison Rose, #Alok Sharma, #banking sponsor, #Centre for Business, #Climate Change, #COP26 climate summit, #Glasgow, #NatWest Group, #Sustainability, #University of Edinburgh

NatWest Group has been named as the banking sponsor of next year’s COP26 climate summit in Glasgow, demonstrating its ambition to champion the fight against climate change by playing an active role in the transition to a low-carbon economy.

Alison Rose, Chief Executive Officer of NatWest Group, said:

“NatWest Group is committed to being a leading UK bank helping to address the climate challenge. We will do this by driving material reductions in the climate impact of our financing activity and by making our own operations net-zero carbon in 2020.

“But we want to do more than play our part. We want to lead on the collaboration and cooperation that is so critical to influencing the transition to a low carbon economy, which is why I am so proud that NatWest Group will be the COP26 banking sponsor.”

Alok Sharma, President of COP26, said:

“I am delighted to announce our first sponsors for COP26, who have all shown ambitious climate leadership through setting net-zero commitments and Science-Based Targets.

“When it comes to climate action, we all have an important role to play. Only by continuing to come together can we build the zero-carbon, climate-resilient future that is essential for our people and our planet.”

On Monday, NatWest Group also signed up to the Science-Based Targets initiative (SBTi).

It is the first major UK bank to sign up since the SBTi published its guidance for financial institutions to set science-based targets to align their lending and investment activities with the Paris Agreement.

This builds on the bank’s commitments to make its operations net zero carbon by the end of 2020 and to at least halve the climate impact of its financing activity by 2030, which it set out in February. The bank has also committed to quantify the total climate impact of its lending and define sector-level targets by 2022.

To help NatWest Group meet these climate ambitions, it appointed expert Lord Stern as an independent Climate Advisor in July.

NatWest Group has also announced today that more than 500 of its senior leaders have been enrolled on a sustainability leadership programme with the University of Cambridge Institute for Sustainability Leadership (CISL), which will begin on Tuesday.

The programme, which will run over nine weeks, will be led by CISL faculty and draw in academic and industry experts. It will boost the climate and broader sustainability knowledge and skills of some of the bank’s most influential senior leaders.

The University of Edinburgh’s Centre for Business, Climate Change and Sustainability (B-CCaS) is currently training a further 1,000 NatWest Group colleagues to help the bank support its customers to reduce their carbon impact and transition to the low carbon economy.