Issue link: https://maltatoday.uberflip.com/i/1526771
9 maltatoday | WEDNESDAY • 18 SEPTEMBER 2024 NEWS JAMES DEBONO jdebono@mediatoday.com.mt Factories in Kirkop could double in height, PA proposal suggests THE height limitation in the Kirkop industrial estate where ST Microelectronics and Mul- tigas Ltd are located, could double according to a propos- al put forward by the Planning Authority. The current height limitation is set at 15 metres and the PA is proposing this should rise to between 28m and 35m, which is the equivalent of between eight and 10 floors. Factory developments located on sites run by INDIS, a gov- ernment agency, can already be approved through a Devel- opment Notification Order. A DNO is a simplified and fast- tracked planning procedure initially introduced for small- scale developments like traffic lights and internal alterations in homes but was extended later to cover larger develop- ments including industrial de- velopments and applications related to security and defence. The proposed change has been issued for public consul- tation. According to the Planning Authority the aim of the change is to facilitate expansion pro- jects for major manufacturing enterprises located in the IN- DIS estate of Kirkop, which require a building height above the current allowable height of 15 metres. Irrespective of the height limitation, any development would require prior approval from the civil aviation author- ities because of the industrial estate's proximity to the air- port. Changes like those proposed for the Kirkop site have been made in the past few years in other industrial zones, includ- ing Mriehel on the part facing Mdina Road. The legal notice proposed in 2022 also foresaw new building heights within the INDIS in- dustrial estate in Marsa where heights range between 15m and 28m. In San Gwann a new site along Triq San Giljan has been added to the area where 28m-high development can be approved through DNO proce- dure. The approval of factory de- velopments through the fast- tracked planning procedure came under the spotlight in the Jean Paul Sofia public in- quiry, which recommended that method statements out- lining the works on industri- al sites should be obligatory for all developments, whether these are full development ap- plications or DNOs. Moreover, method state- ments should include a geolo- gist's report whenever the de- velopment requires excavation work. Building heights in the Kirkop industrial estate are currently limited to a height of 15m but a proposal put forward by the Planning Authority suggests increasing this to 35m The Planning Authority is proposing that the height limitaton in the Kirkop industrial estate where ST Microelectronics and Multigas Ltd are located be raised from 15m to between 28m and 35m AS the global focus on sustain- ability intensifies, Malta's fi- nancial sector is embarking on green initiatives also when de- signing new financial products. A recent review by the Malta Financial Services Authority (MFSA) has shed light on the need for greater transparen- cy and consumer protection in the market for Green Finan- cial Products issued by Banks. These products, which include Green Loans and Green Depos- its, are designed to support en- vironmentally friendly projects and contribute to the broader goals of the European Green Deal. The review focused on green or sustainable banking products offered by six local credit in- stitutions to retail clients. The Authority evaluated features such as promotional materials, product attributes and docu- mentation, product approval processes, tariffs of charges and compliance with sustainability criteria. The MFSA noted several posi- tive practices among local cred- it institutions, including a grow- ing range of green products to meet market demand, contin- uous enhancement of green products to align with client expectations, and advantageous interest rates - green loans typ- ically offer lower interest rates than traditional loans, while green term deposits generally offering higher rates than regu- lar deposits, incentivising client uptake of green products. The review also highlighted the need for credit institutions to provide clearer information to clients about the benefits and features of Green Loans, such as fee waivers, interest rates, and eligibility criteria for green home loans. Emphasis is also being placed on the importance of col- lecting proper documentation to ensure that loan funds are used for genuinely green purposes. Commenting on the findings of the review, MFSA's Head of Conduct Supervision Sarah Pu- lis stated: "Ensuring transparen- cy and consumer protection is paramount in the financial sec- tor. This review highlights the importance of credit institutions providing clear and accurate in- formation to clients when offer- ing Green Loans. We encourage all institutions to review their practices and take necessary steps to align with the Authori- ty's expectations." The MFSA has communicated the findings of the review to the industry through a "Dear CEO" letter. In the letter, the Authority set clear expectations for credit institutions offering green prod- ucts. These include conducting a gap analysis, updating internal processes and procedures, and ensuring that all sustainabili- ty-related claims are accurate and verifiable. MFSA on importance of transparency in local banks' green products