Convicted foreigners deported to countries based on where their passports allow them to enter: Sun Xueling

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SINGAPORE: Foreigners who have been convicted of offences in Singapore and are to be deported can indicate which country they would like to be deported to, said Minister of State for Home Affairs and for Social and Family Development Sun Xueling on Tuesday (Jul 2).

But it is not a case of the offenders saying “I choose and therefore I will be sent there”, said Ms Sun in response to a parliamentary question by Ms Sylvia Lim (WP-Aljunied).

“There needs to be an assessment by the ministry as to whether or not the individual can be admissible to the country, based on the travel document that he or she holds,” she explained.

Ms Lim had asked about the considerations taken into account when deciding which countries convicted foreigners get deported to after serving their sentences, and how the considerations applied to the offenders involved in the recent billion-dollar money laundering case.

In response, Ms Sun had said: “Such foreigners can go to any country to which their passport or travel document allows them to go. This applies similarly to the convicted foreigners in the S$3 billion (US$2.21 billion) money laundering case.”

The case, which involved 10 foreigners and assets such as hard cash, luxury properties, branded goods, cryptocurrency and alcohol, thrust the issue of money laundering into the spotlight in Singapore.

As of the end of June, eight of the 10 had been deported.

Su Baolin, Su Haijin, Su Wenqiang, Wang Baosen, Zhang Ruijin, Chen Qingyuan and Lin Baoying were all deported to Cambodia while Vang Shuiming was deported to Japan.

They are barred from re-entering Singapore.

Law Minister K Shanmugam previously said in an interview that offenders who complete their sentences can be deported to wherever the passports they hold allow them to go.

BILLION-DOLLAR CASE CONVICTS

On Tuesday, Ms Lim also asked if the Immigration and Checkpoints Authority (ICA) has a default guideline under which convicted foreigners are typically deported to the countries they belong to.

“From my past experience, it is quite normal for foreigners to be sent back to their home countries,” said Ms Lim, who works in the legal sector.

In response, Ms Sun said that those examples cited by Ms Lim could be cases where the subject did not hold multiple passports, and therefore the only country they could be deported to was their home country. “In this case, the 10 subjects hold multiple passports,” she noted.

Ms Lim also asked why those who are not Cambodian nationals were also deported to the country. Based on publicly available information, three of the seven sent there do not hold Cambodian passports, she said.

Ms Sun later acknowledged this, and said that the priority was to quickly and effectively deport the convicted foreigners.

EXTRADITION TREATIES

Noting that five of the offenders are wanted in China and also hold Chinese passports, Ms Lim asked why they were not sent there and whether the extradition treaty between Cambodia and China played a part in Cambodia being chosen as their destination.

“Whether or not there was an extradition treaty between Cambodia and China was not part of the decision-making process that the ministry undertook,” said Ms Sun.

She said that for convicted foreigners with multiple passports, the ministry will have to decide which country they have the greatest likelihood of being admissible to, and then make an assessment before deporting them.

“We don’t want a situation where we try to deport an individual and actually the country to which we are deporting the individual to does not accept the individual,” she said.

Ms Lim also specifically asked Ms Sun about how much weight the offenders have in deciding their deportation destinations.

“Is she saying that the offenders have a right to indicate which jurisdiction they would like to be deported to? Because she used the word ‘chose’, so I’d like her to clarify that,” she asked.

She later repeated her question on the issue of choice, asking if offenders can “choose where to be deported to” and if the government accedes to these choices.

In response, Ms Sun said: “I think you’re using the term ‘choice’ rather loosely.”

Ms Lim also asked if other governments had indicated to the Singapore authorities that those convicted in the billion-dollar money laundering case will face investigations into related offences upon being sent back to their home countries.

Minister of State for Law and Transport Murali Pillai noted in response that Ms Lim’s question is about extradition, rather than deportation.

“Extradition will only take place when there is an extradition treaty in force, and a valid request has been made under the treaty. There are no extradition proceedings here,” said Mr Murali.

“In the absence of extradition, the position is that after conviction and serving of sentence, the offenders will be required to leave Singapore,” he said.

“What happens to them in those countries or in their countries of nationality is not within our control.”

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Indonesia president-elect Prabowo’s leg surgery renews concern about his health, but could help him perform duties better: Analysts

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He also underwent a medical test by the General Election Commission (KPU) in October 2023 before he could officially qualify as a presidential candidate. The medical report declared him fit to run for the election. 

Dr Cecep Hidayat, a political observer from the University of Indonesia, said the test was to ascertain whether the presidential and vice-presidential candidates were physically and mentally fit.

“This is one of the requirements that must be fulfilled before being declared qualified to participate in the election. All six candidates passed the test,” Dr Cecep told CNA, referring to the three pairs of presidential and vice-presidential candidates in the 2024 election.

FITTER FOR THE TOP JOB AFTER SURGERY?

After Mr Prabowo is sworn in as president in October, his health will continue to be monitored by the presidential medical team, added Dr Cecep.  

Should he be unable to discharge his duties, the Indonesian constitution states that the vice-president will take over, said Dr Cecep.

If this happens, Mr Gibran will have the discretion to appoint his father as a key advisor, Mr Dedi Dinarto, lead Indonesia analyst at strategic advisory firm Global Counsel, told the South China Morning Post.

“If Gibran becomes president, Joko Widodo will likely serve as a key adviser to his administration, taking on whatever role his eldest son assigns to him,” Mr Dedi said.

BRIN’s Mr Wasisto said it would depend on Mr Widodo’s political moves after he steps down as president. 

“But, at least indirectly, Jokowi’s influence on Gibran certainly exists because of the relationship between father and son,” Mr Wasisto said, using Mr Widodo’s moniker.

Dr Ujang Komarudin, a political expert from the University of Al Azhar Indonesia, believes Mr Prabowo’s decision to undergo surgery will put him in a better position to do his job, and called on the public not to engage in negative speculation. 

“Going for surgery is a natural thing as everyone must be sick (at some point) and no one has never been sick,” Dr Ujang told CNA. 

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Opposition vows to step up scrutiny of government

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Move Forward MP says no-confidence debate possible during new session that opens Wednesday

PUBLISHED : 2 Jul 2024 at 17:17

Opposition vows to step up scrutiny of government
MPs and senators attend a parliament meeting in July last year. (File photo)

The opposition will intensify its scrutiny of the government’s work with a plan to seek a no-confidence motion now that the government has full authority and resources to implement its policies, said opposition chief whip Pakornwut Udompipatskul.

Speaking ahead of the reopening of parliament on Wednesday, Mr Pakornwut, a list-MP of the main opposition Move Forward Party, said the Pheu Thai-led government faced a number of constraints in its first year including the delayed budget.

“However, this year the government has full authority and budgetary resources at its disposal, so the public and the opposition will have higher expectations. Our work will be more intense from now on,” he said.

Mr Pakornwut said that a no-confidence motion is likely to be sought but the opposition has yet to decide when.

Other opposition parties including the Democrats have been working closely with Move Forward and are expected to join the planned censure debate, he added.

He said Move Forward remains committed to being a proactive opposition party. Apart from keeping the government in check, it will make recommendations to the government for the sake of improving its work.

Prime Minister Srettha Thavisin on Tuesday welcomed the opposition’s move to step up its scruting and seek a no-confidence debate against the cabinet.

“It’s their job, and the government is ready for and open to scrutiny,” he said.

The House of Representatives is scheduled to deliberate four bills related to the work of the Ministry of Higher Education, Science, Research when it returns from a break on Wednesday, according to Mr Pakornwut.

Also on the agenda are bills that have been screened and revised by the Senate, he said, adding that MPs would decide if they will approve the revisions or stick to the MP-approved versions.

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Investments from GIC ‘not the solution’ to shake up Singapore’s stock market: Chee Hong Tat

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SINGAPORE: Directing Singapore sovereign wealth fund GIC to invest in locally-listed firms is “not the solution” to improve the attractiveness of the local equity market, said Transport Minister Chee Hong Tat on Tuesday (Jul 2).

“Doing so will compromise our objectives of setting up GIC, which is not beneficial for Singapore and Singaporeans,” he said, adding that the government would continue to seek more “sustainable” approaches.

Mr Chee, who is also Second Minister for Finance, was responding to a parliamentary question from Member of Parliament Liang Eng Hwa (PAP-Bukit Panjang) on whether the government would consider a suggestion from some industry players for GIC to allocate part of its investments to securities listed on the Singapore Exchange (SGX).

GIC – one of the three investment entities managing Singapore’s reserves – is the government’s fund manager. It does not own the assets it manages and as a rule, it does not invest in Singapore.

The suggestion that GIC should expand its portfolio to include the Singapore market gained traction after a recent report by the Financial Times.

The report on May 5 said the SGX and other government agencies are studying proposals from a venture and private capital association that include allowing pension and sovereign money to be invested in the stock market.

This is not the first time that this has been mooted. The Singapore Business Federation proposed having GIC use Central Provident Fund (CPF) monies to invest in the Singapore stock market as early as 2016. 

Earlier this year, the Society of Remisiers (Singapore) also made a similar recommendation as a way to shake up the struggling local stock market, which has seen subdued trading volumes and delistings frequently outnumbering listings.

Last year, for example, there were 25 delistings and just six initial public offerings (IPOs).

This contrasts with the SGX’s regional peers. In 2023, there were 79 IPOs in the Indonesia Stock Exchange, while bourses in Malaysia and Thailand welcomed 32 and 40 listings, respectively, according to a report by Deloitte.

Several Singapore companies have also opted to list overseas in recent years, such as property tech firm Ohmyhome, which made its debut on the Nasdaq last year. More recently, cancer diagnostics firm Mirxes refiled its draft prospectus in May for an IPO in Hong Kong.

“SHOULD NOT DIRECT OR INTERFERE” WITH GIC’S INVESTMENT DECISIONS: CHEE

In his reply, Mr Chee said GIC’s mandate is to preserve and enhance the international purchasing power of Singapore’s reserves, especially for crisis needs.

This means that GIC’s investment decisions must “aim to achieve good long-term returns for Singapore”.

“GIC must, therefore, continue to make professional investment decisions, and the government should not direct or interfere with GIC’s investment decisions,” said the minister.

He added that under current arrangements, the sovereign wealth fund can “invest in appropriate Singapore companies if these companies have a global footprint and generate good returns for GIC’s portfolio”.

A “more sustainable way” to develop the local equity market is to groom and develop a pipeline of good companies to list on the SGX, Mr Chee said.

One initiative is through establishing funds, such as the Anchor Fund @ 65 introduced in 2022, that support growth enterprises and prepare them for IPOs in Singapore. 

“These funds have invested in nine companies to date and they are working closely with the portfolio companies to prepare them for IPO on the SGX,” said Mr Chee.

The government also has various schemes in place to help more SGX-listed companies expand overseas and become more attractive to global investors.

“The government remains open to new ideas and measures to improve our equity market and support business growth. We will continue to work with industry stakeholders on this goal,” Mr Chee told the House.

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Cryptos, gold and the end of the dollar – Asia Times

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The US federal debt, which is currently approaching US$ 35 trillion or 1200 % of GDP, is alarming a growing number of economics and financial analysts. Prior to defence spending and rights, interest payments on the debts have grown to be the most important item in the US federal budget.

In earlier June, previous US House Speaker Paul Ryan proposed that the US government may recognize stablecoins, resource- backed bitcoin, as settlement for US Treasuries. According to Ryan, the initiative would lead to an “immediate, tough increase in demand for US debts, which would lessen the chance of a missed debt auction and an ensuing financial and economic crisis.”

Ryan’s plan serves as a testament to how serious the US loan issue has grown. Cryptocurrencies were conceived as anti- stablecoins currencies. They are modern currencies that are privately issued and can be used anywhere in the world in an anonymous manner. Bitcoin, the first bitcoin, was meant to be a system for a new economic system that could start with a clean slate.

In the US, as of 2024, crypto advocates are calling for the regulation of asset-backed cryptos ( stablecoins ) so that they can be used to buy US Treasuries and pay taxes. Cryptocurrencies may be able to save the imperfect financial system that they were supposed to replace.

US Congressman Matt Gaetz introduced a bill that would allow Americans to give their federal income tax in Bitcoin two days after Ryan submitted his plan. Gaetz claimed that the dramatic change would encourage creativity, increase efficiency, and give Americans more freedom.

This is a courageous step in the direction of a future where digital currencies are essential to maintaining the US’s position as a leader in scientific development, according to Gaetz.

Is it possible for a fiat currency to survive with personally issued currencies? In the last 50 years, the dollar lost 90 % of its value, and it is still losing money annually at a rate of about 10 %.

Altcoins vary widely in price, but almost all of them are priced in dollars. They are therefore susceptible to a potential ( some economists say unavoidable ) devaluation of the dollar. &nbsp,

Bitcoin Pizza Day

A bit of bitcoin history. A computer programming using the pseudonym Satoshi Nakamoto published a report on a crypto bulletin board on October 31, 2008, to proclaim Bitcoin, the first peer-to-peer cryptocurrency. People may “mine” Bitcoins by completing complicated mathematical puzzles and receive rewards for the newly created coins.

Nakamura argued that the economic system was corrupt and benefited a tiny elite by using taxpayer money to bail out Wall Street in 2008. Bitcoin would be the person’s income, beyond the power of governments. It may make it possible to pay someone anywhere in the world almost completely for free.

Just 21 million Bitcoin could be mined, making fiat currencies defense to inflation brought on by overwhelming money stamping, a criterion found in fiat currencies.

Bitcoin is based on systems that existed, among them modern names.

In 2010, Bitcoin recorded its first commercial exchange. Who delivered two pies to his Florida residence in the form of a Bitcoin worker named Laszlo Hanyecz offered 10, 000 BTC to him?

American computer Jeremy Sturdivant accepted the offer. He had two pies delivered to Hanyecz’s house at a cost of$ 25, and Hanyecz transferred 10.000 bitcoin to Studivant’s Bitcoin budget. Bitcoin was valued at$ 0.0041 during the transaction.

Currency’s initial purchase, remembered as Bitcoin Pizza Day, generated broader involvement in the modern money. Entrepreneurs started crypto exchanges to facilitate the purchase and sale of cryptocurrencies, and they invested in server farms to stone cryptocurrencies. In a simple 15 times, Bitcoin’s cost went from almost zero in 2009 to a maximum of &nbsp,$ 75, 830 in early 2024.

Bitcoin’s potential as a pay method was unsuccessful. Just a small percentage of Bitcoin transactions are made for retail use. The remainder involves crypto investing.

Crypto companies have created a number of different kinds of altcoins. Among them are bitcoins. Some cryptocurrencies are backed by assets like real estate, corporate debts, and even other cryptocurrencies, people are backed by reserves of stablecoins assets held in bank transactions. A bitcoin named DigixDAO has a” stain backed by physical gold” that is supported by 1 ounce of silver that is stored in a bunker.

Ironic is the rise of cryptocurrencies that are gold-backed. The US government’s decision in 1971 to remove the money from the gold standard was largely responsible for the difficulties in the financial system, which allegedly contributed to the development of Bitcoin.

The consists

After WWII, the US dollars became the global reserve currency. The dollar was purged from gold at a fixed price of$ 35 per ounce under the Bretton Woods Agreement of 1944. &nbsp, The English lb, the French franc and assets of different countries were pegged to the money, and hence indirectly to silver. By limiting the amount of money that can be issued, metal resources impose fiscal discipline on nations.

In the 1960s, many European nations expressed concern that the US state was damaged financially, which was the outcome of a pricey war in Vietnam and the introduction of social plans ( the War on Poverty ). Economists in Europe speculated that the US was printing more money than gold had again.

The French state made its issues known in a serious manner. It demanded ore in exchange for sending a warship full of dollars to New York. Many other countries followed suit, albeit without ships, and they progressively drained US silver resources.

At the end of World War II, the US had 21 measurement tons of gold. In 1971, just 8.133 plenty remained. The US government announced that it would temporarily shut the so-called golden windows, defaulting on the Bretton Woods Agreement, in order to lose its remaining property.

In exchange for military protection, the US in 1974 persuaded Saudi Arabia to buy all of its oil in dollars to maintain the worldwide demand for the currency. The deal mandated that all oil-importing countries keep dollar reserves, leading to an ever-increasing demand for dollars.

The so-called petro-dollar strengthened the status of the US dollars as the world supply money. The oil trade represents only 7 % of the global economy, but it is essential to the other 93 % of the economy.

Exploding loan

The US government has quickly increased its bill, no more constrained by the restrictions imposed by the gold standard. In 1971, US debt was$ 400 billion, in 2024 it reached$ 34 trillion, or 120 % of GDP.

To fund its shortfalls, the US government issues attention- bearing Treasuries. Backed by” the full faith and credit” of the US state, Treasuries have been regarded as a risk- completely purchase. The major customers were private owners, international institutions, pension funds and insurance companies.

Silver has been replaced as the dollar system’s core by US debts.

But history is repeating itself. In the late 1960s, France was concerned about the US silver deposits. Currently, China is concerned about US Treasuries.

China developed a sizable trade surplus with the US, bringing in at one point$ 1 billion a day net as it became the factory of the world. China became the world’s largest borrower to the US with a portion of its dollar to buy US Treasuries, joining Japan and Japan as the only other country to do so.

Next came the renowned Wall Street loan and the global financial crisis of 2008. China came to the conclusion that the US lacked the desire to control its investing or overhaul its political or economic system. China eventually cut back on its US bill purchases throughout the 2010s. Also, it started to lay the foundation for an alternative economic structures.

De-dollarization

Om 2021, China, Hong Kong, Thailand and the UAE announced they were developing mBridge, a digital alternative to SWIFT ( Society for Worldwide Interbank Financial Telecommunication ). Importantly, mBridge is based on a variation of bitcoin, the technology used in most bitcoin.

The standard structures of mBridge, the BRICS solution to Smooth

mBridge is designed to work with Central Bank digital currencies and serves as the most good case study for a monetary settlement system for the BRICS nations. The Cooperation Council for the Arab States of the Gulf ( GCC), comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE, has tested its own CBDC Bridge that will be connected to mBridge.

BRICS is also developing a trading forex system that could be backed in part by silver, oil, and other supplies. The biggest obstacle to the money has been a gold or oil-backed currency. Despite their strange appearance, golden and petrol have remained close to balance for more than a century. Their individual rates move within a very small area.

In 1971, when the US closed the golden window, an ounce of gold sold for$ 35. It reached$ 2, 450 in first 2024. In 1971, a barrel of oil was$ 3.60. In recent years it has traded between$ 80 and$ 100 a barrel. Measured in silver and oil, the money lost about 90 % of its value in the last 50 years.

If the BRICS introduces a coin that is pegged to gold, it might have an impact on the prices of everything from copper and gold to aluminum and the crucially important rare earths used in natural technology.

A developing BRICS will not only be the largest manufacturer of many industrial and consumer goods, but also have the ability to control a sizable portion of international assets. The latest BRICS people ‘ complete economic output has already surpassed that of the G7.

Saudi Arabia made the announcement to visit both BRICS and mBridge in June of this year. The Saudis had now begun selling non-dollar oil, but the statement made it clear that their commitment to the petro-dollar had come to an end.

The Saudi choice elicited a reaction from Michael Saylor, inc- founder of crypto big MicroStrategy. According to Taylor, the Saudis were making a error and should have chosen Bitcoin otherwise.

He wrote:” Picture a planet where 50, 000 businesses use cryptocurrency with P2P settlements with each other. Ask the Bank of Australia, the Bank of Austria, or the Bank of China if they would n’t like to have an asset that does n’t lose 7 to 10 % of its value annually. Ask them if they would n’t prefer to be able to make deals with any other banks in the world, peer- to- gaze. It’s an advancement over the existing system”.

Saylor perhaps knows better. Why do countries in the BRICS, including Saudi Arabia, China, and other BRICS nations, exchange their goods or commercial goods for dollars while deviating from the money system?

Crypto or metal?

Severe forms of economic engineering have made the US debt problem worse. Introducing bitcoin into the monetary system takes this a significant step further. Cryptocurrencies can be used secretly and across borders, making it ideal for duty evasion. It was, according to scholar Michael Hudson, change the US into” the new Switzerland”.

Hudson wrote:” The US sees acting as the place for the country’s tax evaders, criminals and others as a good regional strategy. The intention is not to criticize tax violence and more violent criminal acts, but to make money by serving as lender for these activities.

The US has three options, according to macroeconomist Luke Gromen, none of which are painless: it must reduce defence spending and privilege by at least 30 %, it is partially mistake, or it can fill the bill, barring a productivity miracle caused by AI or a breakthrough in cheap energy. Only in a national incident, which may lead to years of incredibly high inflation, are the first two options politically feasible.

Also, says Gromen, the US will have to re- flourish to reduce its reliance on foreign companies for even the most simple of items. The second US president will need to develop an commercial policy, or, better still, a national strategy to reimagine society.

In the short term, there is no reason for optimism. Donald Trump, a former US president, granted cryptocurrencies. He has pledged to chastise nations that stop using the money and that his reelection strategy accepts donations in bitcoin.

That does n’t sound like a plan. Reserve economies are on the verge of extinction. They are still present in the colonial period.

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Pakistan will continue attacks on Afghanistan – minister

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Pakistan will continue to launch attacks against Afghanistan as part of a new military operation aimed at countering terrorism, the country’s defence minister has told the BBC.

Khawaja Asif said the aerial strikes were targeting groups which Pakistan accuses to targeting security forces and civilians.

Previously, senior officials in Pakistan had only admitted to one such strike on the neighbouring country, in March of this year.

The Taliban government in Afghanistan describes the strikes as violations of its sovereignty.

“It’s correct that we have been carrying out operations in Afghanistan, and we will continue to do so. We won’t serve them with cake and pastries. If attacked, we’ll attack back,” Mr Asif told BBC Urdu.

He also dismissed fears over the legality of the strikes, saying Pakistan does not inform the Taliban of impending attacks.

He said: “This would eliminate the element of surprise. Why should we tell them, ‘get ready, we are coming’?”

The Taliban said the statement was “irresponsible”, warning Pakistan that cross-border attacks would have “consequences”.

Tensions have been rising between Pakistan and Afghanistan since the Taliban took control of the country in 2021. Pakistan alleges that a faction of the Taliban, the Pakistani Taliban or TTP, has sanctuaries in Afghanistan.

“Afghanistan has been reluctant to take action against the TTP, despite our requests to let them not use Afghan soil to attack Pakistan,” Mr Asif said.

Pakistan has recently announced a renewed military operation, Resolve for Stability” in English, aimed at curbing escalating violence and terrorist attacks. It will mainly focus on groups acting within Pakistan.

Critics, and even some sources within the government, have suggested the new operation was launched following pressure from Beijing, concerned about the safety of its 29,000 citizens in Pakistan, 2,500 of whom are working on China Pakistan Economic Corridor projects, part of Beijing’s Belt and Road Initiative.

Five Chinese engineers were killed when a suicide bomber rammed a vehicle into a convoy of Chinese engineers working on a hydropower project in northwest Pakistan in March 2024.

Pakistan’s military previously alleged the attack was planned in neighbouring Afghanistan, and that the bomber was also an Afghan national.

Mr Asif denied that the most recent military operations had been due to pressure from China. But he said the operations would address security threats to Chinese projects and nationals in Pakistan.

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Israel: Mother of rescued hostage Noa Argamani dies

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The mother of rescued Israeli hostage Noa Argamani has died, three weeks after her daughter was freed in a dramatic raid after being held for eight months by Hamas in Gaza.

Liora Argamani, who was born in China, had suffered from brain cancer. She was 61.

Liora released a video in December, pleading with Hamas to release her daughter, saying: “I don’t know how long I have left. I wish for the chance to see my Noa at home.”

Noa was rescued on 8 June, when Israeli commandos raided an apartment where she was being held in Nuseirat refugee camp in central Gaza. Three other hostages were rescued from a nearby apartment at the same time.

An image of Noa being dragged away in terror on the back of a motorcycle by Hamas gunmen became one of the most widely recognised pictures of Hamas’s attack on Israel on 7 October 2023.

Some 251 people – Israelis and foreign nationals – were taken hostage when Hamas burst through the border in the unprecedented attack in which about 1,200 people were killed.

The Hostages and Missing Families Forum – a collective of relatives and friends of people taken hostage on 7 October – said it “bows its head” at the news of Liora’s passing.

On Saturday night, a video message from Noa in which she spoke publicly for the first time since her rescue was played at a protest in Tel Aviv calling for the release of the remaining hostages.

“As an only child to my parents, and a mother suffering from a terminal illness, my biggest concern in captivity was for my parents,” she said.

“It’s a great privilege to be here after 246 days in Hamas captivity, to be beside my mother after eight months of uncertainty.”

Hamas and allied armed groups are still believed to be holding 120 hostages, including Noa’s boyfriend Avinatan Or, who was taken alongside her. At least 42 of the hostages are presumed by Israeli authorities to be dead.

The others have been released, rescued or their bodies recovered.

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Sustainable transformation: making transition finance stick | FinanceAsia

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The Asia Pacific region is currently facing a significant gap in the race to fund decarbonisation – estimated at $US1.1 trillion by the International Monetary Fund (IMF).

However, this is not the only problem for a region whose coal-fired economies represent around half of global emissions, according to the International Energy Agency.

China alone accounts for 35% of global CO2 emissions, the agency says.

Speakers at the Sustainable Finance Asia Forum 2024 said that regulators will need to rebalance sustainable investment priorities – placing more emphasis on adaptation rather than mitigation – if the region’s most heavily polluting emerging economies are to meet their carbon zero targets.

Debanik Basu, the head of responsible investment and stewardship APAC at APG Asset Management, told a panel on harnessing transition finance for sustainable transformation that investment in mitigation (reducing greenhouse emissions at source) now represented the majority of transition funding.

He said the often more complicated task of climate adaptation – the need to change systems, behaviours and whole economies – was receiving scant attention.

“Currently the region is getting around $300 billion in transition finance so there’s a massive gap that needs to be addressed,” he told the conference. “Even within the small portion of finance that we are getting, more than 80 per cent of the funds are moving towards mitigation.

“Consensus estimates suggest that ideally it should be 50/50 between mitigation and adaptation.”

He said the other critical problem was that aspects of climate finance were not well understood and appreciated by the market overall, in particular within the agriculture and forestry segment.

“When you look at the NDCs (Nationally Determined Contribution) put out by a lot of countries, there are specific targets around climate change, but there aren’t explicit targets around forestry and agriculture,” he said.

“And even when there are targets, there is no clear roadmap. What all this means is that the institutional capacity is lacking. There are gaps in infrastructure and there are gaps in knowledge.

“As an investor, conversations with companies around biodiversity are at a very nascent stage.”

A question of taxonomies

Kristina Anguelova, senior advisor and consultant on green finance strategy APAC at the World Wildlife Fund, told the conference that regulation was moving in the right direction, guided by hubs such as Singapore and Hong Kong.

She added that the unofficial rivalry between Hong Kong and Singapore in terms of developing regulatory taxonomies was having a positive effect on the transition finance landscape in the region.

“I think the competition between Singapore and Hong Kong in this case is a good thing because it’s advancing regulation in the region quite a bit,” she said. “The Singapore Asia Taxonomy lays out transition taxonomy criteria across eight sectors.”

While the regulation is tailored to Singapore, she said she believed it would lay foundations for others to follow.

“It’s so important as a regulatory piece because it can serve as an incentive for investors to start to scale transition finance comfortably and confidently without the loopholes and the risks of potentially being accused of greenwashing,” she said.

In terms of biodiversity, she highlighted the nascent stage of biodiversity finance compared to climate finance, discussing the need for capacity building, regulatory clarity, and financial instruments to support nature-based solutions.

A case in point, she said, is the International Sustainability Standards Board (ISSB) which is developing standards aimed at developing a high-quality, comprehensive global baseline of sustainability disclosures focussed on the needs of investors and the financial markets.

“On biodiversity, I think we’re moving a bit slowly, but we’re getting there. Obviously coming from a science-based NGO, efforts can never be fast enough,” she said. “But the good news is that the ISSB will also be integrating the TNFD or the Task Force for Nature-related Financial Disclosures soon.

“Those jurisdictions that have adopted or committed to the ISSB will also be adopting those nature regulations.”

The challenge as always, she added, was that regulators had to strike a balance between mitigating financial risk and overregulating such that it slowed economic development.

Blended solutions

Building capacity, both speakers argued, would be critical to transition finance solutions to climate change and that new instruments, particularly in blended finance, were likely to be leading the charge.

“We are seeing beyond transition bonds to different types of instruments that are designed to go into blended finance structures such as transition credits which are based on the assumption that we can get carbon savings out of early retirement of coal-fired power plants,” Anguelova said.

One avenue that was currently being explored in a number of jurisdictions was concessionary capital: i.e. loans, grants, or equity investments provided on more favourable terms than those available in the market.

These terms could include lower interest rates, longer repayment periods, grace periods, or partial guarantees.

Of these instruments, Basu said, guarantees were evolving as one of the methods currently being pursued in several markets.

“What we are also seeing is that, apart from concessionary capital, a lot of public institutions are more comfortable with providing guarantees instead of direct capital because that then keeps the overall cost of capital down,” Basu said.

“It might be at a very nascent stage – and it is difficult to say if this is going to be the future – but it is developing,” he said.


¬ Haymarket Media Limited. All rights reserved.

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