Singapore called for greater clarity regarding international legal frameworks for climate action on Wednesday ( Dec. 11 ). Singappore’s Ambassador for International Law Rena Lee made a public appearance at a hearing held by the International Court of Justice ( ICJ) in The Hague and called for a coordinated globalContinue Reading
India and China, the country’s two most popular nations, are key to international environment efforts. They make up over a third of the international community as a whole, and they tremendously increase global pollution. As significant economies and emerging market leaders, their actions may have a significant impact on achieving or preventing international climate goals.
This reality was highlighted by the recent 29th Conference of the Parties ( COP29 ) in Azerbaijan, which was a significant advance in the global climate agenda. Countries converged to set a more ambitious climate finance target, which would accelerate action on pollution and adaptation, after key agreements were reached to promote climate action at the summit, known as the” climate finance COP.”
The New Collective Quantified Goal (NCQG), which will remove the US$ 100 billion goal that is pending, and commit to organizing US$ 300 billion yearly for developing nations by 2035, was a crucial result.
Nevertheless, the NCQG falls little of the US$ 1.3 trillion goal that developing nations had advocated for, and even that figure may not be sufficient to meet their climate financing needs.
Important questions remain: Who will make the expenses? Does the money remain in the form of grants, concessional funding, or private field loans? And, crucially, how will these tools be allocated and distributed? For the NCQG to really work, these difficulties must get addressed.
Major effects will be had by the new agreement for both China and India. As main players in this environment financing commitment, their contributions, alongside international support, may be crucial in determining whether the world can match its climate objectives.
India is a key emerging economy that struggles to strike a balance between achieving climate goals and achieving financial growth and reducing poverty. India’s need for more climate finance was highlighted by current COP29 discussions as a result of its need for a low-carbon business.
New Delhi has much argued that developed countries, which account for the majority of traditional pollution and have experienced higher levels of economic growth, may bear a larger share of the fiscal load. India has made significant progress in renewable energy, setting a lofty goal of 500 gigawatts ( GW ) of non-fossil fuel-based energy by 2030, but it still faces significant challenges in implementing these initiatives without substantial financial and technological support.
Hope is provided by the NCQG’s commitment to raising US$ 300 billion annually for developing nations. However, India’s request for more significant climate fund is still unheeded.
India’s strategy to weather motion is essentially linked to its growth priorities. India is ranked 10th in the most recent Climate Change Performance Index (CCPI), with a relatively low per capita emissions of 2.9 tons of carbon dioxide equivalent (tCO2 ), which is significantly lower than the global average of 6.6 tCO2. This ranking reflects India’s vigilant climate policies, which demonstrate that green growth is possible even for developing nations.
India has, however, constantly emphasized that climate finance should not have constrained by factors like green standards or policy restrictions that might impair its ability to grow economically. The important issue facing New Delhi may be balancing its development needs with its commitments to the environment, making sure that financial aid is both fair and clear.
China, for its part, has also faced investigation. China’s inappropriate contributions to climate financing at COP29 were subject to intense scrutiny. Its monetary commitment to international climate action is increasingly seen as a decisive test of its authority on the international level because it is the world’s largest emission.
Under the 2015 Paris Agreement, weather fund responsibility falls on developed countries due to their historical pollution. But, negotiators are increasingly urging China to play a bigger economic part.
China maintains its position as a developing nation and opposes mandated contributions, but its deliberate pledges have raised questions about their commitment, setting the stage for further discussion of China’s financial responsibility in international climate actions.
Critics argue that China’s rising world influence, its powerful technological capacity and its reputation as the country’s largest greenhouse gas emitter , involve greater role in addressing climate change. China’s position in climate finance will be under increased scrutiny as the pressure mounts against it, especially if Beijing wants to exert greater influence in shaping international climate politics.
Since 2016, China has committed over US$ 24.5 billion in climate financing to developing countries, according to Chinese leaders. Monthly efforts are thought to be around US$ 4 billion, which is around 5 % of what developed nations contribute. While important, it also falls short of the US$ 100 billion annual goal for developed countries, a duty China has yet to join.
China has emerged as a significant person in climate financing, but it does so on its own terms and outside the conventional United Nations construction. Importantly, a significant portion of its monetary contributions are in the form of loans rather than grants, which raises questions about the potential debt burdens of the recipient countries over the long term and the potential viability of the project.
As China’s geopolitical and economic power grows, its climate finance plan will be under increasing pressure, especially as demands for greater accountability and stronger commitments grow.
COP29 set a crucial step with the NCQG. The meeting made clear that India and China are crucial in funding international climate action. Both nations may then set the example. After all, their actions may shape the future of climate politics and international conservation.
Neeraj Singh Manhas is the Republic of Korea’s Parley Policy Initiative’s special assistant for South Asia. He recently held the position of Research Director for the Indo-Pacific Consortium at Raisina House in New Delhi.
Environmental action can be a crucial factor in a tense social environment where there is conflict between US and China.
On the one hand, Southeast Asia offers a chance for the US to increase its investments in the country’s transition to clean energy. A total primary energy supply target of 23 percent by 2025 has been set by the Association of Southeast Asian Nations ( ASEAN ).  ,  ,
Through the US-ASEAN Comprehensive Strategic Partnership and the first ASEAN-US Ministerial Dialogue on Environment and Climate Change in 2023, the US and ASEAN made some progress in this area.
But, whether Trump will support ASEAN’s environment cooperation initiatives is still to be seen.  , During his last term as president, the Trump presidency probably saw Southeast Asia as a low-priority place within the wider Asia-Pacific.
China is likely to react titbit-for-tat with Trump’s America First policy and strategy vows to pass protectionist measures like rough tariffs. Moreover, the US do ramp up its contest with China in solar energy.
Southeast Asia would generally be a mixed bag from these developments. With other nations attempting to expand their source stores, there are likely to be more options and investments in the region.
Following any repercussions from US and Chinese interventionist measures, the area may also experience disruptions or cost-increased costs for crucial minerals and efficient technologies.  ,  ,  ,
PUBLISHED: 21 Nov 2024 at 03: 09
According to Minister of Natural Resources and Environment Chalermchai Sri-on, Thailand does work to reduce its emissions of harmful vapors because the first global assessment that the country has been given the approval to do so shows how far its efforts are behind the nation’s goal to combat the planet’s rising temperatures.
Mr Chalermchai made the remarks in his handle at the COP29 climate conference organised by the United Nations in Baku, Azerbaijan, on Tuesday.
According to observers, the earth is still not on track to meet the long-term heat purpose of the agreement, reach the required levels of resilience, or mobilize and align the necessary financial moves. However, the global assessment has led to almost universal progress in this area. The results of the first global stocktake will be influenced by the national contributions that will be submitted by each nation ( NDCs ) in 2025, also known as NDCs 3.0.
According to him, NDCs 3.0 must be more optimistic than the current NDCs, and they may represent the final chance to put the world on track toward a global emissions trend in line with the Paris Agreement’s goal of limiting the world’s rising temperatures to 1.5C annually.
” We plan to reduce GHG]greenhouse gas ] emissions to below 270 million tonnes carbon dioxide equivalent against the 2019 level economy-wide by 2035″, Mr Chalermchai said.
” A comprehensive green investment plan will support the implementation of NDC 3.0 Additionally, we will boost the GHG sink in LULUCF]land use, land-use change, and forestry ] by 120 million tonnes carbon dioxide equivalent by 2037″, he added.
Thailand is one of the nations most susceptible to the effects of climate change, according to Mr. Chalermchai.
” We have suffered record-breaking warmth of 43 degrees Fahrenheit, flash flood due to heavy rainfall, as well as floods, causing irreversible damage to our business and lives. This includes grass damage, which would result in a reduction in dugong communities of around 50 % in less than six decades, he said.
Thailand emits less than 1 % of the country’s greenhouse gases. According to Mr. Chalermchai, the government is determined to improve its prevention strategy and preserve the concept of shared but distinct responsibilities and individual features in order to achieve our NDC 2030 goal of reducing GHG emissions by 222 million tonnes equal in five sectors.
Those industries are electricity, transport, waste, business process and product use, and agribusiness, he added.
UN climate summit informed by the culture minister that the nation intends to increase performance.
Discussed: 20 Nov 2024 at 20: 38
According to Chalermchai Sri-on, the secretary of natural solutions and setting, Thailand does work to reduce its emissions of harmful chemicals because a follow-up to the 2015 Paris climate agreement shows how far the nation’s work have fallen short of its goal.
At the UN’s Baku, Azerbaijan, COP29 weather conference, Mr. Chalermchai made the remarks on Tuesday.
The conference is scheduled to wrap up on Friday, but it may move on because participants are also negotiating financing options to assist developing nations in addressing climate-related issues.
Near-universal progress has been made in climate action, according to the “global survey” of countries ‘ performance since the Paris Agreement was signed. However, the world is still not on track to reach the long-term goal of reducing pre-industrial warming by 1.5 degrees Fahrenheit.
Additionally, the survey found that some nations were unable to “mobilize and align the necessary financial flows,” and that not enough nations had reached the required levels of resilience.
Countries ‘ nationalized contributions ( NDCs ), which are used as the UN’s reference for the climate actions, including emissions reductions, that they intend to take by 2035, are reviewed and updated using the stocktake.
The NDCs 3.0, as they are known, are expected in 2025 and must be more optimistic than the existing priorities. According to Mr. Chalermchai, they may be the final chance to keep the world within the 1.5C destination.
” We plan to reduce GHG]greenhouse gas ] emissions to below 270 million tons of carbon dioxide equivalent against the 2019 level economy-wide by 2035″, he told the conference.
The application of NDC 3.0 will be supported by a comprehensive natural investment plan. Also, we will raise the GHG drop in land use, land-use alter and forestry by 120 million tons of carbon dioxide equivalent by 2037″.
Thailand is one of the nations most susceptible to the effects of climate change, according to Mr. Chalermchai.
” We have suffered record-breaking warmth of 43 degrees Fahrenheit, flash flood due to heavy rainfall, as well as floods, causing irreversible damage to our business and incomes. This includes grass loss, which may result in a decline in habitat populations of about 50 % in less than six decades, he said.
Thailand emits less than 1 % of the nation’s greenhouse gases.
The minister stated that the government is determined to improve its mitigation efforts and preserve the concept of shared but distinct responsibilities and individual capabilities in order to achieve the NDC 2030 aim by reducing GHG emissions by 222 million tons of similar carbon dioxide in five sectors.
Those industries are electricity, transport, waste, business process and product use, and agribusiness, he added.
SINGAPORE: Singapore and Germany have agreed to elevate their bilateral ties to a” strategic partnership”, said the Ministry of Foreign Affairs ( MFA ) on Tuesday ( Nov 19 ). This may “help promote greater peace, security, and happiness in the Asia-Pacific” location, the two nations said in a mutualContinue Reading
According to the most recent assessment from the Global ESG Monitor ( GEM) 2024, banks and insurance companies are reporting on climate issues but still need improvement. The study analysed the non-financial reporting of 194 companies, including 10 large insurers and 10 banks, with a focus on European Sustainability Reporting Standards ( ESRS ).
The financial industry, comprising banks and insurance companies, achieved only under 50 % of possible positions in reporting value, somewhat surpassing the total sample average of 45 %. This functionality both points to progress and highlights possible improvements.
Michael Diegelmann, co-founder of GEM and co-CEO of cometis, an IR and ESG firm, said,” Banks and insurance companies you tap into additional future-proof investment and profit opportunities in the long term through the stress they generate. They may also continue to raise the caliber of their reporting. There is still a lot of possible these, according to the best methods of the sector’s pioneers.
Financial institutions exhibit proper consciousness of pressing climate issues, according to the evaluation. They excelled in a number of ways, including demonstrating their devotion to the Paris Climate Agreement, making range emissions public, and presenting transition plans. However, there were significant gaps in the climate change reportage regarding endurance and the economic effects.
In resilience reporting, both sectors scored just under 60 % of points, outperforming the overall sample average of 38 %. But, endurance analyses were simply made available by about half of the nine major organizations, according to the European Central Bank. Companies only received 15 % of the possible points for reporting on the financial effects of climate change, which is mainly small.
Ariane Hofstetter, co-founder of GEM and committee member of cometis, emphasized the importance of open reporting:” Climate change is now causing huge costs today. Transparent monitoring is so important, because it is about more than just documented duty, but about the green transition of the market”.
The study also assessed ESRS compliance, where banks and insurers scored below 50 %. In light of their position as significant partners and stakeholders for a number of companies, this suggests that more open communication is required.
The International ESG Monitor, an impartial consider tank, has analysed over 1, 300 information from more than 500 firms globally since its foundation in 2020. Rules and criteria from numerous international requirements and frameworks are incorporated into its approach.
Click below to get the statement.
PUBLISHED: 10 Nov 2024 at 18: 22
Thailand is putting together a Thailand Pavilion to showcase its climate change initiatives and discussions, with products and activities based on Moo Deng, the baby pygmy hippo, that will be featured at the 29th Conference of the Parties ( COP29 ) in Azerbaijan.
The UN Framework Convention on Climate Change ( UNFCCC), which is scheduled to take place in Baku, Azerbaijan’s capital city, on November 9 through to November 22, will be a part of the minister’s announcement on Sunday, Natural Resources and Environment Minister Chalermchai Sri-on said.
He claimed that the event may help Thailand work with other nations to achieve carbon neutrality by 2050 and net-zero emissions by 2065.
According to him, the government has collaborated with public and private partners to establish the Thailand Pavilion to demonstrate its efforts to combat climate change.
The palace will show four key areas: climate policy, weather technology, climate action, and climate finance, as well as a technology and innovation zone to existing efforts in greenhouse gas reduction and carbon capture.
Mr Chalermchai said a range of side activities was likewise planned, including dialogues and communities to exchange ideas, information, knowledge and experiences on over 30 issues
The Thailand Pavilion will also have activities like a photo kiosk and souvenirs made by Thailand’s Khao Kheow Open Zoo’s prominent baby pygmy hippo, Moo Deng.
From November 11 through November 22, Mr. Chalermchai said, the people can observe changes and regular happenings at the Thailand Pavilion and COP29 part events live on the Department of Climate Change and Environment’s Instagram page.
Meanwhile, the People’s Party ( PP ) said Thailand should use COP29 to emphasise its commitment to achieving net zero emission goals.
Saniwan Buaban, a list-MP, suggested rules for the authorities to explain at the conference on Sunday.
She suggested that the Thai government should declare its commitment to boosting endurance, lowering climate-related risks, and increasing endurance.
She also urged the government to emphasise the need for information, engineering, technology, experience, several funding sources, and its intention to access international funds.
Battery recycling and circular economy initiatives have become crucial to the global green transition as the electric vehicle ( EV ) market expands globally. China, now a powerful person in EV power output, is today expanding its reach into the cell recycling industry, aiming to build a closed-loop supply chain.
China is now a leader in the emerging round business, which involves sharing, rent, reusing, repairing, refurbishing, and recycling existing materials and products as much as possible, thanks to this strategy, which addresses the issue of resource scarcity as well as providing a fresh competitive edge in the international green technology arena.
The essential materials for Volt batteries, such as chromium, potassium, and nickel, are limited in supply and socially expensive to extract. China has a strong foothold in the world battery supply chain thanks to its extensive control over the world’s mineral resources, as well as its substantial stakes in African cobalt mines and Latin American lithium sources.
Yet, China’s ambitions go beyond command over natural elements. China is working to reduce its emphasis on just mined nutrients while simultaneously lowering the economic impact of EV cell production by encouraging a powerful battery recycling business.
Chinese businesses like CATL and GEM Co, Ltd. are positioned in the battery recycling market by utilizing cutting-edge technologies to increase the reuse rate of crucial materials. These businesses use cutting-edge extraction techniques to recover valuable components from outdated batteries, which can then be reintegrated into the production cycle.
This strategy improves resource efficiency and reduces waste, as well as establishing a strong green image for China on the global stage. The Chinese government’s supportive policies, which include setting industry standards, offering financial support, and providing tax incentives, are further strengthening the growth of this sector, making China’s position in the global circular economy increasingly difficult to match.
In contrast, the United States and Europe have yet to create comprehensive battery recycling supply chains, which puts them at a long-term disadvantage. Western countries ‘ battery recycling efforts remain fragmented, with limited large-scale infrastructure in place.
China has the opportunity to set standards and win markets in areas that may eventually rely on China for recycled battery materials, just as they have historically relied on it for raw materials.
China’s recycling network will grow as EV adoption increases and the volume of used batteries rises, potentially making Chinese companies key partners for international companies looking to secure sustainable sources of battery materials.
China has a lot of leverage on the international stage thanks to its expanding knowledge of battery recycling. China has greater influence over the global EV supply chain and is at a disadvantage in negotiations with businesses and nations that depend on these resources because of its control over both new and recycled sources of critical minerals.
China’s emphasis on recycling and sustainable practices also aligns with its goals to be a responsible global player in climate action, a position that is crucial as green technology becomes more politicized on the global stage.
However, Western countries are increasingly wary of China’s closed-loop resource system. Particularly in the United States, concerns have been raised that China might use its influence over the recycling supply chain to increase its position of authority in green technology.
There is also growing concern that China may be able to establish standards for sustainability in ways that serve its own interests as a result of this influence.
These issues are at the crossroads between geopolitics and circular economy initiatives: even in those whose main concern is the environment, there is strong competition between the US and China.
China’s research and development in battery recycling serve as both a wise response to resource shortage and a step-by-step exploration of potential circular economy potential. The ability to close the loop on crucial resources like EV batteries will become an increasingly valuable asset as the global green transition progresses.
How countries balance the need for supply chain independence with their circular economy goals could be a key factor in the US and China’s ongoing green technology battle. The future of green technology and, consequently, the dynamics of the world’s economic power will likely be influenced by China’s involvement in battery recycling.
Lin Qin is visiting PhD students at the Liu Institute for Asia andamp; Asian Studies at the University of Notre Dame, and PhD students at the Shanghai International Studies University’s School of International Relations and& Public Affairs. Follow her on X at @Lyinn_Chin7
SINGAPORE: The Monetary Authority of Singapore (MAS) has set up a global network to strengthen Singapore’s position as a fintech hub and improve connections with other countries.
The Global Finance and Technology Network (GFTN) will support the central bank’s efforts to develop and grow Singapore’s fintech ecosystem, MAS said on Wednesday (Oct 30).
The network’s mission is to “harness technology and foster innovation through global partnerships”.
Former MAS managing director Ravi Menon will be the chairman of the GFTN board of directors.
When asked why he was appointed to GFTN’s board and how it relates to his role as Singapore’s Ambassador for Climate Action, Mr Menon said the latter is still his main job.
“But as a retiree, I have a little bit of bandwidth, so I can also do this,” he said at a briefing on Wednesday.
He said the connections he made during his time in MAS led to his appointments in both roles and that he remains interested in technology.
“Both are actually issues that are very close to my heart – sustainability and innovation, the planet and people,” he said.
GFTN replaces Elevandi, a non-profit set up by MAS to foster dialogue related to fintech. It organised fintech conferences in several countries, including Japan, Switzerland and Ghana.
Elevandi’s people and assets will move to GFTN, where the work will be scaled up, said Mr Menon.
Besides organising forums, GFTN will offer advisory services, partnerships with digital platforms and investments into technology start-ups with the potential for positive social or environmental impact.
“We will provide these portfolio companies with patient capital, but more importantly, access to a global network of potential partners, buyers and suppliers through our existing platforms,” said Mr Menon.
He said Elevandi’s forum business was doing well, and had more invitations than it could handle. At the same time, it was starting to do some “adjacent” work as people were asking for advice on digital infrastructure.
“We’ve been doing some of this pro bono, we’ve been doing some of this informally, not with the full complement of staffing and capabilities,” he said.
GFTN will have four distinct businesses to grow, and it wants to expand its global footprint.
“It is basically Elevandi on steroids, without the negative connotations of course,” he said. There are currently 40 staff members, but that number is set to grow to “much more than 40 people”.