PAP launches climate action group, will table parliament motion to support businesses with green transition

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SINGAPORE: A new climate action body formed by the People’s Action Party ( PAP ) aims to bolster support for businesses navigating the green transition, assistant secretary-general Desmond Lee announced on Tuesday ( Jan 21 ).

Mr Lee said the PAP Climate Action Group, launched on Tuesday at the Singapore Sustainability Academy, will stand a fourth action on climate shift in parliament after this time.

There are now initiatives to help organizations choose green methods, such as the Business Sustainability Programme and Energy Efficiency Grant, said Mr Lee, the Minister for National Development.

He noted that some businesses –  especially small and medium-sized enterprises –  also face problems in this area.

“This action will call for stronger support to help organizations understand the natural transition, and maintain a just and equitable move towards a low-carbon world, ” said Mr Lee.

MAJOR PRIORITY

The climate action group is one of two new bodies formed by the party to address “issues that are also major priorities for the PAP government”, he said.

The party launched its mental health group in October last year.

The new groups were first announced by Prime Minister Lawrence Wong in June, as part of the party ’s “Refresh PAP” exercise.

Senior Minister of State for Sustainability and the Environment Koh Poh Koon will chair the climate action group, alongside Nee Soon GRC Member of Parliament Louis Ng.

While the party already has various groups serving specific segments in the community, the two new bodies were set up to face “key challenges ” that “cut across traditional demographic lines”, Mr Wong had said.

“Looking ahead, climate change poses an existential threat to Singapore, and will be one of the defining challenges of our time, ” said Mr Lee on Tuesday.

He said that environmental sustainability has long been a core part of Singapore’s development, citing founding prime minister Lee Kuan Yew’s efforts in the space and the country ’s involvement on the global stage.

TACKLING CLIMATE CHANGE

The upcoming climate change motion will be the fourth. The first was tabled in January 2021 by members of the government parliamentary committee ( GPC ) on sustainability and the environment, to accelerate and deepen efforts against climate change.

Mr Ng, who currently heads the GPC, said the group hopes to table the latest motion “sometime this year”.

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Pundits warn of Trump policy risks

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Sineenat: Higher tariffs could slow Thai exports
Sineenat: Higher taxes had slow Thai exports

According to experts in international affairs, Thailand should be wary of the violent trade practices of US President-elect Donald Trump, who will sworn in for his second term on January 20.

Governments around the world are concerned about the effects that Mr. Trump’s risks to raise taxes on US imports have had on their economies.

Mr. Trump said the high import duties would help reduce the country’s enormous trade deficit, budget deficit, and promote investment in the country under the” America First” theme of his election campaign, which pledged to levy tariffs of 10 to 20 % on all imported goods and 60 % or more on Chinese goods.

According to experts, the Thai government and the business sector should carefully check US trade and economic policies because they may have an impact on the country’s economy and business environment.

They are also worried Mr Trump’s monetary policies could reduce US funding in Thailand, particularly in manufacturing, and slow down technology transfers, putting limits on access to advanced technology.

The authorities in Thailand were speaking with The Bangkok Post to get their opinions on how the country should make.

Price war harms development

Sineenat Sermcheep, chairman of the Asean Studies Center, Faculty of Economics of Chulalongkorn University, said Mr Trump’s monetary policies may prioritise business protectionism by imposing big tariffs to protect local business.

These actions may hurt US business partners, increase worldwide confusion, and have a negative impact on the US economy, reducing global progress, she said.

High import taxes from China and other nations could cause trade wars, stifle global supply chains, and stifle international business. For National consumers and companies who rely on imported products for their production methods, these taxes are likely to raise expenses.

Mr. Trump’s economic policies and higher tariffs pose negative risks for the Thai economy by slowing exports and dissuading FDI because trade and US foreign direct investment ( FDI) are key drivers of Thailand’s economic growth.

On trade, Ms Sineenat said the US is a big Thai export market, especially for items such as computers, electronics, and electronic appliances, and these exports may be hit straight by higher tariffs.

” However, the flood of Chinese products may increase competition in the Thai business. Because of the great tariffs that China may impose on its exports to the US, they may look for new industry, including Thailand. This fierce competitors may have an impact on local producers and stymie the recovery, according to Ms Sineenat.

She claimed that Thailand’s economy may be sluggish as FDI and international funding decline. International investors may hold off on their investment decisions until more positive information is available.

” Also, Mr Trump’s reshoring method might increase funding in the US while decreasing international funding elsewhere. This makes it more likely that less investment may be made in Thailand.

” So Thailand needs to prepare by adjusting its profitability, growth and encouraging more local assistance,’ ‘ she said.

She said Thailand needs to increase its local production capacity to be more competitive in the global market by leveraging systems and sustainable development by investing in cutting-edge developing technologies, digitalization, natural industries, and solar power. Additionally, she recommended strengthening its business environment to draw in a wide range of FDI.

These would be particularly crucial as the Trump administration attempts to cut back on US climate action goals.

Thailand also needs to diversify its economic partnerships by strengthening trade ties with other major nations to lessen its dependence on any single market. It should also firm up economic ties with economies including the European Union, Japan, South Korea, Taiwan, and the Middle East, Ms Sineenat said.

Finally, Thailand needs to encourage Asean to enhance intra-Asean trade to deepen regional integration, which would enhance economic resilience.

Panitan: More pressure to take regional responsibilities

Panitan: More pressure to take regional responsibilities

More regional responsibility

Panitan Wattanayagorn, a former lecturer on international affairs at the Faculty of Political Sciences, Chulalongkorn University, says Thailand must brace for the economic impacts of a Trump-led administration, particularly regarding US-China trade tensions.

Any slowdown in China’s economy will inevitably affect Thailand, given their interconnected trade relationships, he said. Thailand may also face tougher negotiations on tariffs and trade balances, requiring strategic adaptability.

Thailand could be under more regional responsibilities under the second Trump administration, including addressing human rights issues, battling illegal fishing, and tackling human trafficking.

Such pressures might serve as leverage in trade talks, with Washington tying economic incentives to Thailand’s cooperation on these fronts, said Mr Panitan.

He thinks that the government might be able to solve some of these issues with former prime minister Thaksin Shinawatra’s influence and direct communication with US leadership.

However, Mr Panitan also cited risks related to transparency if the government relies on Mr Thaksin’s help, suggesting the former premier may benefit instead.

According to Mr. Panitan, transparency will be essential to preventing any public backlash and ensuring that any collaboration benefits Thailand as a whole.

Virot: Thailand risks losing out to neighbours

Virot: Thailand risks losing out to neighbours

Thammasat University’s international relations professor Virot Ali emphasized the importance of Thailand’s adaptation to the rapidly-changing global economy.

He said Mr Trump’s policies, if consistent with his first term, may stimulate shifts in global trade and technology. Although stabilized oil prices and lessening strategic tensions can benefit the US, these changes could increase competition in global markets.

Thailand, with its outdated industrial framework, risks losing out to more dynamic economies like Vietnam, Malaysia, and Indonesia. He emphasized the necessity of embracing the” Fourth Industrial Revolution” by modernizing production processes and diversifying trade markets.

He warned that if Thailand didn’t adapt, it might struggle to attract investment and keep up with its regional peers.

Trump’s policies may stymie global trade, but they also offer the chance for Thailand to adjust its economic strategies. The country could reduce potential losses by boosting domestic consumption and opening new markets.

He adds that Mr. Thaksin’s prior business dealings with Mr. Trump could be a valuable diplomatic asset because they might help ease current tensions and open the door for further cooperation.

He stated that he anticipates the administration of Prime Minister Paetongtarn Shinawatra to make use of these ties to aid Thailand in overcoming economic difficulties.

Anekchai: China containment could hurt Thailand

Anekchai: China containment could hurt Thailand

Myanmar and Indo-Pacific

Given its close proximity to Thailand, Mr. Panitan continued to say that one area where the US might exert more pressure is Myanmar.

Although Thailand’s involvement in the South China Sea’s issues is likely to be limited, Mr. Panitan thinks Washington will anticipate greater Thai involvement in resolving the crisis there.

He predicts that the US will continue to rely on Asean alliances to counterbalance China’s influence, particularly in the South China Sea, with nations like the Philippines and Indonesia likely to be encouraged to take more active roles.

Anekchai Rueangrattanakorn, Silpakorn University’s adjunct lecturer in Political Sciences, said Mr Trump’s second victory may stem from his clear action on how to contain China’s global influence in a bid to retain America’s supremacy.

Southeast Asia may be impacted by the containment of China because the South China Sea and the Myanmar crisis have become a geopolitical hotspot.

Regarding the Myanmar crisis, Mr. Anekchai said that even though the United States hasn’t given it any priority or its strategic importance in relation to the Middle East, Washington can’t ignore it as it did in 1990-2010.

He claimed that this is because the US has finally recognized that Myanmar has not changed or given importance to democracy and human rights protection as expected since Washington imposed sanctions on the nation in response to the uprising there on August 8, 1988.

The so-called 8888 Uprising, also known as the People Power Uprising, was a series of nationwide protests, marches and riots in Myanmar ( then known as Burma ). The key events occurred on Aug 8, 1988.

According to Mr. Anekchai, this event caused Myanmar to forge strong ties with China, which affected America’s efforts to maintain its leadership and influence in Southeast Asia.

During Joe Biden’s soon-to-end administration, Washington announced a tough policy on Myanmar, which effectively cut its access to the Tatmadaw.

Mr. Anekchai said that even though the Trump administration may not be as concerned with democracy and human rights as the Biden administration, he believed Mr. Trump would need to support the anti-Tatmadaw movement while also backing the anti-Tatmadaw movement, saying that this would be the best way to keep American influence and leadership in the area.

In order to thwart Chinese influence in the region, he said, Washington may also have the impression that it wants to form a systematic alliance that promotes democracy and human rights while co-creating security and fair economic growth.

Because Myanmar has a strategic importance for China, he said,” President Trump would open the door for Myanmar and China to foster a closer bond.”

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Commentary: US will leave a void in climate leadership. Can China fill it?

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Income TALKS

China may also be able to influence climate finance, which is the COP29 environment conference’s central theme.

China helped lead the conversations in Baku by urging functions to settle disputes involving the New Collective Quantified Goal (NCQG), a brand-new climate finance goal that prioritizes developing nations ‘ requirements and closes accessibility spaces.

China emphasized the value of international frameworks and argued that developed nations should still lead in contributions to climate finance because of the principle of shared but distinct responsibility.

COP29 parties were able to believe on a new target consisting of two parts: Increasing” key” funding from the initial US$ 100 billion to at least US$ 300 billion annually by 2035, and an “additional coating” of up to US$ 1.3 trillion generally encompassing private financing. The NCQG result reflected development, despite the criticisms that some developing nations had for its lack of ambition.

Interestingly, China agreed to include its South-South and international development bank funding in the new finance goal in the COP29 agreement. This represents a substantial advance.

China has even, for the first time, officially announced its climate finance efforts. Vice-premier Ding Xuexiang stated at COP29 that since 2016, China has contributed and mobilized 177 billion yuan ( more than US$ 24 billion ) to weather actions.

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COP29’s new climate finance deal: Will India and China step up? – Asia Times

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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&nbsp, 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.

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Commentary: Trump 2.0 could be an opportunity for Southeast Asia’s energy transition

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IMPLICATIONS ON SOUTHEAST ASIA’S ENERGY Change

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 ). &nbsp, &nbsp,

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. &nbsp, 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. &nbsp, &nbsp, &nbsp,

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Govt to ramp up its emissions targets

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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.

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Thailand to increase emission reduction targets

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UN climate summit informed by the culture minister that the nation intends to increase performance.

Discussed: 20 Nov 2024 at 20: 38

Natural Resources and Environment Minister Chalermchai Sri-on outlines Thailand’s climate goals in an address to the COP29 conference in Baku, Azerbaijan on Nov 19. (Photo: Reuters)
In a speech to the COP29 event in Baku, Azerbaijan on November 19, Natural Resources and Environment Minister Chalermchai Sri-on lays out Thailand’s climate targets. ( Photo: Reuters )

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.

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Global ESG Monitor: Banks and insurance companies show progress in climate reporting

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  • Banks and insurance companies received a score of just under 50 %, which is substantially above the national average.
  • Financial institutions are aware of climate issues, but they do not provide in-depth monitoring.

Global ESG Monitor: Banks and insurance companies show progress in climate reporting

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.

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