New deal to boost climate resilience

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German government to reduce coal production

An agreement was signed between the Thai government’s integrated urban climate action for low-carbon and resilient cities ( Urban-Act ) project and the German Corporation for International Cooperation GmbH ( GIZ ).

As project implementing partners in Thailand, representatives from the German Embassy in Bangkok, the Department of Public Works and Town and Country Planning ( DPT ), the Office of Transport and Traffic Policy and Planning ( OTP), the Office of Natural Resources and Environmental Policy and Planning ( Onep), and the Thai Meteorological Department ( TMD) attended the signing.

As local venture partners, representatives from the United Nations Economic and Social Commission for Asia and the Pacific and the Asia-Pacific Regional Organization for Local Government also attended the ceremony.

Thailand is extremely susceptible to climate change, according to Chamnanwit Terat, assistant continuous secretary of the Interior Ministry.

He argued that the nation needs to accelerate its efforts to achieve the Sustainable Development Goals ( SDGs ), build more resilient cities, promote sustainable living, and reduce greenhouse gas emissions to further adapt to climate change.

” Climate shift has considerably affected procedures and the well-being of the people”, he said. Therefore, all participants must work together to create industrial growth solutions that adhere to environmental principles.

He stated that the government is totally committed to supporting the initiative’s efforts to address pressing issues facing the nation and advance sustainable growth.

The Urban-Act job is a local, climate action effort with initiatives currently continued in China, India, Indonesia, the Philippines, and Thailand.

The European Federal Ministry of Economic Affairs and Climate Action’s International Climate Initiative will provide funding through December 2027. Its objective is to assist the nations in their move to low-carbon, more tenacious industrial development.

Pongrat Piromrat, DPT director-general, said the program is a vital step towards decreasing Thai places ‘ carbon pollution.

Local authorities will conduct research on how climate change has affected the places, he said, adding that the project will concentrate on Chiang Mai, Khon Kaen, and Phuket as captain places.

The experiments, he said, does form the basis for more action.

” DPT will develop rules that will help transform these places into climate resilient locations. Although our office has several laws in place to assist lower carbon emissions in urban areas, we still need to increase them, he said.

” Once we receive and process the information from the studies in the pilot cities, we will use]the data ] for city planning and development in other provinces”, he said.

Jarukan Rassiri, the GIZ Cluster Coordinator for Environment, Energy and Mobility, said the program is also being implemented in other key cities in India, China, Indonesia and the Philippines.

” Asia is a gateway of the world, and it has strong growth potential. But, the question is, how it will grow in the future”? she said. “]The response is ] with lower carbon emissions and powerful resilience”, she added.

It’s not just about having creative ideas or practices; it’s also about how different agencies can collaborate and come up with common solutions, she continued.

Germany recognized the importance of locations as well as the need for strong cooperation between government agencies, according to Johannes Kerner, Counsellor for Economic Affairs at the German Embassy in Bangkok.

” We are a proud promoter and donation for the local Urban-Act project through the International Climate Initiative”, he said.

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China quietly taking the lead in climate diplomacy – Asia Times

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Seven centuries seems a career in politics. Donald Trump, president, announced in 2017 that the United States may retreat from the Paris Agreement. In order to restate their political responsibility to international climate action, Canada, China, and the European Union convened an urgent appointment.

The powerful meet turned into a year-long event that took place in Wuhan, China, this week as a chance for a second Trump presidency looms large.

At the invitation-only gathering of environment ministers and senior representatives from nearly 30 nations, Australia’s Climate Change and Energy Minister Chris Bowen represented Australia.

The group gathered to progress global climate negotiations in the lead-up to the next United Nations climate conference ( COP29 ) in Baku, Azerbaijan. Stronger pollution reduction goals may send strong signals to purchase, which has been slow in Australia but not in China.

China is making notable improvement in moving from fossil fuels to clean energy. In addition to a surge in the production of low-carbon systems, including batteries and electric vehicles, analysts have observed record progress in solar and wind, which have reduced energy’s discuss in electricity generation.

All of this indicates that China’s greenhouse gas emissions does had reached a peak, which would be good for the world. Australia also needs to move quickly if it wants to become a powerhouse in solar energy.

China obviously wants to take a greater share of the global lead in the change of electricity, but it also wants to put pressure on its own businesses and industries to take action. China’s choice to host this year’s gathering, and others, reflects this goal.

Earlier this month, China hosted a five-day gathering of “like-minded developing places” in Shandong. Then there was a “BASIC” ministerial conference on climate actions with Brazil, India and South Africa next trip.

The 8th Ministerial on Climate Action was officially known as the big conference this year. In addition to boosting global cooperation, it also involved in-depth discussions on issues relating to COP29 and COP30, as well as promoting the transition to power.

UN Climate Change Executive Secretary Simon Stiell called for bolder weather action from all countries, particularly the wealthy G20, at the conference. Every country is required to submit fresh national climate plans and goals by February of next year in accordance with the Paris Agreement. As Stiell says:

Done properly, these programs are the key to stronger economic expansion, more jobs and success, much less waste and better wellbeing.

The transition to a low-carbon society requires architectural adjustments that are both socially challenging and time-consuming. However, as I’ve mentioned below, China’s efforts to develop the technologies for the trend of solar power are beginning to bear fruit.

Electricity

About 40 % of China’s CO₂ emissions come from power generation, mainly fuel, but the share of renewable energy is growing.

Wind capacity expanded from 61 gigawatts ( GW ) in 2012 to 441GW in 2023, while solar capacity rose from 3.4GW in 2013 to 610GW.

X Screenshot

Coal-fired power plants are being built also, though at a much slower rate. Hydrodropower went through many droughts in a row.

The rapid development of solar and wind is being managed by developing new storage methods. These include waters pump store, chemical store, compressed-air storage, and digital power plants. Long-distance transmission systems will help better use of biofuels.

China is even conducting climate legislation experiments, including carbon trading and offsets. Because the state wants to concentrate on fossil fuel use, a two system that has existed for almost 30 years is being redesigned.

The strategy is to remove strong fuel burning with light, coal with natural gas, and combustion turbines with electric automobiles.

Transport

In 2023, international electronic vehicle sales exceeded 13 million. With more than 7 million sold, or a third of auto sales, China has the largest private electric car market.

In contrast, China exported 1.2 million electrical vehicles in 2023. This was 80 % more than the previous month.

Because they have quite a large market share, energy vehicles are already less expensive than those with internal combustion engines in China. Local carmakers now offer roughly 50 various small, affordable electric models.

Screenshot

Steel

China made the announcement in April that it would start extending emissions trading to the metal sector. This business is the government’s second-largest CO₂ emission, behind power.

Emissions investing is a market-based view to controlling waste. The federal grants allows that allow a certain amount of CO2 to be released over a predetermined amount of time. These grants can be purchased, traded, or both.

China accounts for more than half of the country’s steel manufacturing. Because metal is used in renewable energy production and the manufacture of electric vehicles, the economy even supports the energy transition. Nearly 70 % of the world’s main wind turbine components and 80 % of solar panel components are produced in China.

To reduce pollutants, the government is urging economy to collaborate with universities and research institutes. It will not be quick, and it will be expensive.

China is the world’s largest hydrogen producer, but 80 % comes from fossil fuels. Green gas research and development is getting more and more money, with some companies determined to take the result. If steel-making may become powered by natural gas, it would be a key milestone.

A glimpse of the future

Given the confusion surrounding the US election in November, China’s constant hands in climate politics is welcome.

China is even demonstrating what is feasible if the energy transition is transformed into a source of development option for Australia and other countries. The size of China’s rollout of solar energy is astounding, but so is the pace of development of new technologies to support renewable energy, including the efficient storage of wind and solar power to provide electricity on demand.

More than two-thirds of the world’s greenhouse gas decline may be supported by the technology also in growth, according to the International Energy Agency in 2020. China wants to dominate the market and dominate it initially. And there’s every sign it will flourish.

Xu Yi-chong is Professor of Governance and Public Policy, Griffith University

This content was republished from The Conversation under a Creative Commons license. Read the original post.

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Why global uncertainty won’t undermine transition goals | FinanceAsia

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When FinanceAsia editorial board member, Sunil Veetil, took on his Singapore-based leadership role as head of Commercial Banking Sustainability for Apac at HSBC back in summer 2022, Asia was in the throes of pandemic uncertainty. Market to market, the approach of each governing authority proved to be heavily nuanced: Singapore had not long lifted restrictions to social gatherings and would soon abandon the mask mandate; while Hong Kong’s decision makers would deliberate for a further seven months before considering any such easing.

Yet, with hindsight being 20/20 (some may recoil at reference to the fateful numerical sequence), there was a sense of steadiness – albeit slow – in the unravelling of pandemic protocol which sits in stark contrast to today’s atmosphere of fast-paced-but-frequently-wavering global political and socioeconomic uncertainty. With over half of the world going to the polls this year – and a lot riding on upcoming election outcomes including France’s hung parliament and the final months of campaigning in the US; geopolitical complexities and tensions are pervading all market developments, not least the macroeconomic and inflationary outlook.

Reassuringly, however, Veetil is resolute in his resolve that global climate aspirations will forge ahead in spite of current conditions. “When you talk climate, you have to look long term,” he told FA. “Whilst there are short-term disruptions and changes – some of which have been positive; for example, the supply chain dispersion that has been taking place across the Asian region – it’s important to view climate from a longer perspective.”

He pointed to the outcomes of last November’s COP28 UN Climate Change Conference in Dubai, which served as a global stocktake of progress achieved by key economies towards the goals of the Paris Agreement, at the halfway point to their ultimate delivery by 2030. While the event publicly affirmed failure in capacity to limit global warming to 1.5 degrees Celsius by the end of this century; for the first time, it achieved consensus among all 196 heads of state and government officials to sanction the “beginning of the end” of the fossil fuel era, with efforts to eradicate their use by 2050. The conference laid the ground for a “swift, just and equitable transition, underpinned by deep emissions cuts and scaled-up finance”, a strategy which complements HSBC’s own ambitions to align its financing portfolio to net zero by 2050, as announced by the bank in 2020.

Climate management, Veetil explained, involves tackling a “perfect triangle” of challenges: politics, climate and the overall socio-economic picture. “The socio-economic impact of climate upon people is becoming all the more evident as we proceed… and to bring this all together, is the flow of capital.” He noted that while a lot of climate policy frameworks and trendsetting comes from Europe, the impact – “where the rubber hits the road” – is in Asia “and this is where the complexity is.”

Expanding on his comments for FA’s analysis of Asia’s debt capital market (DCM) activity, in which sustainable transactions were highlighted as playing an increasingly significant role within regional DCM dealmaking, Veetil said that typically, it continues to be the larger regional entities who lead the way in terms of raising significant capital to support sustainability aims. “The large tickets will always be driven by the sovereigns; and then it’s usually state-owned-enterprises (SOEs) or those large-cap private operators active in oil and gas or power and utilities, who are signing the big-ticket transactions.”

This seems to have been the case in 2024 so far, with Asia’s main players pioneering innovative climate transactions. In February, Japan followed up on its 2021 introduction of a transition finance framework by auctioning the world’s first sovereign climate transition bonds as a financing tool to support market growth alongside industry decarbonisation; while during the same month, HSBC participated in the first global multi-currency digital green bond offering, issued in Hong Kong.

“However, we are seeing green loans and sustainability-linked loans (SLLs) pick up at the mid-level and below this, in response to sustainable supply chain requirements. Of course, Asia is a supplier to the world.”

Veetil noted how European and North American buyers have become accustomed to outsourcing their emissions to Asia and that this had contributed some positive social and economic repercussions across the region, including an overall rise in income levels. With increasing pressure to report on and regulate sustainability, he explained that Asia-based manufacturers are not only on top of scope 3 metrics, but are pushing for capital expenditure (capex) to contribute to longer-term sustainability: to counteract those emissions that extend beyond the products themselves such as packaging, as well as manufacturing machinery. 

“Take a textile manufacturer that supplies to one of the big fashion brands. It’s not just that they want a sustainable supply chain and a robust working capital requirement; they’re also looking at how to install a wastewater treatment plant or rooftop solar. They are actively seeking capex investment plus working capital that is sustainable.”

Additionally, he highlighted the emergence of a circular economy to facilitate long-term sustainability, as being a growing trend: “Look at the battery ecosystem for example, a huge industry is developing around the recycling of batteries – additionally the recycling of solar panels, turbines and so forth is being considered. The recycling industry is becoming larger as ultimately, unless there is a circular economy around it, resources will be wasted. New action is being taken to develop a fully circular product lifecycle.”

The role of tech

Veetil emphasised various strides made across the field of technology, as being key to the future direction of the sustainability market. He commended Japan’s move to funnel over 55% of the proceeds from its recent climate transition issuance into research and development (R&D). “The future impact of investment going into research is set to be significant,” he said, noting the market’s action to invest in and develop domestic hydrogen production.

“Hydrogen has real potential to drive transition across hard-to-abate sectors such as steel, construction and aviation. But currently the market is ‘grey’ as it requires coal power to extract it from H2O.” He added that China and India are also investing heavily in the development of hydrogen. “It’s a space to watch.”

Climate-related research and technology is one of the areas which HSBC’s New Economy initiative aims to support. Since June last year, the bank has launched two fundraising strategies in Asia to invest in early-stage high-growth and tech-focussed businesses, to promote regional innovation. The first strategy, a $3 billion New Economy Fund (NEF) targets opportunities in Hong Kong and the surrounding Greater Bay Area (GBA), while a more recently launched $200 million vehicle targets investment across Singapore and Southeast Asia. Last month, the latter signed its first dedicated social loan to support Vietnamese venture-backed biotech start-up, Gene Solutions, which aims to enhance the accessibility and affordability of essential healthcare services across Southeast Asia. Another recent contribution included a $30 million green and social loan to Indonesia’s acquaculture and intelligence start-up, eFishery, which works to empower smallholder fish and shrimp farmers through tech, by increasing feed efficiency and reducing waste.

Veetil agreed that there is a strong socio-economic angle to sustainability developments in Southeast Asia, offering the example of electronic vehicle (EV) two-wheelers: “In certain areas in Southeast Asia (such as Vietnam and Indonesia) – as well as India, the majority of the population can’t afford to buy cars. We are going to see EV two-wheelers becoming more prevalent, popular and impactful… In fact, this is already happening and will continue to do so in the short- to medium-term.”

He added that the technologies emerging around carbon capture also offer real potential, but they “haven’t yet reached a sweet spot for mass adoption.”

Regulatory developments

But perhaps the most influential factor set to shape the sustainability landscape to come, is regulatory development and with it, clarity around how to deliver and enact a shared vision.

“What I am monitoring most closely on the regulatory side of things, is progress around the development of a country taxonomy,” Veetil disclosed.

“Reporting requirements are evolving quickly. Markets such as Hong Kong and Singapore have been very much at the forefront of this, but huge strides are also being made in geographies such as China and India, with new reporting requirements being introduced for listed companies.”

Singapore’s Accounting and Corporate Authority (Acra) together with Singapore Exchange Regulation (SGX RegCo) have mandated that listed companies start disclosing their climate impact in a phased manner, from financial year 2025.

“Over the next three years, most companies based in Singapore will report their climate data, which will certainly have an impact on the corporate mindset operating in the region,” Veetil said.

“Similarly, regulation being introduced elsewhere, such as in Europe, is taking effect globally. Take for example the new European deforestation regulation that has been published; as well as the carbon border adjustment mechanism (CBAM), which will soon take effect.”

“This is where we need a unified body to monitor and manage the direction of shared sustainability efforts. Currently this is something that is missing.”

Veetil suggested that various international entities are exploring options; and he proposed that efficacy could be found through a consortium of international central banks; or an governmental body such as the United Nations (UN) forming a platform involving corporates and financial institutions.

“We live in a very seamless economy, regulations in one country will definitely have an impact on the other.”

 


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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.


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Commentary: The world’s climate leaders need better data amid sweltering heat

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NEW DELHI: It is understandable that global warming is currently altering how we live.

In India’s money, New Delhi, this summer has been so warm- above 40 degrees Celsius yet at evening- that people are gasping, the tap water is scalding, and the walls of their homes emit heat like radiators.

According to the Saudi Arabian government, 1,300 travellers have now died during the Hajj this year. Due to exhaustion, people at the European football tournaments are collapsing.

IDENTIFICATION OF THE COST OF Culture CHANGE

And still economists are at the center of a new debate about the actual costs of climate change, which are clearly able to keep their cool when everyone else loses theirs. According to a fresh working paper from two academic departments at Harvard and Northwestern, which was published by the National Bureau of Economic Research, the economic damage caused by climate change could be as little as six times higher than previously thought.

Their design predicts that a second degree increase in global mean temperature causes a gradual decline in global GDP that tops at 12 % after six years and does not entirely recover even ten years after the shock.

They argue that this makes punitive weather change worthwhile for nations like the US, and that the argument may also apply to nations that are poorer but significantly more vulnerable to climate change, like India. Is it possible to include a few more nations around?

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China and European Union to hold talks on electric car tariffs

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After both sides agreed to negotiate a designed line of trade taxes, the risk of rising Foreign electric car prices in the EU may be reduced.

Although there are still issues with the tariffs, top officials from both regions agreed to continue to explore them on a Saturday contact.

The call marks the first time the two sides have agreed to negotiate since the EU threatened China with electric vehicle (EV) tariffs of up to 38%.

According to the EU, the government of China provided unfair subsidies for EVs. In response, China accused the Union of isolationism and business rule intrusions.

Trade Commissioner Valdis Dombrovskis and Wang Wentao, who is also a Taiwanese counterpart, were contacted by an EU official who described the conversation as” truthful and constructive.”

They stated that” all levels of dialogue will be maintained by the two sides in the upcoming days.”

The director also rebuffed the EU’s antagonism to China’s EV industry’s funding strategy.

They said “any negotiated result” to the proposed taxes may address the “injurious subsidisation” of Taiwanese EVs.

On Saturday, China made a similar speech and stated that it still disagreed with the EU.

Mr. Wentao met with German Vice-Chancellor Robert Habeck on Saturday in addition to its contact with the EU.

In a Facebook post about the meeting, China’s Ministry of Commerce said it had told Mr Habeck about its “firm opposition” to the tariffs.

To “firmly defend its legitimate rights and interests,” it reiterated its threat to file a lawsuit with the World Trade Organization ( WTO ).

The taxes have also received condemnation from Germany.

When the EU first proposed them last week following its investigation of Chinese EVs in the trading bloc, Germany’s Transport Minister, Volker Wissing, said the move risked a” trade war” with Beijing.

” The European Commission’s punitive taxes hit European firms and their best materials”, he wrote on X, previously known as Twitter, at the time.

The automotive sector in Europe has also been crucial.

Stellantis- which owns Citroën, Peugeot, Vauxhall, Fiat, and several other companies- said it did not support actions that” contribute to the world fragmentation]of business ]”.

The proposed charges range from 17.4 % to 38.1 %, depending on the brand and how much they negotiated with the EU’s investigation.

They may be added to the 10 % level currently in place for all Chinese electric cars.

The EU’s intervention comes after the US made the much bolder move of raising its tariff on Chinese electric cars from 25% to 100% last month.

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PAP to set up climate action, mental health groups to address issues that ‘cut across’ demographics: PM Wong

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Best Contact, KEEPING DOORS OPEN

Mr. Wong added that the PAP will also aim to improve communication with Singaporeans in addition to engaging the community on a wider range of issues. &nbsp,

He said that as a political party, the PAP needs to have productive communication channels, and” we must accomplish better”. &nbsp,

” Clearly, people think we can do better in contacts”, he said. &nbsp,

Some connections must be made face-to-face, such as through routine walkabouts. &nbsp,

” This has been the group’s conventional way of mentoring and conversation, and we must proceed with this and keep this strength”, he added. &nbsp,

But more needs to be done over electric streams, to intensify reach, he said. The group has updated our existing programmes like Facebook and Instagram, as well as launching fresh programs like YouTube, TikTok and WhatsApp. &nbsp,

The group email, Petir, has also been updated so it can be accessed through online means, and not just printed.

” Through these efforts, I hope Singaporeans get a better understanding of the PAP, as well as our officials and MPs, what they stand for, what we stand for, and why we do what we do for Singaporeans”, he said. &nbsp,

He added that he also wants to hear how the group you better serve Singaporeans from them directly. &nbsp,

” I, too, will try to do more and do it much”, he said.

To that end, he pledged to satisfy the advertising more often to describe certain policies, make use of more social media platforms, and perform more visits on the ground.

Additionally, Mr. Wong added that the PAP will continue to be accessible to those who want to meet. &nbsp,

Beyond the group protesters ‘ core group, there is a more extensive network known as the Friends of PAP system. &nbsp,

” We want to increase this system of PAP buddies and partners”, he said. ” Whether you are a corporate organisation, a social service organisation, or as an individual, if you have new ideas, or just want to lend a hand … we welcome you to join us” .&nbsp,

Mr. Wong added that the political climate in Singapore is evolving, and he does not believe that the PAP may formally form the new state. &nbsp,

” But for now we are the state of the day”, he said.

It is therefore our job as a celebration to map out how we can advance Singapore, how we can build a strong partnership with Singaporeans, and how to persuade them that PAP is the right person to lead this nation.

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Australia wants to become a renewable energy superpower. Can it?

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1 minute ago

Hannah Ritchie,BBC News, Sydney

BBC Maia Schweizer BBC

A vast facility housing a scientific breakthrough is hidden among heavy bushland in the southern suburbs of Sydney.

The Asian company SunDrive Solar uses a brand-new, top-secret method to claim to have solved” a very high value problem” in this area.

Its huge development? Finding a way to change solar cells ‘ silver with metal, which was originally believed to be difficult.

” Gold is expensive, scarce and socially disastrous, and it limits how many solar can be rolled out around the globe”, explains chief commercial officer Maia Schweizer.

” Brass is also highly in demand, but it’s 1, 000 days more numerous, and 100 days lower value”.

The start-up is one of the beneficiaries of the government’s Coming Made in Australia program, a collection of policies that invest in local alternative industries to make the nation a “renewable energy superpower.”

But some experts question whether the$ A22.7bn ($ 15bn, £11.8bn ) package, which comprises tax incentives, loans, and kick- starter grants- is enough to meet those lofty ambitions.

And according to climate scientists, Australia must cease selling fossil fuels if it wants to be a significant participant in the net-zero change.

Australia’s market has long been powered by its natural sources, such as coal, oil and iron ore.

However, its essential minerals are exported raw and refined abroad, most of which are used to support important lower emissions technologies.

Australia has earned a reputation as the world’s rock thanks to its dig-and-ship model of trade, which has also resulted in significant loss of significant change farther up the supply chain.

One indication of lithium-based batteries that store solar energy and power electric cars is used.

Despite being responsible for more than half of the world’s supply, Australia captures just 0.5% of the global $57bn lithium battery market, according to the country’s national science agency.

The Coming Made in Australia plan, which was officially announced in April, aims to change that by providing tax breaks and money to businesses that process crucial minerals at home.

Doing so, the state argues, is a national surveillance concern, as countries examine their business dependence on Beijing, and seem to protect themselves against supply chain shocks.

” This is not old- made isolationism or protectionism – it is the new opposition”, Prime Minister Anthony Albanese said, when announcing the program.

” We need to aim higher, be strong, and create large, to match the size of the option in front of us”.

Alpha HPA Rob Williamson at work at Alpha HPAAlpha HPA

Alpha HPA, based in Queensland, is one of the businesses that the government has chosen to carry out its perspective.

Similar to SunDrive, it sees itself as a industry because it can produce high-quality aluminum items that are used in applications like semiconductors and iPhones with less carbon footprint than their outside competitors.

One of the largest aluminium factories in the world is being built close to the coastal town of Gladstone, thanks to a$ 400 million federal loan, according to the company’s claim that it will result in hundreds of local jobs.

According to Alpha HPA’s chief operating officer Rob Williamson, there is still skepticism about whether Australia may produce goods, given that the company has historically outsourced its manufacturing to China.

” Anybody that puts forward the case that we do n’t have people in this country to do]this work ] is just not trying”, he adds.

SunDrive is on a similar trip.

Without government aid, Ms Schweizer says, the firm might have moved abroad.

Rather, it wants to turn one of the nation’s oldest coal power plants into a large solar panel manufacturing gateway.

Currently, one in three Australian households have solar panels, the highest rate in the world, and yet only 1% are made locally – with China responsible for more than 80% of global production.

” Every one material that you need to create a solar panel, we’ve got one of the best three resources in the world”, Ms Schweizer explains.

” Then there’s the possibility of the finish- to- finish value chain coming inland in Australia for the first time, which is very, very exciting”.

The Made in Australia pledge has won the support of the country’s biggest renewable energy industry trade bodies, who say the investments could be “game changing”.

” It’s a great option for us to be an exporter of climate solutions to the world instead of climate issues”, John Grimes, who heads the Smart Energy Council, says.

But some climate experts warn it is being “severely undermined” by the government’s recent decision to champion gas until 2050 and beyond despite global calls to rapidly phase out fossil fuels.

” We’re sending a genuinely mixed information to traders”, says Polly Hemming, the chairman of the Australia Institute’s environment and energy project.

Alpha HPA Alpha HPA production facility Alpha HPA

” This state has continued to review fresh gas and coal projects- it’s flown to Japan, India, Korea, and Vietnam to secure long- word markets for gas and coal.

” If we really wanted to be a green energy superpower, we would n’t be relentlessly pursuing customers for our fossil fuels,” she says.

One of the nation’s leading climate scientists agrees.

According to Prof. Bill Hare, chief executive of Climate Analytics and author of numerous UN climate change reports,” there is a very deep contradiction at the heart of the two policies.”

” The Future Made in Australia]plan ] is playing second fiddle to the government’s gas strategy.”

To understand how, Ms Hemming says you need to” follow the money”.

According to an analysis from her thinktank, last year alone, state and federal governments spent A$ 14.5bn subsidising fossil fuel use across Australia, and that sum is only expected to balloon, according to budget estimates.

By contrast, she says the A$13.7bn set aside to process critical minerals and incubate Australia’s nascent green hydrogen industry “isn’t real money”.

That’s because it will take the form of tax breaks over the course of a decade, which can only be cashed in on production starting from 2027 – a model which policymakers say will ensure taxpayers’ money is not wasted.

However, none of the green hydrogen projects are finished, many of which are being led by the nation’s largest mining and energy companies. If there is a change in the government, the incentives could be eliminated before they become effective.

It’s like I have a healthy eating and junk food policy in place at the same time in my house and tell my kids,” You can have$ 10 a week now if you keep eating junk food,” she says.

” Or,’ I’ll give you$ 2 in 2027 if you switch to broccoli’. What do you think they are going to prioritise?”

Given that the green hydrogen industry is still in its early stages and full of unknowns, some energy experts have also doubted the business justification for it.

Others worry that it will slow down climate action and derail investment away from renewable energy sources that have already proven their worth.

However, Mr. Grimes claims that green hydrogen will play a crucial role in” sliming emissions” from Australia’s carbon-intensive mining sector as businesses look for cheap green fuel to keep running their businesses.

And bigger picture, he argues that the government’s new green investments should be assessed as” a milestone first step “rather than an end point.

The government is aware that Australia could become the Kodak economy of the future: a big deal one day and completely irrelevant the next if it does n’t move beyond its coal, gas, and iron ore exports soon.

Getty Images Iron ore being loaded at a mine in Western AustraliaGetty Images

Not just Australia is trying to be the engine room of the new green economy, but it is also looking to.

Dozens of nations are putting forward ambitious proposals, such as the European Union’s Green Deal or America’s gargantuan Inflation Reduction Act.

According to the International Energy Agency, policymakers have invested over A$ 2tn in clean energy initiatives globally since 2020.

But Australia has some compelling natural advantages, such as enviable wind and solar capabilities, stores of critical minerals and rare earths, and a strong mining infrastructure network that can be repurposed.

All the experts the BBC spoke with agreed that if used correctly, it has every chance of securing its position as a crucial green trading partner among allies.

Getting there though, they say, will require even greater investment – particularly in research and development, which is currently at 30-year lows.

And they’ve warned that the government ca n’t afford to stutter on a topic that Mr. Albanese himself has addressed head on.

” We have to get cracking. We have unlimited potential, but we do not have unlimited time.

” If we do n’t seize this moment, it will pass. If we do n’t take this chance, we wo n’t get another. If we do n’t act to shape the future, the future will shape us”.

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Commentary: Teaching children to care about the environment starts at home

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In: South-East Asia

Despite having fewer tools and less experience than our parents, this original design highlights the potential of our children to effect true change.

However, it’s concerning that only 21 % of CEOs in Asia Pacific view climate change as a top priority in 2024, according to an EY survey. Teenagers and other young people should take responsible climate activity, according to people.

LEARNING ACROSS GENERATIONAL DIVIDES

Our children have a lot to tell us, just as we try to instill weather awareness in our children.

My girl enjoys reading a lot of marine environment books because she is excited about them. She was chosen as a fresh sea scientist to signify her primary school in a panel discussion organized by the Nature Society Singapore with the help of her teachers.

As this was during the COVID- 19 phase of residence- based learning, the conference was held on Zoom and was open to the public. Her parents, family users and our companions joined the program and learnt much, while encouraging the kids on the board.

Shortly thereafter, my girl urged us to let her get public transport. I think her teachers started the right discussions with her students about the economic effects of her transport choices.

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Malaysia unveils 3-phase US.3bil National Semiconductor Strategy to strengthen position in all-out global semicon war

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In: Technology
  • 3- step plan backed by US$ 5.3bil in governmental support and qualified opportunities
  • Walk up&nbsp, into higher- finish manufacturing, style, packaging, and equipment

Prime Minister Anwar Ibrahim declared Malaysia's intention to cement its position as a leading international hub for semiconductor manufacturing, and innovation while aiming to build a strong base in chip design.

The Malaysian government today unveiled its comprehensive three-phase plan, supported by US$ 5.3 billion ( RMRM25 billion ) in fiscal support and targeted incentives, in an ambitious move to advance the nation’s position as a leader in the semiconductor industry over the next ten years. &nbsp,

Prime Minister Anwar Ibrahim unveiled the action at the SEMICON SEA 2024 meeting in Kuala Lumpur now, laying out Malaysia’s intentions to strengthen its position as a leading global hotspot for semiconductor manufacturing and development while aiming to establish a solid foundation for chip style.

Anwar’s news comes in the wake of Yoon Suk Yeol, the president of Sought Korea, who last week described the world’s semiconductor market as an “all-out war” to capture the fruits of what is expected to be a US$ 1 trillion marketplace by 2030.

US$ 19 billion ( RM89.2 billion ) support package with 70 % focused on helping homegrown SMEs in the semiconductor supply and value chain.

Anwar emphasized the crucial role of a tenacious and developed global semiconductor supply chain while recognizing Malaysia’s solid foundations as the country’s 6th-largest exporter and 10th-largest consumer of electrical and electronics goods. &nbsp,

Highlighting its outsourced semiconductor assembly and test ( OSAT ) specialization, Anwar also spelled out Malaysia’s intentions to move up the value chain into higher- end manufacturing, design, packaging, and equipment.

” The NSS is a strong, agile, equitable, and forwards- considering strategy designed to foster collaboration with companies across ASEAN, Asia, and the world stage”, Anwar proclaimed. A robust multinational semiconductor production is still necessary for humanity, despite geopolitical dynamics, especially as our time is running out in our efforts to combat climate change and mitigate risk.

Reflecting Malaysia’s increasing strategic position, Penang, Asia’s Silicon Island, attracted a record RM61 billion &nbsp, in semiconductor FDI last year- exceeding its combined FDI of the previous seven years. This includes Intel’s RM30 billion investment in a new fabrication facility.

]RM1 = US$ 0.212]

Anwar reaffirmed that while proud of our OSAT accomplishments, we have strong potential to expand further into the value chain, underlining the NSS’s strategy to foster an ecosystem supported by dynamic Malaysian businesses and world-class talent working with global industry leaders.

The ambitious NSS was created as a result of a collaboration between the Ministry of International Trade and Industry ( MITI), its agencies, and a number of other ministries. It has been organized into a three-phase plan. Phase 1 focuses on” Building on Our Foundations” by leveraging Malaysia’s existing industry capacity and capabilities. &nbsp,

This includes modernizing OSAT services with advanced packaging, expanding trailing- edge chip fabrication and power chip production, and developing local chip design champions. Phase 2, dubbed” Moving to the Frontier”, will pursue cutting- edge logic and memory chip design, fabrication, testing, and integration with major chip buyers. &nbsp,

Anwar expressed confidence that Phase 1’s successful implementation will encourage the best-known advanced chip manufacturers to start operations in Malaysia. The third and final phase,” Innovating at the Frontier”, aims to develop world- class Malaysian semiconductor design, advanced packaging, and manufacturing equipment firms while attracting cutting- edge technology giants like Apple, Huawei, and Lenovo to pursue advanced manufacturing in the country.

Five overarching goals that the Malaysian government has set serve as foundation for the NSS:

  1. Secure at least RM500 billion in investments for Phase 1, driven by domestic direct investments in IC design, advanced packaging, and manufacturing equipment, coupled with foreign direct investments in wafer fabs and semiconductor equipment.

  2. Establish at least 10 Malaysian businesses in the advanced packaging and design industries, each with a revenue range of RM1 billion to RM4.7 billion by Phase 2. There are envisioned a further 100 local businesses that are related to semiconductors and have revenues in excess of RM1 billion.

  3. Position Malaysia as a globally- recognized R&amp, D hub for semiconductors, bolstered by world- class universities, corporate research centers, and centers of excellence that blend top Malaysian and international talent.

  4. In the next five to ten years, train and advance a highly skilled semiconductor workforce that includes 60, 000 Malaysian engineers.

  5. To ensure the NSS’s successful operation, allocate no less than RM25 billion in fiscal support and targeted incentives.

Overall, the NSS is spearheaded by the National Semiconductor Strategic Task Force ( NSSTF ) under MITI’s oversight, with CREST serving as the strategy’s secretariat. While maintaining Malaysia’s core aspiration, which is” a major global player in accessible technology for everyone, powered by our semiconductor industry,” Anwar emphasized that the NSS will continue to be a “living document” that constantly evolves in response to changing industry and market conditions.

Malaysia’s positioning as a neutral, non-aligned territory that can support a distributed and diversified semiconductor supply chain helps to mitigate geopolitical risks and vulnerabilities, underpin the national strategy. Anwar emphasized Malaysia’s willingness to cooperate and make investments from all over the world in order to advance this crucial industry as a whole.

” Today, I offer our nation as the most neutral and non- aligned location for semiconductor production, to help build a more secure and resilient global semiconductor supply chain”, he declared, calling for support from industry stakeholders within Malaysia and internationally.

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