Ministry aims to accelerate net zero goal by 15 years

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PUBLISHED: 4:00 on October 5, 2023.

According to the Ministry of Natural Resources and Environment, Thailand wants to postpone its efforts to achieve net zero emissions 15 years earlier than originally planned.

Talerngsak Petchsuwan, the agency’s deputy continuous secretary, stated yesterday that the organization is confident it will be possible by 2050 with improved stakeholder cooperation.

The past administration made the international commitment to achieve net zero emissions by 2065 and carbon neutrality by the year 2050 two years ago. Net zero requires reducing emissions, whereas coal independence requires compensating for emissions with balances.

During COP26 in Glasgow, Scotland, in November 2021, the original Prayut Chan-o-cha administration made the commitment.

According to Mr. Talerngsak,” We now have strong information about the nation’s ability to reach the goal earlier than scheduled.”

If we get help from abroad, particularly with cutting-edge technology, we can shorten the timeline, he said. ” Partners have made significant efforts to show that they are prepared to adapt to the tightening of international laws related to climate change mitigation ,” particularly in the business sector.

Mr. Talerngsak used the EU’s Carbon Border Adjustment Mechanism ( Cbam ) as an example. This mechanism will require Thai producers of cement, fertilizer, energy, and steel to include a greenhouse emission cost for goods entering the market.

According to him, nearby businesses need to invest more in natural systems in order to meet the demands of the EU market. In the near future, he said, Cbam might be expanded to include agrarian, textile, and other materials.

The Thailand Climate Action Conference, which will be presided over by Prime Minister Srettha Thavisin tomorrow at the Queen Sirikit National Convention Center, was organized by the government and its partners as portion of its efforts to combat climate change, according to Mr. Talerngsak.

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What China’s economic problems mean for the world

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Tourists visit the Nanjing Road Walkway in the rain in Shanghai, China, September 14, 2023.Getty Images
By Nick Marsh
Asia business correspondent

There is a saying that when the United States sneezes, the rest of the world catches a cold. But what happens when China is unwell?

The world’s second-largest economy, home to more than 1.4 billion people, is facing a host of problems – including slow growth, high youth unemployment and a property market in disarray.

While these issues add up to a major headache for Beijing, how much does it matter to the rest of the world?

Analysts believe worries of an impending global catastrophe are overstated. But multinational corporations, their workers and even people with no direct links to China are likely to feel at least some of the effects. Ultimately, it depends on who you are.

Winners and losers

“If Chinese people start cutting back on eating out for lunch, for example, does that affect the global economy?” asked Deborah Elms, executive director of the Asian Trade Centre in Singapore.

“The answer is not as much as you might imagine, but it certainly does hit firms who directly rely on domestic Chinese consumption.”

Hundreds of big global companies such as Apple, Volkswagen and Burberry get a lot of their revenue from China’s vast consumer market and will be hit by households spending less. The knock-on effects will then be felt by the thousands of suppliers and workers around the world who rely on these companies.

When you consider that China is responsible for more than a third of the growth seen in the world, any kind of deceleration will be felt beyond its borders.

The US credit rating agency Fitch said last month that China’s slowdown was “casting a shadow over global growth prospects” and downgraded its forecast for the entire world in 2024.

However, according to some economists, the idea that China is the engine of global prosperity has been exaggerated.

A worker works on a production line at a packaging company in Lianyungang city, East China's Jiangsu province, Sept 27, 2023

Getty Images

“Mathematically, yes, China accounts for around 40% of global growth,” says George Magnus, an economist at the University of Oxford’s China Centre.

“But who is that growth benefitting? China runs a huge trade surplus. It exports so much more than it imports, so how much China grows or doesn’t grow is really more about China than it is about the rest of the world.”

Nevertheless, China spending less on goods and services – or on housebuilding – means less demand for raw materials and commodities. In August, the country imported nearly 9% less compared to the same time last year – when it was still under zero-Covid restrictions.

“Big exporters such as Australia, Brazil and several countries in Africa will be hit hardest by this,” says Roland Rajah, director of the Indo-Pacific Development Centre at the Lowy Institute in Sydney.

Weak demand in China also means that prices there will stay low. From a Western consumer perspective, it would be a welcome way of curbing rising prices that does not involve further raising interest rates.

“This is good news for people and businesses struggling to deal with high inflation,” Mr Rajah says. So in the short-term, ordinary consumers may benefit from China’s slowdown. But there are longer term questions for people in the developing world.

Over the last 10 years, China has invested more than a trillion dollars in huge infrastructure projects known as the Belt and Road Initiative.

More than 150 countries have received Chinese money and technology to build roads, airports, seaports and bridges. According to Mr Rajah, Chinese commitment to these projects may start to suffer if economic problems persist at home.

“Now Chinese firms and banks won’t have the same financial largesse to splash around overseas,” he says.

China in the world

While reduced Chinese investment abroad is a possibility, it is unclear how else China’s domestic economic situation will affect its foreign policy.

A more vulnerable China, some argue, may seek to repair damaged relations with the US. American trade restrictions have partly contributed to a 25% drop in Chinese exports to the US in the first half of this year, while US Trade Secretary Gina Raimondo recently called the country “uninvestable” for some American firms.

But there is no evidence to suggest China’s approach is softening. Beijing continues to retaliate with restrictions of its own, frequently blasts the “Cold War mentality” of western countries and appears to maintain good relations with authoritarian leaders of sanctioned regimes, such as Russia’s Vladimir Putin and Syria’s Bashar Al-Assad.

At the same time, a stream of US and EU officials continue to travel to China every month to keep up talks on bilateral trade. The truth is that few people really know what lies between Chinese rhetoric and Chinese policy.

One of the more extreme readings of this uncertainty comes from hawkish observers in Washington, who say a downturn in the Chinese economy could impact how it deals with Taiwan, the self-governing island that Beijing claims as its own territory.

US Secretary of State Antony Blinken (L) shakes hands with China's President Xi Jinping at the Great Hall of the People in Beijing on June 19, 2023.

Getty Images

Speaking earlier this month, Republican Congressman Mike Gallagher – chair of the US House Select Committee on China – said problems at home were making China’s leader Xi Jinping “less predictable” and could lead him to “do something very stupid” with regards to Taiwan.

The idea is that if, as Mr Rajah argues, it becomes apparent that China’s “economic miracle is over”, then the Communist Party’s reaction “could prove very consequential indeed”.

There are, however, plenty of people who dismiss this notion, including US President Joe Biden. When asked about this possibility, he said Mr Xi currently had his “hands full” dealing with the country’s economic problems.

“I don’t think it’s going to cause China to invade Taiwan – matter of fact the opposite. China probably doesn’t have the same capacity as it had before,” Mr Biden said.

Expect the unexpected

However, if there is one lesson to learn from history, it is to expect the unexpected. As Ms Elms points out, few people before 2008 anticipated that subprime mortgages in Las Vegas would send shockwaves through the global economy.

The echoes of 2008 have got some analysts worried about what is known as “financial contagion”. This includes the nightmare scenario of China’s property crisis leading to a full-blown collapse in the Chinese economy, triggering financial meltdown around the world.

Dozens of freighters dock for loading and unloading at the Qingdao section of the Shandong Pilot Free Trade Zone in Qingdao, Shandong province, China, Sept 27, 2023.

Getty Images

Parallels with the subprime mortgage crisis – which saw the collapse of Wall Street investment giant Lehman Brothers and a global recession – are certainly tempting to make. But, according to Mr Magnus, they are not completely accurate.

“This is not going to be a Lehman-type shock,” he says. “China is unlikely to let their big banks go bust – and they have stronger balance sheets than the thousands of regional and community banks that went under in the US.”

Ms Elms agrees: “China’s property market is not linked to their financial infrastructure in the same way that American subprime mortgages were. Besides, China’s financial system is not dominant enough for there to be a direct global impact like we saw from the United States in 2008.”

“We are globally interconnected,” she says. “When you have one of the large engines of growth not functioning it affects the rest of us, and it often affects the rest of us in ways that weren’t anticipated.”

“It doesn’t mean I think we’re headed for a repeat of 2008, but the point is that what sometimes appear to be local, domestic concerns can have an effect on us all. Even in ways that we wouldn’t have imagined.”

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Thailand focuses on rights, refugees, says PM

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22 September 2023 at 17:35 PUBLISHED

Thailand focuses on rights, refugees, says PM
Srettha Thavisin, the prime minister and finance minister, claims that Thailand has prioritized human right and made every effort to assist Myanmar’s migrants. ( Facebook picture: Srettha Thavisin)

Srettha Thavisin, the prime minister and finance minister of New York, insists that Thailand has emphasized the value of individual freedom and made every effort to assist Myanmar refugees living in the nation.

Following a meeting with UN Secretary-General Antonio Guterres at the UN Headquarters while attending the 78th session of the United Nations General Assembly( UNGA78 ), Mr. Srettha gave an interview with reporters on Friday.

According to Mr. Srettha, Thailand values human rights, participates in peace negotiations, aids migrants, and avoids getting involved in domestic issues between neighboring nations.

He claimed that the UN secretary-general has expressed his concern and that Thailand will take his advice about caring for migrants significantly.

The primary secretary responded that peace is a delicate subject because problems occur all over the world when asked about the International Day of Peace, which falls on September 21.

However, the UN secretary-general is emphasize” fresh air” as a common problem that every nation pays attention to and agrees with, he said at UNGA78.

During their bilateral meeting, Mr. Srettha also outlined the new government’s objectives, which are consistent with the 2030 Agenda for Sustainable Development, according to the Foreign Affairs Ministry.

He also reaffirmed Thailand’s dedication to enhancing all aspects of Thailand-UN cooperation, as well as its support for secretary-general initiatives, especially those aimed at accelerating sustainable development goals and addressing climate change. He even stated that he would like to see more Vietnamese people in senior roles at the UN.

According to government spokeswoman Chai Wacharonke, the UN secretary-general congratulated the prime minister on taking office and praised Thailand’s superb relationship with the organization as well as its active role as the host country of numerous UN agencies in the area.

Chulapong Yukate, a member of the Move Forward Party who represents Myanmar, called on the government on Friday to aid international organizations that want to take meals, medical supplies, or other humanitarian aid to aid the people of Myanmar affected by the turmoil in Shan state.

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Less than half of respondents in Southeast Asia believe climate change poses ‘serious threat’ to region: Survey

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The figures will” no doubt… cause much comment ,” said Malaysia’s Minister of Natural Resources, Environment, and Climate Change during his keynote address at a panel discussion on the report on Thursday( Sep 21 ). & nbsp, In light of the COVID-19 crisis and the continuous treatment, he said,” TheContinue Reading

Asean exchanges formalise sustainability governance efforts | FinanceAsia

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Six Asean-based exchanges released a list of ten governance objectives last week( September 12 ) that are included in the Common ESG Metrics of the regional bloc. The points make up the last item on a list of 27 thorough disclosure recommendations from regional market-listed companies that address plethora of environmental, social, and governance( ESG ) issues. The articles titled” E”( environment ) and” S “( social ) elements were released in March and December 2022, respectively.

According to Dr. Soraphol Tulayasathien, senior executive vice president and head of the Corporate Strategy and Sustainable Market Development Divisions at the Stock Exchange of Thailand( SET ), the complete list” serves as a common basis for member stock exchanges to build upon to drive sustainability among their listed companies.”

He told FinanceAsia that” each specific trade within Asean will defend the acceptance and importance of ESG metrics in the framework of their local market dynamics.”

In 2021, the ESG Working Group ( ESG WG ) was first established by the Asean Exchanges in six nations, including Bursa Malaysia, Hanoi Stock Exchange, Ho Chi Minh Securities Exchange ( HOSE ), Indonesia Stock Exchange ( IDX ), Philippine Stockex( PSE ), and SET. In response to the growing fame of ESG issues that have come to guide global funding decision-making as well as other owing application procedures, the members work together to lead local sustainability-themed initiatives.

” The Asean Exchanges have been working together to create a framework for collaboration across different areas to elevate the Assen capital market, and we are seeing encouraging progress ,” SGX’s spokesperson told FA. One is the creation of ESG measures. & nbsp,

Additionally, Tulayasathien exclusively disclosed to FA that IDX, SET, and Bura Malaysia had recently signed a Memorandum of Understanding( MoU) to work together on additional sustainability-related opportunities.

This deal” emphasizes the collective responsibility of these three exchanges to encourage the adoption of good ESG practices and to promote responsible progress within their particular markets.”

The MoU, according to him, aims to offer cross-border ESG investment opportunities throughout the Asean area. ” The official announcement of the MoU will be made to the public shortly. Please stay tuned ,” said & nbsp.

The announcement comes after various strategic initiatives that were just made in the area. The Hong Kong Exchanges and Clearing Limited( HKEX ) and IDX announced their collaboration in July to look into potential mutually advantageous opportunities.

At the time, experts told FA that the development would put both domestic and foreign investors operating in Hong Kong in a position to take advantage of opportunities related to Indonesia’s onshore energy transition story, particularly to access the market ‘ abundant nickel reserves and contribute to the country of Indonesia developing its domestic electronic vehicle ( EV ) supply chain.

In order to investigate opportunities in finance, ESG, and cross-listing, among other areas, the HKEX and Saudi Arabian share exchange operator signed a MoU earlier in February.

efforts for products

The Asean governance metrics were formalized at a meeting on September 8 that was also attended by representatives from the Lao Securities Exchange and Cambodia Stock Exchange( CSX ).

The leaders acknowledged the complementary nature of their exchanges and the potential for product improvement-based connectivity opportunities, such as depository receipts ( DR ) collaboration.

Tulayasathien stated that the Asean-based ESG WG had seen rising demand from local market participants for a wider range of investment opportunities when discussing the potential for new, cross-border product offerings.

With the addition of five fractional depositary receipts ( DRx ) on technology and growth stocks from the US and Hong Kong, the SET currently hosts a total of 13 DRs on its exchange platform, including foreign shares and exchange-traded funds ( ETFs ) from China and Vietnam.

The SET is prepared to launch a DR featuring Singaporean underlying stocks starting on September 19 as part of the strategic partnership known as the Thailand-Singapore Direct Relationship ( THR ) between Thailand and Singapore.

The SGX representative confirmed that the DR connection was started when it was first launched in May and involved four different companies.

The trading volume of DRs has grown significantly since its founding in 2018. To increase our global reach and offerings, we welcome the chance to expand collaborative initiatives with another exchanges, Tulayasathien said.

Along with the creation of the bank’s unique net-zero transition plan, the SGX is still looking into a wide range of tools to assist investors in incorporating climate considerations into their investment portfolios.

The spokesperson stated that in order to achieve this, we have expanded our selection of climate-themed goods and services, including the listing of the iShares MSCI Asia ex-Japan Climate Action ETF as well as our arrangements for electric vehicles metal.

This is on top of the Nikkei 225 Climate PAB future and our FTSE Blossom Japan derivatives, which were released in March of this year.

The Straits Times Index( STI ) constituents that had started concentrating on low-carbon solutions had outperformed the larger benchmark, according to the contact.

” Sembcorp Industries, Keppel Corporation, and Yangzijiang Shipbuilding have been actively growing their portfolios for renewable energy and cleaner or green solutions; the three stocks have averaged 46.8 % total returns in 2023 YTD, compared to 3.0 % total return for the STI.”

According to the International Sustainability Standards Board’s ( ISSB ) requirements, the Sustainability Reporting Advisory Committee ( Srac ) in Singapore opened a public consultation in July on the requirement of mandatory climate reporting for all publicly traded companies. According to the SGX director, the most recent period of conservation reporting among the listcos is expected to begin in Q4 2023.

Meanwhile, in Hong Kong, the Securities and Futures Commission ( SFC) released a thorough roadmap and nbsp last month for the implementation of ISSB standards in the market.

Governance improvements

The monthly performance evaluation of board directors and continued and constant professional education programs for such leaders are two of the ten Asean governance recommendations.

Directors of Singapore-registered listcos are required to take one of eight prescribed conservation courses in order to gain a fundamental understanding of sustainability issues, according to the SGX spokeswoman, who also shared progress to date.

” SGX mandated conservation instruction for all directors of listed companies in 2022 because we recognize the value of instruction.” Over 3, 200 people have so far attended the required courses.

The number of listed companies taking part in Thailand’s Sustainability Investment ( THIS ) assessment increased from 100 in 2015 to 221 in 2022, according to Tulayasathien.

The extraordinary advancement of Thai listed companies in the area of ESG practices, which has earned them world recognition, is one of our major accomplishments, he said.

The Dow Jones Sustainability Indices presently list 26 Thai-listed businesses, and the FTSE4Good and MSCI ESG index, both, list 42 and 41 listed companies. Thailand is currently ranked first in the ESG rankings for the ASEAN location thanks to this outstanding accomplishment.

He added that members of the Thai industry have access to a number of ESG education portals, such as the creative network known as SETESG Data Platform, which consists of two organizations: the Acadamy and the Pool.

The measures are meant to serve as a starting point for and to enhance ESG reporting practices by businesses throughout Asean, according to & nbsp.

According to Tulayasathien, the initiative emphasizes the significance of close, consistent, and pertinent ESG data, which investors are increasingly demanding both locally and globally.

Requests for comment were never answered by Bursa Malaysia, the Hanoi Stock Exchange, HOSE, IDX, or PSE. In addition, & nbsp,

Haymarket Media Limited All right are reserved.

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Srettha to court big tech firms

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Speak to Google, Microsoft, and Tesla at P

PUBLISHED: 16 September 2023 at 4:00 p.m.

During his visit to the United States for the 78th Session of the UN General Assembly( UNGA78) in New York next week, Prime Minister Srettha Thavisin will make an effort to secure investment from some of world’s largest corporations.

Mr. Srettha stated that he intends to talk about funding methods with Tesla, Google, and Microsoft. According to him, the topic of conversation will be Thailand’s fight, funding opportunities, and legal issues.

According to Mr. Srettha, he wants to hasten the country’s economic treatment.

He anticipates expense from well-known business figures to support Thailand’s industries grow and expand career opportunities, particularly for those in underserved areas.

The United Nations Headquarters will host UNGA78 this year from following Monday to September 24.

The Thai delegation will be led by Mr. Srettha, who will participate in UN meetings, private sector gatherings like the US Chamber of Commerce( USCC) and US-Asean Business Council ( USABC ), appointments with important US business leaders, and interactions with Thai communities and businesses in the United States.

As achieving the 17 SDGs is one of the country’s top priorities, he will also make a national statement during the UNGA78 general debate and take part in the Sustainable Development Goals ( SDG ) Summit.

The Climate Action Summit will also be attended by the prime minister.

High-level intergovernmental meetings and a conversation with UN Secretary-General António Guterres are among his other sessions.

Cabinet people, including Foreign Minister Parnpree Bahiddha-Nukara, who is also the lieutenant P, will be with Mr. Srettha.

On Thursday, Mr. Parnpree spoke at a press reception held at the Ministry of Foreign Affairs. During the speech, he provided an overview of the Srettha government’s foreign policy way.

He said,” I think that under the leadership of the prime minister, we will be able to restore Thailand to having more roles on the international stage.”

Among them is the refusal to downplay Thailand’s status as a significant investment place. To address the current global challenges, he said the new foreign policy will concentrate on three things: safety, the business, and technology.

When Mr. Parnpree gets back to Thailand, he’ll go see people in the state of Prachin Buri, which is close to the Thai border, and ask them about immigration, trade, or border security.

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Srettha to woo big tech firms in US

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In addition to looks at the UN General Assembly, the prime minister has a hectic schedule.

15 September 2023 at 20:22 PUBLISHED

Srettha to woo big tech firms in US
Local ethnic residents in Chiang Rai’s Mae Sai region welcome Prime Minister Srettha Thavisin on Friday. The prime minister, who is spending the weekend in the north state, was given a bright sword by members. Government House ( picture )

During his visit to the US for the United Nations General Assembly next week, Prime Minister Srettha Thavisin may make an effort to secure funding from some of the largest corporations in the world.

Mr. Srettha stated that he intends to speak with Google, Microsoft, and Tesla’s CEOs or assistant chiefs about purchase.

According to him, the discussions will concentrate on Thailand’s constitutional issues, investment opportunities, and fight.

He thinks that funding from such powerful corporations may help Thailand’s industries grow and produce more.

The UN General Assembly for this year will take place from September 18 to 24 at the UN’s New York City offices.

The Thai mission will be led by Mr. Srettha, who will also participate in a number of events, including UN conferences, meetings with the private market, such as the US Chamber of Commerce and US-Asean Business Council, appointments with important US organization leaders, and interactions with Vietnamese communities and businesses in the United States.

As achieving the 17 SDGs is one of the nation’s top priorities, he will also make a national statement during the General Assembly general debate and take part in the Sustainable Development Goals ( SDG ) Summit.

The conference on climate change will also be attended by the excellent minister.

High-level intergovernmental meetings and a conversation with UN Secretary General António Guterres are among his other sessions.

Cabinet people, including Foreign Minister Parnpree Bahiddha-Nukara, who is also the lieutenant P, will be with Mr. Srettha.

The new international policy manner would concentrate on three areas: security, the market, and technologies to cope with current global challenges, Mr. Parnpree said at a press reception on Thursday at the Ministry of Foreign Affairs.

He stated that he plans to employ Thais through open politics so that this government’s foreign policy can be used to enhance the standard of living for the general populace.

He may visit locals in Prachin Buri territory, where safety along the nearby border with Cambodia is a problem, once he returns from the US to Thailand. He said he would talk about their impact on trade and immigration problems and look for alternatives.

He stated,” I think we will be able to restore Thailand to having more roles on the international level under the leadership of the primary parson.”

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G20 India: Can a divided group deliver results?

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NEW DELHI, INDIA - SEPTEMBER 1: A new look of Gandhi Darshan where new installations along with Sculptures are placed ahead of G20 Summit at Rajghat on September 1, 2023 in New Delhi, India. (Photo by Raj K Raj/Hindustan Times via shabby graphics)shabby graphics
Vikas Pandey
Delhi-based BBC News

India has transformed the G20 into a brand-new political scene.

The plan to turn India’s G20 president into a world victory has reached fever ball in the run-up to the leaders’ summit this trip after 200 discussions held in 60 Indian cities throughout the year.

Huge billboards and banners that show Prime Minister Narendra Modi and a message welcoming members, demonstrating India’s willingness to embrace the world, have been placed all over Delhi.

And the crest of the officials and their capacity to issue a joint resolution that signals broader agreement on issues of global concern will ultimately determine the outcome of all of this work.

India has been working hard to make a resolution; if there isn’t one at the summit, it will be the first. But with a G20 that is divided on some problems, the biggest of which is the Ukraine conflict, that’s not going to be simple.

India's Prime Minister Narendra Modi addresses the gathering on the third day of the three-day B20 Summit in New Delhi on August 27, 2023. (Photo by Sajjad HUSSAIN / AFP) (Photo by SAJJAD HUSSAIN/AFP via shabby graphics)

shabby graphics

The team was able to hastily put up a declaration that noted the distinctions within the G20 over Ukraine despite the fact that the battle also loomed large over last week’s summit in Indonesia.

However, things have changed since then; Russia and China might not agree to make such concessions, and the West, led by the US, won’t accept anything less than a categorical criticism of the battle.

The absence of Chinese President Xi Jinping and Russian President Vladimir Putin may produce decision-making a little more difficult. Instead, Sergey Lavrov of Russia and Premier Li Qiang of China will speak for their respective nations, but they might lack the political clout to create last-minute concessions without first consulting their leaders.

Early this year, the meetings of the G20 unusual and finance officials also came to an end without a joint declaration.

However, India will continue to hold out hope that the Ukraine problem won’t undermine the issues it wants to talk about with the developing nations of the Global South.

75 % of global trade and 85 % of the country’s economic output come from the G20 nations. Two-thirds of the world’s people lives there. India has positioned itself as the tone of the Global South by repeatedly asserting its duty to nations not included in the G20.

Russian President Vladimir Putin (L) and Chinese President Xi Jinping (R) wave during a welcoming ceremony on November 14, 2019 in Brasilia, Brazil. Leaders of Russia, China, Brazil, India and South Africa have gathered in Brasila for the BRICS Leaders Summit

shabby graphics

The presence of the African Union at the G20 has strengthened India’s location on the needs of developing nations.

The conflict and the pandemic have made problems like arrears, rising food and energy prices worse. According to Tanvi Madan, older brother at the Brookings Institution, India and other developing nations in the G20 do like industrialized economy to add money to these problems.

However, it is also uncertain whether these issues will be resolved. Consider debt refinancing. For instance, India and other developing nations have argued that wealthy nations and organizations like the International Monetary Fund ( IMF) should assist struggling borrower countries.

However, there can be no dialogue on this without bringing up China. The country’s poorest nations owed$ 62 billion in annual debt services to creditors, with China owing two-thirds of this, according to David Malpass, chairman of the World Bank until recently.

This has increased poverty, put some nations at risk of default, and skyrocketed food and energy prices.

American officials have frequently accused China’s lending practices of being aggressive, but Beijing disputes this claim.

G20 leaders in Bali, Indonesia

shabby graphics

According to Ms. Madan, developing nations” need their creditors to help them rebuild their timeframes” and, in some cases,” support them with more funding.”

She continues,” We don’t know what will come of this meeting yet, but the idea has been to come to some sort of compromise.”

A Common Framework ( CF) for the debt restructuring of poor countries was agreed upon by the G20 governments in 2020, but progress has been sluggish. China denies the accusation made by the West that it dragged its foot.

However, India, which has ongoing boundary disputes with China, will need more support from wealthy nations. It has advocated expanding the CF to more Global South nations( including middle-income countries ), a walk the EU has previously supported.

However, China could become a hindrance if the West continues to hold it responsible for the debt problems.

India also wants the World Bank and the IMF to be overhauled, as well as international cryptocurrency rules; these issues will probably be less contentious.

Another topic Delhi has brought up time and time again is weather change, claiming that some of the poorest nations are most prone to extreme weather events.

The summit will take place in a newly built venue in Delhi

shabby graphics

In an article published on Thursday, Mr. Modi stated that” actions on climate financing and technology transfer must be matched with ambitions for weather activity.”

His remarks are a reflection of the group’s disagreements over funding for climate shift. Developing nations are reluctant to commit to ambitious goals to reduce greenhouse gases out of concern that doing so would impede their progress. Instead, they attribute the issue to industrialized nations and demand that they shoulder a greater portion of the responsibility and invest in infrastructure, technology, and money to help them reduce emissions.

Professor of international coverage at Jawaharlal Nehru University in Delhi, Happymon Jacob, says he doesn’t anticipate making a significant contribution to the fight against climate change.

However, it is obvious that it will be a key G20 agenda item, and Delhi do encourage wealthy nations to contribute more solutions to the cause, he continues.

Food and energy surveillance are also a topic of discussion, and it is anticipated that some agreement will be reached on this. However, this will depend on Moscow agreeing to resume the agreement with Kyiv that allowed Russian grain to enter global markets. Any progress on this offer within the G20 foundation, according to analysts, is highly improbable.

It is likely that agreements on crops, pandemic preparedness, care, and the global supply chain may be reached, but it is unclear whether these agreements will form part of the joint declaration.

However, a subject that is unlikely to be brought up is India’s deteriorating record on human rights under Mr. Modi, which detractors and opponent figures have frequently questioned.

Experts claim that despite pressure from campaigners and rights organizations, European leaders may not bring up this subject at the speaks in India, which is regarded as a crucial friend in efforts to halt China’s rise.

TOPSHOT - An artist paints a wall mural surrounding a garbage dump aside a logo of the G20 India summit ahead of its commencement in New Delhi on September 3, 2023. (Photo by Sajjad HUSSAIN / AFP) (Photo by SAJJAD HUSSAIN/AFP via shabby graphics)

shabby graphics

The presence of a pronouncement, according to some experts, including Michael Kugelman of the Wilson Center think-tank, had hurt Mr. Modi, India, and the G20.

He does, however, add that India has a history of collaborating with nations that don’t get along, demonstrating how it has” safely managed its connections with both Russia and the US.”

Delhi might therefore get the nation that can resolve its differences. It wants to take advantage of its popularity as a balance, but it will be very challenging.

According to Ms. Madan, the presence of a joint declaration won’t actually result in failure because Delhi will be able to present summing up the meeting( which the host countries may do ), which can demonstrate agreement on 90 % of the problems.

However, a tumultuous G20 may also cause some to doubt the forum’s usefulness in the face of rapid change.

China has been promoting other initiatives, such as the Shanghai Cooperation Organization ( SCO ) and the Brics( Brazil, Russia, India, China, and South Africa ). Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE were lately added by the Brics to the party; all of them have cordial relations with China.

One of the few nations that participates in the SCO, Brics, and West-dominated communities like the Quad, G7( as an invited member ), and G20 is India.

In light of this, it is crucial for Delhi to carry out a summit that is effective and produces results that will strengthen both Mr. Modi’s reputation as an influential international leader and its position as such.

It will demonstrate Delhi’s capacity to not only comprehend but also strike a balance between the competing demands of various international forums. Additionally, it will help to improve the reputation of the American PM at house, where a general election is scheduled for next year.

The stakes are high for Mr. Modi both at home and in the international political purchase because he is implementing G20 activities to expand his foreign policy to smaller American towns and cities.

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Analysis: Children can sue governments over climate change inaction, but don’t expect boom in Southeast Asia litigation

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In: Asia

A Contested SUMMARY

The UN general commentsupports a developing trend of growth in climate lawsuits around the world, especially in the Global South – a term used to group poor or least developed countries including many in the Southeast Asia region.

According to statistics from the Sabin Center and the UN Environment Programme, there will be 2,180 legal cases worldwide in 2022, away from 885 in 2017.

The highest court in China issued a directive in February encouraging prosecutors to present weather cases to force businesses to abide by environmental laws and aid the country in achieving its decarbonization goals. & nbsp;

China-& nbsp; despite this approval for the court to hear cases on a variety of environmental issues; and usually the majority of the Asia region-& nbsp; is also putting off filing a lawsuit against climate change. & nbsp;

Just a little portion- 6 of the cases documented worldwide between 2017 and 2022. 6 percent of cases have their roots in Asia, with 12 circumstances in Indonesia being the highest in the area. & nbsp;

The country’s Commission on Human Rights found that fossil energy companies were responsible for climate damage in a high-profile event in the Philippines next year.

It implies that those businesses may be held legally responsible for the nation’s climate disasters if the commission determined that they deliberately contributed to climate change and posed” a clear threat to the right to arise.”

The Commission’s ruling may establish potential legal responsibility in any claim for loss and damage caused by climate change, even though it is not legally binding.

It was an exceptional achievement in what is still a limited area of local regulation firms’ target.

A stain and a dearth of scientific evidence that also surrounds climate change locally may be one of the causes. And according to experts, several governments view dispute as a barrier to economic growth because of climate actions.

According to Dr. Tigre,” I believe that in Asia and Africa, most litigators prefer not to use that vocabulary of climate change precisely because they feel that it might hurt their cases.”

In fact, experts concur that bringing climate litigation to Southeast Asia continues to be a controversial and dangerous endeavor for anyone, let alone children.

“What we’re seeing now, is a lot of interest in trying to explore various pathways to hold governments and corporations accountable. But my sense is that you won’t get an explosion of litigation in Southeast Asia,” said Associate Professor Jolene Lin fromthe Faculty of Law at National University of Singapore, who is also director of its Asia Pacific Centre for Environmental Law.

Southeast Asia is never a closed-off area; Each individual nation differs slightly in terms of its legal framework, the circumstances, and the social environment in which prosecution will take place.

” Generally speaking, weather dispute is viewed as hostile to governments who believe they are being pushed to do more and held accountable for their inaction.” “”

Experts claim that even though the UN declaration is not legally binding, it may still have an impact on business behavior, federal legislation, and environmental protection for children.

According to Assoc Prof. Lin,” It is a very motivating growth because it opens up an additional possible route to support litigants’ says.” & nbsp;

It’s crucial to acknowledge the progress or creation of additional help, like a scaffolding process, when discussing the development of climate change litigation. The staging is increased as a result, she said. & nbsp;

Although these decisions from global organizations may not be legally binding, she explained that they are a crucial source of legal advice. & nbsp;

State typically prefer not to be perceived as outcasts. They may therefore want to at least appear to follow these rules. “”

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Biden hosts historic SK-Japan summit to counter China

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US President Joe Biden walks to board Marine One on the South Lawn of the White House in Washington, DC, on 17 August 2023, as he departs for Camp DavidGetty Images
By Laura Bicker
Asia Pacific correspondent

The United States and China have achieved what many deemed impossible – a historic meeting between US President Joe Biden, Japan’s Prime Minister Fumio Kishida and South Korea’s President Yoon Suk-yeol.

Mr Biden is hosting the first stand-alone meeting among the three countries at the Camp David presidential retreat in the US on Friday. It’s a diplomatic – but still tenuous – coup for the American leader.

South Korea and Japan are neighbours and old US allies, but they have never been friends.

Now, however, an increasingly assertive China has renewed US interest in East Asia. And it has brought together two countries who for decades have struggled to overcome deep historical grievances.

“I find the meeting at Camp David mind-blowing,” Dennis Wilder wrote on X. A professor at Georgetown University, Mr Wilder managed the Japan and South Korea relationship under former President George W Bush.

At that time, they could “barely get South Korean and Japanese leaders to meet with us in the same room,” he said.

In recent months, Mr Kishida and Mr Yoon have taken tentative steps to resolve their hostilities, and strengthen ties with Washington. This once-inconceivable alliance is driven by shared concerns – the biggest of which is China.

The meeting at Camp David – also the first time foreign leaders have visited the presidential retreat since 2015 – is an attempt to “signify and to demonstrate how seriously” Mr Biden takes the relationship between Japan and South Korea, according to a White House spokesman.

“The Camp David summit is truly historic, unimaginable until now, because the Seoul-Tokyo relationship was always fraught with historical disputes miring the two legs of the triangle,” says Duyeon Kim from the Indo-Pacific Security Program at the Center for New American Security in Seoul.

“It’s an extremely rare opportunity for the three countries to propel their vision to the next level. They should seize it and push ahead boldly on even ambitious issues before presidential election cycles test or even strain the durability of their commitments.”

Why has it taken this long?

For one, the wounds are old.

Some may describe the two countries as “frenemies”, but it’s too trite a term to describe the deep hurt among South Koreans, including the thousands of so-called “comfort women” who were abducted and used as sex slaves by the Japanese army during Wold War Two.

South Koreans believe the Japanese never properly apologised for the colonisation of the Korean peninsula from 1910 to 1945. Tokyo, however, argued that it had atoned for its historical sins in several treaties.

Any detente has always been fragile, almost akin to a game of Jenga. Even when the East Asian bloc appeared solid, a single wrong move could bring the whole edifice down.

In 2018, a long-running court case in Seoul over Japan’s use of forced labour during WW2 started a trade dispute which plunged relations between the neighbours to their lowest since the 1960s.

But there has been progress recently, including a milestone meeting in March, offering Washington a new window of opportunity.

But there is a good reason for the two new administrations to put their differences aside, even at the cost of political capital on the domestic front.

This is, after all, the era of pragmatic politics – and they see a bigger threat looming.

China’s assertive posture in Asia has alarmed its neighbours. Beijing claims Taiwan, a democratically governed island, and has not ruled out the use of force to “unify” it with the mainland. Incursions into Taiwanese airspace and major military drills are now the so-called “new normal”.

South Korea's Yoon Suk Yeol (L) and Japan's Prime Minister Fumio Kishida shake hands during a visit to the "Monument in Memory of the Korean Victims of the A-bomb" near the Peace Park Memorial during the G7 Summit Leaders' Meeting on 21 May 2023 in Hiroshima, Japan

Getty Images

There is also North Korea. which has carried out more than 100 weapons tests since the start of 2022, including firing missiles towards Japan. The war in Ukraine too has prompted many countries, including South Korea and Japan, to prioritise national security.

All of this appears to have helped Mr Biden win where previous administrations in Washington have failed.

“This marks a major milestone in the history of the trilateral relationship that has moved in fits and starts over the last three decades,” said Andrew Yeo, the SK-Korea foundation Chair at the Brookings Institution in Washington.

He says the three sides will aim to “cement the gains” they have made in the last year or so, “while building momentum… to address a range of security challenges in north-east Asia and the Indo-Pacific region”.

That would mean signing agreements on defence, diplomacy and technology. It’s already known that they will agree to hold regular military exercises, set up a new three-way crisis hotline and, crucially, pledge to meet once a year. Washington’s goal then is to establish long-term ties that will last well beyond the sitting presidents.

“Biden, Yoon and Kishida have a chance to make even bigger history that lasts beyond a milestone meeting at Camp David,” said Duyeon Kim.

“Their respective governments will need to implement their joint vision proactively and beyond their leadership terms because the Seoul-Tokyo relationship will continue to ebb and flow. If an ultra-leftist South Korean president and an ultra-right-wing Japanese leader are elected in their next cycles, then any one of them could derail all the meaningful, hard work Biden, Yoon and Kishida are putting in right now.”

And here lies the challenge.

Will it last?

Kurt Campbell, Deputy Assistant to President Biden and Co-ordinator for Indo-Pacific Affairs, has praised the “political courage” of Mr Kishida and Mr Yoon, calling it “a breathtaking kind of diplomacy”.

But a change of leadership could see a change of heart.

“Tensions that run deep, particularly in South Korea due to past historical animosities related to Japan’s colonisation of Korea, do not disappear overnight, and we’re likely to continue to see diplomatic spats arise, as was the case a couple of weeks ago when the Japanese ministry of defence claimed Dokdo (Takeshima islands) as its own in its national security strategy,” said Andrew Yeo.

“Relatively low approval ratings for Kishida and Yoon back at home may limit the amount of diplomatic capital the two leaders could sink into Korea-Japan relations. I also believe at some point the two sides, and Japan in particular, will need a more thorough reckoning of its colonial past in Korea and elsewhere.”

Japan and South Korea may also not want to go as far as Mr Biden in criticising China. Fearing a backlash, they may hardly mention Beijing in their public remarks following the summit.

And pacts involving economic measures might be harder to secure than agreements on national security.

Taiwan's AAV7 amphibious assault vehicle surfaces from the sea during the Han Kuang military exercise, which simulates China's People's Liberation Army (PLA) invading the island, on July 28, 2022 in Pingtung, Taiwan.

Getty Images

US-China tensions, especially economic restrictions, have come at a cost to both South Korea and Japan. China is a key trading partner for both. And companies in Seoul and Tokyo – such as Samsung and Nissan – rely heavily on Chinese workers and consumers.

Beijing has already made its displeasure over the summit known. It will see it as yet another attempt by the US to “contain” its influence, no matter how much the White House denies this. It has already dubbed it a “mini-Nato”.

Chinese Foreign Minister Wang Yi urged South Korea and Japan to work with Beijing to “revitalise East Asia”.

In July, in a video that has now been widely shared, he made an unusually blunt appeal: “No matter how blond you dye your hair or how sharp you shape your nose, you can never become a European or American, you can never become a Westerner. We must know where our roots lie.”

While Mr Biden has – successfully perhaps – focused on building defence alliances in Asia, it has left little room for engagement with Beijing and Pyongyang.

There were signs this was changing, with a flurry of recent Beijing visits by senior US officials – Secretary of State Antony Blinken, Treasury Secretary Janet Yellen and US special envoy on climate John Kerry. There are also reports that Washington has approached the North Korean leader Kim Jong Un with an offer of high-level talks “without preconditions”.

But time is running out as another US election cycle begins.

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