How Trump’s ‘drill, baby, drill’ pledge is affecting other countries

1 minute ago
Navin Singh Khadka

Environment Correspondent, BBC World Service

Getty Images US President Donald Trump points after speaking during the Unleashing American Energy event at the Department of Energy in Washington DC, USGetty Images

The UN climate summit in the United Arab Emirates in 2023 called for” shift away from fossil fuels.” It received praise as a significant achievement in global climate change.

Barely a year later, however, there are fears that the global commitment may be losing momentum, as the growth of clean energy transition is slowing down while burning of fossil fuels continues to rise.

And now there is US President Donald Trump’s “national energy emergency”, embracing fossil fuels and ditching clean energy policies – that has also begun to influence some countries and energy companies already.

In response to Trump’s “drill, baby, drill” slogan aimed at ramping up fossil fuel extraction, and the US notifying the UN of its withdrawal from the Paris climate agreement, Indonesia, for instance, has hinted that it may follow suit.

Getty Images Pump jacks are seen at dawn in an oil field over the Monterey Shale formation where gas and oil extraction using hydraulic fracturing, or fracking, is on the verge of a boom on March 24, 2014 near Lost Hills, California.Getty Images

‘ If US is not doing it, why does we?’

“If the United States does not want to comply with the international agreement, why should a country like Indonesia comply with it?” asked Hashim Djojohadikusumo, special envoy for climate change and energy of Indonesia, as reported by the country’s government-run news agency Antara.

Indonesia has remained among the world’s top ten emitters for many years.

” Indonesia produces three lots of carbon]per people a year ] while the US produces 13 plenty”, he asked at the ESG Sustainable Forum 2025 in Jakarta on 31 January.

” Yes, we are the people being ordered to shut down our energy plants,” we are told. But, where is the sense of justice around”?

Nithi Nesadurai, chairman with Climate Action Network Southeast Asia, said the impulses from her place were concerning.

She claimed that increasing the “richest nation and the largest oil producer in the world” gives another states” an easy reason to increase their personal- which they are already doing” by increasing its production.

In South Africa, Africa’s biggest sector and a big carbon emitter, a$ 8.5bn foreign-aided change initiative from the coal industry was already moving at a snail’s pace, and now there are concerns that it may obtain derailed more.

Wikus Kruger, director of Power Futures Lab at the University of Cape Town, said there was a “possibility” that decommissioning of old coal-fired power stations would be “further delayed”.

However, he claimed that the clean energy sector was expected to grow even though there was some “walk back” from the transition to renewables.

Getty Images View of Suralaya coal power plant while smoke and steam billows seen from Suralaya village in Banten province, IndonesiaGetty Images

Argentina withdrew its negotiators from the COP29 climate meeting in Baku last November, days after Trump won the US presidency. Since Trump’s announcement to withdraw from the Paris Agreement of 2015, which supports global efforts to combat climate change, has since followed suit.

The Argentine Association of Environmental Lawyers ‘ president, Enrique Viale, told the BBC,” We now anticipate that our oil and gas production will increase.”

” President Milei has indicated that he intends to withdraw from the Paris Agreement and that environmental protection is a part of the woke agenda,” Milei said.

Meanwhile, energy giant Equinor has just announced it is halving investment in renewable energy over the next two years while increasing oil and gas production, and another oil major, BP, is expected to make a similar announcement soon.

Getty Images Solar photovoltaic panels are seen in a tidal flat in Yancheng city, Jiangsu province, China, Getty Images

” American energy all over the world”

Trump has not just said “drill, baby, drill” but also:” We will export American energy all over the world”.

Potential buyers from abroad are already lining up.

India and the US have agreed to significantly increase the supply of American oil and gas to the Indian market.

At the end of Indian Prime Minister Narendra Modi’s US visit on 14 February, the two countries issued a joint statement that “reaffirmed” the US would be “a leading supplier of crude oil and petroleum products and liquified natural gas to India”.

A few days after Trump’s inauguration, South Korea, the world’s third largest liquified natural gas importer, has hinted its intention to buy more American oil and gas aimed at reducing a trade surplus with the US and improving energy security, international media have reported from Seoul.

Officials with Japan’s largest power generator, JERA, have told Reuters they too want to increase purchases of liquified natural gas from the US to diversify supply, as it currently imports half of it from the Asia-Pacific region.

The global energy transition may be slowed, according to Lorne Stockman, research director with Oil Change International, a research and advocacy organization for transition to clean energy.” There is definitely a threat that if the US seeks to flood markets with cheap fossil fuels, or to bully countries into buying more of its fossil fuels, or both, the world energy transition may be slowed.

Getty Images Smoke and flames rise from the forest as crews try to extinguish a wildfire in Chico, California, United States on July 25, 2024. (Photo by Tayfun Coskun/Anadolu via Getty Images)Getty Images

According to scientists, there can’t be any new fossil fuel extraction and there needs to be a quick reduction of carbon emissions ( roughly 45 % by 2030 from the 2019 level ) if the world is to experience a 1.5 Celsius warming increase compared to the pre-industrial era.

” The economics of energy supply are a key driver of decarbonisation”, said David Brown, director of energy transition practice at Wood Mackenzie, a global energy think-tank.

Natural gas and liquids production are supported by the US energy sector’s abundance of resources. By contrast, import-dependent economies such as China, India, and those in Southeast Asia have a dramatic economic incentive to decarbonise sources of energy”.

Global energy transition investment surpassed $2tn for the first time last year but studies have also shown that the growth of clean energy transition has markedly slowed in recent years, while many major banks continue to finance fossil fuels.

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Asia’s Best Companies 2025 Poll — open now | FinanceAsia

Welcome to&nbsp, FinanceAsia ‘s&nbsp, annual poll, which celebrates Asia’s best companies across a range of markets and countries. In developing this priceless criterion of the country’s most important companies, their efficiency and corporate behavior in relation to their peers, we value the input of both investors and analysts.

We ask our audience to nominate any publicly traded Asian-based business that is leading in its field. It might be that the firm impresses in terms of new deal execution, inside structure, completed transactions, continued strategy, or possibly ESG credentials.

We want to&nbsp, hear from you! &nbsp, The second 100 voters may get one month free, unlimited access to all of&nbsp, FinanceAsia’s information. &nbsp,

To vote&nbsp, visit below. &nbsp, &nbsp, &nbsp,

Poll findings will be published via the&nbsp, FinanceAsia&nbsp, site and will provide traders nationally with special insight into Asia’s best-managed companies, both by country / market and by business industry.

Key Dates

Available for Nomination: &nbsp, Tuesday, Janaury 7 2025
Election Deadline: Thursday, March 6&nbsp, 2025 at evening GMT 8

Outcome Announcement: &nbsp,

North Asia, Southeast Asia and South Asia: &nbsp, Monday, March 24 2025&nbsp,
Regional: &nbsp, Tuesday March 25, 2025

Recommendations for Election

  • Each individual who submits a nomination may be asked to provide their contact information.
  • Each election type is&nbsp, special to each market/country. To register for more than one market/country, you perhaps click on the link provided at the end of the study to begin a new submission. &nbsp,
  • Please note that you are &nbsp, just required to fill in the areas in which you wish to make a nomination. You may skip and left the fields flat if there are any categories you do not want to nominate in.
  • Please note that&nbsp, you may not voting for your own business. Vote cast by a business for itself will not be counted.

IMPORTANT NOTE: Individual responses will remain confidential – they will only be aggregated to provide overall results.

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Work It Podcast: Which jobs may enjoy a pay bump in 2025?

Here is an extract from the talk: &nbsp,

Kirsty Poltock, Robert Walters Singapore: &nbsp,

Over the past few years, companies have put more and more emphasis on conservation, and now it’s a key measurement with clear objectives for the next three to five years, depending on the organization.

And they now need to be strong in that and possess the necessary expertise to do so. So that’s where I think, also from the standpoint of a job seeker, you capitalise on that time.

Gerald Tan, co-host:

There are a lot of&nbsp, people I’ve met, they often express interest in the ESG ( economic, social and governance ), in the natural environment jobs. So they keep asking what other sectors have evolving functions that might incorporate some of these alternative ideas or thinking?

Kirsty:

I ‘ve&nbsp, largely seen them in the offer network room, oil and gas, transport, those kind of places. &nbsp,

Tiffany Ang, co-host:

Additionally, you must examine how these businesses can use federal grants. Best? Because of the statements made by these companies,” OK, if you’re in Singapore and the government is going to put a sizable sum into this green fund, this grant,” they’ll be attempting to tap into that, and they’ll then try to fill more positions or recruit new talent for this sustainable manager ( portfolio ), don’t you think?

Kirsty: 

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Asia’s bond outlook upbeat for issuers in 2025: JP Morgan | FinanceAsia

A combination of lower interest rates, lower failures, and more securities is good for businesses and governments looking to enter Asia’s bond market in 2025.

There are hopes for Asia’s tie business next year to beat 2024 which is expected to hit$ 160-165 billion in 2024 for Asia, ex-Japan. There is a lot of willingness from banks to provide in the area as issuers prepare to enter the market, which is helping to keep extends small.

Speaking at an early December press presentation in Hong Kong, Jessica Chen, head of China DCM, creation Asia ex-Japan, JP Morgan:” General spreads are small and look extremely attractive to issuers. In 2024, China is expected to overtake Korea in terms of release ( from 2023 ) as the country’s largest business”.

Chen added:” We are expecting$ 170 billion of supply in 2025 in Asia, ex Japan with stockpile to pick up over 2024. We anticipate that this pattern will continue as some businesses mortgage next year.

Another positive factor is that regional relationship failures are declining, and that the US Fed will cut interest rates even further in the coming year. &nbsp, &nbsp,

Soo Chong Lim, managing director, head of Asia credit research, JP Morgan, said:” Bond default rates declined to around 4.4 % in 2024 compared with 17 % in 2023, and we expect them to decline further to 3 % in 2025″.

Despite falling interest rates in the US, anticipation are mixed regarding home bonds and the potential for some headwinds. &nbsp,

Lim added:” We expect three]US Fed ] rate cuts in 2025 and China’s GDP to grow 3.9 % next year. There will still be market volatility, particularly for the Chinese real estate sector, which is recovering slowly after a number of years of volatility. For instance, in Hong Kong, the company occupancy rate will continue to decline as a result of the supply that enters the market.

In 2024, India – probably Asia’s best performing market– had a very powerful yr for bond issuances, a trend that is set to remain in the new year.

Puja Shah, head of Southeast Asia ( SEA ), DCM and sustainable finance Asia ex-Japan, JP Morgan, said:” The high yield bond market in India was a particular bright spot in 2024 with some large names coming onto the market. It is at$ 4.7 billion YTD, and we expect that momentum to continue into 2025 with around$ 5 billion in supply”.

The issuing of green bonds is expected to increase as well. Singapore-based Shah added:” We expect stable demand, at between 25-30 % of issuances, for sustainable ( green and social ) bonds next year in the region, compared with 25 % in 2024″.

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BRI’s recent award triumphs point to its focus on becoming a champion of financial inclusion | FinanceAsia

According to Sunarso, leader director, Bank Rakyat Indonesia ( BRI),” Tr I will continue to focus on the MSME section to realize its dreams of becoming the most important banks group in Southeast Asia and a champion of financial inclusion by 2025.” He continued,” As the nationwide economic structure is dominated by Enterprises, providing loans to MSME people is anticipated to have a significant positive impact on the Indonesian business.”

The 130-year-old company’s outstanding achievement in FinanceAsia Asia’s Best Businesses Poll 2024 and the FinanceAsia Awards demonstrate how focused this perspective is on BRI’s peers in the industry.

In FinanceAsia Asia’s Best Companies ballot, the banks won silver in the following categories: Best Director for Sunarso, leader director, BRI, Best Managed Company – Indonesia, and Best Investor Relations – Indonesia.

Additionally, BRI won bronze in the types of Best Big Cap Company in Indonesia and Best CFO in Indonesia for Viviana Dyah Ayu Retno K, Most Committed to DEI – Indonesia, Most Committed to ESG – Indonesia, and Best Big Cap Company – Indonesia.

The bank had a stellar run at the FinanceAsia Awards 2023-2024 winning Best Bank for Financial Inclusion ( Domestic ) and Best Commercial Bank- SMEs ( Domestic ), apart from securing commendations for Best Sustainable Bank ( Domestic ), Most Innovative Use of Technology – Banks ( Domestic )

View Sunarso, the president’s director ,’s acceptance speech, below.

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Solar key to PAT ‘green ports’ push

Deputy Transport Minister Manaporn Charoensri
Deputy Transport Minister Manaporn Charoensri

The Port Authority of Thailand (PAT) has introduced solar rooftops at its ports in a bid to establish “green ports”. The rooftops are expected to produce five million kilowatt-hours of solar energy annually.

Deputy Transport Minister Manaporn Charoensri said the initiative underscores the global urgency for environmental stewardship. The ministry is pushing for all its agencies to embrace green logistics to transition to a low-carbon society in line with environmental, social and governance (ESG) principles, she said.

The use of solar rooftops reduces carbon dioxide emissions and other greenhouse gases. They would help turn PAT ports into leading green ports, pushing Thailand towards its net-zero emissions goal.

PAT director Kriengkrai Chaisiriwongsuk said solar rooftops, with a capacity of a 3.798 megawatt-peak (MWp), have been installed at parking buildings and warehouses. The rooftops integrate on-grid solar technology, enabling the port to use both self-generated and external electricity. Plans for expansion include the installation of solar panels at the PAT Arena, adding another 622.08 kilowatt-peak (kWp) of capacity across 3,020 square metres.

These efforts could create over five million kilowatt-hours of solar energy annually, reducing greenhouse gas emissions by 2,574 tonnes per year — equivalent to planting 55,341 trees. The PAT is keen to have carbon-neutral ports by 2050 by adopting clean technology and digitalisation, including automated and energy-efficient systems. These changes could cut greenhouse gas emissions by 50%.

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Five startups win MYCentre4IR-Bursa Malaysia ESG Innovation Challenge 2024

  • Supports necessity of innovation to fulfill conservation, business goals
  • Powered by UpLink, the World Economic Forum’s available development program

Winners of the MYCentre4IR ESG Innovation Challenge 2024 alongside corporate partners and guests, including Norman Matthieu Vanhaecke, CEO of Cradle Fund; Ellina Roslan, Senior Director MYCentre4IR, MyDIGITAL Corporation; and Muhamad Umar Swift, CEO of Bursa Malaysia.

The MYCentre4IR ESG Innovation Challenge 2024 on 7 Nov saw five innovative startups winning US$ 22, 344 ( RM100, 000 ) each in bridge funding to implement their proof-of-concept with their respective corporate partners.

The Challenge is a joint initiative by the Malaysia Centre for Fourth Industrial Revolution ( MYCentre4IR ) and Bursa Malaysia Bhd, seeking to find cutting-edge digital solutions aimed at enhancing the Environmental, Social, and Governance ( ESG) efforts of five Malaysian Public Listed Companies, namely CJ Century Logistics Holdings Bhd, Globetronics Technology Bhd, Malayan Banking Bhd, REDtone Digital Bhd and Sunway Innovation Labs ( representing Sunway Group ).

Launched on 1 Aug, the Challenge attracted local and international members, including from the United States, Sweden, Canada, India, Singapore and Namibia. 32 out of over 100 entries came from Malaysia.

The Challenge was powered by UpLink0, the World Economic Forum’s open technology platform, with access to a worldwide group of 80, 000 companies, owners, professionals and changemakers. Early-stage businesspeople are met by UpLink’s technology-enabled method, which creates an innovation ecosystem that causes good systemic change for both people and the planet.

]The World Economic Forum’s UpLink is an open technology program designed to connect companies, experts, and investors with the goal of tackling the world’s most pressing issues, including climate change, cultural injustice, and sustainable growth. ]

Our goal with this Challenge is to find fresh ideas and creative digital solutions to help businesses achieve zero carbon pollution or increase efficiency through approach technology, according to Adrian Marcellus, CEO of MyDIGITAL Corporation. It attracted over 100 entries from businesses across 30 nations”.

He continued,” Our problem is the first to be implemented via UpLink for the Southeast Asia area because of our affiliation with the World Economic Forum.”

Muhamad Umar Swift, CEO of Bursa Malaysia shared its part in this engagement. We are constantly looking to support innovative businesses that have the ability to record on the Exchange, which could potentially contain any of these businesses. To expand our investment market’s pipeline of diversified companies, we need to do this. Hosting this Challenge reinforces the importance of intentional efforts to engage on innovation in order to achieve a company’s conservation and business objectives, which are becoming increasingly important to investors from PLCs these times.

A board of 11 courts, which included representatives from Bursa Malaysia, MyDIGITAL Corporation, Cradle Fund, and each of the five participating PLCs, presented their innovative solutions during the Demo Day held at Bursa Malaysia as part of the final round. Five winners were chosen, with one winning option related to each of the five PLCs, as a result.

The RM100, 000 in gate funding for each success may be co-disbursed in phases by MYCentre4IR and Cradle Fund for the execution of the proof-of-concept pilot jobs. The companies will collaborate closely with their business partners, who will provide assistance and mentoring throughout the application phase of the year. The goal will be to achieve ESG outcomes and tangible process automation.

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Gamuda Berhad: Pioneering digital innovation in construction

  • 40 % faster than traditional methods, thanks to Gamba Next-Gen Digital IBS.
  • In Australia’s Sydney Metro West tunnelling projects, an internally developed automatic hole bore system was used.

Gamuda’s participation in ICW and BuildXpo 2024 reflects its commitment to driving the construction sector forward

Gamuda Berhad has established itself as a significant player in the construction and infrastructure sectors in a time when online transformation is changing industries. This local company is not just adapting to alter, it’s influencing it, setting new standards for performance, conservation, and technological inclusion in an industry often seen as standard.

The Digital Revolution and Innovation in Development

At the heart of Gamuda’s success is its unwavering determination to modern technology. The Group’s commitment to driving change in digital transformation is demonstrated by its early adoption of the crucial national climate mitigation initiative, SMART ( Stormwater Management and Road Tunnel ).

” Innovation has been a proper difference for us since 1976, enabling us to stay ahead of the competition”, says Justin Chin Jing Ho, managing director of Gamuda Engineering.

The company’s digital transformation journey marked a significant milestone with the establishment of the Gamuda Excellence Transformation ( GET ) program in 2021. By deploying cutting-edge systems across the company, this effort has elevated Gamuda’s reputation for electronic superiority. At its core is the Gamuda Digital Operating System ( GDOS), a cloud-based platform that supports 4D and 5D Building Information Modelling ( BIM ) systems, Gamuda’s Next-Gen Digital Industrialised Building System ( IBS ), and Generative Artificial Intelligence ( GenAI ).

Regional Expertise Showcase at ICW and BuildXpo 2024

At the International Construction Week ( ICW) and the Malaysia International Building and Construction Industry Exhibition ( BuildXpo ) held recently at the Kuala Lumpur Convention Centre, Gamuda showcased its regional expertise in green construction solutions. The exhibition was organised into five clusters: Building, Machinery, Technology, Construction Materials, and Related Services, and featured key innovations which include Building Information Modelling ( BIM), AI applications, robotics, drone technology, and smart building solutions.

Gamuda’s Next-Gen Digital Industrialized Building System ( Next-Gen Digital IBS ), one of her most notable showcases, is one of its key highlights.

Next-Gen Digital IBS from Gamuda has revolutionized the building industry by enabling building component fabrication in handled factory settings. The Group’s online IBS collection includes data center, high-rise residential and commercial, as well as landed home.

From sky design, BIM integration, mechanical automation and production – this whole suite of online solutions offers flexibility in design, quick construction and superior quality finish.

Projects are now completed 40 % faster than traditional methods, significantly accelerating timelines and enhancing productivity. Up to 55 % of on-site labor requirements have been reduced, indicating a significant shift toward more cost-effective and less labor-intensive practices. Environmental benefits are also notable, with a 40 % reduction in embodied carbon, aligning with Gamuda’s commitment to sustainability.

But Gamuda’s innovation does n’t stop there. The company’s first autonomous tunnel bore machine (A-TBM ), which uses internal AI algorithms, can navigate without the need for a human to do so. This breakthrough technology, second deployed in Malaysia’s MRT Putrajaya Line, has now been introduced in Australia’s Sydney Metro West tunnelling functions, marking a first for the region.

Developed in-house, Gamuda’s A-TBM utilises custom artificial intelligence algorithms for autonomous control of TBM operations.

In a bold move that further cements its position as an industry leader, Gamuda is integrating generative AI ( GenAI ) into its operations. This cutting-edge technology is being used in a variety of firm processes:

    Tunnelling Operations: A GenAI-powered verbal agent for the Tunnel Insight system, built using Google Cloud’s Gemini designs on the Vertex AI program.

  1. Tender Proposals: Leveraging Vertex AI Search and Conversation to create conceptual research and talk applications for industry intelligence, design, and professional teams.
  2. Employee Empowerment: The creation of Bot Unify, an internal industry enabling employees to develop customized GenAI software.

Fundamental to ecology

The optimistic climate goals set forth in the Gamuda Green Plan 2025 reflect Gamuda’s commitment to sustainability. The plan includes the Group’s commitments to reducing emissions intensity by 30 % by 2025 and 45 % by 2030, with a goal to achieve net zero by 2050. &nbsp, Guided by four columns: Sustainable Planning and Design for Development, Our Group in Our Company, Environmental and Biodiversity Conservation, and Enhancing Sustainability via Digitalisation. Gamuda Green Plan 2025 illustrates Gamuda’s systematic approach to business progress with environmental management.

International Impact and Future Outlook

Gamuda’s local operations have improved as a result of its electronic transformation, which has also made it more profitable. The company’s modern techniques have provided a competitive advantage in emerging markets such as Singapore, Australia, Taiwan, Vietnam, and the United Kingdom, demonstrating the world relevance of its modern answers.

Events like ICW and BuildXpo 2024 give the construction industry an important platform to showcase their most recent innovations as the industry is under increasing pressure to become more sustainable and efficient.

Gamuda’s technology showcase at the event serves as a model for others. By integrating cutting-edge technologies with sustainable practices, the company is redefining what’s possible in construction and infrastructure development.

In the end, Gamuda Berhad’s transition from a traditional construction company to a digital innovator demonstrates the disruptive potential of technology in even the most well-established sectors. As it continues to push the boundaries of innovation, Gamuda is not just building structures, it’s constructing the future of the industry itself. For businesses across sectors, Gamuda’s story offers valuable lessons in the importance of embracing digital transformation, fostering a culture of innovation, and balancing technological advancement with environmental responsibility.

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

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

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

According to the most recent assessment from the Global ESG Monitor ( GEM) 2024, banks and insurance companies are reporting on climate issues but still need improvement. The study analysed the non-financial reporting of 194 companies, including 10 large insurers and 10 banks, with a focus on European Sustainability Reporting Standards ( ESRS ).

The financial industry, comprising banks and insurance companies, achieved only under 50 % of possible positions in reporting value, somewhat surpassing the total sample average of 45 %. This functionality both points to progress and highlights possible improvements.

Michael Diegelmann, co-founder of GEM and co-CEO of cometis, an IR and ESG firm, said,” Banks and insurance companies you tap into additional future-proof investment and profit opportunities in the long term through the stress they generate. They may also continue to raise the caliber of their reporting. There is still a lot of possible these, according to the best methods of the sector’s pioneers.

Financial institutions exhibit proper consciousness of pressing climate issues, according to the evaluation. They excelled in a number of ways, including demonstrating their devotion to the Paris Climate Agreement, making range emissions public, and presenting transition plans. However, there were significant gaps in the climate change reportage regarding endurance and the economic effects.

In resilience reporting, both sectors scored just under 60 % of points, outperforming the overall sample average of 38 %. But, endurance analyses were simply made available by about half of the nine major organizations, according to the European Central Bank. Companies only received 15 % of the possible points for reporting on the financial effects of climate change, which is mainly small.

Ariane Hofstetter, co-founder of GEM and committee member of cometis, emphasized the importance of open reporting:” Climate change is now causing huge costs today. Transparent monitoring is so important, because it is about more than just documented duty, but about the green transition of the market”.

The study also assessed ESRS compliance, where banks and insurers scored below 50 %. In light of their position as significant partners and stakeholders for a number of companies, this suggests that more open communication is required.

The International ESG Monitor, an impartial consider tank, has analysed over 1, 300 information from more than 500 firms globally since its foundation in 2020. Rules and criteria from numerous international requirements and frameworks are incorporated into its approach.

Click below to get the statement.

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