A multibillion dollar effort to green an aluminum market that accounts for almost 60 % of global production and, according to some estimates, emits more carbon monoxide than Australia is hampered by the region’s torrential rains in China’s south. China Hongqiao Group and a few other coal-reliant metals started movingContinue Reading
China: The death toll from a bridge collapse in southwestern China’s Guangdong province has risen to 48, position press said on Thursday ( May 2 ), as recovery work continued. According to state news agency Xinhua, heavy rains on Wednesday caused a section of the road running from Meizhou areaContinue Reading
Nation ‘ ready for the future’, PM says
According to Prime Minister Srettha Thavisin, the state is fully committed to supporting and supporting the Artificial sector and paving the way for potential digital system.
No one can dispute the fact that AI is one of the most revolutionary makes this decade, he said on Wednesday at the start of the” Microsoft Build: Artificial Day Event” at the Queen Sirikit National Convention Center in Klong Toey area.
We are pleased to inform you that Thailand is presently available for AI and that the government is taking full support for the AI industry in this nation.” AI has undoubtedly changed some aspects of our lives, organizations, and how we conduct business today. Our modern facilities is ready for the future,” he added.
The occasion attracted about 2, 000 business and technology officials.
According to Mr. Srettha, Thailand has one of the region’s strongest internet and modern facilities, including broadband net, wireless communication, 5G, and an international submarine cable system.
The” Ignite Thailand “vision, launched in February, demonstrated the government’s dedication and obvious way to enhance Thailand into a local hub in eight important business, Mr Srettha said.
This includes digital economy, hospitality, well and health, food, aviation, potential mechanical, and finance. Thailand should become a “digital business hotspot” of the area, if not the world, as a key component of this vision. This perspective involves attracting higher- tech industries of the future, and even nurturing a secure online ecosystem, including infrastructure providers and developers, he said.
Since he took office last September, Mr Srettha said the government has implemented various important policies, both quick- term and lengthy- term, to strengthen Thailand’s competitiveness and enhance the country’s international stature.
The second phase of the national AI strategy and action plan for the period of 2024 to 2027 is being pushed forward at the national level. By implementing projects to strengthen the AI ecosystem, he said, this will further harness the power of AI and cloud computing in the nation.
According to Mr. Srettha, Thailand’s Board of Investment has included the digital industry among the strategic investment options. A comprehensive investment incentive package was created to promote digital-related activities.
In addition, the government is working on the green energy transition.
According to Mr. Srettha, businesses require renewable energy to meet their net-zero goals. The government has a top priority to meet global climate change commitments, including those regarding carbon neutrality and net zero, as well as the government’s plan to have 50 % of energy produced from renewable sources by 2040.
Additionally, the government has pledged to provide more than 9 gigawatts of new energy capacity through the Utility Green Tariff system by 2030. According to him, this will make it possible for any business looking to invest in Thailand to access clean energy at a reasonable price.
Additionally, the government will collaborate with leading digital businesses like Microsoft to create a sustainability sandbox to promote environmental innovation.
Mr Srettha said he was delighted to learn Thailand’s commitment to propel the nation forward aligns with Microsoft’s vision.
Last November, the government and Microsoft signed an MoU to pursue the vision of a cloud- first, AI- powered Thailand.
In this regard, Mr. Srettha expressed his satisfaction that Microsoft would work with the government to develop our human resources and promote greater access to opportunities and education for local communities across the country.
He claimed that the government is committed to making Thailand the ideal location for the digital industry and that the partnership with Microsoft will have a brighter future.
Getty ImagesAi Qing was awakened earlier this year by obnoxious slogans outside her dorm in northeastern Argentina in the middle of the night.
She observed Brazilian employees blocking the entrance with flaming tires and a peeing out of the window.
” I could see the clouds being lit up by the flames,” I thought,” and it was getting terrible.” It had become a riot”, says Ms Ai, who works for a Chinese firm extracting lithium from salt flats in the Andes peaks, for use in batteries.
As China, which currently dominates the handling of minerals crucial to the efficient market, grows its participation in mining them, the protest, which was sparked by the firing of a number of Brazilian staff, is just one of a growing number of cases of friction between Taiwanese businesses and host communities.
It was just 10 years ago that a Chinese firm bought the country’s first interest in an extraction project within the “lithium rectangle” of Argentina, Bolivia and Chile, which holds most of the country’s lithium reserves.
Some more Chinese investments in nearby mining activities have followed, according to mine publications, and corporate, government and media reviews. According to the BBC, Chinese firms now control an estimated 33 % of the lithium at tasks that are currently producing the material or those that are under development based on their shareholdings.
However, as Chinese companies have grown, there have been allegations of abuses similar to those that are frequently committed against other international mining companies.
For Ai Qing, the tyre- burning protest was a rude awakening. She had anticipated a quiet life in Argentina, but because of her Spanish, she ended up facilitating conflict mediation.
” It was n’t easy”, she says.
We have to tone down many things, including how management perceives the employees as being too lazy and dependent on the union, and how the locals believe that Chinese people are only here to exploit them.
At least 62 mining projects in the world, in which Chinese companies own a stake, are intended to extract either lithium or one of the three other minerals crucial to green technologies: cobalt, nickel, and manganese.
All are used to produce lithium-ion batteries, which are now high industrial priorities for China, along with solar panels. Some initiatives are among the world’s top producers of these minerals.
According to the Chatham House think tank, China has long been the world’s leader in lithium and cobalt refining, with a share of global supply reaching 72 % and 68 %, respectively, in 2022.
Its ability to refine these and other crucial minerals has helped the nation get to a point where it made 60 % of the wind turbines ‘ global production capacity, controls at least 80 % of each stage of the solar panel supply chain, and has contributed to the nation’s reach a point where it made more than half of the electric vehicles sold worldwide in 2023.
These items are now less expensive and more accessible on a global scale thanks to China’s involvement in the sector.
However, China will also need to mine and process the minerals necessary for the green economy. According to the UN, their use must increase six fold by 2040 if the world is to achieve net-zero greenhouse gas emissions by 2050.
The US, the UK and the European Union have all developed strategies, meanwhile, to reduce their dependence on Chinese supplies.
As Chinese companies have expanded their mining operations overseas, reports of issues being brought on by these projects have steadily increased.
According to the Business and Human Rights Resource Center, an NGO, these issues are” not unique to Chinese mining,” but a report from last year listed 102 allegations made against Chinese companies engaged in extracting crucial minerals, ranging from environmental damage to dreadful working conditions.
These allegations dated from 2021 and 2022. More than 40 additional allegations that were reported by NGOs or the media were counted by the BBC in 2023.
People in two countries, on opposite sides of the world, also told us their stories.
Christophe Kabwita, a leader in the opposition to the Jinchuan Group’s Ruashi cobalt mine, has been based far south of Lubumbashi.
He says the open- pit mine, situated 500m from his doorstep, blights people’s lives by using explosives to blast away at the rock two or three times per week. Sirens scream as the blasting is about to begin as a warning to everyone to stop what they are doing and seek refuge.
” Whatever the temperature, whether it’s raining or a gale is blowing, we have to leave our homes and go to a shelter near the mine”, he says.
This applies to everyone, including the sick and women who have just given birth, he adds, as nowhere else is safe.
Katty Kabazo, a teenage girl, was reportedly killed by a flying rock on her way home from school in 2017, while other rocks are said to have pierced local homes ‘ roofs and walls.
Elisa Kalasa, a representative from the Ruashi mine, acknowledged that “one young child was in that area- she was not supposed to be there and was impacted by the flying rocks.”
She claimed that since then,” we have improved the technology, and we have the sort of blasting where there are no flying rocks anymore.”
However, the BBC spoke to a processing manager at the company, Patrick Tshisand, who appeared to give a different picture. He said:” If we mine, we use explosives. Explosives can cause flying rocks that can end up in the community because it is too close to the mine, so we’ve had a few instances of accidents like that.
Additionally, Ms. Kalasa reported that the company paid more than 300 families to move away from the mine between 2006 and 2012.
On Indonesia’s remote Obi Island, a mine jointly owned by a Chinese company, Lygend Resources and Technology, and Indonesian mining giant Harita Group has rapidly swallowed up the forests around the village of Kawasi.
Jatam, a local mining watchdog, says that villagers have been under pressure to move and accept government compensation. Numerous families have resisted moving because the inventory is below market value. Some claim that as a result of their alleged disruption of a project of national strategic importance that they have been subject to legal action.
According to Jatam, old-growth forests have been cleared to make room for the mine, and they have documented how sediment has been accumulating in the rivers and oceans, polluting what was once apristine marine environment.
” The water from the river is undrinkable now, it’s so contaminated, and the sea, that is usually clear blue, turns red when it rains”, Nur Hayati, a teacher who lives in Kawasi village, says.
Indonesian soldiers have been stationed on the island to guard the mine, and when the BBC recently visited, there was a resonant, more active military presence. Jatam claims soldiers are being used to intimidate, and even assault, people who speak out against the mine. Ms. Nur claims that her community believes that the army is there to “protect the interests of the mine, not the welfare of their own people.”
The military’s representative in Jakarta claimed that while the soldiers were present to “protect the mine,” they were not there to “directly interact with locals.”
He claimed in a statement that the police had “peacefully and smoothly” overseen the villagers ‘ relocation to make way for the mine.
Ms Nur was among a group of villagers who travelled to the Indonesian capital, Jakarta, in June 2018, to protest against the impact of the mine. But a local government representative, Samsu Abubakar, told the BBC no complaints had been received from the public about environmental damage.
He also shared an official report that stated Harita Group had been” conforming with environmental management and monitoring obligations.”
Harita itself stated to us that it adheres strictly to ethical business practices and local laws and that it is “working continuously to address and mitigate any negative effects.”
It asserted that it had not led to widespread deforestation, that it had been monitoring the neighborhood’s drinking water source, and that independent tests had established that the water had adhered to government quality standards. It added that it had not intimidated anyone and had not engaged in forced evictions or unfair land transactions.
A year ago, the Chinese mining trade body, known as CCCMC, started setting up a grievance mechanism, intended to resolve complaints made against Chinese- owned mining projects. The companies themselves “lack the ability- both cultural and linguistic” to interact with local communities or civil society organisations, says a spokesperson, Lelia Li.
However, the mechanism still is n’t fully operating.
Meanwhile, China’s involvement in foreign mining operations seems certain to increase. It’s not just a “geopolitical play” to control a key market, says Aditya Lolla, the Asia programme director at Ember, a UK- based environmental think tank, it also makes sense from a business perspective.
” Acquisitions are being made by Chinese companies because, for them, it’s all about profits”, he says.
In consequence, Chinese workers will continue to work on global mining projects, which are typically good for them because they have a chance to make a good living.
People like Wang Gang, who has worked in Chinese-owned cobalt mines in the Democratic Republic of the Congo for ten years. The 48- year- old lives in company accommodation and eats in the staff canteen, working 10- hour days, seven days a week, with four days’ leave per month.
Because he earns more than he could at home, he accepts the separation from his Hubei province family. Additionally, he enjoys the DR Congo’s tall forests and clear skies.
He communicates with local mine workers in a mixture of French, Swahili, and English, but says:” We rarely chat, except for work- related matters”.
Even Ai Qing, who speaks fluently in her home country, has little interaction with Argentines at home. She started dating a Chinese worker, and they mostly hang out like themselves because moving so far away from home makes people feel more connected.
Visiting the salt flats high up in the Andes, where the lithium is mined and life is” chill,” is a highlight for her.
” The altitude sickness always gets me- I ca n’t fall asleep and I ca n’t eat”, she says. ” But I really do enjoy going up there because things are much simpler and there are no office politics.”
Ai Qing and Wang Gang are pseudonyms
Additional reporting by Emery Makumeno, Byobe Malenga, Lucien Kahozy
At Lazarus Island, another businessman is seeing ownership rates of between 80 and 90 per share for its five little houses, each measuring between 150 square feet and 170 square metres.
The business began working on the project in the middle of the crisis, which ended in May of last year.
” During the pandemic, global borders were closed. Since we were never allowed to travel abroad, we wanted Singaporeans to practice our little houses as another opportunity for staycations”, said Mr Jeff Yeo, inc- founder of Big Tiny.
The business launched its little houses business in Australia in 2017. It has since brought the idea to eight different areas, including Malaysia, Taiwan, New Zealand and Italy.
According to Mr. Yeo, flexibility is one of the biggest benefits of these rooms. Unlike normal hotels, the cabins– which come with wheels – can quickly move to fresh locations.
These compact properties are a more affordable option for short-term housing because they can be completed by three builders in roughly three hours.
” This allows us the freedom of moving to another location, so it gives our friends new experience. They can be ( cast up ) in the middle of a berry garden, a garden, or a farm”, said Mr Yeo.
This may encourage city dwellers to get away from the hustle and bustle and interact with nature while also preserving the creature comforts we have come to expect.
Industry experts concur that the option to relocate to another exclusive locations every few months can be a big plus for both new and existing customers.
” If you build a conventional resort, it’s a large capital investment. You ca n’t move it from one place to another overnight”, said Mr Joshua Loh, Ngee Ann Polytechnic’s course chair of Tourism and Resort Management.
” But it’s a different story for these hotel ideas. They can be at the city border, opened- heat car parks, or onshore islands. They offer a great alternative to the variety of hotels in places.
These small hotels are even large on conservation, and attractiveness to the market of eco- mindful tourists.
Big Tiny uses recycled supplies while Tiny Pod uses shipping containers to create its components. By 2030, the latter is also looking into ways to go online low.
” The figure lotion, shampoo, and also dishwashing wet provided are completely healthy and free from toxins. Additionally, we installed solar panel on top of our little homes, according to Mr. Yeo.
Both companies have a sizable native clientele because Singaporeans are a fan of stayscations with unique ideas. They did point out that visitors are slowly becoming aware of these accommodations, and there has been a steady rise in bookings from foreigners.
The Singapore Tourism Board said it welcomes these impressive hospitality concepts, adding that such hostel experiences will enhance Singapore’s vitality and elegance.
The need to connect the world energy system with the 1 is essential. 5°C purpose has never been more powerful. August 2023 marked the hottest month on record, surpassing even the document set in July 2023 by a substantial margin. The severity and frequency of climate change impacts are rising, highlighting the urgent need for activity.
According to the International Energy Agency ( “IEA” ), global carbon dioxide ( CO2 ) emissions from the energy sector reached a new record high of 37 billion tonnes ( Gt ) in 2022, 1 % above their pre-pandemic level, but are set to peak this decade.
Piyush Gupta, the CEO of DBS Bank, highlighted some of the important difficulties financial institutions are facing as they move to the energy market.
One important issue, according to Gupta, is the untested economy of many new technology. While some industries have fairly good systems solutions, others lack feasible options. Although hydrogen may hold promise, it is now too far beyond the reach of use. Even where there is systems, these innovative solutions ‘ cost points and economics frequently differ from those of fossil-based energy sources or different segments.
The economy are different when comparing the cost of solar production in regions with high thermal efficiency, like China or India, to those with cloud cover, like the tropic, according to Gupta. Elements such as the cost of land, which can be considerable for tasks requiring large places, and the costs associated with store, intermittency, and network upgrades further complicate the financial viability of projects.
In fact, some initiatives are not simple to finance based only on commercial viability.
Gupta was speaking at a screen debate at the Singapore state investment Temasek’s monthly sustainability-focused function, Ecosperity, from April 15 to 17.
The need for relevant infrastructure spending is the next problem identified by Gupta. While a job may be initiated, if the necessary investments in another system components, such as the network, are not made continuously, the site’s potential is compromised. Thus, it is crucial for a financial institution to take into account the wider communication and infrastructure requirements beyond the task itself in order to assess the viability of the investment.
The Asean nations ‘ risk prices, as discussed by Gupta, have an impact on project viability and prices. Foreign exchange threat and royal risk are included in these risk premiums. Some nations in the area are not regarded as investment-grade, which adds to the sovereign risk premium. Foreign trade risk is another important issue, as funding for these projects frequently is in US dollars while profits are generated in regional currency. Significant financial difficulties can be caused by this gap.
Finally, Gupta shared that project funding is influenced by the off-takers reliability, especially in the energy sector, where political considerations may affect payment reliability. Regime modifications can add another layer of complexity to venture financing by raising doubts about the off-taker’s commitment to completing its legal obligations. Together, these problems add to the difficulty and complexity of funding regional system jobs.
But, while difficulties exist, concerted efforts are underway to mitigate them, with continued growth of remedies aimed at overcoming these roadblocks.
Gupta, who spoke to FinanceAsia on the outside of the occasion, put forth one like solution, which he believes can have a significant influence on the sector’s journey to zero.
One of the most important components of a toolbox of solutions to climate change is establishing a reliable and open global graphite market. A strong global carbon market is a powerful tool for the personal sector to move money from developed to developing areas. This in turn has the potential to have a significant effect by enabling emerging markets to obtain funding for sustainable development tasks, which are required to speed up the transition to a low-carbon business. ”
According to Gupta, pursuing the implementation of cross-border and export industry also offers a considerable option. “These areas enable resource countries to develop capacity, size, and engineering without bearing the price, as other states purchase their authority, ” he noted.
To put this in perspective, the demand for coal funds could increase by 15 days or more by 2030 and up to 100 days by 2050. By 2030, the use and buying of carbon credits was reach$ 50 billion, subject to the successful implementation of the Article 6 code adopted at COP26.
Singapore’s online zero journey
Singapore has set a goal of achieving net zero emissions by 2050. Singapore aims to have net-zero emissions from this industry by the same deadline given that its energy sector accounts for 40 % of its emissions. By importing fresh power from the Asean area, the nation intends to accomplish this goal.
Ngiam Shih Chun, chief executive, of the Energy Market Authority ( EMA ) of Singapore, said that while “Singapore has limited renewable energy resources, the country can access low-carbon electricity that is abundant in the region by connecting to regional power grids. This also encourages the growth of solar energy in the area and opens the door for the Asean Power Grid vision to become a reality. ”
The country has the target set to import up to fourgigawatts ( GW ) of low-carbon electricity by 2035, making up around 30 % of Singapore’s electricity supply then. EMA granted contingent certifications to trade up to 4 in 2023. 2 GW of low-carbon energy from Cambodia, Indonesia, and Vietnam. Companies are now completing feasibility studies and obtaining regulatory approvals from transit and source nations.
The projects are physically and economically feasible, and the source nation and Singapore are working together in a beneficial way, Chun said.
As Singapore actions steps down from its energy sector, Chun mentioned that these jobs are also pioneering because cross-border power trading is now constrained in the area. Their large size is also something to keep in mind, for instance, a 1,000-kilometer high voltage direct current wire from Vietnam. They are thus facing regulatory problems.
But, once cleared, they are expected to accelerate the development of cross-border buying, according to Chun.
The Laos-Thailand-Malaysia-Singapore power project, for example, took years to negotiate but is now the first successful cross-border power trading initiative across four Southeast Asian ( SEA ) countries. To improve trading volume and make multi-directional trading more profitable, discussions are currently being conducted. This advancement is in line with the Asian power grid’s goal, which promotes cross-border trading and benefits various SEA nations.
A national hydrogen strategy, which outlines the potential pathways for gas to be adopted in the energy sector, which could account for up to 50 % of the power mix, is another initiative being taken in the nation. Recognising the price differential for innovative solutions, Singapore is seeking “Pathfinder projects”. As a part of this action, Singapore aims to work with the business to experiment with and build up abilities in superior gas technologies, and identify and address any professional, protection, or regulatory issues that may arise.
Chen said that the private sector and financial institutions are closely involved in this phased approach. Currently, the focus is on shortlisting consultants and conducting pre-field studies, with funding secured to support these initiatives. The goal of the approach is to address the cost disparities brought on by new technologies and ensure the project’s viability and bankability.
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By releasing a detailed plan to achieve net-zero emissions by 2050, the RHB Banking Group ( RHB) has charted a course for a future that is environmentally friendly. RHB is strengthening its commitment to the environment by developing a new Pillar 2 called” Committed to Achieving Net Zero by 2050″ using its 5-Year Sustainability Strategy and Roadmap ( 2022-2026 ).
This wall expands on the Group’s already-discussed climate strategy by highlighting the group’s main goals for reducing emissions, promoting growth for alternative financial services and supporting businesses committed to graphite neutrality, and integrating green and low-carbon practices into its own operations.
The Group’s pledge to eliminate all carbon emissions acknowledges that the monetary market is a vital component in directing funding toward low-carbon and green activities, and it is in line with Malaysia’s goal of achieving net-zero emissions by 2050. It has developed a three-pronged approach with clear-cut goals to put this commitment into practice.
In its company, RHB aims to reduce financed pollution in five high-impact areas under Strategic Objective 1. These high-impact industries- electricity supply, palm petrol, oil & oil, house & building, and vehicles- represent roughly 60 % of the Group’s economic exposure and over 80 % of financed emissions. By 2030, RHB aims to achieve a 20 % reduction in these sectors, and up to 96 % reduction in financed emissions across these sectors by 2050.
In order to support businesses that are committed to carbon neutrality, the strategic objective 2 is to promote growth in green financial services. By 2030, it aims to have 40 % of the group’s portfolio in Green Financial Services, with a firm commitment to supporting businesses that are committed to carbon neutrality, with a clear and established transition strategy, with a target percentage that will rise to 90 % by 2050.
Strategic Objective 3 aims to integrate sustainable and low-carbon practices into RHB’s own operations. It claims to have achieved a 43 % reduction in operational GHG emissions against a 2016 baseline, encompassing Scopes 1, 2, and 3 ( Business Travel by Road and Air ). By 2030, the Group intends to use internal initiatives and carbon offsets to achieve carbon neutral operations and a 45 % reduction in operational GHG emissions.
“Demonstrating our commitment to sustainability, we have cumulatively mobilised RM23. By the end of FY2023, we would have raised$ 8 billion in sustainable financial services, exceeding our initial goal of$ 20 billion by 2026. Of this, RM11. To help us reach Net Zero by 2050, we allocated$ 3 billion to green initiatives, including renewable energy projects and energy efficiency solutions. Considering our strong achievements to date, we have increased our target to RM50 billion by 2026, ” said Mohd Rashid Mohamad, Group MD/Group CEO of RHB Banking Group.
The bank acknowledges its Net Zero pathway is a commitment to the communities it serves, the environment, and the future, ensuring progress happens for everyone.
It does, however, acknowledge that the journey to becoming Net Zero cannot be done in isolation and promises to continue to work with clients, business partners, employees, and the general public to begin its journey together.
“We shall also collaborate with governmental bodies, regulatory authorities and other parties to have a scalable impact while also being advised on the progress and development of government policies, directives, and incentives in order to fulfill our Net Zero 2050 Commitment, ” Mohd Rashid continued.
SINGAPORE: The National University of Singapore ( NUS) on Thursday ( Mar 21 ) appointed Justice Judith Prakash, Mr Tan Chong Meng and Mr Ravi Menon to its board of trustees.  ,
The three innovative members of the board, who are all NUS graduates, will start their words on Apr 1, the school said in a press release.
Justice Prakash, who is a top prosecutor, has served on the Supreme Court chair for more than 30 years.
She was the first woman to hold the position of continuous judge in the Court of Appeal, and she previously served as the court’s lead prosecutor for arbitration things.
She currently serves on the boards of directors for the Eurasian Association and the Singapore Indian Development Association ( SINDA ).
Up until this past month, Mr. Tan served as the team CEO of PSA International.
He serves as the chairman of the JTC and the National University Health System’s board’s assistant chair.
He was also the government head of the World Economic Forum’s Supply Chain &, Transport Industry Community and founder- president of Singapore’s Emerging Stronger Taskforce, a committee set up by the government to link the country’s financial recovery from the COVID- 19 pandemic.  ,
The Monetary Authority of Singapore’s managing director served for the longest period of time, serving there from 2011 until his pension on January 1 this time.  ,  ,
He served on the housing and development sheets of DBS and the Central Provident Fund Board’s vice president.
He serves on the advisory board of the Glasgow Financial Alliance for Net Zero ( GFANZ ) Asia-Pacific Network and is a member of the Glasgow Financial Alliance for Net Zero ( GFANZ ) Principals Group.  , He is also a owner of SINDA.
The president of the NUS board of trustees, Mr Hsieh Fu Hua, extended a warm pleasant to Justice Prakash, Mr Tan and Mr Menon.
Their scope and breadth of experience will enrich table discussions and provide valuable insights to help the university grow in a rapidly-changing and challenging environment, he said in a statement.  ,
Three of the board’s recent non-executive members may retire on March 31 as part of the board’s renewal process: former social worker Sudha Nair, former social worker Allen & partner Andrew Lim, and Ambassador at Big Chan Heng Chee.
The committee did lose them, according to Mr. Hsieh.
They have excelled in their work, helping the school overcome a number of difficulties and offering advice on a number of geopolitical issues. We are very appreciative of their services and unwavering support of NUS, he said.
The NUS board of trustees, which already has 20 members, works closely with the school’s management and stakeholders to form its vision, map its main directions and information its initiatives, NUS said. Its members are chosen by the Education Minister.
Getty ImagesIndia is making a second stage in its search for important vitamins that might be hidden in the ocean’s depths and that might be the catalyst for a cleaner future.
In the face of fiercer competition between big international power to secure crucial nutrients, the nation, which now holds two deep-sea investigation licenses in the Indian Ocean, has applied for two more.
Countries including China, Russia and India are vying to achieve the large deposits of metal resources- chromium, nickel, copper, iron- that lie thousands of metres below the surface of oceans. These are used to generate renewable energy sources like solar and wind power, electric vehicles, and cell technology needed to combat climate change.
The UN- affiliated International Seabed Authority ( ISA ) has issued 31 exploration licences so far, of which 30 are active. This year, its member states are meeting in Jamaica to discuss rules for distributing mine licenses.
If the ISA approves India’s fresh software, its licence matter may be similar to that of Russia and one less than China.
In the Carlsberg Ridge in the Central Indian Ocean, one of India’s software aims to find magnetite pyrite, or chimney-like hills close to thermal holes containing copper, zinc, silver, and gold.
A list of comments and questions about this has been provided to the American government by the ISA’s lawful and technical committee, according to a document that the BBC saw.
The committee has noted that another unknown land has requested the bottom area be included in their lengthy continental shelf and asked India for a response in response to the various application, which is to examine the cobalt-rich ferromanganese crusts of the Afanasy-Nikitin Seamount in the Central Indian Ocean.
Unquestionably, regardless of the results of the applications, one thing is certain: India does not want to lose ground in the search for precious minerals from the oceans ‘ bottom.
The Indian Ocean offers enormous potential reserves, and its expanse has spurred the government of India to expand its scientific exploration of the ocean’s depths, according to Nathan Picarsic, co-founder of Horizon Advisory, a US-based geopolitical and supply chain intelligence provider.
In the Indian Ocean ridge area, India, China, Germany, and South Korea already have exploration licenses for polymetallic sulphides.
The Indian National Institute of Ocean Technology tested its mining machine in the central Indian Ocean basin in 2022 at a depth of 5, 270m, and found some polymetallic nodules ( potato-shaped rocks that are abundant in manganese, cobalt, nickel, and copper ) on the seafloor.
India’s earth sciences ministry did not respond to the BBC’s questions on the country’s deep- sea mining plans.
India may be trying to convey that it is a powerhouse in its own right, one that is not rivalled in its own backyard, and that it is not lagging behind China when it comes to the deep sea, says Pradeep Singh, a researcher at the Research Institute for Sustainability in Potsdam, Germany.
The US is not a part of the international water race because it has not ratified the UN Convention on the Law of the Sea, the treaty that gave rise to the establishment of the ISA. Instead, it wants to process minerals mined by its allies from international waters and source them from its domestic seabed.
Deep seabed exploration is supported by claims that land-based mining has almost reached its limit, leading to poor production, and that many of the region’s mineral sources are rifracked by conflict or environmental issues.
However, environmental activists claim that the deep seabed is the last frontier on earth that is largely unstudied and unprotected from human activity, and that mining there could result in irreparable harm, no matter how urgent the need may be.
Given what they claim is a lack of information about the marine ecosystems in those depths, around 20 nations, including the UK, Germany, Brazil, and Canada, are also pressing for a halt or a temporary pause in deep-sea mining.
According to the World Bank, the demand for clean energy technologies will need to be met by 2050, which means that the extraction of crucial minerals will need to increase fivefold.
India wants to increase its renewable energy capacity to 500 gigawatts by 2030, and it wants to meet 50 % of its energy needs by then, with the long-term goal of achieving net zero emissions by 2070.
Experts claim that India will need to obtain crucial minerals from all sources, including the deep seafloor, to achieve these goals.
Currently, a few countries dominate the production of critical minerals on land. Chile is the top producer of copper, while Australia is a major producer of lithium. In China, graphite and rare earths are primarily produced (used in smartphones and computers ).
However, China’s dominance of these minerals ‘ processing before they enter the supply chain raises geopolitical issues.
China, which has developed processing methods and expertise over the years, currently controls almost 60 % of all processed lithium and manganese, according to the International Renewable Energy Agency, and 70 % of the refined supply of natural graphite and dysprosium.
Moreover, Beijing has banned the export of some of its processing technologies.
At a crucial summit on minerals and clean energy in August 2023, US energy secretary Jennifer Granholm said,” We are up against a dominant supplier that is willing to use market power for political gain.”
The US and a number of western nations created the Minerals Security Partnership in 2022 to catalyze “investment in responsible critical minerals supply chains.” India is now a member.
India and Russia have also agreed to develop deep-sea mining technologies.
According to Mr. Picarsic,” the confluence of rising geopolitical tensions and the energy transition is speeding up the scramble to extract, process, and use critical minerals.”
The GXA goals, according to iLabs, include providing a platform for Chinese tech companies to showcase their modern solutions, promoting collaboration between Chinese and Malay enterprises, and advancing the creation of wise, sustainable cities in Malaysia and the ASEAN region.
Five Chinese businesses were chosen for the two-month GXA.
Through our engagement with Sunway iLabs, we have opened the door for Chinese startups to expand their presence in Malaysia. We are eagerly anticipating the progress the latest batch will generate through our program, said Hiroyuki Nitta, Deputy Managing Director, Jetro , Kuala Lumpur, citing the success of the past group of companies launching their businesses in Malaysia.
The startups benefited from Sunway Group’s extensive networks and support, Jetro Kuala Lumpur, and knowledge partners, such as the Malaysia Investment Development Authority ( MIDA ), throughout the intensive two-month program. On a number of issues, including the Malay business environment, business needs, cultural differences between the two nations, Malaysia’s corporate move to net low, and potential business and investment opportunities, coaching and guidance were provided.
The program’s important accomplishments were highlighted by Matt van Leeuwen, CEO and director of Sunway iLabs, as well as Sunway Group’s chief innovation officer. More than 50 company discussions have been held, with a focus on forging strategic collaborations between Chinese companies and Indonesian corporations, traders, and startups. The GXA program fosters valuable research collaborations that promote sustainability in Malaysia and technology localization, as well as facilitating valuable business connections and enabling university researchers to learn about the most recent technologies from Japan.
” It was a top-notch program that far beyond my expectations, giving me many opportunities to speak with important participants in Malaysia, including a variety of Malay corporations,” said the author. I’ve been surprised by Malaysian businesses ‘ commitment to green transformation since I’ve moved here, said Hideaki Itami, chairman of PtBio Inc., one of the Chinese companies that took part in the GXA program.
