Emphasises the necessity of a holistic, balanced development plan for Cyberjaya
Address emission, and resource concerns as data centers integrate AI into working cultures
During Cyberview’s InnoEx, an inaugural innovation expo event held in Cyberjaya last September, Prime Minister Anwar Ibrahim’s speech highlighted the city’s potential to become the preferred investment location for…Continue Reading
In The Netherlands, a formerly fringe far-right party wins more seats in the Dutch general election than any other political group.
In Dublin, a knife attack outside a school triggers rioting and looting by right-wing thugs.
In the UK, the latest YouGov poll reveals rising support for the right-wing Reform Party.
The common theme in each of these recent news stories is immigration, a topic that has risen to the top of political agendas across Europe, threatening to transform liberal democracies into illiberal bastions of intolerance.
Make no mistake. This isn’t about “illegal” immigration. It is about racism, pure and simple.
For instance, it suits the UK government to make an issue out of “stopping the boats” crossing the English Channel. But the numbers involved are tiny compared with the number of migrants coming to the UK legally, to work as doctors, nurses and care-home assistants, or to study as students.
And even those students are coming under fire.
The UK is seeing a record number of people coming from overseas to study. Worth millions of pounds to universities, which charge foreign students far higher fees than their British counterparts, they contribute significantly to the nation’s gross domestic product.
Some stay on in the country after completing their course. If they do, it’s because they’ve got a job and are paying taxes to the Treasury.
Regardless, right-wing politicians are now demanding that such students should not be allowed to bring family to live with them.
Europe is walking, eyes tight shut, into a new dark age that makes a mockery of the 70-million-plus lives lost during the Second World War in the effort to rid the world of the cancerous, supremacist ideology of the Nazis.
A fundamental misunderstanding underpins Europe’s rising tide of immigration hysteria: Europe, with birth rates declining, needs immigration.
In the UK in particular, migrants form a large part of the workforce, including doctors and nurses, but also carry out many of the low-paid jobs.
But at the same time, right-wing politicians are peddling the false trope that migrants are taking “our” jobs and housing, clogging up “our” health system and – most sinister of all – “changing the shape of our country before our very eyes.”
That last incendiary quote comes from Richard Tice, a wealthy British property developer who founded the UK Brexit Party and is now the leader of its successor Reform Party, which says Britain is “broken” and “needs net zero immigration.”
The Conservative government, he said, had “totally betrayed” the British people because immigration to the UK was at a record high.
It is, but only because if it weren’t, Britain’s economy would collapse.
Regardless, traditional, more reasonable political parties across Europe are in a bind. If they ignore the rising tide of racist hysteria, they will be swept away, and so they are pandering to the mob.
In the UK, the Conservative government is fragmenting, torn apart by the competing narratives of the beleaguered party’s few remaining centrist members of Parliament, and the extremists like the recently fired home secretary Suella Braverman, architect of the bizarre policy of dispatching boat people to Rwanda.
In The Netherlands, a four-party coalition government collapsed in July after failing to reach agreement over measures to control the flow of migrants. Into the moral vacuum stepped radical right-winger Geert Wilders, a preposterous man who rants about the “tsunami of asylum and immigration” and who has pledged to “ban” the Koran, close the country’s borders and deliver “Nexit,” a Dutch version of Brexit.
On one level, this growing distaste for non-European foreigners is hilarious, given that it is a direct consequence of the colonialism that European states such as Britain and Holland imposed on the world for centuries.
But such truths cast no shadows on the fantasy landscapes occupied by the likes of Wilders.
The advantages of cultural diversity are obvious, and too numerous to list, and in choosing to present multiculturalism as a threat rather than an asset, right-wing politicians expose themselves for what they are – racists.
In Ireland last week, anti-migrant mobs gathered after an incident in which five people, including a five-year-old girl, were stabbed outside a primary school in Dublin.
In the words of the police, “hateful assumptions” that the attacker was a foreign national spread quickly, and mobs took to the streets, expressing their disdain for foreigners by, oddly, vandalizing and looting Irish shops.
Ironically, the man who risked his own life to save the wounded victims was himself a migrant, a fast-food courier and a father of two, originally from Brazil.
Unfortunately, Europe is increasingly under the spell of those who would highlight our differences rather than our similarities, in a cynical bid to seize power.
The roots of all the disruptions in the Middle East and North Africa that have, to a significant extent, contributed to Europe’s migrant problems can be traced to European intervention in the region dating back to the First World War.
The challenge now for Europe’s moderate, mainstream politicians is to recognize and own this history, to hold the line of decency and to combat, rather than pander to, the false narratives of the extremists.
So far, however, none has appeared capable of rising to this challenge, and Europe is slipping inexorably into a moral dark age.
This article was provided by Syndication Bureau, which holds copyright.
Jonathan Gornall is a British journalist, formerly with The Times, who has lived and worked in the Middle East and is now based in the UK.
Impact investing is gaining in popularity across the globe, but a lack of harmonised environmental, social and governance (ESG) data, regulations and standards pose barriers to its development in Asia, a BNP Paribas survey suggested.
“Asia Pacific (Apac) is behind Europe, which has already integrated broader ESG topics such as inequalities and biodiversity. But it is ahead of North America which is highly fragmented over this topic,” Jules Bottlaender, Apac head of sustainable finance at BNP Paribas (securities services), told FinanceAsia.
So far 41% of global investors recognise a net zero commitment as their priority, while in Apac, 43% have set a due date to achieve net zero targets, according to the survey.
The global survey, titled Institutional investors’ progress on the path to sustainability, looked into how institutional investors across the globe are integrating their ESG commitments into implementation.
It gathered data from 420 global hedge funds, private capital firms, asset owners and asset managers between April and July 2023. Among them, 120 (28.6%) are from Asia Pacific (Apac) markets including China, Hong Kong, Singapore and Australia.
Impact investing
Impact investing, a strategy investing in companies, organisations and funds generating social and environmental benefits, in addition to financial returns, is a global trend that in the next few years, is set to overtake ESG integration as the most popular ESG strategy, the report revealed.
Globally, ESG integration dominates 70% of investors’ ESG investment strategies, but the proportion is expected to drop by 18% to 52% over the next two years. In contrast, 54% of respondents reported a plan to incorporate impact investing as their primary strategy by that time.
European investors have the greatest momentum in adopting impact investing at present, with 52% employing impact investing. While in the four markets in Apac, the proportion stood at 38%.
Negative screening took a lead as a major strategy of 62% investors surveyed in Apac. In the next two years, the figure is set to shrink to 47%, overtaken by 58% estimating to commit to impact investing.
“Impact investing is a rather new concept for most people [in Asia]. It is driven by the need to have a clear and tangible positive impact,” Bottlaender said.
An analysis from Invesco in March 2023 pointed out that while impact assessment is key to a measurable outcome of such investments, clear and consistent frameworks are required to avoid greenwashing acts.
“There is no singular standard for impact assessment,” the article noted. On the regulatory side, specific labelling or disclosure requirements dedicated to impact investing have yet to come in Asia.
Private markets, including private debt, private equity and real assets, will take up a more sizeable share of impact investing assets under management (AUM), it added.
Bottlaender echoed this view, saying that current regulatory pressure in Asia “is almost all about climate”. As a result, Asian investors’ ESG commitments are mostly around climate issues such as including net zero pledges and coal divestment. These are coming before stronger taxonomies and broader ESG regulations which are set to be finalised over the next few years.
Data shortage
A lack of ESG data is one of the greatest barriers to investors’ commitments, as respondents to the survey reported challenges from inconsistent and incomplete data. The concern is shared by 73% of respondents across Apac, slightly higher than a global average of 71%.
Bottlaender explained that although mandatory reporting of climate data is adopted in certain regulations, a majority of ESG data is submitted voluntarily.
This leads to a fragmentation and inconsistency of sources based on the various reporting standards they adhere to. Moreover, the absence of third-party verification results weighs on the accuracy and reliability of the data provided, he continued.
He shared that investors are either engaging directly with companies to encourage standardised reporting practices, or relying on data providers, or leveraging technology to carry out quality control to address the lack of ESG data.
But “significant gaps persist, especially concerning private companies and aspects like scope 3 emissions.”
“As a result, investors must be extremely cautious when advancing any ESG claim or commitment,” he warned.
¬ Haymarket Media Limited. All rights reserved.
Impact investing is gaining in popularity across the globe, but a lack of harmonised environmental, social and governance (ESG) data, regulations and standards pose barriers to its development in Asia, a BNP Paribas survey suggested.
“Asia Pacific (Apac) is behind Europe, which has already integrated broader ESG topics such as inequalities and biodiversity. But it is ahead of North America which is highly fragmented over this topic,” Jules Bottlaender, Apac head of sustainable finance at BNP Paribas, told FinanceAsia.
So far 41% of global investors recognise a net zero commitment as their priority, while in Apac, 43% have set a due date to achieve net zero targets, according to the survey.
The global survey, titled Institutional investors’ progress on the path to sustainability, looked into how institutional investors across the globe are integrating their ESG commitments into implementation.
It gathered data from 420 global hedge funds, private capital firms, asset owners and asset managers between April and July 2023. Among them, 120 (28.6%) are from Asia Pacific (Apac) markets including China, Hong Kong, Singapore and Australia.
Impact investing
Impact investing, a strategy investing in companies, organisations and funds generating social and environmental benefits, in addition to financial returns, is a global trend that in the next few years, is set to overtake ESG integration as the most popular ESG strategy, the report revealed.
Globally, ESG integration dominates 70% of investors’ ESG investment strategies, but the proportion is expected to drop by 18% to 52% over the next two years. In contrast, 54% of respondents reported a plan to incorporate impact investing as their primary strategy by that time.
European investors have the greatest momentum in adopting impact investing at present, with 52% employing impact investing. While in the four markets in Apac, the proportion stood at 38%.
Negative screening took a lead as a major strategy of 62% investors surveyed in Apac. In the next two years, the figure is set to shrink to 47%, overtaken by 58% estimating to commit to impact investing.
“Impact investing is a rather new concept for most people [in Asia]. It is driven by the need to have a clear and tangible positive impact,” Bottlaender said.
An analysis from Invesco in March 2023 pointed out that while impact assessment is key to a measurable outcome of such investments, clear and consistent frameworks are required to avoid greenwashing acts.
“There is no singular standard for impact assessment,” the article noted. On the regulatory side, specific labelling or disclosure requirements dedicated to impact investing have yet to come in Asia.
Private markets, including private debt, private equity and real assets, will take up more sizeable share of impact investing asset under management (AUM), it added.
Bottlaender echoed this view, saying that current regulatory pressure in Asia “is almost all about climate”. As a result, Asian investors’ ESG commitments are mostly around climate issues such as including net zero pledges and coal divestment, before stronger taxonomies and broader ESG regulations which are set to be finalised over the next few years.
Data shortage
A lack of ESG data is one of the greatest barriers to investors’ commitments, as respondents to the survey reported challenges from inconsistent and incomplete data. The concern is shared by 73% of respondents across Apac, slightly higher than a global average of 71%.
Bottlaender explained that although mandatory reporting of climate data is adopted in certain regulations, a majority of ESG data is submitted voluntarily.
This leads to a fragmentation and inconsistency of sources based on the various reporting standards they adhere to. Moreover, the absence of third-party verification results weighs on the accuracy and reliability of the data provided, he continued.
He shared that investors are either engaging directly with companies to encourage standardised reporting practices, or relying on data providers, or leveraging technology to carry out quality control to address the lack of ESG data.
But “significant gaps persist, especially concerning private companies and aspects like scope 3 emissions.”
“As a result, investors must be extremely cautious when advancing any ESG claim or commitment,” he warned.
¬ Haymarket Media Limited. All rights reserved.
Company plots wave of new investments
PTT Plc, the national energy conglomerate, has unveiled a new phase of reinvestment aimed at establishing fresh ventures for future gains, recognising the saturation of its traditional businesses in driving growth.
Auttapol Rerkpiboon, President and Chief Executive Officer of PTT Plc, said the need for reinvestment is due to the saturation of the company’s original ventures, primarily in the oil refinery and petrochemical sectors, which have limited potential for future income growth.
Therefore, there is a need for new investments and the “sowing of seeds” for new businesses. This reinvestment process will take some time before these new ventures can bear fruit, and there is no guarantee that every seed sown will grow and yield results. However, it is hoped that a portion of the investments will yield benefits and become a new revenue wave for PTT.
In this new wave of reinvestment, PTT is focusing on investing under the theme of “Future Energy and Beyond”. Future energy investments include businesses related to electric vehicles (EVs), electric vehicle batteries and future energy sources, such as hydrogen. The “beyond” category encompasses businesses beyond energy, such as AI and robotics, lifestyle, life science, nutrition, logistics and pharmaceuticals.
According to the strategic direction of PTT, the company is targeting 30% of its net income to come from future energy. The company has set aside capital expenditure worth a billion baht for investment in future energy and beyond businesses from 2023–2027.
The company plans to lower the greenhouse gas emissions of its group by 15% from the 2020 level by 2030. PTT also aims to reach its carbon neutrality goals by 2040 with net zero emissions of greenhouse gases by 2050.
Mr Auttapol said these new businesses are expected to show substantial results within the next 3–5 years.
Some of the investments made by PTT have already started to yield good returns, such as the pharmaceutical business in Taiwan, where PTT, through its wholly-owned subsidiary Innobic, has become a major shareholder in Lotus Pharmaceutical Co. This business is generating profits worth more than a billion baht for PTT, primarily due to the production and sale of cancer medications in the United States.
Mr Auttapol said PTT’s reinvestment strategy is purposeful. Every investment made by PTT is seen as a way to create a new S-Curve for the country, generating employment opportunities and fostering new technologies.
While the government has policies regarding new S-Curve industries, it is crucial for the private sector to drive and materialise these initiatives, he said.
Thailand’s traditional heavy industry, petrochemicals, which once brought prosperity to the nation, cannot be the sole focus any more. New industries and technologies must be developed, he said.
Mr Auttapol also mentioned PTT’s support for the research and development of “Manee Daeng”, an innovative anti-ageing drug, in collaboration with medical professionals from Chulalongkorn University. The drug has shown promising results in animal trials and is preparing to undergo human trials both within and outside of Thailand.
Despite reinvestment in new businesses, the CEO highlighted PTT’s strong commitment to ensuring the country’s energy security from the very beginning. For instance, he said, during the start of the Russia-Ukraine crisis, PTT promptly purchased and stored 4 million barrels of oil when the price per barrel was more than US$100 (3,638 baht). This strategic decision was made to secure the country’s energy supply and bolster consumer confidence even though it led to losses when prices dropped.
In addition to oil reserves, PTT has initiatives to support the public during energy price crises, such as fixing prices for natural gas vehicles and liquefied petroleum gas, and extending loans to the Electricity Generating Authority of Thailand to stabilise electricity costs.
However, Mr Auttapol acknowledged that while PTT operates as a state enterprise, it is a listed company and part of the capital market. Consequently, PTT must strike a delicate balance between fulfilling its role as a state enterprise and upholding its efficiency as a listed company. “We are cautious not to subsidise energy prices to a degree that could jeopardise our financial stability or affect our credit rating. We must approach these matters with great care,” he said.
The Joint Committee on Climate Change ( JC3 ) of Malaysia met last month to discuss working together to improve the financial sector’s ability to develop climate resilience. & nbsp,
According to a spokesperson for Bank Negara Malaysia( BNM ),” sustainable assets are gaining momentum in Malaysia with key investment styles built around the need for accelerating sectoral transition and climate resilience, such as energy transition, circular economy, food security, and freedom change.”
The JC3 board was established in September 2019 to ensure a cogent approach to ESG initiatives, with its founding serving as” great testimony” to how proponents of Malaysia’s capital markets intend to work closely to improve sustainability practices in Malaysia, according to Angelia Chin – Sharpe, CEO of BNP Paribas Asset Management, which operates in Southeast Asia.
Its members include representatives of the market’s central bank, BNM, capital markets regulator, Securities Commission Malaysia ( SC ), stock exchange, Bursa Malaysia, and 21 other financial industry players, including Chin-Shawni at BNP AM, insurance companies Allianz, Swiss Re and Zurich, as well as banks like RHB Islamic and CIMB.
The committee outlined five initiatives at the meeting that” emphasise the crucial part of the banking sector in enabling a lasting plan” with the goal of expediting the economy’s low-carbon practices. A pilot project to switch industrial parks and their operational infrastructure to low-carbon practices was one of these, along with three data-related initiatives and a RM1 billion($ 0.210 million ) guarantee to provide funding to smaller market players to support their ESG agendas. & nbsp,
The BNM spokesperson stated to FA that one of the goals of” Ekonomi Madani” is to encourage Malaysia’s green growth in the direction of climate resilience. This goal aims to put Malaysia on a strong development path by realizing and addressing key national issues.
There are numerous opportunities for industry players, including international investors, to achieve the National Energy Transition Roadmap ( NETR ) targets set for 2050, she said.
Energy efficiency( EE ), renewable energy( RE ), hydrogen, bioenergy, and green mobility and carbon capture, utilisation and storage( CCUS ) are the six energy transition levers that Malaysia’s NETR identifies as its ten flagship projects. These are anticipated to catalyze and quicken the market’s energy transition, reduce greenhouse gas ( GHG ) emissions by at least 10 metric tons of carbon dioxide equivalent ( MtCO2eq ) annually, create 23, 000 high-impact job opportunities, and improve corporate ecosystem growth opportunities with benefits to society.
According to the BNM touch, their powerful supply necessitates investments in infrastructure, engineering, and human capital totaling between RM1.2 trillion and Rs1.3 trillion up to 2050. In addition to & nbsp,
While Malaysia’s administrative society is capable of reviewing such an option and is aware of the significance of incorporating ESG into purchase technique,” there is still a need to teach” smaller scale investors on the opportunities and risks associated with sustainability strategies, according to Chin-Sharpe, BNP Paribas AM.
Having said that, she added,” Most banks in Malaysia are committed to playing a more active role to align and help their clients understand the[ relevant ] Malaysian taxonomies.”
Purchase and regulation
The five new initiatives have been included in the government’s budget for 2024 and” complement other policies such as the NETR, the New Industrial Master Plan ( NIMP ) 2030 and the Mid-Term Review of the 12th Malaysia Plan ( MTR – 12MP ,” according to YB Nik Nazmi Nk Ahmad, minister of Natural Resources, Environment, and Climate Change.
All governing events, including JC3 users, Malaysia’s Corporate Guarantee Corporation, and pertinent ministries, are committed to putting the tasks into action, the BNM representative confirmed with FA.
The regulatory environment in Malaysia keeps up with the country’s continued energy transition and the funding needed to make it happen. To obtain conservation and environment goals, the money market should be prepared to help finance raising and investments. Since 2011, when Sustainable and Responsible Investment ( SRI ) has been included as a crucial growth strategy in the Capital Market Masterplan CMP2, the SC has paved the way for sustainability, according to Dato ‘ Seri Dr. Awang Adek Hussin, its chairman.
A Climate Chance and Principle-based Taxonomy was published by BNM in 2021. In December 2022, SC unveiled a Principles-Based SRI Taxony for the Malaysian Capital Market. This year, in June of this year. SC also established the International Sustainability Standards Board’s ( ISSB ). & nbsp,
Meanwhile, the BNM spokesperson emphasized last month’s Energy Efficiency and Conservation legislation as having the potential to significantly lower energy use by 2050 — by 2, 017 million gigajoules, or RM97 billion in savings— and to” create new jobs in energy management and auditing ,” she said.
According to Adrian Wong, mind of jobs and director at the Singapore-based law firm Prolegis, which has a formal legal ally with Herbert Smith Freehills( HSF ),” investment has increased in Malaysia in part because the regulatory environment has done more to promote appetite in renewables.”
Large-scale solar auctions in Malaysia’s peninsular and projects along the Sarawak Corridor of Renewable Energy ( Score) are two of the renewable infrastructure projects his team is helping clients with.
The transport industry is anticipated to play a significant role in the demand for renewable energy, with electric vehicle ( EV ) usage expected to reach 80 % of the car market in 2050.
However, he informed FA that the greatest possibility is present in projects involving solar, water, and biofuel. In 2040, it is anticipated that all three sources will increase and account for roughly 17 % of Malaysia’s total energy mix.
a files travel
Data and the potential of emerging technologies to support Malaysia’s conservation plan are the three activities that were announced at the event.
The first builds on the accomplishments of JC3’s Greening Value Chain ( GVC ) pilot program, which began in 2022 and has so far assisted 80 small and medium enterprises( SMEs ) in tracking and reporting greenhouse gas ( GHG ) emissions across the length of their supply chains. In order to provide public listed companies( PLCs ) capacity-building support, reporting tools, and additional financing facilities, which the BNM spokesperson said could be accessed” at competitive rates via the Low Carbon Transition Facility( LCTF ), the updated plan connects Bursa Malaysia’s sustainability data platform with the GVC program.
Access to an” ESG jump-start portal,” through which Malay businesses can obtain useful information on ESG-related capacity-building programs, certification, as well as financial and opportunity methods, and the introduction of a Green AgriTech program to promote the adoption of green technology and sustainable agriculture techniques among local producers, are additional data related initiatives.
According to the BNM director,” Green AgriTech offers substantial potential for Malaysia’s agricultural field by opening up new possibilities and addressing vital difficulties.”
Wong concurred that emerging technology has the potential to modernize and alter Malaysia’s ESG strategy, particularly in the agricultural industry. From ensuring a sustainable supply of food sources to raising general health and environmental criteria, he mentioned the potential for positive effects.
To ensure that farmers may conduct their financial transactions online, he suggested the Malaysia Digital Economy Corporation’s project, which linked small farmers to online marketplaces offering bright warehouse facilities, supply, and farming solutions.
Through a thorough approach to alternative solutions, this catalytic pilot program encourages farmers to use technologies and follow greener and ecological practices. Participating farmers can obtain grants and LCTF to purchase natural systems, the BNM spokesperson added.
” Technology use may improve produce stability and quality while also assisting in the resolution of food safety issues.”
maintaining speed
The efforts to enlist input from all parts of Malaysia’s market, both the public sector and the private sector, is at the core of the country as it transitions. The BNM spokesperson informed FA that” efforts to level public-private partnerships are even continuing, with fresh initiatives.”
She stated that the GVC program is an excellent illustration of a cutting-edge blended financing initiative in Malaysia that supports the country’s move toward enlightenment.
BNM continues to support private institutions’ participation in the government’s loan offerings, the call emphasized,” BNM also supports such attempts by facilitating the release of Government of Malaysia Sustainable Sukuk for registration by both domestic and foreign investors.”
According to SC chairman Hussin at the conference, the SRI-linked Sukuk Framework was introduced last year, giving the Indonesian capital market access to a full range of frameworks to assist businesses in financing transitional projects as well as alternative, social, and sustainability initiatives.
Fitch recently released an ESG document that showed a steadfast global appetite for the sukuk. The data shows that by the end of 3Q23, ESG sukuk issuance had increased by 66 % year over year( YoY ) to reach$ 33.3 billion worldwide.
Due to built-in sharia filters, there is a cross between Islamic funding and ESG principles, according to the ratings agent’s research. & nbsp,
Over the moderate name,” Fitch Ratings anticipates more rise.” According to the review, the company’s growth is largely driven by governments’ sustainability initiatives and issuers’ funding diversification goals toward both sharia and ESG-sensitive investors.
” ESG sukuk could receive an awareness and issuance boost ,” said Bashar Al-Natoor, Fitch’s global head of Islamic Finance, with the United Arab Emirates( UAE) hosting the Conference of Parties( COP ) 28 this year.
It is motivating to see the Indonesian government adopting a” full of state” approach to addressing the impact of climate change on economic conservation, Hussin said at the conference’s conclusion. The nation’s interests and sustainable development methods are outlined in roadmaps and masterplans that have been made available by the relevant ministries.
I want to say it again:” Our planet is facing an unprecedented problem, one that necessitates immediate and coordinated effort from all countries, sectors, and individuals.”
Haymarket Media Limited All right are held back.
Interior minister says province’s large cement industry supports drive to cut emissions
PUBLISHED : 1 Nov 2023 at 17:46
Saraburi will be promoted as the country’s first low-carbon, climate-friendly model city under a new public-private partnership (PPP), according to Interior Minister Anutin Charnvirakul.
The project will be a showcase for greenhouse gas emission reductions in line with the country’s pledge to achieve carbon neutrality by 2050 and net zero greenhouse gas emissions by 2065, Mr Anutin said on Wednesday.
Saraburi is a major cement production centre, so creating a low-carbon city would be challenging, he said, adding that if the project succeeds, it could be emulated in other provinces.
The Thai Cement Manufacturers Association (TCMA), which initiated the Saraburi sandbox, will work with the province and state agencies.
“I hope to see Saraburi become one of the leading green economic provinces in the country,” said Mr Anutin.
“The most important thing is the cooperation of all cement manufacturers because their businesses cause environmental issues. We need the governor to push the project and help eliminate any obstacles.”
The project also needs support from civil society groups and local residents, he said, adding that developing more environmentally friendly industry would also help boost the local economy.
The Office of the National Higher Education Science, Research and Innovation Policy Council (NXPO) will act as the coordinator for the development of a Climate Technology Centre under the UN Framework Convention on Climate Change, said NXPO president Kitipong Promwong.
With financial support, technology and international cooperation, Thailand will be able to lower greenhouse gas emissions to below its nationally determined contribution by 40% by 2030, he said.
7 in 10 newly constructed Grade-A buildings in APAC are green-certified
Over half a billion square feet of Grade A office space in the region built before 2011
Major cities in Asia Pacific will be faced with a demand-supply gap for net zero-carbon-ready workplaces as corporate net-zero targets loom, according to new research…Continue Reading
Mitr Phol Group, under the leadership of Chairman Buntoeng Vongkusolkit, stands out as a beacon of ethical business practices in the sugarcane-processing industry with its steadfast commitment to sustainability and corporate social responsibility.
Mr Buntoeng has meticulously woven these principles into the very fabric of the company, shaping Mitr Phol’s strategy to not only be a world-class sugar producer, green energy and bio-based product maker, such as fertiliser, animal feed, biomaterials, wood substitute materials, but also a conscientious steward of the environment and the communities it serves.
This unwavering dedication to sustainable practices has not only defined Mitr Phol’s identity but has also set a new standard for responsible corporate conduct in Thailand and beyond.
With subsidiaries operating in Thailand, China, Australia, Laos, and Indonesia, the company has a strong regional presence.
Buntoeng Vongkusolkit, Chairman of Mitr Phol Group, says his company pays utmost attention to sustainability and social responsibility. It has been one of its business strategies from the start, along with environmental issues.
For over 66 years, Mitr Phol has produced quality sugar for households across Thailand. Today, the company wants to reaffirm its commitment to environmental sustainability and improving cane growers’ livelihoods, said Mr Buntoeng.
“Sustainability and social responsibility have always been embedded in our business strategy from the start,” he said.
In Thai, the word mitr means “friend”, while phol means “result”. As such, the company’s name is a reference to collaboration among partners which have gone through ups and downs together, he explained, before pointing out Mitr Phol’s motto: “Grow Together.”
As the third generation of Mitr Phol Group, Mr Buntoeng said he continues to work closely with the cane growers Mitr Phol works with.
Speaking to the Bangkok Post, he said his father taught him to treat cane growers with fair operating practices when weighing their harvest because it takes a massive effort to grow sugarcane.
The advice resonated deeply with Mr Buntoeng, inspiring him to take care of his company’s stakeholders. It is necessary to teach cane growers the necessary skills and knowledge to ensure that they can increase productivity, he said.
To ensure the company remains in the green as it gives back to the cane growers, Mitr Phol practices a smart farming model, “Mitr Phol Modernfarm”, which ensures optimum yield and quality while minimising time and production costs, as well as being eco-friendly.
The model includes knowledge building among cane growers of sustainable sugarcane farming. It also encourages the use of machinery and digitalised control, and modern irrigation techniques, he said.
“Cane growers are encouraged to apply minimum tillage to their land, making designated paths to ensure minimal damage to crops from traffic, plant legumes in between harvests and use the sugarcane leaves as fertiliser. These practices result in a reduction of fossil fuel use in machinery, reducing soil compaction and burning of sugarcane, thus creating a greener way of sustainable development in agriculture,” he said.
The leaves, he added, can also be used as fuel for its factories, which use biomass plants to generate power.
Apart from that, Mitr Phol opened the Mitr Phol Modern Farm Academy in 2019 to educate modern farming practices.
Mr Buntoeng said the company is currently working with Kasetsart University on a subject called “Comprehensive Modern Sugarcane Manufacturing”, which second-year bachelor’s degree students can take to get study credits.
“We need to teach the younger generation modern farming and, at the same time, cost control and effective management,” he added.
Mitr Phol is certified by Bonsucro, a leading global sustainability platform which sets the standard for sustainable sugarcane production.
To be certified, Mitr Phol had to prove that its production chain is free of child labour and illegal migrant workers, that its workers are paid fair wages in accordance with the law, that none of its sugarcane plantations encroach on conservation areas, and that it uses minimal amounts of pesticide and herbicide to produce its products, including green cane harvesting.
A new, greener way of smart farming by the use of digitalisation and effective management brings about solutions to the ageing society, climate change, as well as economic value creations from sugarcane.
“The sugarcane industry is recognised as a circular and zero-waste model. For example, the use of water resources in the production process is mainly obtained through condensation from cane, which possesses 60% of water in itself approximately, he said.
“The water from this qualified condensation is reused in our production process and circulated to sugarcane farming during drought periods,” he added.
He said Mitr Phol is committed to the research and development of sugarcane as a biofuel, which has made the company the first Thai producer of sustainable ethanol as certified by Bonsucro.
In addition, Mitr Phol is committed to following the UN Sustainable Development Goals. The company is complying with 12 out of 17 SDG goals, he said.
According to S&P Global’s evaluation of company sustainability. Mitr Phol has been recognised, for the fifth year in a row, as the world’s second-leading sustainability-conscious organisation in the food industry.
The company has participated in the assessment and noticeably improved, soaring from the 17th rank in the first year to the 2nd spot recently.
During the Covid-19 pandemic, the company donated medical equipment to help local communities.
The company has also provided more than 200 scholarships to cane growers’ children in areas where the company has a production base.
He said the company aims to be carbon neutral by 2030 and have net zero emissions by 2050.
Sustainability in agriculture is the start of sustainable development for people, profit and the planet as it serves people better and offers a greener way of living and food, green energy from bio-mass power, and opportunity for economic value creation from bio-based industries.
“We can’t live without people around us and the environment. Seeing everyone grow together is our happiness. This is the true meaning of ‘sustainability’ ”, he ended.
70% in favour of ASEAN-wide treaty to realise a common power grid
44% believe the energy transition will occur at the cost of economic growth
84% of industry practitioners called for new governance frameworks and standards to manage the carbon intensity of energy, including the implementation of carbon taxes and incentives for green…Continue Reading