Due to poor road construction, poor maintenance, and reckless driving, fatal accidents are frequent in the Himalayan nation. Almost 2, 400 people lost their lives on Nepal’s routes in the 12 month to April, according to government statistics. In an injury in January, a vehicle traveling from Nepalgunj to KathmanduContinue Reading
Three passengers managed to escape and received treatment at a nearby hospital, according to city official Khimananda Bhusal, who told AFP on Friday that the trucks had between them at least 66 people. The crash happened before sun along the Narayanghat-Mugling bridge, around 100km east of Kathmandu. One van wasContinue Reading
After two buses were swept into a valley by a large landslide, volunteers are searching for more than 60 missing individuals in Nepal.
Some described their agonizing suffering as” thrown out of the windows of the vehicle into the river.”
Only three persons appeared to had survived the crash, which occurred on Friday morning.
Authorities claimed the flood was caused by heavy rains.
Nepal and other elements of South Asia are currently experiencing heavy rain in recent days, which has caused floods and landslides that have affected millions of people.
The accident took place at 03: 30 local time ( 21: 45 GMT Thursday ) on Friday in Chitwan along the Narayanghat-Mugling highway, about 100km ( 60 miles ) from the capital Kathmandu.
The vehicle had been traveling on the road for about an hour and a half when it” started rolling down all of a sudden into the creek,” a victim told the BBC’s Nepali Service. I was concerned that I would pass away.
Even though it was “very dark at night,” he claimed he was able to float to health. The river was full of some big boulders and some greenery, as I discovered.
We swam, swam, and swam while chanting God’s title. God saved us.
I was not sure whether I was heading inward or outward, but I finally made it to the lender. Therefore I began escalating the slope.
He claimed that he and another victim were on the same lanes at the same time and that a third man soon followed them. They managed to get support from a pilot, who called the police.
The vehicle was” trembling and overturning four or five times before plunging into the creek,” according to Jogishwar Raya, a second victim.
He claimed he was able to get out of the vehicle, but his family people were still missing.
” My child, daughter-in-law, nephew, and a daughter were on the same vehicle. Out of five family people, I was only to survive, the remainder vanished”, he said.
Pushpa Kamal Dahal, the prime minister of Nepal, has urged all authorities organizations to participate in the search and rescue operation.
Numerous people are said to have died during the monsoon time, with some major routes blocked and some bridge swept away by swollen rivers.
Officials have urged people to stay alert as the Koshi valley, which passes through Nepal and India, is flowing above the dangerous levels.
Nepal frequently experiences fatal accidents as a result of careless driving and ill maintained roads.
Nepal’s Kathmandu, where at least 63 people were missing on Friday ( 12 July ), were reportedly hit by a landslide that swept two buses off a highway and into a river. According to city national Khimananda Bhusal, tens of search and rescue personnel were scouring the main Chitwan neighborhoodContinue Reading
When FinanceAsia editorial board member, Sunil Veetil, took on his Singapore-based leadership role as head of Commercial Banking Sustainability for Apac at HSBC back in summer 2022, Asia was in the throes of pandemic uncertainty. Market to market, the approach of each governing authority proved to be heavily nuanced: Singapore had not long lifted restrictions to social gatherings and would soon abandon the mask mandate; while Hong Kong’s decision makers would deliberate for a further seven months before considering any such easing.
Yet, with hindsight being 20/20 (some may recoil at reference to the fateful numerical sequence), there was a sense of steadiness – albeit slow – in the unravelling of pandemic protocol which sits in stark contrast to today’s atmosphere of fast-paced-but-frequently-wavering global political and socioeconomic uncertainty. With over half of the world going to the polls this year – and a lot riding on upcoming election outcomes including France’s hung parliament and the final months of campaigning in the US; geopolitical complexities and tensions are pervading all market developments, not least the macroeconomic and inflationary outlook.
Reassuringly, however, Veetil is resolute in his resolve that global climate aspirations will forge ahead in spite of current conditions. “When you talk climate, you have to look long term,” he told FA. “Whilst there are short-term disruptions and changes – some of which have been positive; for example, the supply chain dispersion that has been taking place across the Asian region – it’s important to view climate from a longer perspective.”
He pointed to the outcomes of last November’s COP28 UN Climate Change Conference in Dubai, which served as a global stocktake of progress achieved by key economies towards the goals of the Paris Agreement, at the halfway point to their ultimate delivery by 2030. While the event publicly affirmed failure in capacity to limit global warming to 1.5 degrees Celsius by the end of this century; for the first time, it achieved consensus among all 196 heads of state and government officials to sanction the “beginning of the end” of the fossil fuel era, with efforts to eradicate their use by 2050. The conference laid the ground for a “swift, just and equitable transition, underpinned by deep emissions cuts and scaled-up finance”, a strategy which complements HSBC’s own ambitions to align its financing portfolio to net zero by 2050, as announced by the bank in 2020.
Climate management, Veetil explained, involves tackling a “perfect triangle” of challenges: politics, climate and the overall socio-economic picture. “The socio-economic impact of climate upon people is becoming all the more evident as we proceed… and to bring this all together, is the flow of capital.” He noted that while a lot of climate policy frameworks and trendsetting comes from Europe, the impact – “where the rubber hits the road” – is in Asia “and this is where the complexity is.”
Expanding on his comments for FA’s analysis of Asia’s debt capital market (DCM) activity, in which sustainable transactions were highlighted as playing an increasingly significant role within regional DCM dealmaking, Veetil said that typically, it continues to be the larger regional entities who lead the way in terms of raising significant capital to support sustainability aims. “The large tickets will always be driven by the sovereigns; and then it’s usually state-owned-enterprises (SOEs) or those large-cap private operators active in oil and gas or power and utilities, who are signing the big-ticket transactions.”
This seems to have been the case in 2024 so far, with Asia’s main players pioneering innovative climate transactions. In February, Japan followed up on its 2021 introduction of a transition finance framework by auctioning the world’s first sovereign climate transition bonds as a financing tool to support market growth alongside industry decarbonisation; while during the same month, HSBC participated in the first global multi-currency digital green bond offering, issued in Hong Kong.
“However, we are seeing green loans and sustainability-linked loans (SLLs) pick up at the mid-level and below this, in response to sustainable supply chain requirements. Of course, Asia is a supplier to the world.”
Veetil noted how European and North American buyers have become accustomed to outsourcing their emissions to Asia and that this had contributed some positive social and economic repercussions across the region, including an overall rise in income levels. With increasing pressure to report on and regulate sustainability, he explained that Asia-based manufacturers are not only on top of scope 3 metrics, but are pushing for capital expenditure (capex) to contribute to longer-term sustainability: to counteract those emissions that extend beyond the products themselves such as packaging, as well as manufacturing machinery.
“Take a textile manufacturer that supplies to one of the big fashion brands. It’s not just that they want a sustainable supply chain and a robust working capital requirement; they’re also looking at how to install a wastewater treatment plant or rooftop solar. They are actively seeking capex investment plus working capital that is sustainable.”
Additionally, he highlighted the emergence of a circular economy to facilitate long-term sustainability, as being a growing trend: “Look at the battery ecosystem for example, a huge industry is developing around the recycling of batteries – additionally the recycling of solar panels, turbines and so forth is being considered. The recycling industry is becoming larger as ultimately, unless there is a circular economy around it, resources will be wasted. New action is being taken to develop a fully circular product lifecycle.”
The role of tech
Veetil emphasised various strides made across the field of technology, as being key to the future direction of the sustainability market. He commended Japan’s move to funnel over 55% of the proceeds from its recent climate transition issuance into research and development (R&D). “The future impact of investment going into research is set to be significant,” he said, noting the market’s action to invest in and develop domestic hydrogen production.
“Hydrogen has real potential to drive transition across hard-to-abate sectors such as steel, construction and aviation. But currently the market is ‘grey’ as it requires coal power to extract it from H2O.” He added that China and India are also investing heavily in the development of hydrogen. “It’s a space to watch.”
Climate-related research and technology is one of the areas which HSBC’s New Economy initiative aims to support. Since June last year, the bank has launched two fundraising strategies in Asia to invest in early-stage high-growth and tech-focussed businesses, to promote regional innovation. The first strategy, a $3 billion New Economy Fund (NEF) targets opportunities in Hong Kong and the surrounding Greater Bay Area (GBA), while a more recently launched $200 million vehicle targets investment across Singapore and Southeast Asia. Last month, the latter signed its first dedicated social loan to support Vietnamese venture-backed biotech start-up, Gene Solutions, which aims to enhance the accessibility and affordability of essential healthcare services across Southeast Asia. Another recent contribution included a $30 million green and social loan to Indonesia’s acquaculture and intelligence start-up, eFishery, which works to empower smallholder fish and shrimp farmers through tech, by increasing feed efficiency and reducing waste.
Veetil agreed that there is a strong socio-economic angle to sustainability developments in Southeast Asia, offering the example of electronic vehicle (EV) two-wheelers: “In certain areas in Southeast Asia (such as Vietnam and Indonesia) – as well as India, the majority of the population can’t afford to buy cars. We are going to see EV two-wheelers becoming more prevalent, popular and impactful… In fact, this is already happening and will continue to do so in the short- to medium-term.”
He added that the technologies emerging around carbon capture also offer real potential, but they “haven’t yet reached a sweet spot for mass adoption.”
Regulatory developments
But perhaps the most influential factor set to shape the sustainability landscape to come, is regulatory development and with it, clarity around how to deliver and enact a shared vision.
“What I am monitoring most closely on the regulatory side of things, is progress around the development of a country taxonomy,” Veetil disclosed.
“Reporting requirements are evolving quickly. Markets such as Hong Kong and Singapore have been very much at the forefront of this, but huge strides are also being made in geographies such as China and India, with new reporting requirements being introduced for listed companies.”
Singapore’s Accounting and Corporate Authority (Acra) together with Singapore Exchange Regulation (SGX RegCo) have mandated that listed companies start disclosing their climate impact in a phased manner, from financial year 2025.
“Over the next three years, most companies based in Singapore will report their climate data, which will certainly have an impact on the corporate mindset operating in the region,” Veetil said.
“Similarly, regulation being introduced elsewhere, such as in Europe, is taking effect globally. Take for example the new European deforestation regulation that has been published; as well as the carbon border adjustment mechanism (CBAM), which will soon take effect.”
“This is where we need a unified body to monitor and manage the direction of shared sustainability efforts. Currently this is something that is missing.”
Veetil suggested that various international entities are exploring options; and he proposed that efficacy could be found through a consortium of international central banks; or an governmental body such as the United Nations (UN) forming a platform involving corporates and financial institutions.
“We live in a very seamless economy, regulations in one country will definitely have an impact on the other.”
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Since then, India has abstained from publicly condemning Russia and has abstained from all U.N. commitments that censured Moscow. But Russia’s struggle with Ukraine has also had a mortal charge for India. Following reports that some of its people were forced to fight in Ukraine, New Delhi announced in FebruaryContinue Reading
In recent days, a torrent of torrents have swept through large areas of India, Nepal, and Bangladesh, causing millions of dollars in damage and causing results of deaths.
Officials are conducting extensive rescue operations, sending food and supplies to stranded people, and directing thousands of people to homes.
Major streams, including those that pass through many nations, the Brahmaputra and the Koshi, have overflowed their businesses as a result of heavy rains.
Floods and landslides are no unusual during South Asia’s rain season, when it receives up to 90 % of its annual precipitation.
However, according to authorities, climate change has caused the situation to havegotten worse in recent years.
Officials in Nepal reported 14 deaths over the weekend, with some of the most significant deaths occurring on major highways blocked and some bridge swept aside by swollen rivers.
Specialists say that so far this year’s rainfall has killed more than 40 people. They have urged people to stay alert as the Koshi valley, which passes through Nepal and India, is flowing above the dangerous levels.
” This is not new for us, but the timing is incorrect,” Rajkumar Bk, a native of Kathmandu, told the Reuters news agency.
” The flood caused by heavy rains started in July, earlier this year. Our legs are now at the top of the water. We will have to flee for our life if the rain continues.
About 2.4 million people in the American state of Assam have been affected by storms, and 66 have died since mid-May. Authorities have issued a warning about even more weather, with Brahmaputra water levels expected to rise in the coming weeks.
Roads and large areas of land have been submerged along the institutions of the Brahmaputra, which flows through parts of India and Bangladesh, and other waterways.
In recent days, people were seen removing their belongings and removing their flooded homes by boat. Isolated villages have been cut off from the roads and bridges as a result.
Assam’s Kaziranga character supply, home to nearly 2, 200 one- winged rhinos, was also under waters. So far, there have been four animals and numerous antelope and other wildlife ‘ deaths. According to experts, this inundation incident is one of the worst in recent memory of the number of pets killed.
Authorities in Mumbai’s economic money closed some schools on Monday as heavy rains flooded some roads.
Officials in Bangladesh reported that at least eight people have died as a result of floods that have affected two million people.
A quarter of the towns in the nation have been flooded by the brimming Brahmaputra.
” We live with storms around. However, this time, the ocean was extremely high. In three days, the Brahmaputra rose by 6ft to 8ft ( 2m- 2.5m )”, Abdul Gafur, a local councillor in the district, told the AFP news agency.
” We are attempting to provide food, particularly corn and edible petrol,” the company said. But there is a consuming water issue”.
The UN’s World Meteorological Organization is predicting “above normal” rainfall for the South Asia monsoon season that is expected to last till September.
More than two million people are affected by heavy rains that caused major rivers to burst their banks in Bangladesh this week, according to officials who confirmed the death toll on Saturday ( July 6 ). The South Eastern region of 170 million people, crisscrossed by thousands of river, hasContinue Reading
The Asia Pacific region is currently facing a significant gap in the race to fund decarbonisation – estimated at $US1.1 trillion by the International Monetary Fund (IMF).
However, this is not the only problem for a region whose coal-fired economies represent around half of global emissions, according to the International Energy Agency.
China alone accounts for 35% of global CO2 emissions, the agency says.
Speakers at the Sustainable Finance Asia Forum 2024 said that regulators will need to rebalance sustainable investment priorities – placing more emphasis on adaptation rather than mitigation – if the region’s most heavily polluting emerging economies are to meet their carbon zero targets.
Debanik Basu, the head of responsible investment and stewardship APAC at APG Asset Management, told a panel on harnessing transition finance for sustainable transformation that investment in mitigation (reducing greenhouse emissions at source) now represented the majority of transition funding.
He said the often more complicated task of climate adaptation – the need to change systems, behaviours and whole economies – was receiving scant attention.
“Currently the region is getting around $300 billion in transition finance so there’s a massive gap that needs to be addressed,” he told the conference. “Even within the small portion of finance that we are getting, more than 80 per cent of the funds are moving towards mitigation.
“Consensus estimates suggest that ideally it should be 50/50 between mitigation and adaptation.”
He said the other critical problem was that aspects of climate finance were not well understood and appreciated by the market overall, in particular within the agriculture and forestry segment.
“When you look at the NDCs (Nationally Determined Contribution) put out by a lot of countries, there are specific targets around climate change, but there aren’t explicit targets around forestry and agriculture,” he said.
“And even when there are targets, there is no clear roadmap. What all this means is that the institutional capacity is lacking. There are gaps in infrastructure and there are gaps in knowledge.
“As an investor, conversations with companies around biodiversity are at a very nascent stage.”
A question of taxonomies
Kristina Anguelova, senior advisor and consultant on green finance strategy APAC at the World Wildlife Fund, told the conference that regulation was moving in the right direction, guided by hubs such as Singapore and Hong Kong.
She added that the unofficial rivalry between Hong Kong and Singapore in terms of developing regulatory taxonomies was having a positive effect on the transition finance landscape in the region.
“I think the competition between Singapore and Hong Kong in this case is a good thing because it’s advancing regulation in the region quite a bit,” she said. “The Singapore Asia Taxonomy lays out transition taxonomy criteria across eight sectors.”
While the regulation is tailored to Singapore, she said she believed it would lay foundations for others to follow.
“It’s so important as a regulatory piece because it can serve as an incentive for investors to start to scale transition finance comfortably and confidently without the loopholes and the risks of potentially being accused of greenwashing,” she said.
In terms of biodiversity, she highlighted the nascent stage of biodiversity finance compared to climate finance, discussing the need for capacity building, regulatory clarity, and financial instruments to support nature-based solutions.
A case in point, she said, is the International Sustainability Standards Board (ISSB) which is developing standards aimed at developing a high-quality, comprehensive global baseline of sustainability disclosures focussed on the needs of investors and the financial markets.
“On biodiversity, I think we’re moving a bit slowly, but we’re getting there. Obviously coming from a science-based NGO, efforts can never be fast enough,” she said. “But the good news is that the ISSB will also be integrating the TNFD or the Task Force for Nature-related Financial Disclosures soon.
“Those jurisdictions that have adopted or committed to the ISSB will also be adopting those nature regulations.”
The challenge as always, she added, was that regulators had to strike a balance between mitigating financial risk and overregulating such that it slowed economic development.
Blended solutions
Building capacity, both speakers argued, would be critical to transition finance solutions to climate change and that new instruments, particularly in blended finance, were likely to be leading the charge.
“We are seeing beyond transition bonds to different types of instruments that are designed to go into blended finance structures such as transition credits which are based on the assumption that we can get carbon savings out of early retirement of coal-fired power plants,” Anguelova said.
One avenue that was currently being explored in a number of jurisdictions was concessionary capital: i.e. loans, grants, or equity investments provided on more favourable terms than those available in the market.
These terms could include lower interest rates, longer repayment periods, grace periods, or partial guarantees.
Of these instruments, Basu said, guarantees were evolving as one of the methods currently being pursued in several markets.
“What we are also seeing is that, apart from concessionary capital, a lot of public institutions are more comfortable with providing guarantees instead of direct capital because that then keeps the overall cost of capital down,” Basu said.
“It might be at a very nascent stage – and it is difficult to say if this is going to be the future – but it is developing,” he said.
¬ Haymarket Media Limited. All rights reserved.
People everywhere looking for work when Sri Lanka’s market crashed in 2022, including ex-soldiers who joined forces fighting in Ukraine after Russia’s invasion, sought employment there. The veterans are eager to return home, some of whom have invested their life savings in what they perceive to be profitable, non-combat jobs.Continue Reading