Compiled by Purnima Joshi
At the much-awaited G7 Meet that happened last week, climate performance has been disappointing, from all reports. As leaders in global climate action, the lack of political will among the G7 countries was most evident when it came to investing in fossil fuels. But their pledge to phase out international funding for new coal power this year, and supporting a ‘green revolution’, could help shift Asia’s policy on the dirty fuel. This in turn will reduce Asia's planet-warming carbon emissions, and help the region’s poorest and marginalized people hit hardest by climate change. It is clear that without Asia changing course, the world cannot meet any meaningful global targets. As coal power infrastructure in Asia relies heavily on state-backed financing from China, South Korea and Japan, investment in clean energy in Asian countries needs to rise by more than seven times to put the world on track for net-zero emissions by 2050. And it is high time the G7 economies put their money where their mouths are.
In this week's issue we have picked articles on the continued finance of new fossil fuel projects in Asia due to demand, and of leading investors applying pressure on utilities for net-zero emissions; the cost of climate change on India’s GDP; China pushing hydrogen energy to meet its carbon goals; Singapore's inaugural sustainability report focused on developing the city-state as a green finance hub, and more.
Happy Reading !
Gas giants risk ‘going the way of coal’ as climate push heats up
The Sydney Morning Herald, 15 Jun 2021
Australia’s biggest gas producers have acknowledged they are at risk of sharing the coal industry’s fate of being cut off from capital without strong decarbonisation commitments, despite ongoing Asian demand for the fuel likely to underpin the development of new projects.
Analysis-A game-changer? G7 climate pledge could shift Asia's coal policy
Reuters, 15 Jun 2021
The G7 wealthy nations failed to go far enough at their weekend summit to halt the use of coal, but a pledge to phase out international funding for new coal power this year could help shift Asia’s policy on the dirty fuel,
analysts said on Monday.
Column: Coal and LNG's surge in Asia plays into renewable energy hands: Russel
Reuters, 11 Jun 2021
Liquefied natural gas (LNG) and thermal coal prices in Asia have been roaring ahead in recent months amid strong demand, but while welcome news for the commodity producers, the rally is a longer-term boon to their main rival, renewable energy.
ADB calls for bold action on climate change at 16th Asia Clean Energy Forum
ANI News, 15 Jun 2021
The Asian Development Bank (ADB) is ready to play a leading role in helping Asi and the Pacific meet its nationally determined contributions (NDCs) under the Paris Agreement and achieve net-zero emissions by mid-21st century, participants at the Asia Clean Energy Forum (ACEF) 2021 heard on Tuesday.
Leading investors apply net-zero pressure on Asian utilities
Finance Asia, 10 June 2021
Investors with $8.8 trillion in assets want Asia’s electric utilities to cut emissions, strengthen disclosure and improve governance of climate-related risks.
Climate Commission report gives NZ dairy industry ‘free pass to pollute’, say critics
Asia Pacific Report, 10 Jun 2021
Critics have hammered the Climate Change Commission’s agriculture goals in New Zealand, saying it has missed the mark on methane targets.
Enhancing Indonesia’s climate ambition: Dino Patti Djalal on getting to net zero sooner, rather than in 2070
ChannelNewsAsia, 11 Jun 2021
Can Indonesia get to net zero emissions by 2050, and what roles can a carbon tax and natural climate solutions play? And what about the tricky challenges of reducing fossil fuel subsidies and Indonesia's reliance on coal? Jaime Ho speaks to Dino Patti Djalal, Chairman of Foreign Policy Community of Indonesia and fellow at the Milken Institute’s Asia Center.
MAS Sets Out Climate Strategy in Inaugural Sustainability Report
Regulation Asia, 10 Jun 2021
Five asset managers have been appointed to manage S$1.8bn of Singapore’s official foreign reserves under new mandates focused on climate change and the environment.
ACI Asia-Pacific welcomes global airport sector long-term carbon goal
Asian Aviation, 13 Jun 2021
Airports Council International (ACI) Asia-Pacific welcomed the announcement that ACI World and the five ACI regions – in collaboration with members – have created a long-term carbon goal for their member airports: “ACI member airports at a global level commit to reach net zero carbon emissions by 2050 and urge governments to provide the necessary
support in this endeavour.
India may lose 3-10% GDP annually by 2100 due to climate change: Report
CNBC TV, 9 Jun 2021
India may lose 3-10 percent of its annual GDP by the end of the century as a result of climate change, according to a recent paper. The paper, ‘The costs of climate change in India,’ was published by London-based global think tank Overseas Development Institute (ODI) on June 8. Read further...
China pushes hydrogen energy to achieve carbon goals
The Straits Times, 14 Jun 2021
As part of Beijing's carbon reduction goals, China's traditional fossil fuel giants are racing to take the lead in hydrogen energy, cities are making plans to develop it as a clean power source, and automakers are developing hydrogen-driven vehicles.
The limits of a softly-softly approach on climate in China
Risk, 14 June 2021
With climate risk creeping up the agenda of many Asian regulators at the moment, now would be a good time for the world’s largest asset managers to demand a greater level of transparency from the companies they invest in. Especially those that are based in China.
New Zealand: IAG poll shows Kiwis want government & business to act on climate change
Asia Insurance Review, 11 Jun 2021
Read here..India may lose 3-10 percent of its annual GDP by the end of the century as a result of climate change, according to a recent paper. The paper, ‘The costs of climate change in India,’ was published by London-based global think tank Overseas Development Institute (ODI) on June 8
The Health Impact of Global Warming Is Real, Widespread and Non-Trivial’
The Wire, 9 Jun 2021
One Word That Describes G7 Overall Climate Performance: Mediocre
Below 2C, 11 Jun 2021
G7 leaders commit to increasing climate finance contributions Channel News Asia, 13 Jun 2021
Carbon dioxide in the air at highest level since measurements began
The Hindu, 9 Jun 2021
Tackle climate change and biodiversity loss together: UN panel
Channel News Asia, 10 Jun 2021
Why should the Asian Development Bank care about sustainable cooling?
Eco Business, 10 Jun 2021
CGM's Asia-Pacific Climate Digest is compiled by communications consultant Purnima Joshi.