Asia-Pacific Climate Digest Issue # 14 : Week 3, June 2021

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 !



FOSSIL FUEL


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.

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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.

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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.

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FINANCE


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.

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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.


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AGRICULTURE


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.



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