An \u201cerosion of multilateralism\u201d is changing Asia\u2019s push for sustainability, as countries pursue individual goals of energy security and supply chain resilience instead of \u201cvirtue signalling,\u201d says Rahul Ghosh, global head of sustainable finance and emerging markets at Moody\u2019s Ratings.\u00a0<\/p>\n
\n
\u201cTen years ago, the world was aligning around consistent climate policies, but now we\u2019re starting to see a bit of divergence,\u201d he says, as countries instead pursue what he dubs a \u201cpragmatic transition,\u201d one that balances sustainability with energy security and economic affordability\u2014usually by allowing traditional fossil fuels to play a role.<\/p>\n
Geopolitical conflict has driven much of the reassessment of the green transition. First, Russia\u2019s invasion of Ukraine in 2022 caused a surge in fuel prices, causing an energy crisis throughout much of the developing world.\u00a0<\/p>\n
February\u2019s U.S. strikes on Iran and the resulting closure of the Strait of Hormuz also cut Asia\u2019s supplies of oil and gas, reiterating to the region\u2019s governments just how much they relied on energy from a volatile Middle East.<\/p>\n
Asian governments are now pursuing a range of energy options to wean themselves off Middle Eastern energy: Investing more in renewable energy and nuclear power; finding alternate sources of oil and gas, like the U.S.; and, perhaps most concerningly, returning to coal power generation.\u00a0<\/p>\n
On Aug. 25, Japan unveiled detailed plans to accelerate its green transformation, including building up to five nuclear reactors in the 2040s, and 14 in the 2050s. \u201cThe Government of Japan is now undertaking various measures as it makes all efforts to ensure a stable supply of energy and critical goods to safeguard the lives and livelihoods of the Japanese people,\u201d Japanese prime minister Sanae Takaichi said during a press conference in April. \u201cFuel supply shortages and supply-chain disruptions in Asia\u2026result in major negative societal and economic impacts for Japan.\u201d<\/p>\n
Singapore, too, recently committed 800 million Singapore dollars ($631 million) to supporting research on low-carbon energy generation and decarbonisation technologies, in hopes of slashing national greenhouse gas emissions to between 45 million and 50 million tonnes of CO2 by 2035.\u00a0<\/p>\n
\u201cWe are significantly increasing investments in promising solutions to reduce power sector and industry emissions, and at the same time, to ensure a reliable and resilient power system,\u201d Tan See Leng, Singapore\u2019s minister-in-charge of energy, science and technology, said during a parliamentary session on March 2.\u00a0<\/p>\n
Some Asian countries are also deepening their reliance on fossil fuels. According to the Institute for Energy Economics and Financial Analysis, China, Japan, South Korea and Indonesia have all increased coal-fired capacity since 2020, despite pledges to decarbonize. In March, when the Philippines declared a national energy crisis, its energy secretary, Sharon Garin, said the country planned to boost the output of its coal-fired plants to keep energy costs down.<\/p>\n
\u201cBe it in Australia, Singapore or Hong Kong, we\u2019ve seen more focus on safeguarding transition assets and activities than we\u2019ve seen in Europe,\u201d Ghosh says. \u201cThat\u2019s a reflection of the decarbonization challenges which Asia faces. It\u2019s an area of strong income growth, which historically translates to higher emissions\u2026.so Asia has to figure out how to meet greater demand for vehicles and air-conditioning, while keeping energy efficiency standards in place.\u201d\u00a0<\/p>\n
(By contrast, wealthier societies are more ruthlessly deepening net-zero commitments. For instance, the European Union\u2019s Carbon Border Adjustment Mechanism (CBAM), which places a cost on imported carbon-intensive goods, became operational this January.)<\/p>\n
Yet another global trend\u2014climate change and extreme weather\u2014is encouraging public and private investors to channel more capital to climate adaptation and resilience, a category which includes projects like floodgates and dams, smart sensing and early warning systems for climate disasters, and drought-resistant crops.\u00a0<\/p>\n
\u201cA lot of the next ten years of extreme weather conditions are already locked in because of prior emissions,\u201d Ghosh explains. On Wednesday, the United Nations said that the world has failed in limiting global warming to 1.5 degrees Celsius above pre-industrial times, despite advancements in wind and solar power technologies since the Paris Agreement was ratified in 2016.<\/p>\n
Last year\u2019s record-shattering monsoon season is heightening the urgency to invest in climate resilience. \u201cLarge swathes of Asia, including parts of India, China and Southeast Asia, are quite under-insured when it comes to natural disasters,\u201d Ghosh says. \u201cThat\u2019s one of the reasons why there\u2019s greater focus in this region on creating greater climate resiliency.\u201d<\/p>\n
But even if it looks like countries are moving backwards on some elements of sustainability\u2014and are increasingly operating alone, rather than together\u2014Ghosh still believes the region is headed in the right direction.\u00a0<\/p>\n
\u201cThe process was always going to be non-linear,\u201d he says. Yet \u201cwe are still moving from a higher-carbon to a lower-carbon economic system over time.\u201d<\/p>\n<\/div>\n
#Moodys #sustainable #finance #Asia #embracing #pragmatic #transition #energy<\/p>\n","protected":false},"excerpt":{"rendered":"
An \u201cerosion of multilateralism… <\/p>\n","protected":false},"author":1,"featured_media":3768,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[382,5087,424,4676,383,6597,6599,2311,6598,6600],"class_list":["post-3767","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","tag-asia","tag-embracing","tag-energy","tag-energy-industry","tag-finance","tag-moodys","tag-pragmatic","tag-sustainability","tag-sustainable","tag-transition"],"yoast_head":"\n
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<\/p>\n