Southeast Asia needs to expedite action to meet 2030 climate ambitions - Green Economy Report
06 Jun 2023 01:45pm
Since the publication of the 2022 report, Indonesia, Singapore, Thailand, and Vietnam have committed to material emission reduction targets by 2030, with eight out of 10 SEA countries having set carbon neutrality goals, while seven of them are either considering or have implemented carbon pricing mechanisms - 123RF
Released today, the report indicated that in order to achieve nationally determined contribution or emissions reduction commitments, and to unlock the potential of a green economy, the region will need to reduce greenhouse gas emissions by 33 per cent from business-as-usual levels by 2030.
"Public and private sectors across SEA must harness a collective will to challenge the status quo," it said.
Since the publication of the 2022 report, Indonesia, Singapore, Thailand, and Vietnam have committed to material emission reduction targets by 2030, with eight out of 10 SEA countries having set carbon neutrality goals, while seven of them are either considering or have implemented carbon pricing mechanisms.
According to the report, the number of SEA businesses signing on to science-based targets initiative commitments has quadrupled to 109 in 2022.
"However, green investments dipped 7.0 per cent to US$5.2 billion in 2022 compared to 2021 continuing a downward trend from previous years. While foreign investors continued to account for most of the region’s green investments, the nature of foreign investment in the SEA green economy is shifting," it said.
Global head of carbon markets and director of the global sustainability innovation centre at Bain & Company Dale Hardcastle said Southeast Asian governments need to focus first on proven solutions to balance rising energy demand while reducing carbon emissions.
"The everything, everywhere all at once mantra is not going to get the job done nor build the clarity needed to scale investment and impact.
"Regulations and investment should be focused on the deployment of proven and profitable technologies that are here today and can have an impact, while we lay the track to take on hard-to-abate industries with new technologies and innovation in the longer term," he said - BERNAMA
