【ESG News】Global Trends Biweekly Newsletter Issue 9 (2024.6.3-2024.6.14)

Hong Kong China ESG trends

Hydrogen development plan to be unveiled next week: CE

Chief Executive John Lee said on Thursday that officials will roll out a development strategy on hydrogen next week, involving the development of hydrogen energy and vehicles powered by the gas. Lee said the government will look into new facilities such as hydrogen gas stations, and officials have already approved several pilot schemes involving hydrogen-powered vehicles.

Source: RTHK (https://news.rthk.hk/rthk/en/component/k2/1757256-20240613.htm)

International ESG trends

EU climate policies could be slowed in future after rightward shift in election

A more rightward-leaning European Parliament will make it harder to pass ambitious EU climate policies, but the majority of Europe's current world-leading green policies are likely to stay put, lawmakers, officials and analysts said. Provisional results in the European Parliament election on Sunday night showed centrist parties holding a majority, but gains for right-wing and far-right parties sceptical of the EU's "Green Deal" package of environmental policies, and heavy losses for Green parties.

Source:  Reuters (https://www.reuters.com/world/europe/uphill-road-europes-climate-plan-after-eu-election-2024-06-10/?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axiosgenerate&stream=top)

Thailand Announces Carbon Tax Set to Become Effective in 2025

The government has announced its intention to implement a carbon tax by 2025 as part of its efforts to address climate change and promote sustainable practices. Excise Department Director-General Ekniti Nitithanprapas said the implementation will be based on global best practices and international standards for the carbon tax. According to Ekniti, the carbon tax will be levied on emissions at the source, starting with oil products, and will be set at a rate of 200 baht per metric tonne. Thailand will be the second ASEAN country after Singapore to implement a carbon tax, underscoring its commitment to environmental protection and sustainable development.

Source:  Thailand Government Public Relations Department (https://thailand.prd.go.th/en/content/category/detail/id/52/iid/294932#:~:text=Thailand%20will%20be%20the%20second,ensuring%20a%20revenue%2Dneutral%20transition.)

GRI Launches Update of Standards to Report on Impact on Workers

The Global Reporting Initiative (GRI) announced today the launch of a new review of all of its labor-related standards, aimed at enabling companies to report on their impacts on workers, and improving transparency on workplace labor and human rights. GRI Sustainability Reporting Standards are one of the most commonly accepted global standards for sustainability reporting by companies, developed to enable consistent reporting across companies and industries, providing clearer communication regarding sustainability matters to a broad range of stakeholders, including investors. The GRI’s standards are developed by the Global Sustainability Standards Board (GSSB).

Source:  ESG Today (https://www.esgtoday.com/gri-launches-update-of-standards-to-report-on-impact-on-workers/)

Mainland China ESG trends

China sets targets to slash carbon emissions from steel, oil refining, ammonia and cement

Beijing has pledged to slash emissions from four carbon-intensive industries – steel, oil refining, ammonia and cement – by 84 million tonnes by the end of next year, as it targets its national industrial system which contributes to roughly half of the country’s carbon emissions. Energy conservation and carbon reduction in the steel, oil refining, synthetic ammonia and cement industries will be key to peaking carbon emissions and achieving carbon neutrality and advancing a green transition, according to China’s National Development and Reform Commission (NDRC). China is the world’s largest emitter and contributes to one-third of global total carbon emissions.

Source: SCMP (https://www.scmp.com/business/article/3266035/china-sets-targets-slash-carbon-emissions-steel-oil-refining-ammonia-and-cement)

China hit by searing temperatures as Asia braces for extreme summer

Temperatures are hitting record highs in parts of north and central China this week while a severe drought in the east is also threatening crops, as countries across Asia brace themselves for another summer of extreme weather. China is facing several days of scorching heat, with temperatures set to reach as high as 42 degrees Celsius (107.6°F) in northern Hebei province on Wednesday, the state weather forecaster said.

Source：Reuters (https://www.reuters.com/world/china/china-hit-by-searing-temperatures-asia-braces-extreme-summer-2024-06-12/)

China plans new carbon measurement standards to boost climate efforts

China announced plans on Wednesday to better measure the carbon content of its products - a key step in reaching its own climate goals and meeting tougher carbon standards overseas. The new "carbon footprint management system" detailed by the Ministry of Ecology and Environment will go into effect in 2027, setting standards for measuring carbon emissions for about 100 key products throughout the Chinese economy, according to a policy document.

Source：Reuters (https://www.reuters.com/business/environment/china-establish-carbon-footprint-management-system-by-2027-2024-06-05/)

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