COP27 Impacts & Asia Pacific
- While praised for establishing an international agreement on funding climate change initiatives in developing markets, the UN’s recent annual climate conference COP27 has otherwise been widely criticised by experts as a wasted opportunity
- As a result, Asia Pacific governments, brands, and business sectors are currently keen to strengthen and/or re-affirm their commitments to sustainability in the region
- Multiple governments in the region have also recently had their progress on climate commitments officially scrutininised, often by multiple domestic regulatory bodies
- The environment of increased scrutiny has seen many Asia Pacific governments announce or extend diplomatic partnerships, particularly with EU governments
The conclusion of the UN’s COP27 climate conference has been celebrated as a historic landmark in the fight against climate change, with 190 countries agreeing to establish a loss and damages fund for developing countries most affected by climate change. However, the conference has otherwise been criticised as a disappointment by several stakeholders, including government officials from Norway and the European Union.
Credentials and credibility
In response, leaders and stakeholders throughout the Asia Pacific region are seeking to re-affirm or strengthen their commitments to sustainability. The government of India has recently shared plans to establish a global alliance on biofuels via G20, for example. The Asia CEO of one of the world’s largest conglomerates recently re-affirmed the company’s commitment to rely on 50% renewable energy worldwide by 2030.
The government of Thailand has announced that it will sign a global carbon transfer deal and has already prepared a set of national guidelines for carbon credit management. Australia’s Prudential Regulation Authority has announced the establishment of a specialised climate risk team to ensure the country’s financial sectors are appropriately managing growing climate change risks.
At the same time, the sustainability efforts of multiple Asia Pacific governments have been subject to heightened regulatory scrutiny. A global climate research consortium has described Singapore’s new climate targets as ‘critically insufficient’. Government authorities in Australia and New Zealand have recently issued assessments criticising the lack of progress made by both governments around sustainability targets.
In the immediate wake of COP27, many Asian governments have highlighted diplomatic partnerships around sustainability, with a particular focus on connections to the European Union. China and India have both announced new sustainability projects with the European Union. China, India, Singapore, Indonesia, and New Zealand have also announced partnerships with individual member states of the EU.
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