Thailand’s path to net-zero: 6 mega-trends to combat carbon missions
Renewable energy, electric vehicles, hydrogen, and the circular economy are the knights in shining armour, charging into the battleground of carbon emissions, claims Melissa Moi, the head of sustainable business at the United Overseas Bank (Thailand).
This revelation comes on the heels of the 28th United Nations Climate Change Conference, COP28, where the imminent industrial upheaval stole the spotlight.
- Climate Change Apocalypse: Climate change has become more and more imminent. The race to slash carbon emissions and cap global temperatures at 1.5°C is teetering on the brink of failure.
- Trillion-Dollar ASEAN Bonanza: Net-zero isn’t a death sentence for businesses; it’s a golden ticket worth US$1 trillion (approximately 3 trillion baht). Sectors in ASEAN are making a beeline for renewable energy, efficiency overhauls, and sustainable practices in resources, energy, food, agriculture, green cities, and inclusion.
- Supply Chain Revolution: Large corporations are extending their environmental management umbrella, covering every nook and cranny of the supply chain. It’s not just about individual businesses; it’s about a collective commitment to environmental stewardship.
- EU’s Carbon Border Blitz: The EU is playing hardball! The Carbon Border Adjustment Mechanism (CBAM) is the new sheriff in town, pressuring businesses to adapt or be left out in the cold. As ASEAN companies trade with Europe and the US, compliance is non-negotiable.
- The Era of Transparent Sustainability: Sustainability is not a buzzword; it’s a mandate for transparency. Investors are donning their detective hats, grilling businesses on their net-zero commitment.
- Investor Inquisitions on ESG: Investors demand details on how net-zero emissions will be achieved, plain pledges will not cut it.
The head of sustainable business at UOB (Thailand) emphasised the necessity for a comprehensive push towards net-zero transition. This entails concerted efforts across the ecosystem, guided by clear government directives and robust policies, reported The Nation.
In related news, at the COP28 climate talks in Dubai, Thailand’s Minister of Natural Resources and Environment, Police General Phatcharavat Wongsuwan, took centre stage, making bold declarations and unveiling ambitious plans to combat climate change. Read more about this story HERE.
