The London Academy of Music and Dramatic Art ( LAMDA ) is a world class drama school and globally recognised awarding organisation . We offer qualifications in communication and performance to learners around the world and inspire the next generation of confident communicators through our examinations in drama , literature , musical theatre , public speaking and poetry . We believe in the transformative power of the dramatic arts and the value to society of creativity , innovation and authentic , confident communication . Visit www . lamda . ac . uk for more . Representative Member : Georgina Firmin , Director of Commercial Development
VENDING MACHINES INTERNATIONAL
VMI is Singapore based company that provides a multiple range of portable vending solutions to beverage companies . Creating an opportunity to remove plastic packaging from our clients product portfolio . Representative Member : Georgie Ogden , Global Business Manager
CORPORATE STARTUP MEMBERS
IM SPORTS & MEDIA PTE . LTD .
IM Sports is a Sports Commercialisation and Advisory Company with 25 years of high-level experience in international sports marketing . With a unique cultural understanding of the Asia-Pacific and Middle East region , and a proven track record operating across this growing marketplace , we connect sports to a highly desirable fanbase by developing and executing commercial strategies for the world ’ s largest sports properties and events
Representative Member : Ian Mathie , Managing Director & Founder
WELCOMING NEW MEMBERS
SPECIAL FEATURE: SUSTAINABILITY
37
WORKING TOWARDS COP26: WHAT IT MEANS FOR ASEAN AND BUSINESSES IN THE REGION
ASEAN: The Road to Net Zero
As of September 2017, all ASEAN member states have signed
and ratified the Paris Agreement. However the overwhelming
focus in Southeast Asia remains economic development,
with a very uneven landscape when it comes to efforts to
mitigate climate change. The climate plans of several ASEAN
states have come under fire for being critically or highly in-
sufficient. While the Philippines has an ambitious goal to cut
GHG emissions by 75% by 2030, any progress is hindered by
a lack of strong domestic impetus, since its target is highly
conditional on external financing and assistance. Any effort
to secure global net zero by 2050 and keeping 1.5 degrees
within reach would require significantly more political will
and unity by ASEAN.
Nevertheless, there are positives at the country level, indi-
cating national priorities are moving in the right direction
towards meeting COP26 targets. For example, Vietnam has a
National Climate Change Strategy along with recent legisla-
tion to advance its green goals, including the 2020 Law on
Environmental Protection, which introduced the Extended
Producer Responsibility (“EPR”) concept. Producers and
importers now bear greater responsibilities in relation to
plastics, with mandated recycling for some and for others,
financial contributions to the Vietnam Environment Protec-
tion Fund Meanwhile, Indonesia submitted its first Long-
Term Climate Strategy in July 2021, looking to peak GHG
emissions in 2030 and reach net zero by 2060. Legislation
has followed in-step, with the moratorium on forest-clearing
permits made permanent in 2019. In Thailand, authorities are
drafting a national masterplan to achieve net zero with plans
to present it at COP26; the masterplan proposes changes to
support low carbon power generation, and electric vehi-
cle adoption, among others. The upcoming legislation to
watch will be Thailand’s comprehensive Climate Change Act,
approved by Deputy Prime Minister Prawit Wongsuwan in
March 2021.
The Business of Climate Change
While it is primarily up to the governments to provide the
infrastructure and initial resources, ASEAN’s efforts are
nonetheless impacted and driven by upcoming fast-chang-
ing trends in sustainability and practices. To thrive and
remain relevant, businesses will need to make adjustments
to keep up.
Firstly, slowdown in economic activity due to COVID-19 has
prompted many to see it as an opportunity to build back
better. In this region, the attention has shifted very much to
Indonesia and businesses that could perpetuate unsustain-
able logging and deforestation. Businesses are well aware
of heightened sustainability calls and have made commit-
ments, such as Asia Pacific Resources International Limit-
ed’s net zero by 2050 plan. While Indonesia’s GHG emissions
goals and anti-deforestation legislations are positive indica-
tions, institutional obstacles hinder a coordinated regulatory
approach. For instance, authority over forest management
is split between the central and regional governments with
multiple examples of incoherent policies. Evaluation of emis-
sion reductions are also notoriously difficult to ascertain.
To stay ahead of the curve in markets like Indonesia where
regulation proceeds in a haphazard manner, businesses will
need clearer insights on the regulatory landscape and policy
motivations.
Reconfiguration of the energy mix to include more renew-
ables is also a key thrust of the ‘build back better’ move-
ment. Thailand will take time to wean off the use of fossil
fuels, but there are long-term plans towards renewables
which will impose penalties on fossil fuels while incentivis-
ing renewable energy adoption. The effect will be significant,
impacting businesses all the way to downstream industries
who rely on fossil fuels. But not all businesses are transi-
tioning fast enough. According to Standard Chartered, the
majority of ASEAN companies are looking to delay significant
action to after 2030, citing the lack of resources and support
from executive leadership. Transitioning will require exten-
sive organisational change which if not done early enough,
could impact supply chains and bottom lines.
The
Challenges
for Green
Finance in
Asia Pacific
Worldwide lockdowns and restrictions due to the pandemic
have also accelerated the growth of e-commerce, presenting
a major emerging channel to implement sustainable prac-
tices. Many are calling for eco-friendly packaging to be used
at large scale, which will potentially increase business costs
from production and distribution. We need not look further
than the EPR concept in Vietnam, effective from 2022, which
will impose extra costs to producers, and e-commerce and
logistic players. To remain competitive, businesses will
need to pivot early to non-plastics to reduce reputational
costs and the cost burden from the new legislation. Careful
monitoring of and compliance with regulations related to
recycling and plastics will prove to be essential in the FMCG
industry moving forward.
Conclusion
With COP26 occurring amidst major disruptions brought on
by the pandemic, the road to net zero will challenge gov-
ernments, businesses, and consumers in Southeast Asia to
revaluate their policies and practices. A concerted and sus-
tainable push in the right direction will require a reimagining
of our practices, political will, and financing from both public
and private sources. With huge uncertainties down the
line, businesses will need to be laser-focussed in managing
change and adapting to emerging regulations.
ABOUT THE AUTHORS ABOUT THE COMPANY
Yee Chuin graduated with a Master’s degree from the University of
Oxford and a degree in international relations from Peking University
China. As a senior consultant at Speyside, she oversees APAC region-
al projects and clients, helping businesses to manage commercial,
regulatory and political risks. She has a strong background in govern-
ment, industry body, NGOs and think-tanks across Asia, having lived
and worked across Southeast Asia and China. Royston graduated with
a Bachelor’s degree in Political Science from the National University
of Singapore. With a strong background in research and writing on
policy and regulatory issues, he supports APAC regional projects
at Speyside to deliver insights across multiple industries including
financial services, healthcare, and tech. Speyside Group is a global emerging markets specialist with more
than 25 years of experience of helping multinationals with market
entry and growth. Our experienced public policy teams tailor and pro-
vide clear insights around political, legislative, and regulatory issues,
along with strategic counsel to capture opportunities and mitigate
risk. Complementing that is a strong corporate affairs practice to
help clients manage reputation and relationships with key stake-
holders. We have an unrivalled presence on the ground with offices
in Asia, Central & Eastern Europe, Latin America, and Africa. Visit
speyside-group.com/ for more information.
Countries across Asia will step up their
demand for increased access to climate
finance in the upcoming UN climate
summit (COP26) in November.
However, Asia’s slow progress in
developing robust region and industry
specific taxonomies for sustainable
activities will pose a greater challenge to
green economy growth and energy
transition goals.
Reema Bhattacharya
Senior Analyst, Control Risks
SPECIAL FEATURE: SUSTAINABILITY
THE CHALLENGES FOR GREEN FINANCE IN ASIA PACIFIC