According to UOB, U-Energy will help local businesses and homeowners save on electricity bills, achieve sustainability goals, and lower carbon emissions, following its initial roll-out in Singapore.

JAPAN’S LIQUID GLOBAL THE LATEST VICTIM OF CRYPTO HACKS

Aaron Raj | 25 August, 2021

Development of UOB’s U-Energy

U-Energy was developed to assist owners keen on taking up energy projects but lack financial support and expertise in finding the right ESCO (energy service companies).

The U-Energy platform features ten ESCOs that play a vital role in providing a technology and services ecosystem.

Customers can tap into these energy efficiency projects via these ESCO, through services such as project consulting, energy audits of sustainable and economic planning, and implementation and comprehensive management of building renovations.

“For businesses and homeowners, implementing energy-efficiency projects on their premises may take up substantial amounts of time, investment, and resources.

“With its end-to-end solutions, U-Energy makes it easy for our customers to access services to save energy costs and reduce their carbon footprint,” said Ng Wei Wei, Deputy Chief Executive Officer, UOB Malaysia, at the virtual launch.

The potential of energy efficiency financing in ASEAN

“The potential for energy efficiency financing opportunities in ASEAN between 2020 and 2030 is estimated at US$139 billion,” added Ng. 

On average, the ESCOs on the U-Energy platform would help customers cut at least 20 per cent in energy consumption.

“There is an annual economic opportunity estimated at US$1 trillion to be tapped by 2030 in Southeast Asia. Similarly, UOB group aims to build a sustainable finance portfolio of SGD25 billion by 2025,” she said.

These U-Energy partners can support joint energy efficiency projects, such as improving air conditioning efficiency, installing solar panels on roofs, converting to LED lights, optimizing energy and energy management systems, and replacing elevators with energy recovery technology.

Malaysia’s commitment to lowering GHGs 

As a signatory to the Paris Agreement, Malaysia has committed to reducing GHGs (greenhouse gases) by 45% by 2030.

Of these, 35% are unconditional, whereas the remaining 10% are dependent on additional climate financing, technology transfers, and capacity-building measures from developed countries.

Only 8% of the Southeast Asian nation’s energy generation is from Renewable Energy (RE). 

Malaysia has recently introduced multiple initiatives supporting RE uptake, including feed-in-tariffs (FIT), net energy metering (NEM), large-scale solar (LSS), and self-consumption (SELCO). 

Financial incentives of going green in Malaysia

Businesses can apply for the SRI Sukuk and Bond Grant Scheme under the Security Commission’s (SC) Sustainable and Responsible Investment (SRI) Sukuk Framework or bonds.

Eligible issuers can claim the grant to offset up to 90% of the external review costs incurred, subject to a maximum of RM300,000 per issuance.

As announced in the country’s Budget 2021, income tax exemptions are given to SRI Sukuk and Bond Grant Scheme recipients for five years, up to 2025.

U-Energy is also supported by government agencies such as the Sustainable Energy Development Authority (SEDA) Malaysia, Malaysian Investment Development Authority and Malaysian Green Technology Corporation.

The post UOB targets Malaysia with U-Energy, Asia’s first integrated financing platform appeared first on Tech Wire Asia.

For example, the Malaysian government recently announced that there will be a 100% elimination of all taxes on EVs in Malaysia, including import and excise duties, as well as road tax. To ensure there is sufficient infrastructure for EV vehicles, several private players have also pledged to build 1000 EV charging stations across the nation by 2025.

SUBSIDIES FOR ELECTRIC CARS IN DELHI, INDIA TO BE WITHDRAWN

Jamilah Lim | 5 November, 2021

In India, EVs have seen increased interest in recent times. But as EV uptake has increased, this has led the Delhi government to withdraw its subsidies on EV cars instead.

EV purchase subsidies are one of the key features of the Delhi EV policy. According to transport minister Kailash Gahlot, the government has no plans to extend the subsidy system for the purchase of electric vehicles any further.

Over in Australia, the government has pledged AUD$ 178 million to ramp up the rollout of hydrogen refueling and charging stations for EVs. Australia has been under some criticism recently with green activists and EV advocates calling for tax breaks and sales targets to boost the uptake of cleaner vehicles in the country.

(Photo by William WEST / AFP)

According to a report by Reuters, Prime Minister Scott Morrison said the investment provides “an Australian way” to lower transport emissions, reiterating a slogan he introduced recently to describe the country’s middle ground on climate change policy.

“We will not be forcing Australians out of the car they want to drive or penalizing those who can least afford it through bans or taxes. Instead, the strategy will work to drive down the cost of low and zero-emission vehicles,” Morrison said in a statement.

The strategy should lower carbon emissions by more than 8 million tonnes by 2035, the government said, based on a projection that battery-electric and plug-in hybrid electric vehicles will make up 30% of annual new car and light truck sales by 2030.

However, the Electric Vehicle Council of Australia was not pleased with it. In a statement, the council felt that the strategy fails to deliver minimum fuel efficiency standards, which have been used in the US and Europe for decades. Fuel efficiency standards require car manufacturers to sell vehicles with a combined level of emissions below a defined benchmark, encouraging the sale of zero-emission vehicles.

“If Australia continues to be one of the only developed nations without fuel efficiency standards, then we will continue to be a dumping ground for the world’s dirtiest vehicles,” said council Chief Executive Behyad Jafari.

“The sector will continue to urge the government to take appropriate actions that get more vehicles to Australia and on our roads. It’s a shame this government doesn’t have the same ambition for Australians that the electric vehicle industry does,” added Jafari.

EV charging stations in Australia are increasingly in demand as vehicle sales in the country hit a record of 8688 in the first half of 2021. There are currently about 3000 public charges installed across the country. By comparison, China has about 66000 charging stations as of June 2021.

Australia has also been facing global criticisms recently for refusing to commit to phasing out coal power at COP26, feeling that the move would “wipe out industries”. China, Japan, and India also refused to commit to reducing the use and dependence on coal power.

Interestingly, all these countries are also seeing and hoping to have more EV vehicles on their roads as well, in an alternate way of reducing carbon emissions.

The post Australia invests in more EV charging stations appeared first on Tech Wire Asia.

HOW TWITTER HASHTAGS CAN HELP UNDERSTAND CLIMATE CHANGE

Aaron Raj | 28 September, 2021

Global impact intelligence platform, HolonIQ, collaborated with regional ecosystem leader New Energy Nexus to vet over 500 tech startups and companies headquartered in ASEAN, before selecting the top 50 most promising ones for the inaugural Southeast Asia Climate Tech 50 list. To determine who makes the cut, the scoring process will include market, product, team (including diversity), capital, and momentum.

The Southeast Asia Climate Tech 50 identifies the region’s young, fast-growing, and innovative climate-focused companies. Only companies less than ten years old, with few exceptions to that circumstance, were considered. A quarter (25%) of the cohort was first established in 2015, and 68% started between 2010 and 2014.

The 50 companies were categorized by their primary focus on the emerging taxonomy for climate tech. HolonIQ has built up an open-source taxonomy with experts from around the world. The Global Climate Technology Landscape 1.0 classifies 50 key categories, providing a standard structure and language for identifying, tracking and making sense of the breadth and depth of innovation happening in climate innovation globally.

The ASEAN list is represented in eight categories this year. The categories are Agri+Food, Environment, Industry, Mobility, Networks, Renewables, Resources, and Storage. Nearly a third (32%) of the companies are in Agri+Food, including smart or vertical farming, plant-based, and cell-cultured food, environment, and renewables.

In addition, there is a strong presence in the Environment, with 16% of startups nvolved in providing nature-based solutions, sustainable materials, and a circular economy. Finally, the Renewables category drills down on wind, solar, geothermal, hydroelectric, and biomass energy sources, at 12%.

Most companies (58%) rely on physical forms of technology and innovation, with only 17% being software or digital-based. The remaining quarter provides climate-focused services. Some of the companies named in the 2021 Southeast Asia Climate Tech 50 are clean energy companies.

This comprises of :

• Ingine Pacific and Okra Solar in Vietnam and Cambodia.
• Blockchain-based seafood traceability and data ecosystem Fishcoin Project in Singapore.
• Waste management platform RecyGlo in Myanmar.
• Energy management solution Leastric in Indonesia.
• Sustainable plant-based meat alternatives producer WTH Foods in the Philippines.
• Turnkey provider of sustainable engineering solutions ihandal Energy Solutions in Malaysia.
• Clean energy electric vehicles developer ETRAN in Thailand.

The ASEAN list is part of the ten regional lists making up HolonIQ’s inaugural Climate Tech 1000. The selection was made from more than 20,000 startups and companies who applied or are covered by HolonIQ’s Intelligence Platform. The regional lists ensured a diverse and genuinely global representation, while highlighting the inspiring innovations happening worldwide.

The list showcased the most promising 1,000 making a substantial contribution to climate change mitigation or adaption by applying new technology or scientific knowledge. HolonIQ develops open-source taxonomies and proprietary intelligence to provide impact market intelligence so that better decisions can be made with contextualized data, disciplined analysis, and a global perspective across education, healthcare, and sustainability.

The Global Climate Technology Landscape 1.0 will be formally launched at the 26^th UN Climate Change Conference of the Parties (COP26) that is set to take place from 31^st October to 12^th November 2021, in Scotland.

The post Green dreams in SEA as HolonIQ debuts first-ever Climate Tech 50 list appeared first on Tech Wire Asia.

The United Nation’s Paris Agreement, adopted in 2015, aims to strengthen the global response to the threat of climate change by keeping a global temperature rise this century well below 2 degrees Celsius above pre-industrial levels.

The agreement also aims to strengthen the ability of countries to deal with the impacts of climate change, through appropriate financial flows, a new technology framework, and an enhanced capacity-building framework.

ADVOCATING A SUSTAINABLE ENVIRONMENT WITH MODERN TECHNOLOGIES

Aaron Raj | 23 September, 2021

While most industries like manufacturing, oil, and gas have already begun reducing their carbon emissions, the financial industry is also hoping to reduce its carbon footprint by going green. For the finance industry, going green means having solutions that are sustainable and reducing the use of physical products, especially packaging.

In Asia, several major banks have already launched green initiatives with tech companies in order to reduce their carbon emissions. Thales has been enabling banks and financial companies to enable their consumers to bank and transact safely while reducing their impact on the environment.

According to Micheal Au, Senior Vice President, Thales Banking and Payment Solutions, Asia, as the global financial sector looks for ways to bounce back post-pandemic, there is a greater emphasis on building back better and greener.

“As a pioneer in the industry, we’ve seen that our customers deeply value a holistic and comprehensive portfolio of sustainable banking products to make a positive contribution to society.  In addition, contactless technology for transactions, mobility, and authentication are part of our daily lives.

Thales’ broad portfolio of solutions are helping the financial sector, not just in how they operate efficiently but also in how they’re perceived by their customers and the values that their company stands for,” said Michael.

Banking on green credit cards

One of the most convenient ways to reduce carbon footprints is to reduce the use of materials that are not biodegradable, such as plastic. While banks have reduced their paper usage, many still rely on plastic for their credit cards. To help reduce this, Thales has designed cards made of bio-sourced materials.

For example, Thales partnered with DBS Bank Taiwan to launch Asia’s first bio-sourced credit card in July 2020, with the intention of promoting customer awareness and the use of environmentally-friendly banking solutions. The card is made of polylactic acid, a bio-based biodegradable polymer that can be produced from renewable resources.

Thales has also partnered with UOB to make sustainable financial products accessible to all. As part of its commitment, UOB’s environmental, social, and governance (ESG) approach is embedded across its suite of financial solutions and services to make it simpler for customers to adopt a greener lifestyle. This includes offering green financing solutions for electric vehicles and eco-friendly homes as well as sustainable investment solutions.

This year, the bank launched Singapore’s first bio-sourced credit card for its sustainability-oriented Generation Z customers. The UOB EVOL Card is the Bank’s first card to use Polylactic Acid (PLA) and bio-sourced, corn-based materials which are safe for incineration.

Compared to traditional plastic credit cards which are typically made up of Polyvinyl Chloride (PVC), the UOB EVOL Card cuts down on plastic use by 82% and reduces UOB’s carbon footprint by 10 grams per card. UOB also plans to replace the rest of its plastic debit and credit cards with environmentally-friendly options in the future.

Over in Malaysia, Thales is also helping Standard Chartered offset the carbon footprint of their cards. For its consumer business, Standard Chartered aims to reduce its carbon footprint, when it launched its first CarbonNeutral credit card in Malaysia in November 2020.

Standard Chartered is rolling out the program on a global basis, targeting carbon neutrality for its credit and debit card issuance. Assuming the average bank card has a carbon footprint of about 150 CO2eq (carbon dioxide equivalent) or approximately five plastic bags, Standard Chartered’s annual issuance of 3 million cards translates to 15 million plastic bags.

Apart from using bio-sourced PLA cards, the Thales Reclaimed Ocean Plastic card is made using 70% discarded plastic waste cleared from coastal areas, with one card containing the equivalent of one reclaimed plastic PET bottle.

The Thales Recycled PVC card is made using post-manufacturing plastic waste from different industries, such as the packaging and printing sectors, containing 85% less plastic than first-use PVC.

As such, by combining the green offer with Thales’ technology in contactless banking solutions and cybersecurity, the financial industry has a wide portfolio of products and solutions to help its customers transact safely and deliver on their environmental commitments.

The post Banks in Asia are going green to reduce their carbon footprint appeared first on Tech Wire Asia.

Australia’s expenditures

Energy consumption is by far the largest source of human-caused greenhouse gas emissions, responsible for producing 73% of greenhouse gases worldwide. Within the energy sector, the generation of heat and electricity is responsible for most emissions.

After major oil-producing countries, Australia is one of the world’s largest carbon emitters on a per capita basis, producing 17 tonnes of CO2 emissions yearly. To put that into perspective, the global average stood at 4.8 tonnes in 2017. 

In 2015, Australia’s energy sector made up 79% of emissions. Of this, electricity made up 35%. However, direct combustion from factories and transportation contributed 18% each. 

From (Department of Environment and Energy, 2016). Direct combustion includes emissions from burning coal and gas for industrial and building
heat, steam, and pressure as well as emissions from combustion of fuel for mobile equipment in mining, manufacturing, construction, agriculture, forestry, and fishing. Fugitive emissions include GHG released during coal mining, and oil and gas production and transport. The split of electricity between buildings and industry is approximated from electricity consumption of commercial and residential as a percentage of total thermal electricity in 2014-15 from 2016 Australian Energy Statistics (Office of the Chief Economist, Table F).  Split for direct combustion calculated from (Australian Government Department of the Environment and Energy, 2016)

Govt’s initiatives to lower carbon emissions

Most of the world has, by now, enacted some forms of legislation to rein in their carbon footprint expenditure, especially viz their Paris Agreement commitments. On 10 November 2016, Australia ratified the Paris Agreement, committing to achieving a 26-28% reduction in greenhouse gas (GHG) emissions below 2005 levels by 2030. 

The Paris Agreement also requires signatories to strengthen their abatement efforts over time with the overarching goal of limiting the increase in global average temperature to well below 2°C above pre-industrial levels, with efforts to limit the temperature increase to 1.5°C.

COULD CLOUD TECHNOLOGY POSSIBLY TURN THE TIDE ON CLIMATE CHANGE?

Jamilah Lim | 29 July, 2021

In 2020, the government announced a total funding package of A$1.6 billion (US$1.2 billion) for the Australian Renewable Energy Agency (Implementing the Technology Roadmap) Regulations 2021 including guaranteed baseline funding of A$1.43 billion (US$1.1 billion) over the next 10 years. 

ARENA was given A$192.5 million (US$141.8 million) this year to deliver programs. These include supporting microgrids in regional Australia, reducing barriers to the use of electric vehicles or vehicles powered by biofuels or clean hydrogen, and investigating energy efficiency and emissions reduction in energy-intensive industries, according to a statement by ARENA.

In July this year, the Australian government launched new rules aimed at supporting the next generation of low emission energy technologies (LETs).

Under the new rules, ARENA will be able to support priority technologies identified in the first Low Emissions Technology Statement, including green hydrogen, energy storage, low emission aluminum and steel, carbon capture and storage (CCS), and soil carbon.

Addressing challenges

According to the government, Australia’s natural renewable energy and mineral resources, vast landmass, suitable geology, and close proximity to emerging markets will continue to be the foundation of their low emissions efforts.

However, a key challenge revolves around supplying affordable, renewable energy, as well as the transformation of energy-intensive industries. 

Affordable, clean, and reliable energy is the cornerstone of improved productivity, competitiveness, and lower emissions from industries. Lower energy costs will reduce pressure on household budgets and improve quality of life. 

Low-cost and reliable energy will encourage more onshore energy-intensive manufacturing, and improved productivity and reduced emissions intensity will help capture new opportunities in a global low emissions economy.

Reducing carbon emissions with new technologies

Priority low emissions technologies (LETs) are those expected to have a significant impact on Australia’s big technological challenges and opportunities. These technologies have the highest abatement and economic potential in areas of comparative advantage for Australia. 

They are priorities where government investments can make a difference in reducing prices and improving technology readiness.

The Roadmap identified five priority new and emerging technologies:

• Clean hydrogen; 
• Long duration energy storage; 
• Low carbon materials, including aluminum and steel; 
• Carbon capture and storage; and 
• New measurement technologies for healthier soils

These priority low emissions technologies will offer emissions reduction opportunities across Australia’s economic sectors, with sequestration technologies also providing additional decarbonization pathways for key industries, while protecting and preserving jobs.

CLOUDFLARE’S GOAL TO POWER THE INTERNET WITH ZERO-EMISSIONS

Jamilah Lim | 9 August, 2021

Economic stretch goals are ambitious but realistic goals to bring priority low emissions technologies to economic parity with existing mature technologies. Stretch goals have been set for each priority technology. 

The Australian government will target international partnerships that support these economic stretch goals, including access to global markets and more competitive supply chains. They will also prioritize partnerships that focus on critical research, development, and deployment challenges for economically important, hard-to-abate sectors.

The post Australia’s lowering carbon emissions with new technology appeared first on Tech Wire Asia.