THIS MATERIAL IS A MARKETING COMMUNICATION.
ESG Monthly (September 2022)
This month’s highlights:
The European Union (EU) proposed a regulation to ban the placement of products made by forced labour on the EU market.
The Proposal Includes:
- All products, including EU domestic products, imports and exports, made using forced labour, covering all industries and companies from all areas.
- No blanket or rebuttable presumption ban against any particular industry or geographic origin.
- National authorities to be enforcement agents, and to “bear the burden of proof”.
- The proposal is to be discussed and agreed upon by Parliament and Council and then to be applied 24 months afterwards.
The EU’s Imports and Exports by its Top 5 Trading Partners in 2021
Source: Eurostat, March 2021
Commentary on ESG News and Developments:
- The European Union (EU) proposed a regulation to ban the placement of products made by forced labour on the EU market.
- In the United States (US), California is planning to set a 2035 deadline for all new cars, trucks and SUVs sold in the state to be powered by electricity or hydrogen (National Public Radio, September 2022).
- The US White House announced plans to reduce climate impacts of crypto assets by setting energy-efficiency standards and potentially imposing rules at the federal-level (Bloomberg, September 2022).
- The United Nations-led Race to Zero campaign plans to introduce new criteria on ending coal financing and phasing out fossil fuels from portfolios for signatories of the Glasgow Financial Alliance for Net Zero (The Financial Times, September 2022).
- France is preparing a subsidised electric-car leasing plan, to make EVs more affordable with subsidies to make EVs available at 100 euros a month (Business Standard, September 2022).
In Asian Pacific markets…
- Thailand plans to introduce its own carbon tax so it can bargain in export markets to exempt tariffs on Thai products considering the EU’s plans to impose a carbon border tax on carbon-intensive imports from 2026 (Bangkok Post, September 2022).
- India revealed in the draft National Electricity Plan that the country will add another 28 gigawatts of coal-fired power capacity by 2032 to meet power demand that is expected to more than double over the next decade (The Economic Times, September 2022).
- Australian Senate approved the Climate Change Bill 2022, passing the country’s emissions reduction targets (to reduce greenhouse gas emissions by 43% by 2030 compared to 2005 level and to achieve net zero by 2050) into law (The Guardian, September 2022).
- China issued a 131-page response, denying human rights abuses in Xinjiang, in response to the Assessment Report on Xinjiang human rights concerns by the United Nations Human Rights Office of the High Commissioner (Reuters, September 2022).
October 11, 2022
Staying Ahead with Mirae Asset’s Latest Insights
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