Day: November 12, 2021

BANGKOK, Nov 12 (NNN-Bernama) — Thailand, the Asia-Pacific Economic Cooperation (APEC) chair next year, is committed in ensuring the continuity of the APEC Putrajaya Vision 2040 by pursuing the forum’s three economic drivers.

 

The three drivers are – trade and investment, innovation and digitalisation, and strong, balanced, secure, sustainable and inclusive growth.

 

Prime Minister Prayuth Chan o-cha said Thailand will continue APEC’s work to keep markets open through the rules-based multilateral trading system.

 

“At the same time, we will take advantage of the opportunity to re-think APEC’s conversation on trade and investment…that reflects the evolving needs and interests of businesses and our wider communities,” he said at the APEC CEO Summit 2021 held virtually on Friday.

 

“This is the engine driving our APEC host year priorities,” he said.

 

New Zealand Prime Minister Jacinda Ardern is to chair APEC Economic Leaders’ Meeting (AELM) virtually later tonight with all 21 APEC Economic Leaders expected to participate in the meeting themed “Join, Work, Grow, Together”.

 

“I believe that our theme and priorities echo the call by the business community to revitalise our economies, and make them stronger and more resilient,” he said.

 

Meanwhile, in facilitating trade and investment, Prayuth said the region must be reconnected again.

 

“It is our priority to safely and seamlessly resume cross-border travel.

 

“Progress towards reconnecting the region is essential to APEC’s path to recovery. Therefore, restoring connectivity will be one of our priorities next year, and we will pursue APEC’s recommendation to come up with a way to strengthen coordination and drive APEC-wide work on safe passage,” he said.

 

He added that APEC needs to be ever more connected in the longer term, harnessing digitalisation and innovation to further facilitate cross-border movements within APEC to ensure a healthy flow of goods, services, business people and the public at large.

 

APEC launched the Putrajaya Vision 2040 in November 2020, under which the world’s most dynamic regional economies will cooperate toward building an open, dynamic, resilient and peaceful Asia-Pacific.

 

Source: NAM News Network

Tonga is one of the most disaster-prone countries in the world, ranking 2nd of 181 countries on the World Disaster Risk Index. To better understand and prepare for disaster risks and the impacts of climate change, the Government of Tonga and the Asian Development Bank commissioned a Multi Hazard Climate and Disaster Risk Assessment in 2020 that analyzed thousands of buildings, roads, power and water assets in the island of Tongatapu. A risk index was developed from the assessment, which showed areas in Tongatapu that are at high risk to the impacts of climate change and will be subject to frequent or permanent flooding. The report also showed relatively safe areas that can be developed into resilient communities.

 

Source: Asian Development Bank

The Asian Development Bank is piloting a study into the Energy Transition Mechanism (ETM), which aims to accelerate the retirement of coal-fired power stations and unlock new investments in clean, renewable energy to replace them.

 

At COP26 in Glasgow, ADB, along with Indonesia and the Philippines, launched the ETM Southeast Asia Partnership which aims to retire 5-7 coal-fired power stations in those countries in the coming years. The launch event was attended by an array of high-level representatives from government, the private sector, and philanthropies.

 

Below are excerpts from some of the speeches from the event.

 

“I am pleased by the Asian Development Bank’s work to accelerate the decommissioning of coal facilities. The world needs forward-thinking creative approaches to financing, especially from the multilateral development banks. And we need to find creative solutions so that our public funds crowd in additional private investment, as the bank is aiming to do here.”

because it’s not only energy that needs to be transformed—our economy, your economy, their economy is based on this fossil fuel base. Rise to the expectation from stakeholders towards the ADB to take the courageous leadership to show the way.”

 

Naoko Ishii

Executive Vice President, The University of Tokyo and Director, Center for Global Commons

“[ADB] as a development institution is looking beyond today’s boundaries and creating mechanisms to bring that new world into reality. Of all of the dialogue we’re having, I have to congratulate you on the innovation, the ambition, and the creativity that you’re bringing to the world of public-private partnerships. We have to turn this now into very tangible execution that delivers substantive benefits.”

 

Noel Quinn

Group Chief Executive, HSBC

“We’re on the precipice of something really incredible and the chance to think about how we can use these pilots as opportunities to both make things happen for the Philippines, Indonesia, and across Asia in the ADB portfolio, but also thinking about how we can build something that drives further investment from the private sector and incentives to actually participate. Take risks. Do the work; try it on. Work hard, fail fast, and fix it. We don’t have any time to continue to talk, we need to take action. We have to give each other the space and grace that solutions may not be the right one but at least we’re trying to change the climate for future generations.”

 

Source: Asian Development Bank

Asia’s agriculture is facing challenges from evolving consumer demand, shifting demographics, and a changing and more fragile environment. Innovative solutions are required to increase the productivity of developing Asia’s smallholder farmers and sustainably meet changing demand. In this webinar, the panel of experts will discuss policies to support the transformation of agriculture through innovation and markets that also promote food security and improved nutrition.

 

Source: Asian Development Bank