Asia-Pacific Must Phase Out Fossil-Fuel Subsidies

Brink AsiaThe extent to which Asia-Pacific is planning on decarbonizing will make or break the global fight against climate change. Asia-Pacific is home to 60% of the world’s population and the main engine of global economic growth. However, since the early 2000s, Asia-Pacific has been the main carbon dioxide emitting region, producing about half of the world’s total emissions.

 

 

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Source: Bruegel based on BP Statistical Review of World Energy (2021).

Note: data refers to carbon dioxide emissions resulting from fossil-fuel combustion, as listed in the IPCC Guidelines for National Greenhouse Gas Inventories. Other sources of CO2 emissions, or other greenhouse gases, are not included.

 

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Photo: Kevin Frayer/Getty Images

A laborer unloads waste coal and stone as smoke and steam rise next to an unauthorized steel factory in China.

 
Compared to other world regions, Asia-Pacific faces a specific decarbonization challenge: a need to rapidly decrease its reliance on coal that makes up about 50% of Asia-Pacific’s energy mix. In other regions, coal makes up from 10% to 20%.

 

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Source: Bruegel based on BP Statistical Review of World Energy (2021).

The coal challenge is particularly pronounced in China and India, which respectively account for 60% and 14% of Asia-Pacific emissions. About 70% of electricity generation comes from coal in both countries, compared to about 20% in other major emitters including the United States, the European Union and Russia (Figure 3).

 

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Source: Bruegel based on BP Statistical Review of World Energy (2021).

 

The Use of Coal Is Still Increasing

 

All in all, coal in China and India is currently the single biggest contributor to global greenhouse-gas emissions. Phasing down the use of coal in these two countries is absolutely critical if the world is to meet the Paris Agreement objectives and fight climate change.

As a second objective — but still important — the coal dependency of low-income countries in Asia-Pacific needs to be reduced. The share of coal in electricity generation in these countries is increasing rapidly with the expansion of electricity demand and infrastructure, with which natural gas and hydropower cannot keep up.

Asia-Pacific countries have increasingly adopted policy measures designed to fulfill their climate pledges under the Paris Agreement — ranging from air-quality regulations to renewable-energy subsidies, from vehicle emission standards to carbon-pricing mechanisms.

While welcoming, these measures will certainly not be enough without tackling the most pressing and significant problem of excessive reliance on coal in the energy basket. In fact, notwithstanding the adoption of climate policy measures, countries in the region continue to subsidize significantly the consumption of fossil fuels, including coal. China continues to subsidize coal for at least four reasons: 1) to provide cheap electricity and heating to citizens, as coal plants remain a low-cost electricity supply option compared to natural gas and offshore wind (and might remain so until 2026); 2) to foster industrial competitiveness by using cheaper electricity for production; 3) to enhance energy security by reducing the need for energy imports; and 4) to support the coal industry, which employs about six million workers, mainly in north-eastern provinces that suffered most growth-wise since 2015.

 

Diverting Fossil-Fuel Subsidies

 

The International Energy Agency (IEA) estimates that, in 2019, Chinese fossil-fuel subsidies amounted to $30 billion, while in India, they were $21.8 billion and in Indonesia, they were $19 billion (Table 1).

There is no justification for subsidizing fossil fuels in a context in which their share in the energy mix must be reduced drastically. In fact, for Asia to meet its carbon neutrality goals, no new coal mines should be constructed because there will be a sharp decline in fossil-fuel demand. According to the IEA’s May 2021 net-zero by 2050 roadmap, global coal demand should decline by 90%, to just 1% of total energy use, by 2050.

Not only are fossil-fuel subsidies counterproductive, they also divert resources from other potentially necessary subsidies for renewable energy. While data is not fully comparable, let alone transparent, estimates of China’s subsidies for renewables in 2019 hovered between $1.1 billion (27 times less than fossil fuels) and $13 billion (a little bit less than three times less). India only devoted $1.5 billion to renewables (more than 15 times less than fossil fuels), and Indonesia only devoted $1.1 billion (17 times less).

 

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These subsidies represent a major stumbling block for decarbonization in Asia-Pacific. Consequently, the first climate policy must be to ensure that fossil fuels do not get direct or indirect government support.

Only by phasing-out these subsidies can market distortions be avoided and the potential deployment of renewable energy and energy efficiency solutions fully unleashed. Furthermore, the phase-out of these subsidies is important to free-up public finance resources that can be reallocated towards green investments and towards compensatory measures for the poor — to ensure climate justice.

In this context, the very rapid increase in the number of coal power plants in developing Asia in the last few years is very concerning. This shows that international coordination is needed to stop the financing of coal. The May 2021 announcement by the Asian Development Bank that it will stop financing coal is welcome, but others must follow. In particular, given the huge role of Chinese public banks in the financing of coal plants in the region, an international coordinated effort to stop such financing is needed to expedite the shift away from coal in these countries’ energy baskets.

Finally, it should be mentioned that while discussions on carbon pricing are important in Asia — as they are for the rest of the world — the sheer amount of fossil-fuel subsidies makes this issue rather secondary compared to the need to reduce the immediate distortions generated by fossil-fuel subsidies.

 

How China Is Approaching the Problem

 

Take China: After years of pilot schemes at regional and sub-regional levels, China announced in 2017 the creation of a national emissions trading system (ETS). The scheme’s first compliance period, initially due for 2020, will now start in mid-2021, covering coal- and gas-fired power plants (approximately 40% percent of national carbon emissions). While it is still too early to say how the ETS will develop, TransitionZero has estimated — using satellite images and machine learning to estimate operations at China’s biggest coal plants in 2019 and 2020 — that China is likely to have oversupplied the scheme by as much as 1.6 billion allowances for 2019 and 2020, potentially causing prices to quickly crash to zero when trading begins later this year. Should this happen, it might take several years before China’s ETS becomes an effective decarbonization tool. Considering the $12 billion in fossil-fuel subsidies provided to the electricity sector every year, China’s carbon price would be negative. This represents a major concern for global decarbonization efforts. In its Net-zero by 2050 roadmap, the IEA notes that China’s carbon price should reach $45 per ton by 2025 to be consistent with a net-zero scenario by mid-century.

All in all, the phase-out of fossil-fuel subsidies must be the first step in decarbonization of the Asia-Pacific region. It really is a key prerequisite for the development of properly functioning carbon-pricing systems and the unleashing of their vast potential for driving decarbonization in this region. Coal subsidies are not only an issue in Asia, of course. There is probably no more important issue on the climate change front, though much more attention is given to carbon pricing or carbon tariffs. For industrialized countries, helping create the incentives to dismantle coal subsidies in China and India, and stopping the building of more coal plants, especially in the rest of Asia, should be a priority in their international climate strategies.

This piece was originally published in Bruegel.

Related themes: CHINA CLIMATE CHANGE RENEWABLE ENERGY

 

2021 0719 Asia Pacific 1028 06Alicia García-Herrero
Senior Fellow for Bruegel and Chief Economist for Asia Pacific at Natixis
Alicia García Herrero is chief economist for Asia-Pacific at Natixis and a senior fellow for Bruegel. Previously she was chief economist for Emerging Markets at Banco Bilbao Vizcaya Argentaria. She is a non-resident fellow at Cornell’s emerging market research centre and Senior Research Fellow at El Cano Royal Institute for International Relations. She is currently adjunct professor at City University of Hong Kong, visiting faculty at University of Science and Technology as well as at China-Europe International Business School.

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2021 0719 Asia Pacific 1028 07Simone Tagliapietra
Senior Fellow at Bruegel
Simone Tagliapietra is a senior fellow at Bruegel. He is also an adjunct professor of Energy, Climate and Environmental Policy at the Università Cattolica del Sacro Cuore and at The Johns Hopkins University, School of Advanced International Studies (SAIS) Europe.

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The original articles were be read in the Brink’s website HERE.

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Decentralized Finance: The Next Big Threat for the Finance Sector

Decentralized finance, or DeFi, is a fast-growing segment of the financial markets. Based on a blockchain platform, DeFi provides software services that can cut out intermediaries in financial transactions, thereby allowing for financial services, such as mortgages and investment, to be delivered at lower costs. The question is: Will it take off, or will the […]

The Clean Energy Transition Starts With Company Culture

Climate change is the biggest risk we are facing, according to the World Economic Forum’s 2021 Global Risk Report. In recent high-profile shareholder proposals and landmark court rulings on climate cases, it is clear the energy sector is an important stakeholder in climate change. Fossil-fuel combustion is responsible for around two-thirds of global greenhouse-gas emissions. Brands […]

Here’s How Emerging Technologies Will Impact the Future of Infrastructure

The transformative and disruptive technologies of the Fourth Industrial Revolution are reimagining the possibilities for the built environment. Advances in data proliferation, connectivity, automation and sustainability technology are disrupting existing markets and creating new ones altogether in many infrastructure sub-sectors. The COVID-19 crisis is also causing profound shifts in societal needs and consumer demands, hastening […]

Construction Produces 25% of a Building’s Lifetime Emissions — But New Materials Are Changing This

The construction industry has demonstrated remarkable resilience in the face of the challenges and disruption posed by the COVID-19 pandemic — whether through practical worker safety steps at the coalface, or by navigating multiple pressures in the boardroom. Now, attention is turning back to an equally pervasive challenge that is very much coming to the […]

When Will International Air Travel Reopen With a Health Passport?

Domestic air travel in the U.S. is getting back to 2019 levels with an average of 2 million passengers a day. However, many international routes remain closed as they await the arrival of a system for checking vaccinations. IATA has been working on a digital travel credential for several years, and its Travel Pass is […]

“Sri Lanka Investment Forum 2021” – Virtual on June 7-9, 2021

In their continuous efforts towards attracting Foreign Direct Investments (FDIs) and Equity Capital Investments to the country, The Ceylon Chamber of Commerce, the Board of Investment of Sri Lanka and the Colombo Stock Exchange are jointly organising the “Sri Lanka Investment Forum 2021 – Virtual”, from 7th to 9th June, 2021. The Virtual Forum will be […]

What Will India’s Post-COVID Recovery Look Like?

Since the beginning of 2020, India has reported more than 25 million COVID cases, bringing the country’s total number of lost lives to 274,000 — a record, second only to the United States for infections. A massive tsunami of COVID-19 is sweeping through India, with around 83% of the new infections reported in 10 states, […]

The Global Economy is about to become the Climate Economy

In the next 20 years, climate will move from being a sector of the economy to becoming the dominant force in macroeconomics. New forms of sustainability will disrupt virtually all industries: from manufacturing, the production and use of energy, food, fiber and material resources, to the expansion of transport options and consumer choices. Many leaders […]

Battery Technology Is About to Disrupt the US Power Sector

Until recently, the adoption of battery power storage solutions in the U.S. had fallen short of expectations. Yet, declining costs and advancing technology suggests that battery storage is ready to play a larger role in the U.S. power sector. This potential is now attracting significant investor interest, and from 2024 onward, S&P Global Ratings expects […]

Have the Wheels Come Off the Driverless Car Revolution?

Five years ago, Uber predicted it would have 200,000 driverless cars on the road by 2020. But to date, the widespread use of driverless cars has not arrived. So what has happened? The last five years have seen the hype surrounding the phenomenon slowly dissipate, as the industry wrestles with a number of hard technical […]

Is China About to Cap Its Coal Output?

Of the 40 world leaders attending today’s virtual White House Summit on Climate Change, the key figure is President Xi Jinping of China. As the world’s largest greenhouse-gas emitter, China will make or break the global quest to achieve climate neutrality by the middle of the century — which will be the only way to […]

Why Business Interruption Risk Affects Us All

Catastrophic risk is the hardest risk of all for business to protect itself against. In the third of our occasional series on how to bridge the protection gap for business interruption resulting from major crises like the pandemic, BRINK spoke to Dirk Wegener, president of the Federation of European Risk Management Associations (FERMA). FERMA is the umbrella […]

Does Hydrogen Have the Support to Lead the Future of Fuel?

The 2015 Paris Agreement was a groundbreaking diplomatic effort: 196 countries committed to prevent average temperatures from rising by more than 2 degrees Celsius, with an aim of less than 1.5 degrees Celsius. To meet that goal, scientists argue that fossil fuel use will have to reach net zero emissions by midcentury. The genius of […]

ADB’s Innovation through Collaboration: Planning for an Inclusive Post-COVID-19 Recovery

Just over a week to go before the Asian Development Bank’s (ADB) Southeast Asia Development Symposium 2021, Innovation through Collaboration: Planning for an Inclusive Post-COVID-19 Recovery, on 17–18 March. Join our power-packed two-day lineup of global thought-leaders and decision-makers to explore how Southeast Asian nations can most effectively revitalize businesses, create sustainable job opportunities, and […]

Webinar on Beyond Digital Currency: An Asian Perspective

CACCI would like to invite its members to register to join the webinar on “Beyond Digital Currency: An Asian Perspective organized by the Asian Institute of Digital Finance in collaboration with Bridge. The physical venue of the webinar will be Bridge+, 79 Robinson Road, Singapore 068897 on Friday 19 March 2021 at 3:00pm to 6:00pm (SGT, […]

Are We Entering a Commodity Supercycle?

Since the beginning of the year, prices of commodities of all kinds have been rising significantly, prompting speculation that we are entering a commodity supercycle — the first since 2008. Copper prices are at an eight-year high, while commodities as varied as oil and soybeans are also rising in price, driven by the possibility of […]

How Asia Can Unleash Private Investment for Its Infrastructure

Asian governments are scrambling to reboot their battered economies, following the COVID-19 pandemic. The key to generating a return to high levels of economic growth is a substantial increase in infrastructure investment. The Asian Development Bank (ADB) has estimated that developing Asian economies need $1.7 trillion a year in climate-adjusted infrastructure investment in transportation, power, water and […]

A Hot Opportunity: Four Trillion Reasons to Accelerate the Energy Transition

If European companies do no more to reduce carbon dioxide emissions than they have currently promised, Earth’s temperature will be on track to rise 2.7 degrees Celsius by 2100. That’s well above the Paris Agreement’s target increase of no more than 1.5 C and higher than the 2-degree C tipping point at which life-threatening climate […]

10 Questions That Will Determine the Future of Work

In the span of a few months, the COVID-19 pandemic has prompted a rethink not only of how workers work, but of long-term policies that respond to disruptions being unleashed by technology and automation. Policymakers are quickly drawing up plans to address the future of work from the perspectives of inequality, skilling, social protection, gender and the role of human […]

Webinar on Leveraging Technology and Innovation

CACCI invites members and associates to join the ADB-OECD Webinar on Leveraging Technology and Innovation for Disaster Risk Management and Financing happening on 11 March 2021, Thursday, at 7:00 p.m. – 8:30 p.m. (GMT+8). This will be held via Zoom and registration would be required. This webinar will feature a presentation of the findings of […]

New Chief Executive of Wellington Chamber of Commerce

CACCI is pleased to inform you that Wellington Chamber of Commerce has appointed Mr. Simon Arcus as its Chief Executive who took over the role from Mr. John Milford with effect from March 2021. Mr. Arcus is currently at Mercer Australia in Melbourne working with the Goldman Sachs, Alcoa and GM Holden superannuation funds.  The […]

FICCI and CACCI hold Joint Training Workshop on “Digital Marketing for Indian SMEs”

CACCI and the Federation of Indian Chamber of Commerce and Industry (FICCI) jointly organized an exclusive workshop on “Digital marketing for Indian SMEs” on February 12, 2021. The four-hour workshop, which was held virtually, aimed to provide a holistic and overall understanding on the nuances of digital marketing and how it can be leveraged to create new business opportunities and or […]

FICCI Fintech Expo 2021

CACCI forwards to its members hereunder the invitation from the Federation of Indian Chambers of Commerce and Industry (FICCI) to participate in its Fintech EXPO 2021 scheduled on March 10-11, 2021.       Mr. Ernest Lin Secretary-Treasurer Asian Bankers Association Dear Mr. Lin, Greetings from FICCI. I am writing to kindly share with you […]

Avoiding Response Paralysis as Ransomware Attacks Mature

Your files are encrypted. You have five days to submit payment, or your data will be lost.   Last year, ominous messages like this one appeared on the computer screens of millions of businesses and organizations targeted by ransomware. Such attacks are not new, but have recently grown more frequent and severe — in 2020, […]

The Productivity Puzzle of Working Remotely

New research by Harvard University suggests that there are productivity gains for companies that offer remote working — both before and during the COVID-19 pandemic. However, whether those gains will persist after the pandemic depends on the type of workers attracted to remote jobs. BRINK spoke to Emma Harrington of Harvard University, who contributed to this research on […]

Tender for Ankara CC Convention Center

We are pleased to convey the invitation from the Union of Chambers and Commodity Exchanges of Turkey (TOBB) for possible new operator to deliver tenders for the Ankara Chamber of Commerce Convention and Event Center (ATO Congresium). Located in the center of Ankara, the ATO Congresium is close to business, shopping and entertainment areas and […]

The Global Case for Optimism

Good news has been in short supply. From the devastation of the COVID-19 pandemic to racial violence and political polarization, it seems like the world is taking a global gut-punch. But is humanity overall still on the up-and-up, despite the massive challenges? Charles Kenny, director of technology and development and senior fellow at the Center for […]

CACCI Women Entrepreneurs Newsletter available

CACCI is pleased to share with its members, associates and friends the 22nd Volume of Grow, the publication of CACCI Women Entrepreneurs Council. Click HERE to read or download. We hope that this publication will serve as an effective platform for an exchange of information among women entrepreneurs in the CACCI region. Members are, therefore, encouraged […]

Cambodia CC President Kith Meng helps in fight against Covid-19

The Cambodia Chamber of Commerce (CCC) President Kith Meng and his wife Mao Chamnan, have contributed $3 million to the government to purchase COVID-19 vaccines for the Cambodian people. Mr. Meng, who serves as Chairman and CEO of the Royal Group of Companies, and his wife, are no strangers to humanitarian assistance. They have previously contributed $200,000 […]

BRINK Explores the Technology Sector in 2020

Photo: Wang Zhao/AFP via Getty Images A man wearing a face mask looks at a robot in Beijing. The use of industrial robots became increasingly widespread in 2020. A year is a long time in the technology space. In 2019, much of our focus was on blockchain and 5G, but in 2020, it was all […]

ASEAN BAC, VCCI hold virtual ASEAN Business and Investment Summit

The ASEAN Business & Investment Summit (ASEANBIS) 2020 was held virtually by the ASEAN Business Advisory Council (ASEAN BAC) and the Vietnam Chamber of Commerce and Industry (VCCI) from November 12 to 13, 2020. The two-day event brought together the leaders of ASEAN member states, partners and a large number of businesses in the region, […]

Virtual gold? Bitcoin’s rise sparks new debate

Bitcoin’s rally above US$15,000 has reignited debate over whether the cryptocurrency is so-called digital gold or a perilously risky bet as investors grapple with the coronavirus pandemic. The world’s most popular virtual unit has gained over 30% in value in almost three weeks up to last November 6, taking it close to its December 2017 […]

“New Pension Funding Regime” webinar on 24 February 2021

Fast Track or Bespoke? A new choice faces companies sponsoring defined benefit pension schemes, one which has stayed hidden during Covid-19 but could have a multi-billion pound consequence for UK plc as a whole. The introduction of a “twin-track” approach to the funding of pension schemes was proposed by The Pensions Regulator in March 2020. […]

The Global Economy on BRINK in 2020

Photo: Romeo Gacad/AFP via Getty Images A couple wearing protective face masks walk past an electronic quotation board displaying share prices in Bangkok. One of the most important themes of 2020 was the response of governments and global financial systems to the COVID-19 crisis. 2020 was obviously an epoch-making year for economies everywhere and these […]

UNCTAD report on COVID-19’s global impact

In its latest assessment of the impact of COVID-19 on global investment, UNCTAD found that global FDI flows fell by 49% in the first half of 2020, with the biggest decline in Europe and the US. Lockdowns across the world slowed existing investment, and fears of a recession resulted in a 37% drop in new […]

Study says Taiwan Disproves Idea that Either Health or the Economy Must Suffer

Taiwan is one of several countries that clearly disproves the argument that governments must choose between protecting people’s health and protecting the economy in their response to the COVID-19 pandemic, an Oxford University researcher said. In a study posted on Our World in Data, an online journal run by the Oxford Martin School, researcher Joe […]

CACCI members invited to Financial Times (FT) Global Boardroom

  CACCI herewith forward an invitation to attend the Financial Times (FT) Global Boardroom 2nd Edition, of which CACCI is a Supporting Partner, to be held on November 11-13. With over 50,000 people from 150 countries registering for the inaugural Global Boardroom in May 2020, the second Global Boardroom to be held in November will […]

John Milford thanked for service to Wellington CC

John Milford is stepping down from his position as Chief Executive of the Wellington Chamber of Commerce, Business Central and ExportNZ Central, and will finish at the end of November. John has been Chief Executive since the beginning of 2015, and prior to this was an active supporter of the Chamber, previously serving as board […]

The Race to Save the World Trade Organization

The World Trade Organization is at a critical moment in its history. Trade nationalism is becoming more widespread, the U.S./China dispute shows no sign of abating and the WTO is searching for a new leader to take it forward and ensure its relevance. Of the five candidates still in contention, two are women from Africa. […]

5th ASEAN Young Entrepreneurs Carnival ONLINE – 30 November 2020

The 5th ASEAN Young Entrepreneurs Carnival is happening next week – *Monday 30th November 2020* CACCI would like to invite members to the virtual edition for the 5th edition. Due to the current pandemic we unfortunately cannot all meet in person. This is our next best thing! The program Agenda is below for your perusal. We cannot […]

Need for convergence between self-reliance, globalisation: FICCI president

There is a need for convergence between self-reliance and globalisation, according to FICCI President Dr. Sangita Reddy. The Indian industry would achieve faster growth and development under the present leadership, she said at the inaugural session of LEADS 2020, a four-day event host by the industry chamber. Dr. Reddy added that there is a need for convergence […]

Financial Times Global Boardroom set for November 11-13

CACCI Members and Officers are invited to attend the Financial Times (FT) Global Boardroom 2nd Edition — of which CACCI is a Supporting Partner — from November 11 to 13. The event will take place in a digital format. With over 50,000 people from 150 countries registering for the inaugural Global Boardroom in May 2020, […]

CACCI, TaiwanICDF paper highlighted in CoNGO contribution to HLPF 2020

For the past four years, the Conference of NGOs in Consultative Relationship with the United Nations (CoNGO) has been working through its Regional Committee in Asia-Pacific (RCAP) to augment the potential for NGOs/CSOs in the region to work with the United Nations, with a particular emphasis on the Sustainable Development Goals (SDGs) and Agenda 2030. […]

Does the world need its own risk management system?

BRINK interview with David Wood, Principal of Delta Wisdom   A recently published book called Aftershocks and Opportunities – Scenarios for a Post Pandemic Future explores the impact of COVID-19 on the world’s economy, geopolitics, environment, society and working life, from now to 2035. In one of the chapters, futurist David Wood explores the idea […]

How to fight off cyberattacks in an age of remote working

With tens of millions of people working remotely in the wake of the COVID-19 pandemic, the cybersecurity weaknesses of the remote work ecosystem have become apparent. Criminals and nation-state actors have been presented with an exponential growth in access points to pressure and penetrate corporate systems, and the scramble to secure systems from a menagerie […]

Three key considerations for post-pandemic site relocation

  Cost is no longer the most important aspect of supply chain site selection   The COVID-19 outbreak has been an ugly shock to the system for global manufacturers. Though experts have been warning about the risk of globally dispersed supply chains for years, few companies were truly prepared for the pandemic. Ultimately, companies with […]

New CACCI Vice President from MNCCI

The Mongolian National Chamber of Commerce and Industry (MNCCI) has nominated its CEO, Mr. Duuren Tumenjargal to serve as CACCI Vice President. Mr. Tumenjargal takes over the position from Mrs. Saruul Bulgan, who is no longer with MNCCI. Before joining MNCCI, Mr. Tumenjargal was Head of MCS Group’s Marketing Department in 2000-2005, Vice Director of […]

ICC webinar: Ethical marketing during COVID-19

The International Chamber of Commerce’s Academy is inviting interested parties to join its free ICC livecast on “Ethical Marketing During COVID-19” to be held on Wednesday 3 June 2020 at 9:00 am EDT – 3:00 pm CET – 6:30 pm IST – 9:00 pm SGT.     Misleading or false advertising in the context of […]

Predictions for the Global Economy, Mohamed el-Erian

  This is a global crisis, and yet we have seen a much lower level of global policy coordination than we did after the global financial crisis.   As the global economy emerges from lockdown, leaderships are grappling with a large number of momentous decisions about how to move forward, such as how to recover […]

ASEAN Policy Brief on COVID-19

The ASEAN Secretariat has released a policy brief on the economic impact of the COVID-19 outbreak on ASEAN. Key points include:     The COVID-19 pandemic has disrupted economic activities and upended lives, tapering growth prospects around the world. ASEAN member states have rolled out various measures to counter the impact of the pandemic. Stimulus […]

Reducing Supply Chain on China Won’t Be Easy

The global spread of COVID-19 has sparked a clarion call to diversify supply chains away from China. But its singularity as a manufacturing location will make it hard to find alternatives. The outbreak of the coronavirus in Wuhan in January highlighted the pitfalls of China as the dominant global manufacturer of record. A delay in […]

Special Issue of UNCTAD’s Investment Policy Monitor during COVID-19

We are pleased to share with our members the latest “Special Issue of UNCTAD’s Investment Policy Monitor” issued by United Nations Conference on Trade and Development (UNCTAD). This report documents and analyses investment policies response to the crisis. Below are the highlights.   Numerous countries around the globe have taken a variety of measures in support of […]

Is This Year One of an Economic ‘Lost Decade’?

Governmental measures to address coronavirus stopped economies in their tracks in unprecedented ways. For example, no one could anticipate the drop in demand for oil being as significant as it was. The latest economic data from the IMF suggests that coronavirus and the subsequent lockdowns will cause the global GDP to shrink by at least 3% this […]

ICC survey for Asian Chambers of Commerce

CACCI forwards herewith the request from the International Chamber of Commerce (ICC) for chambers of commerce in Asia to participate in a survey on the global response to COVID-19. This first global survey conducted by the International Chamber of Commerce (ICC), in collaboration with the World Health Organization (WHO) ‒ a major step in the […]

COVID-19 has killed public transport. How will it recover?

A man wearing a facemask for protective measures waits for the subway train on the platform as the spread of the COVID-19 continues. Transit agencies are struggling to maintain service levels, and many of them are making cuts or are planning to make cuts in the next month or two.     Photo: Adem Altan […]

COVID-19 exposed weakness in Risk Management

  Given the ruinous business costs of COVID-19 and the failure of public health authorities to effectively respond to COVID-19, we should explore whether there was more the business community could have done to manage its own risks. The COVID-19 pandemic demonstrates how vulnerable companies are to systemic risk events — and how limited our […]

Oliver Wyman’s New Covid-19 Website

CACCI is pleased to convey to its members and friends the invitation from Oliver Wyman, one of the Knowledge Partners of CACCI, to visit its new Covid website – referred to as the Coronavirus Hub – at https://www.oliverwyman.com/our-expertise/hubs/coronavirus.html.     As you are well aware, COVID-19 continues to spread around the world with new information […]

CACCI members invited to EFMA’s webinars on Covid-19

CACCI is pleased to convey to its members an invitation of Efma, to participate in its upcoming webinars on the COVID-19 crisis. As the effects of the COVID-19 pandemic continue to amplify, financial institution leaders are looking for strategies on how to organize, protect employees, and maintain financial services for their customers. To support you during these […]

Mr. Anjum Nisar elected new President of FPCCI

The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in December 2019 elected Mr. Anjum Nisar its new President whose term will be for the year 2020 till December 31, 2020. Mr. Anjum Nisar, who is former President of The Lahore Chamber of Commerce and Industry (LCCI), is a seasoned businessman and has a […]

Trust: the most valuable asset of the Digital Revolution

The vast majority of technologies, processes and assumptions underlying the innovations that will lead to a more prosperous future rely on the use and flow of data. More and more information must be exchanged between the various actors in ever-growing ecosystems for the economy to continue to function. At the same time, however, the threats […]