In this latest annual report brought to you by the (PBEC) – Pacific Basin Economic Council, we examine the current equilibrium between strategic & voluntary initiatives at companies in Asia Pacific and compliance efforts in disclosing such emissions. The report assesses the progress and challenges faced by businesses as they strive to meet net zero targets in the coming years. This report provides an analytical overview of the scope 3 emissions reporting landscape in the region, providing insights into one of the defining corporate themes of our time, and a look at how companies in Asia Pacific are responding.
The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced plans today with regard to launching the Korea-ASEAN Trade and Economic Think Tank Dialogue (“Dialogue”), proposed by Korean President Yoon Suk Yeol during the 25th Korea-ASEAN Summit held on October 10 in Vientiane, Lao PDR. The Dialogue was first proposed as a concrete joint project on the occasion of the bilateral Korea-ASEAN diplomatic relations advancing to a comprehensive strategic partnership in commemoration of this year marking…
By Toyota Material Handling The world of logistics is going through a considerable transformation. There are significant ongoing changes in the business landscape, a mindshift in the general population altering social behaviour, new technologies, and radical developments in logistics – all presenting both threats and opportunities to players in the logistics sector. PBEC is delighted to share the Trends in Logistics Report 2024 which provides a high-level overview of the key trends that we believe are currently most urgent and…
Originally published in The Straits Times – courtesy of the Lowry Institute The recent Quad summit was something of a victory lap for President Joe Biden’s Asia strategy. Yet the success of the Biden administration’s approach to deepening ties with a small group of capable partners has also been its limitation. The three Quad partners together accounted for nearly 40 per cent of US high-level diplomatic activity in the Indo-Pacific, tracked by the Lowy Institute for the 2024 edition of…
Next month in November 2024, business leaders and Government officials from across the globe will converge on Lima, Peru, to address the challenges and opportunities that will shape the future of the Asia-Pacific region. This gathering comes at a critical juncture, as the world sees rising fragmentation, protectionism and strong signs of a climate crisis. Peru, with its unique blend of biodiversity and economic dynamism, provides an ideal backdrop for such a vital dialogue. Given the importance of youth engagement…
World leaders adopted a Pact for the Future that includes a Global Digital Compact and a Declaration on Future Generations. The most wide-ranging international agreement in many years, covering entirely new areas as well as issues on which agreement has not been possible in decades, the Pact aims above all to ensure that international institutions can deliver in the face of a world that has changed dramatically since they were created. Read more here: https://www.un.org/sustainabledevelopment/blog/2024/09/press-release-sotf-2024/
Addressing Scope 3 emission disclosures are integral towards achieving organizational and regional sustainability goals The report highlights a lack of Scope 3 emissions disclosures in Asia Pacific, as they typically occur outside of an organization’s direct control – compared to Scope 1 and 2 emissions Lack of awareness and focus on downstream Scope 3 emissions within organizational supply chains in the region, with organizations generally focused on upstream emissions due to greater control and influence Need to uncover how to…
The APEC Business Advisory Council (ABAC) concluded its meeting in Tokyo this week, calling for decisive action to boost trade, digitalization and climate response. “Tackling trade and investment barriers, promoting digitalization and accelerating the climate response is urgent. We can’t wait any longer” said Julia Torreblanca, the 2024 Chair of ABAC. In that regard, Torreblanca announced that ABAC has finalized its recommendations for APEC Leaders addressing these challenges, under its’ theme for this year, ‘People, Business, and Prosperity,’ to be…
5The Pacific Basin Economic Council Vision outlined for 2024-2027 ahead of its AGM 2024 – by Michael Walsh CEO PBEC – June 2024 Collaboration as a mission, to create value, innovation and new opportunities for growth through free and open digitally enabled cross border Trade in APAC Hello PBEC members, colleagues and followers. It’s a pleasure to share the latest mission and vision of the Pacific Basin Economic Council (PBEC) for the next three years- an organization that has been…
PBEC – Pacific Basin Economic Council is by invitation ONLY a members based institution, that supports connectivity and cross-border regulatory standardisation efforts within APAC for all technological advancements, through dialogue, engagement and collaborative efforts.
PBEC’s focus is to continual attain recognition as the most comprehensive multilateral platform for APAC business leaders to engage with, advocating key trade issues of importance under a fair rules based system, thus promoting cooperation amongst member States to achieve inclusive, sustainable economic and social development in Asia and the Pacific.
Despite the uncertainty about what lies ahead for global trade, there are still reasons for optimism about its resilience and its enduring role as a catalyst for positive change, and these are encapsulated in the current trends that are shaping the landscape.
As 2024 Q2 draws to a close, economies in Asia Pacific are facing what is projected to be a modest slowdown to approximately between 3.5% to 4.2% on average according to the IMF. But this paints over some of the risks within individual economies, such as the deeper property sector, corrections in China and Vietnam which remain important factors in both. This trend reflects macroeconomic factors but also the impact of persistent corruption and un-tethered growth of the last decade in these sectors.
Geopolitical tensions, including the conflicts in Ukraine and the Middle East and security threats to shipping in the Red Sea, have continued to disrupt global supply chains, and shipping/container prices which get passed on to consumers.
ESG factors have become mainstream and are now a top concern for Boards of Directors. Proper ESG implementation can help businesses and regional Government authorities address current social cohesion challenges and seize future opportunities. On this episode of the Value Prop, we are joined by David Ching Heng Hoe, CEO of Ong & Ong Vietnam and a board member of the PBEC, who shares his insights, challenges and opportunities on the real estate sector and major infrastructure developments in the Mekong region, in particular in Vietnam and Laos, including the company’s pioneering work in social housing projects since 2007 which is now firmly on the agenda of regional Governments in SE Asia.
You have the chance to hear Andrews perspectives first-hand on this and the Asian region.
Several senior PBEC members & board of directors attended fellow Corporate Member ICAEW Annual Gala Dinner at the Grand Hyatt in Hong Kong on the 24th October. Over 260 senior executives, founders, CFO & CEO’s were in attendance co-hosted by Sir David Li Executive Chairman at Bank of East Asia & Alan Vallance the new CEO of ICAEW founded in 1880. Our own PBEC Chairman Andrew Weir MBE, BBS, JP who is a council member of ICAEW spoke at the…
Attached is the full transcript of PBEC Michael Walsh opening remarks on Malaysia’s increasing importance to global supply chains within APAC with the development of its advanced industrial base. Partly due to the current Governments business friendly policies, reforms and tax incentives as well as a strong focus on investing in critical infrastructure which appeals to DFI investors. There are opportunities for particular States within Malaysia, one is Johor being well placed geographically next to Singapore and the other Penang for its…