MioTech Opens Singapore Office, Expanding Climate and ESG Solutions to the Southeast Asia Market

MioTech Recruits ex-Pinduoduo Finance Head Tian Xu as Chief Operating Officer

MioTech CEO Jason Tu’s co-authored book launched at the HKEX Green Asia Summit 2021

CEO Jason Tu addressed at China’s 3060 Goals Green Fintech Seminar at British Embassy Beijing

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<p></p>
<img alt="" src="https://resources.miotech.com/static/landing-page/system/undefined1660545177257_phillip-glickman-aUj1l9g4Lfs-unsplash.jpg/th1000" />
<figcaption>Source: Unsplash</figcaption>
</figure>

<p>&nbsp;</p>

<p><img alt="" height="476" src="https://resources.miotech.com/static/landing-page/system/undefined1660545211763_图片3.png/th1000" width="500" /></p>

<p>&nbsp;</p>

<p><strong><span style="color:#58c6a8">Renewables and coal rise gas shortage</span></strong> - On August 11, the International Energy Agency (IEA) published the &ldquo;<a href="https://www.iea.org/reports/electricity-market-report-july-2022/executive-summary">Electricity Market Report - July</a>&rdquo;, identifying two simultaneous trends:</p>

<ul>
	<li>
	<p>The shortage of gas supply and the consequent price surge is prompting countries to turn its hope to coal power. European governments are putting off the phase out of coal power plants and ease the restrictions on their usage.</p>
	</li>
	<li>
	<p>Significant additions to renewable capacity is driving renewable power generation to grow at a faster speed than that of the electricity demand in 2022. Renewable power generation is seen to rise by over 10% this year, while the overall low-carbon electricity generation is set to rise by 7% given a 3% decline in nuclear power generation.</p>
	</li>
</ul>

<p>As risers and fallers among fossil fuels and renewables offset each other, CO2 emissions from electricity generation are expected to fall in 2022 from the previous year, but at a marginal rate of less than 1%.</p>

<figure class="image">
<p>Chart: Global change in electricity emissions by source and emissions intensity</p>
<img alt="" height="355" src="https://resources.miotech.com/static/landing-page/system/undefined1660545411679_屏幕截图 2022-08-15 100506.png/th1000" width="700" />
<figcaption>Source: IEA</figcaption>
</figure>

<p>&nbsp;</p>

<p>Meanwhile, Reuters <a href="https://www.reuters.com/business/energy/developers-add-less-than-half-planned-us-solar-capacity-h1-eia-2022-08-11/">reported</a> the drastic slowdown in the installation of solar photovoltaic capacity in the United States, with less than half of the capacity planned for 1H22 being actually installed. According to the US Energy Information Administration (EIA), power plant developers have planned to add 17.8GW of solar PV capacity in 2022 while only 4.2GW have come online in the country across the first six months of 2022.</p>

<p>The State of California has just <a href="https://www.energy.ca.gov/news/2022-08/cec-adopts-historic-california-offshore-wind-goals-enough-power-upwards-25">made</a> a boost to its transition to 100% clean electricity with a series of new targets it set for offshore wind power development, including to top up the offshore wind capacity in the state to 2GW to 5GW by 2030, and further to 25GW by 2045. According to the California Energy Commission (CEC), the power generation from offshore wind energy will be enough to power 25 million homes by mid-century.</p>

<p>Last week, China&rsquo;s Shanghai also <a href="https://www.chinacace.org/news/fieldsview?id=13814">proposed</a> ambitious clean electricity goals to reach 4.07GW of solar PV and 2.62GW of wind power capacity in the city by 2025 and move forward with 7GW of solar PV and 5GW of wind power capacity by 2030.</p>

<p>Soaring energy prices are reflected in the latest quarterly financial report of Saudi Aramco. According to <a href="https://www.wsj.com/articles/aramco-reports-record-profit-injecting-saudi-kingdom-with-cash-11660461665?mod=hp_lead_pos5">WSJ</a>, the state oil company of Saudi Arabia recorded USD 48.4bn in net income in the second quarter, which marks a 90% jump from USD 25.5bn in the first quarter.</p>

<p>&nbsp;</p>

<p><strong><span style="color:#58c6a8">Tesla AGM: 10 or 12 gigafactories, support workers&rsquo; rights proposals</span></strong> - Tesla may end up building &ldquo;probably at least 10 or 12 Gigafactories&rdquo;, said its CEO Elon Musk at the company&rsquo;s annual shareholder meeting, in its ambition to produce up to 20 million cars a year, Caixin <a href="https://www.caixin.com/2022-08-06/101923475.html">reported</a>. Tesla now has two gigafactories in the US as well as one in Shanghai, China and Berlin, Germany respectively. Shanghai has the most productive Gigafactory with an annual production of over 750,000 units of cars.&nbsp;</p>

<p>While rolling out of its network of plants, workers&rsquo; rights is another highlight at the meeting. A shareholder resolution hoping for company to report on its effort to prevent harassment and discrimination against the &ldquo;protected classes of employees&rdquo; has won the support of 46% of its shareholders. According to <a href="https://www.responsible-investor.com/esg-round-up-tesla-sees-strong-support-for-worker-rights-proposals/">Responsible Investor</a>, the fact that Elon Musk holds 15% of the company&rsquo;s equity has made this more impressive as the threshold to obtain a majority and pass is very high in this situation.</p>

<p>&nbsp;</p>

<p><strong><span style="color:#58c6a8">Five Chinese SOEs announced New York exit</span></strong> - Last Friday, PetroChina (PTR.US), Sinopec (SNP.US), Aluminium Corporation of China (ACH.US),&nbsp; China Life Insurance (LFC.US), and Sinopec Shanghai Petrochemical Co (CHI.US) have consecutively announced that they will apply to delist their shares from the New York Stock Exchange. Caixin <a href="https://finance.caixin.com/2022-08-12/101925599.html">noticed</a> that China Eastern Airlines and China Southern Airlines are the only two Chinese central enterprises that are still keeping their ADRs without a delisting plan.</p>

<p>China&rsquo;s capital market watchdog CSRC later that day <a href="http://www.csrc.gov.cn/csrc/c100028/c5356611/content.shtml">said</a> they were aware of the companies&rsquo; announcements. CSRC said both listing and listing are what happens in the capital markets, and it is clear in the companies&rsquo; announcements that delisting is their own business decision. CSRC added that only a small portion of the shares of these companies are traded in the US.</p>

<p>Meanwhile, things are moving up in Hong Kong as China Tourism Group Duty Free Corp aims to raise up to USD 2.16bn in its upcoming Hong Kong listing, Reuters <a href="https://www.reuters.com/markets/asia/china-tourism-seeks-216-bln-hong-kongs-biggest-listing-so-far-2022-term-sheet-2022-08-12/">reported</a>. This makes it replace Tianqi Lithium as the biggest Hong Kong IPO this year. It got the nod from the Stock Exchange of Hong Kong last Tuesday, according to <a href="https://cn.investing.com/news/stock-market-news/article-2125755">CLS</a>.</p>

<p>&nbsp;</p>

<p><strong><span style="color:#58c6a8">Hottest summer and going on</span></strong> - You are probably familiar with Europe&rsquo;s struggling to live with reduced availability of gas and one of the options is resuming coal power plants. Now even that has issues, because of the extraordinary heat of this summer. According to <a href="https://www.bloomberg.com/news/features/2022-08-10/europe-s-low-water-levels-threaten-rhine-river-hit-80b-trade-lifeline">Bloomberg</a>, at the river of Rhine, a vital transport link for Germany, falling water levels caused by the ongoing drought are making it impassable to ship coal. This year, the water levels at different points of the river are up to 50% lower compared historical average.</p>

<p>France, being heavily dependent on nuclear power, is also suffering from the drought. As the nuclear reactors take water from rivers to cool them down and discharge the heated water, hotter water in the river has made this cooling less effective and may cause disruption in power generation. The water discharge is subject to temperature limits to avoid harm to the ecosystem, but according to <a href="https://www.wsj.com/articles/edfs-nuclear-reactors-to-discharge-hotter-water-amid-heat-wave-energy-crisis-11659976190?tpl=sb">WSJ</a>, &Eacute;lectricit&eacute; de France SA (EDF) has obtained a temporary exemption from the government to discharge hotter water into the river, to maintain the operation of nuclear power plants. EDF said it monitors the wildlife to make sure they are not harmed by the water discharge.&nbsp;</p>

<p>Green Central Banking has <a href="https://greencentralbanking.com/2022/08/09/temperature-shocks-us-monetary-policy/?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=20220811">reported</a> on a research by Filippo Natoli Bank of Italy, which based on US economic data, found that extreme temperatures have negative effects on private consumption and investment, both being key components of GDP, and such effects could last for as long as four years following the temperature shocks. The CPI is also subject to this negative impact but with a greater lag. Seen in combination with the Federal Reserve&rsquo;s interest rate decision reveals that on average, the Fed responded to the negative climate-related impacts on the economy with lower policy rate. However, the Fed seems not to recognise climate as a factor contributing to economic shocks and seldom mention it in its meetings.</p>

<p>&nbsp;</p>

<p><strong><span style="color:#58c6a8">CATL to build a battery plant in Hungary</span></strong> - According to <a href="https://www.reuters.com/business/autos-transportation/chinas-catl-build-new-756-bln-battery-plant-hungary-2022-08-12/">Reuters</a>, China&rsquo;s leading battery maker CATL said last week it would build a battery plant in the European country Hungary, with a capacity of 100GWh. The project is expected to cost EUR 7.3bn (USD7.5bn).</p>

<p>On the same day, the BMW Group announced that it has launched some projects to improve sustainable packaging in logistics and reduce carbon emissions in the supply chain, as <a href="https://www.esgtoday.com/bmw-launches-initiatives-to-improve-sustainable-packaging-reduce-emissions-in-supply-chain/">reported</a> by ESG TODAY.</p>

<p>&nbsp;</p>

<p><strong><span style="color:#58c6a8">HSBC launches biodiversity ETF</span></strong> - HSBC Asset Management has launched the HSBC World ESG Biodiversity Screened Equity. The fund will track the Euronext ESG Biodiversity Screen index. The fund will be classified as an Article 8 product under the EU SFDR, that is, a financial product promoting environmental or social characteristics.</p>

<p>&nbsp;</p>

<p><span style="color:#58c6a8"><strong>Connecting workplace: Mark Carney chairs&nbsp;Brookfield AM, Kelly Hagg joins Nuveen as responsible investing head</strong></span>&nbsp;- <span style="color:#58c6a8">Brookfield</span> said <a href="https://www.linkedin.com/in/mark-carney-5b9744205/?originalSubdomain=ca"><span style="color:#58c6a8">Mark Carney</span></a> will chair its asset management business when the unit becomes a separate company and lists in Toronto and New York, according to <a href="https://www.reuters.com/business/finance/mark-carney-chair-brookfield-asset-management-post-spin-out-2022-08-11/">Reuters</a>. The asset management arm of the company now has over USD 750bn in AUM. Mark Carney is currently the vice-chairman at the company. As the U.N. special climate envoy, Carney is one of the leaders in the global climate finance field. He is also a former governor of the Bank of England.</p>

<p>In addition, <span style="color:#58c6a8">Nuveen</span> has appointed <a href="https://www.linkedin.com/in/kelly-hagg/"><span style="color:#58c6a8">Kelly Hagg</span></a> as Senior Managing Director and Head of Responsible Investing Strategy &amp; Solutions, according to <a href="https://www.esgtoday.com/nuveen-appoints-kelly-hagg-as-head-of-responsible-investing-strategy-solutions/">ESG TODAY</a>. Hagg joins Nuveen after nearly 20 years at Janus Henderson Investors where his most recent role was Global Head of Product Strategy and ESG.</p>

<p>&nbsp;</p>

<h6 class="editor-title6"><strong>References</strong></h6>

<h6 class="editor-title6">[1] IEA - Executive summary &ndash; Electricity Market Report - July 2022 &ndash; Analysis - IEA</h6>

<h6 class="editor-title6">[2] Reuters - Developers add less than half of planned U.S. solar capacity in H1 - EIA | Reuters</h6>

<h6 class="editor-title6">[3] 上海市发展和改革委员会 - 上海市能源电力领域碳达峰实施方案</h6>

<h6 class="editor-title6">[4] 财新网 - 特斯拉预计建立10至12座工厂 下一座或位于加拿大</h6>

<h6 class="editor-title6">[5] Responsible Investor - ESG round-up: Tesla sees strong support for worker rights proposals | Responsible Investor</h6>

<h6 class="editor-title6">[6] 财新网 - 多家国企中概股公告美国退市 证监会称企业自主行为</h6>

<h6 class="editor-title6">[7] 中国证监会 - 证监会有关部门负责人答记者问</h6>

<h6 class="editor-title6">[8] 财联社 - 港股IPO周报：中国中免通过聆讯 3家公司招股</h6>

<h6 class="editor-title6">[9] Reuters - China Tourism seeks $2.16 billion in Hong Kong&#39;s biggest listing so far in 2022</h6>

<h6 class="editor-title6">[10] Bloomberg - Historic Drought Threatens to Cripple European Trade</h6>

<h6 class="editor-title6">[11] WSJ - EDF&rsquo;s Nuclear Reactors to Discharge Hotter Water Amid Heat Wave, Energy Crisis</h6>

<h6 class="editor-title6">[12] SSRN - The Macroeconomic Effects of Temperature Surprise Shocks</h6>

<h6 class="editor-title6">[13] Green Central Banking - Temperature shocks already influencing US monetary policy &ndash; report</h6>

<h6 class="editor-title6">[14] Reuters -&nbsp;China&#39;s CATL to build $7.6 bln Hungary battery plant to supply Mercedes, BMW</h6>

<h6 class="editor-title6">[15] ESG TODAY - BMW Launches Initiatives to Improve Sustainable Packaging, Reduce Emissions in Supply Chain</h6>

<h6 class="editor-title6">[16] Reuters - Mark Carney to chair Brookfield Asset Management post-spin out</h6>

<h6 class="editor-title6">[17] ESG TODAY - Nuveen Appoints Kelly Hagg as Head of Responsible Investing Strategy &amp; Solutions</h6>

<h6 class="editor-title6">[18] WSJ - Saudi Aramco Posts 90% Jump in Profit, Generating Billions for Kingdom</h6>

<h6 class="editor-title6">[19] Funds Europe - HSBC launches biodiversity ETF</h6>

<p>&nbsp;</p>


Green Capital Weekly August 15 | Tesla shareholders back anti-harassment proposals; Drought making Rehine impassable for German coal boats

Hong Kong

<figure class="image">
<p></p>
<img alt="" src="https://resources.miotech.com/static/landing-page/system/undefined1659946332079_cop26-blue-zone-globe.jpg/th1000" />
<figcaption>Source: COP26</figcaption>
</figure>

<p>&nbsp;</p>

<p><img alt="Hang Seng CSI TAIEX S&amp;P" height="476" src="https://resources.miotech.com/static/landing-page/system/undefined1659946373930_图片5.png/th1000" width="500" /></p>

<p>&nbsp;</p>

<p style="margin-left:0cm; margin-right:0cm"><span style="color:#58c6a8"><strong>Industry department expected to lead the decarbonisation game</strong></span> - On August 1, China&#39;s multiple government offices jointly&nbsp;<a href="http://www.gov.cn/zhengce/zhengceku/2022-08/01/content_5703910.htm"><span style="color:#1155cc">released</span></a> a plan aimed at guiding carbon emission reduction across its industry department, outlining the <strong>key tasks, essential actions and policy incentives</strong>. The main targets raised in the plan for the year 2025 include:</p>

<ul>
	<li>Industrial firms meeting certain thresholds should reduce their energy consumption per unit of added value <strong>by 13.5%</strong>;</li>
</ul>

<ul>
	<li>CO2 emissions per unit of added value from the industry department should decline <strong>at a faster pace</strong> than that of the entire economy;</li>
</ul>

<ul>
	<li>Key industrial sectors should see a <strong>significant drop</strong> in CO2 intensity.</li>
</ul>

<p style="margin-left:0cm; margin-right:0cm">The plan also requires the industrial sector to <strong>reach peak emissions before 2030</strong>.</p>

<p style="margin-left:0cm; margin-right:0cm">&nbsp;</p>

<p style="margin-left:0cm; margin-right:0cm"><span style="color:#58c6a8"><strong>Green bond that matures in 2072</strong></span> - Singapore&#39;s inaugural sovereign green bond &quot;Aug-72&quot; is now open for subscription,<a href="https://www.mas.gov.sg/news/media-releases/2022/singapore-prices-2-4-billion-50-year-inaugural-sovereign-green-bond-public-offer-now-open-for-individual-investors"> </a><a href="https://www.mas.gov.sg/news/media-releases/2022/singapore-prices-2-4-billion-50-year-inaugural-sovereign-green-bond-public-offer-now-open-for-individual-investors"><span style="color:#1155cc">according to</span></a> Singapore&#39;s central bank. The first tranche of the city-state&#39;s first ever sovereign bond is issued with a <strong>total amount of SGD 2.4bn (USD 1.7bn), a yield of 3.04% and a tenor of 50 years</strong>. It follows the Singapore Government<a href="https://www.mas.gov.sg/news/media-releases/2022/singapore-green-bond-framework-introduced-for-upcoming-inaugural-singapore-sovereign-green-bond-issuance"> </a><a href="https://www.mas.gov.sg/news/media-releases/2022/singapore-green-bond-framework-introduced-for-upcoming-inaugural-singapore-sovereign-green-bond-issuance"><span style="color:#1155cc">announcing</span></a> the publication of Singapore Green Bond Framework on June 9. The yield of 3.04% marks a significant tightening from the 3.15% of the initial price guidance due to the high volume of demand: the bond was 2.26 times oversubscribed with a combined order value of over SGD 5.3bn. The tenor of 50 years is unusually long, not just compared to other government green bonds, but also standing out as the first 50-year bond issued by the Singapore government. Hong Kong&#39;s inaugural retail green bond issued on May 18 has a tenor of <strong>three years</strong>, which raised HKD 20bn (USD 2.5bn).</p>

<p style="margin-left:0cm; margin-right:0cm">&nbsp;</p>

<p style="margin-left:0cm; margin-right:0cm"><span style="color:#58c6a8"><strong>China-US climate talk halted following Pelosi&#39;s visit to Taiwan, CATL pauses North American production plan</strong></span> - On August 5, China&#39;s Ministry of Foreign Affairs<a href="https://www.fmprc.gov.cn/eng/zxxx_662805/202208/t20220805_10735706.html"> </a><a href="https://www.fmprc.gov.cn/eng/zxxx_662805/202208/t20220805_10735706.html"><span style="color:#1155cc">announced</span></a> eight countermeasures in response to US House Speaker Nancy Pelosi&#39;s zigzag visit to Taiwan, including suspending China-US talks on climate change.</p>

<p style="margin-left:0cm; margin-right:0cm">CATL, the world&#39;s largest maker of batteries used for electric cars, based in Fujian-China, has decided to hold aside the plan to announce a North American plant in Mexico or the US to supply Tesla and Ford as Pelosi&#39;s visit to Taipei has worsened the geopolitical tension between China and the US, Bloomberg<a href="https://www.bloomberg.com/news/articles/2022-08-02/pelosi-trip-spurs-china-battery-giant-to-pause-plant-unveiling"> </a><a href="https://www.bloomberg.com/news/articles/2022-08-02/pelosi-trip-spurs-china-battery-giant-to-pause-plant-unveiling"><span style="color:#1155cc">reported</span></a> citing people familiar with the matter. According to informed sources, CATL now plans to wait till September or October to announce the plan. In May, Reuters<a href="https://www.reuters.com/technology/exclusive-catl-planning-ev-battery-production-united-states-vetting-sites-2022-05-06/"> </a><a href="https://www.reuters.com/technology/exclusive-catl-planning-ev-battery-production-united-states-vetting-sites-2022-05-06/"><span style="color:#1155cc">reported</span></a> that the battery maker was considering South Carolina and Kentucky, among others, as its US production site.</p>

<p style="margin-left:0cm; margin-right:0cm">Meanwhile, China and the US are both making progress towards tackling the climate crisis. The US Senate has passed Democrats&rsquo; economic package by a narrow margin of 51 to 50, the Financial Times <a href="https://www.ft.com/content/4d1e86e0-0254-4144-b784-88d963b310d5"><span style="color:#1155cc">reported</span></a> yesterday. The bill includes a series of measures to limit global warming that could bring a combined USD 369bn of funding for climate and clean energy programmes.</p>

<p style="margin-left:0cm; margin-right:0cm">After a rally of Chinese provinces have unveiled plans to tackle climate change in the years from 2021 to 2025 (14th five-year plan period) since the beginning of this year, Shanghai Securities Journal, one of China&rsquo;s national newspapers, <a href="http://www.xinhuanet.com/finance/2022-08/08/c_1128897314.htm"><span style="color:#1155cc">reported</span></a> that a national-level climate change strategy for the five years is soon to be released.</p>

<p style="margin-left:0cm; margin-right:0cm">&nbsp;</p>

<p style="margin-left:0cm; margin-right:0cm"><span style="color:#58c6a8"><strong>Guangzhou aims to be a global hub for futures trading</strong></span> - Last week, the Guangdong Financial Supervisory Authority unveiled a plan to enhance the market infrastructure for futures trading. As part of the strategy, the province&rsquo;s centre of future trading, Guangzhou Futures Exchange (GFE) will expand its product portfolio to list the futures of emission allowances, electricity, commodity indices, silicon wafers, and lithium. The GFE, in which the Hong Kong Exchange (HKEX) <a href="https://www.hkex.com.hk/News/News-Release/2021/2102052news?sc_lang=en"><span style="color:#1155cc">has a 7% stake</span></a>, will also strengthen its ties with the HKEX and Shenzhen Stock Exchange.</p>

<p style="margin-left:0cm; margin-right:0cm">A well-functioning trading system matters with the unprecedented shortage of key materials needed for the manufacturing of electric cars. Not only the chip supply is heavily squeezed. According to the Financial Times <a href="https://www.ft.com/content/7ca99f9f-3b67-489a-a83c-477b6b12764e"><span style="color:#1155cc">report</span></a> yesterday, Kent Masters, chief executive of Albemarle, one of the largest lithium producers, said the lithium market will stay&nbsp;tight for seven to eight years.</p>

<p style="margin-left:0cm; margin-right:0cm">&nbsp;</p>

<p style="margin-left:0cm; margin-right:0cm"><span style="color:#58c6a8"><strong>The implementation of the EU Taxonomy comes in fits and starts</strong></span> - With EUR 6.4bn (USD 6.5bn) in AUM and entirely invested in impact, Triodos Investment Management has recently <a href="https://www.triodos-im.com/articles/2022/current-implementation-of-eu-taxonomy-leads-to-distorted-picture?utm_campaign=5eccd015a1ea390001473d0a&amp;utm_content=62e952ac090e51000136a2f7&amp;utm_medium=smarpshare&amp;utm_source=linkedin"><span style="color:#1155cc">shared</span></a> its opinions from its Hadewych Kuiper, managing director on the European sustainable fund landscape. Kuiper said that the current requirement for the EU Taxonomy is not complete and includes non-sustainable activities, thus it is not able to reflect the actual sustainability profile of a fund. On top of that, the implementation of the EU Taxonomy &ldquo;comes in fits and starts&rdquo;, which can lead to &ldquo;counterproductive effects&rdquo;. Nikkie Pelzer, Impact Manager at the investor also mentioned the significant additional reporting efforts required of sustainable funds (Article 8 or 9 under the EU sustainable finance disclosure requirements). &ldquo;This explains why you now even see sustainable funds opting for article 6 (general funds)&rdquo;.</p>

<p style="margin-left:0cm; margin-right:0cm">It is not a good time for sustainable funds in Asia either. <a href="https://www.ft.com/content/f8d3c001-682c-4e8d-bc38-99f5afe95dd3"><span style="color:#1155cc">According to</span></a> Ignites Asia, <strong>sustainable funds in Mainland China saw net outflows of USD 1.4bn in 22Q2</strong>, while Taiwan and Hong Kong respectively recorded USD 911m and USD 129m of inflows, <a href="https://www.morningstar.com/lp/global-esg-flows"><span style="color:#1155cc">according to</span></a> MorningStar. South Korea, India, and Indonesia also saw net outflows.</p>

<p style="margin-left:0cm; margin-right:0cm">Sustainable funds in the United States shrank&nbsp; for the first time in five years with net outflows of USD 1.6bn last quarter <a href="https://www.morningstar.com/articles/1104758/us-sustainable-funds-see-outflows-for-the-first-time-in-five-years"><span style="color:#1155cc">out of fears of recession, inflation, rate hikes, and energy crisis</span></a>.</p>

<p style="margin-left:0cm; margin-right:0cm">&nbsp;</p>

<p style="margin-left:0cm; margin-right:0cm"><span style="color:#58c6a8"><strong>Connecting workplace: StanChart has ex-Googler to manage sustainability matters</strong></span> - International banking institution Standard Chartered has appointed<a href="https://www.linkedin.com/in/kconstabile/"> </a><a href="https://www.linkedin.com/in/kconstabile/"><span style="color:#1155cc">Kerry Constabile</span></a> as the Managing Director, Net Zero and Sustainability, to lead the two teams, the bank<a href="https://www.sc.com/en/media/press-release/weve-hired-kerry-constabile-to-lead-net-zero-and-sustainability-strategy/"> </a><a href="https://www.sc.com/en/media/press-release/weve-hired-kerry-constabile-to-lead-net-zero-and-sustainability-strategy/"><span style="color:#1155cc">announced</span></a> on August 5. Constabile joins Standard Chartered after two years at Google as Lead for Sustainability Strategy and Engagement and 11 years as an UN climate officer prior to Google. Eco-Business<a href="https://www.eco-business.com/news/john-swire-sons-appoints-new-sustainability-head/?sw-login=true"> </a><a href="https://www.eco-business.com/news/john-swire-sons-appoints-new-sustainability-head/?sw-login=true"><span style="color:#1155cc">reported</span></a> on August 3 that John Swire has appointed <a href="https://www.linkedin.com/in/markharper76/?originalSubdomain=hk"><span style="color:#1155cc">Mark Harper</span></a> to be its new &quot;Group Head of Sustainability&quot;, based in Hong Kong, following his over six years in the conglomerate as Group Sustainable Development Manager. His predecessor Dr. Mark Watson has left the group after roughly 14 years in the group and its affiliate Cathay Pacific Airways with his next role being unclear at the moment.</p>

<p style="margin-left:0cm; margin-right:0cm">&nbsp;</p>

<p style="margin-left:0cm; margin-right:0cm">&nbsp;</p>

<h6 class="editor-title6" style="margin-left:0cm; margin-right:0cm"><strong>References</strong></h6>

<h6 class="editor-title6" style="margin-left:0cm; margin-right:0cm">[1] 中国政府网 - 工业和信息化部 国家发展改革委 生态环境部关于印发工业领域碳达峰实施方案的通知</h6>

<h6 class="editor-title6" style="margin-left:0cm; margin-right:0cm">[2] Monetary Authority of Singapore - Singapore Prices S$2.4 billion 50-year Inaugural Sovereign Green Bond; Public Offer now Open for Individual Investors</h6>

<h6 class="editor-title6" style="margin-left:0cm; margin-right:0cm">[3] The Ministry of Foreign Affairs -&nbsp;The Ministry of Foreign Affairs Announces Countermeasures in Response to Nancy Pelosi&rsquo;s Visit to Taiwan</h6>

<h6 class="editor-title6" style="margin-left:0cm; margin-right:0cm">[4] Bloomberg -&nbsp;Pelosi&rsquo;s Taiwan Trip Spurs Chinese Battery Giant to Pause Plant Debut</h6>

<h6 class="editor-title6" style="margin-left:0cm; margin-right:0cm">[5] Reuters - EXCLUSIVE CATL planning EV battery production in United States, vetting sites</h6>

<h6 class="editor-title6" style="margin-left:0cm; margin-right:0cm">[6] FT - US Senate passes Joe Biden&rsquo;s flagship economic package</h6>

<h6 class="editor-title6" style="margin-left:0cm; margin-right:0cm">[7] 上海证券报 - 多地出台&ldquo;十四五&rdquo;应对气候变化规划</h6>

<h6 class="editor-title6" style="margin-left:0cm; margin-right:0cm">[8] 广东省地方金融监管局 - 关于印发《关于完善期现货联动市场体系 推动实体经济高质量发展实施方案》的通知</h6>

<h6 class="editor-title6" style="margin-left:0cm; margin-right:0cm">[9] HKEX - HKEX INVESTS IN GUANGZHOU FUTURES EXCHANGE</h6>

<h6 class="editor-title6" style="margin-left:0cm; margin-right:0cm">[10] FT - Carmakers face fierce battle for lithium until 2030, warns top producer</h6>

<h6 class="editor-title6" style="margin-left:0cm; margin-right:0cm">[11] Triodos Investment Management - Current implementation of EU Taxonomy leads to distorted picture</h6>

<h6 class="editor-title6" style="margin-left:0cm; margin-right:0cm">[12] Ignites Asia - China ESG funds bleed $1.4bn in Q2 as Asian growth slows sharply</h6>

<h6 class="editor-title6" style="margin-left:0cm; margin-right:0cm">[13] MorningStar - Global Sustainable Fund Flows Report</h6>

<h6 class="editor-title6" style="margin-left:0cm; margin-right:0cm">[14] MorningStar - U.S. Sustainable Funds See Outflows for the First Time in Five Years</h6>

<h6 class="editor-title6" style="margin-left:0cm; margin-right:0cm">[15] Standard Chartered - We&rsquo;ve hired Kerry Constabile to lead net zero and sustainability strategy</h6>

<h6 class="editor-title6" style="margin-left:0cm; margin-right:0cm">[16] Eco-Business - John Swire &amp; Sons appoints new sustainability head</h6>


https://resources.miotech.com/static/landing-page/system/attachments/articles/1660026872150_Green Capital Weekly 8 Aug.pdf

A week of drama as the China's eight countermeasures to protest House Speaker Nancy Pelosi's Taiwan visit included the suspension of China-US talks on climate change.

Green Capital Weekly August 8 | China-US climate talk halted following Pelosi's visit to Taiwan; Singapore launches 50-year green bond

<h1 class="editor-title1"><strong>Have you felt the recent heat wave?</strong></h1>

<p>Climate change, caused by greenhouse gas emissions, is posing serious and irreversible risks to both the environment and people. The consequences include threatening lives, disrupting the food system, destroying nature, and reducing biodiversity.</p>

<p>According to the National Oceanic and Atmospheric Administration (NOAA), temperature in the first half of 2022 has reached the sixth warmest in NOAA&#39;s 143-year history. There is a high possibility that 2022 will be among the top ten for all-year high temperatures on record.</p>

<p>&nbsp;</p>

<h1 class="editor-title1"><strong>Record-breaking heatwave in Europe</strong></h1>

<p>Since June, heat waves have swept the northern hemisphere. The temperature in Europe this summer is significantly higher than previous years. Starting from last week, multiple European countries have issued excessive heat warnings. Of the 47 European countries with the highest temperatures recorded on file, 21 of them occurred in the past 10 years.</p>

<p><img alt="" height="346" src="https://resources.miotech.com/static/landing-page/system/undefined1659926159134_UK.png/th1000" width="500" /></p>

<p>According to the UK Met Office, on July 19, the temperature reached 40.3 degrees Celsius. This is the first time in the UK that the temperature has exceeded 40 degrees Celsius. The temperature rise (1.5 degrees Celsius) and area of coverage are unprecedented.</p>

<p>France, Spain, Portugal and Greece are all affected by the heat which caused wildfires. Carbon emissions caused by the Spanish wildfires in June and July set the highest temperature record since 2003. The Greek government has described this summer as one of the worst in the history of the Mediterranean region. As of July 23th, wildfires occurred in 16 European countries, destroying a total of more than 95,000 hectares.</p>

<p>&nbsp;</p>

<h1 class="editor-title1"><strong>U.S. experiences a super drought year</strong></h1>

<p>The U.S. recorded 13.84 inches of rainfall in the first half of the year which is 1.47 inches below average, making it the third-driest year on record. The first half of the year was the driest on record for California, with Nevada and Utah ranking second and third, respectively.</p>

<p>Droughts caused by extreme heat have also put enormous pressure on local agriculture and livestock. According to statistics, 30% of corn and 26% of soybeans in the United States are grown in dry regions. July is the pollination phase for corn planting in the Midwest region. Severe water shortages threaten crops such as corn and soybeans, causing production shocks.&nbsp;</p>

<p>&nbsp;</p>

<h1 class="editor-title1"><strong>Asia also sets high temperature records</strong></h1>

<p>Summer in Asia never misses the news headline, but this year the situation is particularly severe. On June 25th, parts of Japan experienced high temperatures of 40 degrees Celsius, making the hottest June in Japan on record. On June 28th , temperature in parts of New Delhi soared to 49.2 degrees Celsius.</p>

<p>At the same time, 29 provinces and cities in China have issued a total of 1,869 severe heat wave warnings (temperatures above 40 degrees Celsius), of which 857 were issued on the day of July 10.&nbsp;</p>

<p><img alt="" height="346" src="https://resources.miotech.com/static/landing-page/system/undefined1659926201146_Lujiazui.png/th1000" width="500" /></p>

<p>According to the monitoring data of the National Climate Center, since June, there have been 5.3 national high temperature days, making it the most since 1961. During the Dog Days of this year, the highest temperature in Sichuan, Shanghai, Zhejiang, Jiangsu, Henan, Hebei and other provinces exceeded 40&deg;C.</p>

<p>According to the analysis of the National Climate Center, since the turn of the century, the large-scale and continuous high temperature years in the country are 2003, 2013, and 2017. In general, this year&#39;s high temperature days started earlier than the above-mentioned three years. In addition, the scope of influence and the highest temperature have exceeded those of 2003 and 2013.</p>

<p><img alt="" height="386" src="https://resources.miotech.com/static/landing-page/system/undefined1659926433343_640.png/th1000" width="500" /></p>

<p>&nbsp;</p>

<h1 class="editor-title1"><strong>How close are we to the 1.5&deg;C limit?</strong></h1>

<p>Ever since the Industrial Revolution, the concentration of greenhouse gas emissions has continued to climb. In order to address global climate change and reduce greenhouse gas emissions, the Paris Agreement came into effect on November 4, 2016. Currently, 193 parties have joined the Paris Agreement. For years, they have all worked towards the same goal of limiting global temperature rise to 2&deg;C within this century, while seeking to limit it further down to 1.5&deg;C.</p>

<p>However, according to a &quot;Special Report on Global Warming of 1.5&deg;C&quot; released by the United Nations Intergovernmental Panel on Climate Change (IPCC) on October 8, 2018, compared to 1900, the greenhouse gas emissions caused by human activities have caused the average temperature to rise by more than 1.0&deg;C. What&#39;s more, the IPCC estimates, with high confidence, that global warming will reach 1.5&deg;C between 2030 and 2052 if it continues to increase at this current rate.</p>

<figure class="image">
<p></p>
<img alt="" height="267" src="https://resources.miotech.com/static/landing-page/system/undefined1659926658724_IPCC.png/th1000" width="500" />
<figcaption>Source: IPCC</figcaption>
</figure>

<p>&nbsp;</p>

<p>The report also points out that being limited to a 1.5&deg;C pathway is better for people and nature than 2&deg;C. Specifically, with the global warming of 1.5&deg;C pathway, climate-related risks will be much lower than that of a global warming of 2&deg;C. The risks depend on multiple variables such as the magnitude and speed of warming, geographic location, level of development and vulnerability, and the selection and implementation of adaptation and mitigation methods.</p>

<figure class="image">
<p></p>
<img alt="" height="341" src="https://resources.miotech.com/static/landing-page/system/undefined1659927226875_屏幕截图 2022-08-08 105339.png/th1000" width="500" />
<figcaption>Source: IPCC</figcaption>
</figure>

<p>&nbsp;</p>

<p>To achieve this goal, global carbon emissions need to be halved by 2030 and reach net zero by 2050. The report also pointed out that in model pathways with no or limited overshoot of 1.5&deg;C, global net anthropogenic CO2 emissions need to decline by about 45% from 2010 levels by 2030. To limit global warming below 2&deg;C, anthropogenic CO2 emissions need to decline by about 20% by 2030.</p>

<p>2030 is eight years away. This means that countries should undertake a more rapid and systematic transformation in multiple areas to achieve emission reduction. The mitigation actions can be classified into two ends - reducing carbon footprint from the supply side and the demand side. From the supply side, it is necessary to greatly increase the share of renewable energy such as wind power and photovoltaics in the power grid, thereby reducing dependence on fossil energy and reducing carbon emissions.&nbsp;</p>

<p>On the demand side, low-carbon solutions can be adopted in buildings, energy , agriculture, animal husbandry, industry, transportation and other industries in order to improve electrification rates, increase energy efficiency, and reduce energy consumption by changing human lifestyles. The two-pronged approach will better maximize the achievement of the goal of energy reduction.</p>

<p>For nearly three decades, the IPCC has been warning the world about global warming and the effects it brings to people. The current heatwave appears to have sounded the alarm for countries that are still producing more carbon dioxide into the atmosphere. When people all around the world actually feel that climate change is real, then a qualitative change comes.</p>


https://resources.miotech.com/static/landing-page/system/attachments/articles/1660015358292_A hot summer around the world - climate change is real!.pdf

The unprecedented summer heat does not bode well for our collective goal to keep our global temperature to at or below 1.5°C (2.7°F) from preindustrial levels, preconditions that could limit the most dangerous and irreversible effects of climate change. What does it mean and what do we need to do?

A hot summer around the world - climate change is real!

Green Capital Weekly August 1 | Tug of war between ESG and business demands; Singapore's MAS requires disclosure from ESG fund managers

Green Capital Weekly 25 July 2022 | Russia resumes gas supplies to Europe through Nord Stream 1; Fifth Wall raises USD 500m for real estate decarbonisation venture fund