Can transition credits help SE Asia kick the coal habit?
Green Pulse host and ST deputy foreign editor, David Fogarty looks at Asia's tough balancing act: meeting rising electricity demand while cutting emissions, and the role of transition credits in helping shut down young coal plants early. ST PHOTO: HADYU RAHIM
Green Pulse Podcast Can transition credits help SE Asia kick the coal habit?
Synopsis: Every first and third Tuesday of the month, The Straits Times analyses the beat of the changing environment, from biodiversity conservation to climate change.
Carbon credits are increasingly regarded as a key way to accelerate investment in renewable energy in Asia while also shutting down polluting coal plants early. Burning coal is a top source of planet-warming CO2 and air pollution.
Asia faces a major challenge of meeting its growing appetite for electricity while also curbing emissions growth. A further challenge: The average age of coal power plants in the region is about 15 years – when the plants have a life of up to 50 years.
To compensate plant owners, a coalition of power companies, banks, governments and philanthropy have come together to embrace transition credits, which monetise each tonne of CO2 saved from shutting down a coal plant early. The money from credit sales helps pay for the renewable energy power generation that replaces the coal power plant.
But how far are we from viable transition credit projects and the sale of these credits? And who will buy them?
Join Green Pulse hosts Audrey Tan and David Fogarty as they discuss these questions in this episode.
Have a listen and let us know your thoughts!
Highlights of conversation (click/tap above):
1:42 What are transition credits?
3:53 Are there any projects in the pipeline that could yield transition credits?
5:53 Any idea how much transition credits might be?
9:08 Who will be the main buyers?
11:46 What are the criticisms of transition credits?
16:19 The chicken-and-egg problem. Build the green power project first, credit money comes later.
Follow Audrey Tan on LinkedIn: https://str.sg/848W
Read her articles: https://str.sg/JLM2
Follow David Fogarty on LinkedIn: https://str.sg/jcvy
Read his articles: https://str.sg/JLMu
Hosts: Audrey Tan (audreyt@sph.com.sg) & David Fogarty (dfogarty@sph.com.sg)
Produced and edited by: Hadyu Rahim
Executive producers: Ernest Luis & Lynda Hong
Follow Green Pulse Podcast here and get notified for new episode drops:
Channel: https://str.sg/JWaf
Apple Podcasts: https://str.sg/JWaY
Spotify: https://str.sg/JWag
Feedback to: podcast@sph.com.sg
---
Follow more ST podcast channels:
All-in-one ST Podcasts channel: https://str.sg/wvz7
ST Podcast website: http://str.sg/stpodcasts
ST Podcasts YouTube: https://str.sg/4Vwsa
---
Get The Straits Times' app, which has a dedicated podcast player section:
The App Store: https://str.sg/icyB
Google Play: https://str.sg/icyX
---
Find out more about climate change and how it could affect you on the ST microsite here.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
7 minutes ago
- Straits Times
North Korean tech workers infiltrating companies around world, US says
Sign up now: Get ST's newsletters delivered to your inbox WASHINGTON - The North Korean government, struggling under the weight of international sanctions , has for years seeded companies in the United States and elsewhere with remote tech workers camouflaged by false and stolen identifies to generate desperately needed revenue, federal prosecutors say. Taking advantage of the global demand for skilled tech employees and the rise in remote employment, the North Korean regime has found a way to work around UN and US sanctions imposed on it for its nuclear weapons program, the prosecutors said in two indictments unsealed in federal district courts in Massachusetts and Georgia. It has also used the access to steal both money and information, they said. 'Thousands of North Korean cyber-operatives have been trained and deployed by the regime to blend into the global digital workforce,' Ms Leah Foley, the chief federal prosecutor in Massachusetts, said in announcing the charges on June 30. She called the threat 'both real and immediate'. On June 30, federal law enforcement authorities took a series of actions across 16 states aimed at shutting down the scheme. Investigators seized dozens of financial accounts and fraudulent websites and searched 'laptop farms' that allowed North Korean operatives to gain access to the computers that companies provide their off-site employees, prosecutors said. In recent years, North Korean attempts to evade sanctions using false identities have increasingly been raising alarm. There is evidence that the operation has expanded geographically, targeting Europe in particular, according to a report from the Google Threat Intelligence Group in April. Top stories Swipe. Select. Stay informed. Singapore Singapore and Cambodia to expand collaboration in renewable energy, carbon markets and agri-trade Asia US, India push for trade pact after Trump strikes deal with Vietnam: Sources Business Microsoft cutting 9,000 jobs companywide in second major wave of layoffs this year Opinion How Apple gave 'the gift of fire' to Chinese electronics firms Life Sean 'Diddy' Combs to remain jailed ahead of sentencing, judge rules Singapore Granddaughter of Hin Leong founder O.K. Lim fails to keep 3 insurance policies from creditors' reach Asia Dalai Lama says only his organisation can name his successor; Beijing pushes back World Iran's nuclear programme degraded by up to two years, Pentagon says In 2024, the Justice Department and the FBI launched an initiative to identify people in the US believed to be helping North Koreans advance the plots, some of them without their knowledge. In one of the cases brought by federal prosecutors this week, American, Chinese and Taiwanese citizens were accused of involvement in a plot that compromised about 80 American identities. The falsified identities were used to help North Koreans get remote tech jobs with over 100 companies across dozens of states in a range of industries between 2021 and 2024. Prosecutors say the scheme generated about US$5 million (S$6.36 million) for North Korea, and cost American business some US$3 million in damage and expenses. It also exposed sensitive information, including some related to military technology, they said. The defendants are said to have used online background check services to cull personal information and create personas for the North Koreans so that they appeared authorized to work in the United States. They conducted records checks of hundreds of individuals, including dozens whose identities were stolen, prosecutors said. To bolster the falsified identities, participants in the scheme created fake companies, websites and bank accounts and arranged to receive the company laptops delivered to the remote workers in the United States, prosecutors said. Then, the authorities said, they granted remote access to the laptops to North Korean operatives working abroad. The second case unsealed this week, in the Northern District of Georgia, charges four North Koreans with theft and money laundering involving about US$900,000 in cryptocurrency. The remote workers used false identities from Malaysia to perpetrate the scheme and worked out of the United Arab Emirates, prosecutors say. The defendants sought jobs in the crypto industry, according to the indictment. One was hired as a developer at an Atlanta-based company, and another worked for a Serbian firm. Together they diverted nearly US$1 million in crypto from their employers, and their accused co-conspirators laundered the funds, according to the indictment. The American authorities have been raising alarms about the problem since at least 2022, when the FBI, along with the State and Treasury departments, issued an advisory warning to the international community about infiltration. Operatives working mostly in North Korea, China and Russia were relying on an expansive network abroad to get jobs, targeting Europe and East Asia, the advisory said. After the American warning, North Korean workers increasingly began seeking contracts elsewhere, according to an April report from a lead adviser to the Google Threat Intelligence Group in Europe, Mr James Collier. One North Korean worker ran at least 12 personas across Europe and the United States in late 2024, seeking jobs at defense companies and in governments, using fabricated references , the report says. There is also evidence of operatives and assistants working in Portugal, Germany and Britain. 'In response to heightened awareness of the threat within the United States, they've established a global ecosystem of fraudulent personas to enhance operational agility,' Mr Collier said. That evolution, he said, suggests they will continue being able to run the financing schemes. NYTIMES
Straits Times
7 minutes ago
- Straits Times
BYD sales hit new high in June after China's top EV maker slashed prices
Sign up now: Get ST's newsletters delivered to your inbox Despite the discounts, BYD sales barely grew month on month, putting it under pressure to hit its annual target for 5.5 million deliveries. BEIJING – BYD's sales climbed to a fresh monthly high for 2025 after a round of price cuts, though the move sparked scrutiny from government authorities and drew criticism from industry groups. The Chinese car-making juggernaut sold 377,628 passenger vehicles in June, including 206,884 battery electric cars. That was up 11 per cent from a year earlier, helping to push first-half volumes to 2.1 million units, according to a statement on July 2. But sales barely grew month on month, placing greater pressure on BYD's second-half strategy to hit its annual target for 5.5 million deliveries. The incremental rise in sales takes BYD's performance through June to 2.1 million units, but that means it needs to sell 559,000 units for each of the remaining six months on average At the same time, rival Geely Automobile Holdings sold more than 193,000 cars in June, a 59 per cent year-on-year increase. The showing prompted Geely to raise its delivery target for 2025 by 11 per cent to 3 million. The sales figures signal BYD's discounting of as much as 34 per cent across some models in late May didn't give it the sales bump it had hoped for. In its top-selling home market of China, the EV giant's passenger car sales have declined for three straight months and the scrutiny that's come alongside its price cuts cloud the outlook for the second half. Investor qualm about the hit to profit margins has wiped more than US$20 billion (S$25.5 billion) from the company's market value and the aggressive discounts have attracted the ire of policymakers, who chided the industry for 'rate race competition' and warned car companies they should self-regulate on prices. Top stories Swipe. Select. Stay informed. Singapore Singapore and Cambodia to expand collaboration in renewable energy, carbon markets and agri-trade Asia US, India push for trade pact after Trump strikes deal with Vietnam: Sources Business Microsoft cutting 9,000 jobs companywide in second major wave of layoffs this year Opinion How Apple gave 'the gift of fire' to Chinese electronics firms Life Sean 'Diddy' Combs to remain jailed ahead of sentencing, judge rules Singapore Granddaughter of Hin Leong founder O.K. Lim fails to keep 3 insurance policies from creditors' reach Asia Dalai Lama says only his organisation can name his successor; Beijing pushes back World Iran's nuclear programme degraded by up to two years, Pentagon says Still, even with domestic momentum in China slowing, BYD has managed to sustain strong growth in Europe. Data released by Jato Dynamics indicated the Chinese automaker almost matched Tesla's European registrations in May, building on its initial out-performance of its US rival in April. It nearly quadrupled European sales in the first four months of 2025, figures from researcher Dataforce show. Pressured by regulators, BYD has ended some discounts in China and joined a collective industry pledge to standardise bill payments for suppliers to 60 days as authorities scrutinize the use of supply chain financing as a form of debt. BYD meanwhile has shelved plans to build a major plant in Mexico over geopolitical tensions and uncertainty stemming from US President Donald Trump's trade policies. The company remains interested in expanding in the Americas but has no timeline to make a new investment, BYD executive vice president Stella Li said in an interview on July 2 in the Brazilian state of Bahia, where the company is opening its first factory outside Asia. 'Geopolitical issues have a big impact on the automotive industry,' Ms Li said. 'Now everybody is rethinking their strategy in other countries. We want to wait for more clarity before making our decision.' US President Donald Trump announced sweeping tariffs on dozens of US trading partners and separate taxes on certain imports including autos, upending industry supply lines. General Motors in June said it would spend US$4 billion in a plan to shift production of several pickup and SUV models from factories in Mexico to the United States. BLOOMBERG
Straits Times
41 minutes ago
- Straits Times
US, India push for trade pact after Trump strikes deal with Vietnam: Sources
Sign up now: Get ST's newsletters delivered to your inbox WASHINGTON/NEW DELHI - US and India trade negotiators were pushing on July 2 to try to land a tariff-reducing deal ahead of President Donald Trump's July 9 negotiating deadline, but disagreements over US dairy and agriculture remained unresolved, sources familiar with the talks said. The push comes as Mr Trump announced an agreement with Vietnam that cuts US tariffs on many Vietnamese goods to 20 per cent from his previously threatened 46 per cent. Mr Trump said that US products could enter Vietnam duty free, but details were scant. Mr Trump threatened a 26 per cent duty on Indian goods as part of his April 2 'Liberation Day' reciprocal tariffs, which were temporarily lowered to 10 per cent to buy time for negotiations. Sources in India's commerce ministry said that a trade delegation from India was still in Washington a week after arriving for talks that started last week. They may stay longer to conclude a deal, but without compromising on key agricultural and dairy issues, the sources said, adding that it was unacceptable to lower tariffs on genetically modified corn, soybeans, rice and wheat grown in the US. Prime Minister Narendra Modi's government 'doesn't want to be seen as surrendering the interests of farmers - a strong political group in the country', one of the sources said. However, India is open to lowering tariffs on walnuts, cranberries and other fruits, along with medical devices, autos and energy products, the source said. A US source familiar with the talks said that there were 'indications that they are close' and negotiators have been told to prepare for a potential announcement. The source added that 'there's been intense and constructive effort to close a deal. I think both sides understand the strategic importance, beyond the economic importance, of closing a deal'. Mr Trump echoed those sentiments on July 1, telling reporters on Air Force One that he could reach a deal with India that would cut tariffs for both countries and help American companies compete in India's market of 1.4 billion consumers. At the same time, Mr Trump cast doubt on a potential deal with Japan, saying he may impose a tariff of 30 per cent or 35 per cent on Japanese goods, well above the 24 per cent duty rate he announced on April 2. Japan is seeking to lower separate 25 per cent automotive and steel tariffs that Mr Trump imposed. Spokespersons for the US Trade Representative's office, the Commerce Department and the US Treasury did not respond to request for comment on the state of trade negotiations with India and other countries. A spokesperson for India's embassy in Washington did not respond immediately to a request for comment. REUTERS
