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Singapore has announced a commitment to achieve net zero emissions by 2050 and to reduce emissions to about 60 million tonnes in 2030, which it submitted to the United Nations Framework Convention on Climate Change at COP 27.  

The National Hydrogen Strategy was also released in October which outlines their intention for hydrogen to supply up to half of Singapore’s power needs by 2050. The Strategy explains how Singapore can accelerate its focus on hydrogen to help meet its climate goals, including:

  • Experimenting with hydrogen technologies to help assess the commercial viability of projects;
  • Research and development of technologies to accelerate the importation, handling and utilisation of low-carbon hydrogen at scale;
  • Facilitating the formation of supply chains to support global trade;
  • Developing infrastructure and land plans to support the importation, storage and transformation of hydrogen into power; and 
  • Supporting training for skills that enable the hydrogen ecosystem. 

The plan also offers opportunities for greater collaboration between the private sector and government and grants for some projects and initiatives.   


The Ministry of Industry and Trade in Vietnam has clarified how the electricity generation price brackets will be calculated for transitional wind and solar projects. This should provide more certainty for businesses and help attract financing for these projects. While this is good news there is still some uncertainty over several issues, like how the electricity generation price will be implemented and how the price will be adjusted for exchange rate fluctuations.    

In addition, the government has issued a Notice about its development plan for solar power. This includes instructions to relevant ministries to study and assess the impact of rooftop solar power for the purpose of self-consumption rather than selling it to the national grid. This is intended to bring the number of solar power projects under control as they have been overloading the grid. 


In India, the Ministry of Power announced its Green Hydrogen Policy this year. This includes:

  • The waiver of interstate transmission charges for 25 years;
  • Permitting banking for 30 days for renewable energy used for making green hydrogen or green ammonia. The charges for banking will be fixed by the State Commission but will be no more than the difference between the average tariff of renewable energy bought by the distribution licensee in the previous year and the average market clearing price in the Day Ahead Market in the month the renewable energy is banked; 
  • Priority being given to connectivity; and
  • The allotment of land in Renewable Energy Parks for the manufacture of green hydrogen and green ammonia. 
  • The government has also proposed to set up Manufacturing Zones for green hydrogen and green ammonia.

The Central Energy Regulatory Commission issued new general network access rules this year. These allow developers and consumers to interconnect with the grid to inject or withdraw power without a specific transmission route. Developers will also no longer need to specify who the target beneficiaries are when connecting. The Ministry of Power has also extended a waiver on the payment of interstate transmission system charges for the transmission of electricity generated from projects that use solar and wind resources. The waiver is also extended to hydro-pumped storage plants and battery energy storage system projects commissioned until 30 June 2025. 

Some states in India have also introduced incentives to accelerate the adoption of electric vehicles.  While the government has also set targets for the installation of rooftop solar capacity to strengthen the grid and improve energy security. This is coupled with programs that provide financial assistance to set up rooftop solar plants and incentives to install additional grid-connected rooftop capacity. 


On 16 October 2022, President Xi Jinping confirmed China’s commitment to a green economy. He highlighted the need to improve fiscal, taxation, financial, investment and pricing policies to support a green economy. In addition, he confirmed the need to continue to support market-based allocation of resources to low-carbon industries and accelerate research and development to carbon emission reduction technologies, encourage green consumption and promote a low-carbon production. In addition, he confirmed that mechanisms are needed to realise the market value of green goods and services and improve compensation for ecological conservation. 

We will no doubt see continued development in the area of renewable energy and environmental conservation across Asia as the global transition towards green energy continues. 


Environmental, Social and Governance (ESG) isn’t new to Australia, but it’s expected to become a more important aspect of business in the coming years. With shareholders and institutional investors paying close attention to business activities with an ESG lens we can expect more focus on this area. A recent example is the HESTA superannuation fund choosing to very publicly vote against the AGL demerger proposal on ESG grounds.

As in the example of AGL, pressure from investors on ESG issues can not only influence corporate strategy but actually change it completely. Internationally for example, investors have used their influence to require companies to commit to waste reduction and link achievement of reduction targets to executive compensation. 

In Australia, investors can exert their influence by having discussions with management, voting on specific issues at an AGM or even calling a general meeting and instigating resolutions to remove directors of the company. Under the Corporations Act 2001 (Cth), the power to call a general meeting is possible at the request of members who hold at least 5% of the votes. 

Investors are increasingly aware of their potential power and some are actively using it to ensure ESG agendas are paid more than lip service. Companies need to not only be aware of this risk, but actively manage it to ensure that their corporate strategy meets the expectations or requirements of significant shareholders. 

Traditionally an ESG rating system has been used to rank business performance in ESG matters, but there are shortfalls to this method that are increasingly being questioned.  For example, there is no standard international method to calculate ratings that means they can be inconsistent. The ratings often also focus on the financial impact on the individual business rather than the impact on society and the environment as a whole. The International Sustainability Standards Board is currently reviewing standards with a view to establishing general requirements for sustainability and climate-related disclosures. This will build on the Taskforce on Climate-related Financial Disclosures. 

Currently in Australia, the Taskforce on Climate-related Financial Disclosures is voluntary but several countries are introducing mandatory disclosures and it’s expected that this may be considered here as well. While the International Sustainability Standards Board can’t mandate their requirements, the government may very well choose to. This would add to the existing ESG disclosure requirements that currently exist in Australia. 

The current ESG disclosure requirements focus on high profile or high risk issues, such as slavery and gender equality. The ESG Reporting Guide for Australian Companies provides some useful guidance for companies on what information investment analysts require and what indicators may be used to assess business performance against ESG issues. This is a helpful starting point for organisations looking to get ahead of potential changes to ESG reporting and to ensure investors have the information they need to make sound decisions.