Business groups call for regionwide plans to tackle plastic use, boost climate finance

SOUTH-EAST Asia should come up with a plan to phase out single-use plastics, one regional business group has suggested in a fresh report on sustainability, while another industry association called for a ramp-up in regional green finance infrastructure.

The EU-Asean Business Council (EU-ABC) called on Thursday (Nov 18) for Asean to work towards ending the use of products such as plastic bags and straws, through requirements such as mandated minimum level of recycled plastic, and taxes on the amount of virgin plastic used.

Government support for research into sustainable and biodegradable plastic alternatives, as well as a green finance mechanism to fund the transition from single-use plastics to such sustainable materials, were among the other suggestions put forward by the council.

EU-ABC executive director Chris Humphrey called the proposals "a series of easily executable recommendations" that can show Asean states' commitment to tackling environmental issues.

Said Humphrey in a statement: "Now is also the time for the Asean region to begin to put meat on the bones of their recently announced circular economy framework.

"Moving to accelerate measures aimed at reducing and ultimately eliminating single-use plastics in the region should be an easy first step in that process."

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Separately, climate finance in Asean would benefit from clearer regional standards around audit, disclosure and requirements, according to a different report from the British Chamber of Commerce in Singapore and the Institute of Chartered Accountants in England and Wales.

The report noted "a rapid growth of climate finance capabilities within the region", especially green bond issuances in Singapore and sustainability-linked Islamic sukuk in Malaysia.

"Nevertheless, the need for greater urgency in addressing climate issues figured strongly in our interviews, not only in developing climate finance but also in the need for ambitious near- and longer-term decarbonisation targets," they added in the report on Thursday.