News

The British government has announced that it will grant hundreds of licenses for North Sea oil and gas activity. This decision has angered environmentalists, who are concerned about the UK's commitment to net zero carbon emissions by 2050. The government says that the new licenses will help to secure the UK's energy supply and create jobs in the oil and gas industry. Environmentalists argue that the licenses are unnecessary and will only serve to prolong the country's reliance on fossil fuels. The market will be watching closely to see how the government progresses with its plans for CCS.

Ayala-led ACEN Corp. is investing P1.44 billion in five of its units to accelerate renewable energy projects in the Philippines, including solar and wind initiatives. The company aims to achieve 20 GW of renewable energy capacity by 2030. ACEN's investment aligns with the government's goal of a 35% renewable energy mix by 2030, utilizing policies like feed-in-tariffs and tax breaks. With a strong track record in renewable energy development, this investment is a significant step towards a cleaner energy future for the Philippines, reducing greenhouse gas emissions, creating jobs, and meeting the country's energy needs sustainably. 

Tesla has launched its Model Y SUV in Malaysia, priced starting at RM199,000. The launch is timely as Malaysia is phasing out gasoline-powered vehicles by 2040. Tesla is well-positioned to capitalize on this demand.

Toyota is developing a lunar rover powered by its fuel cell technology. The rover is designed to be used for exploring the moon and extracting water from lunar ice. The rover will be equipped with a variety of sensors and tools to help it explore the moon, including a drill to extract water from lunar ice, a camera to take images of the lunar surface, and a spectrometer to analyze the composition of the lunar soil. The rover will also be powered by Toyota's fuel cell technology, which is very efficient and produces no emissions. The development of Toyota's lunar rover is a significant step forward in the company's efforts to explore space. The rover will help Toyota to gather valuable data about the moon and to develop new technologies that could be used in future space missions.

The G20 energy ministers are meeting in Goa, India, this week to discuss energy security and climate change. The talks have been dominated by disagreements over renewable energy targets, with some of the world's biggest fossil fuel producers opposing a proposal to triple G20 countries' renewable energy capacity by 2030. The stakes are high, as the outcome of the meeting could have a major impact on the global effort to reduce greenhouse gas emissions and address climate change. It is important to watch the talks closely and to hold the ministers accountable for their actions.

Globetronics expects challenges in semiconductor industry due to macroeconomic issues. Q2 2023 net profit dropped to RM7.08mil, revenue dipped to RM31.51mil. Anticipates declining profitability, takes measures to minimize disruptions. 

The Vietnam defense industry is witnessing rapid growth due to increased military spending, prompting the government to allocate an additional $1 billion to the defense budget in July 2023. This surge in demand for advanced weapons systems has driven the need for hardware components like semiconductors, sensors, and electronic components, providing an opportunity for Vietnam to leverage its strong manufacturing base and skilled engineering workforce to meet these requirements and bolster its defense capabilities.

WasteX, a climate-tech firm, is accelerating the adoption of biochar in the Philippines. Biochar, derived from biomass, enhances soil quality, mitigates climate change through carbon storage, and serves as a fertilizer. Successful tests with poultry farms resulted in significant benefits, including reduced chicken mortality, decreased bedding use, increased egg production, and eradication of E. coli bacteria. WasteX plans to expand biochar's use to rice farming and aquaculture, benefiting the climate and agricultural sectors. Government officials and stakeholders support biochar's implementation, and WasteX's dedication is likely to inspire other companies, promising a bright eco-friendly future for biochar in the country. 

India is on the path to an electric vehicle (EV) revolution, according to a report by the Confederation of Indian Industry (CII). To accommodate the surge in EV adoption, India will need at least 1.32 million charging stations by 2030. The government's strong support for EVs has led to significant growth in consumer awareness and options, resulting in a threefold increase in EV uptake in 2022 compared to the previous year. The report suggests that if the momentum continues, around 106 million EVs will be sold annually by 2030. To maintain an ideal ratio of 1 charger for every 40 EVs, over 400,000 charging stations will need to be installed each year. This opportunity also positions India to become a global manufacturing hub for charging stations, fostering job creation and exports. The report recommends streamlining the approval process for charging infrastructure, incentivizing domestic manufacturing of EV charging components, and integrating charging networks into urban planning. To reduce dependence on imports, the report proposes offering incentives for domestic production of charging equipment.  
 

Infineon's trust in Malaysia elevates its role in the global semiconductor supply chain. Malaysia's strategic advantages and skilled workforce make it an attractive destination for high-tech investments, contributing to economic growth. Infineon's substantial investment reaffirms Malaysia's potential and importance in the semiconductor industry.