ASEAN members to promote EV ecosystem development

Indonesian Minister of Foreign Affairs Retno Marsudi (second right) at a press conference in Jakarta on April 5. (Photo source: Antara)

Jakarta - Several agreements will be sealed during the 42nd Association of Southeast Asian Nations (ASEAN) Summit in May this year, including the one on the development of electric vehicle (EV) ecosystem, according to Indonesian Foreign Affairs Minister Retno Marsudi.

At the high-level task force on economic integration meeting, ASEAN countries have reached an agreement to establish a supportive ecosystem for EVs in the region, the minister said at a press conference in Jakarta on April 5, adding that it will be finalised during the upcoming summit in May.

Indonesia is focusing on three priorities during its 4th term as ASEAN Chair. The theme of its chairmanship this year is “ASEAN Matters: Epicentrum of Growth” which comprises three pillars namely ASEAN Matters, Epicentrum of Growth, and the implementation of the ASEAN Outlook on the Indo-Pacific (AOIP).|

Under the Epicentrum of Growth pillar, Indonesia will seek to promote energy security to support the transition from fossil-based energy to clean and renewable energy, including the development of EV ecosystem in the region.

In March, ASEAN Cooperation Director at the Indonesian Ministry of Foreign Affairs Sidharto Suryodiputro said that the ecosystem’s establishment could begin with the setting of standards for EVs in ASEAN.

According to Retno, as one of the largest economies in the world, ASEAN should be able to set its own standards, noting that EV-producing countries such as China, the Republic of Korea, and the US have their own sets of standards.

The official said Indonesia will host the ASEAN-Indo-Pacific Forum (AIPF) to promote AOIP. This important event will be held in Jakarta on September 5-7 on the sidelines of the 43rd ASEAN Summit, she added.

Retno also announced that under the chair of Indonesia, ASEAN member countries have committed to using local currencies in cross-border trade transactions in an effort to enhance financial stability in the region.

New version of ASEAN taxonomy hoped to help with coal phase-out The Association of Southeast Asian Nations (ASEAN) has recently launched the second version of its taxonomy for sustainable finance, expected to help the region unlock financing for coal phase-outs.

ASEAN supports companies to utlise QR code purchasing across region Chairman of the ASEAN Business Advisory Council (ASEAN-BAC) Arsjad Rasjid, who is also Chairman of the Indonesian Chamber of Commerce and Industry (KADIN), on April 3 said that ASEAN-BAC will support micro-, small-, and medium-sized enterprises (MSMEs) in the region to implement QRcodeASEAN initiative.

ASEAN needs 29.4 trillion USD for energy transition to renewables Indonesian Energy Minister Arifin Tasrif has said that ASEAN countries need accessible low-carbon technologies and low-interest financing from multiple sources to achieve their net-zero targets.