APEC members to look at policies on EVs

by AZALEA AZUAR

THE Asia-Pacific Economic Cooperation’s (APEC) members will be looking at new policies that will be implemented on new-technology vehicles. This is to meet climate commitments and realise its APEC Putrajaya Vision 2040.

The APEC Automotive Dialogue was held for automotive industry players and the government to discuss a wide range of issues in the sector.

These include the benefits of environmental and vehicle safety regulatory cooperation, convergence and harmonisation in advancing trade facilitation, as well as promoting connectivity in the region.

According to its deputy director general of Thailand’s Office of Industrial Economics Krit Chansuwan, he advised automotive players in the Asia-Pacific region to seize the momentum and push ahead with their net zero and low emission commitment.

This will help contribute to economic recovery and address global environmental concerns which are also in line with APEC’s bio-circular-green economic model.

“While electric vehicles (EVs) are the go-to solution for the auto industry to achieve a net zero or low-carbon future, we need to remember that each APEC economy is unique. Therefore, we need multiple approaches to achieve our climate commitments.

“Both policymakers and industry players recognise the critical role of a policy because without it the industry will not be able to fast-track technology deployment and make the necessary transition,” he said in a statement.

Although APEC’s members have become progressive in transitioning to EVs, there is still more that needs to be done.

It hopes that officials and experts will look to introduce policies which reduce the price of new-technology vehicles, tax credits, subsidies and rebates, among others, as it hopes to reduce global carbon dioxide emissions by 45% by 2030.

Moreover, the dialogue also highlights the urgent need to incentivise innovation; research and development; and manufacturing and recycling the components of new-technology vehicles such as batteries and semiconductors.

It also addresses the challenges on infrastructure charges where industry players have recommended support from policymakers in developing and funding EV charging plans.

This to make EV charging stations widely available and easily accessible to smoothen the transition and boost market confidence.

On the other hand, the participants who attended APEC’s dialogue believe in the importance of having carbon dioxide emission targets which are stable, transparent and predictable.

These will provide a clear direction and a signal to long-term industry players and investors that these shifts can be made progressively.

In order to identify and integrate new and emerging sustainable transportation and mobility technology and services, the dialogue will continue their collaboration on other APEC groups such as the Energy Working Group and Transportation Working Group.