Beyond Horizons
Trailblazing Tales from Asia
Your exclusive gateway to the latest developments across transportation and space, and most importantly, how to finance it all - debt, equity, and defi! We follow and forecast where the money’s at.
Join us as we navigate through the latest roundup to uncover key developments across the region.
**Nothing in this article is intended to be or should be construed as legal or financial advice.*
Announcment
I’m excited to announce that I’ll be speaking at the upcoming Growth Frontiers Conference, part of the Airline Economics Conference in London.
Join me as I share insights on sustainability-linked loans in the aviation industry!
This year's event will take place on 9th - 10th September. The delegate pass grants access to the conference at the Central Hall Westminster, as well as to all associated events, including the Aviation Finance & Leasing School (sponsored by KPMG), a Networking Reception, and entry to the Airline Economics Pub at the Westminster Arms.
Learn more about the event here!
Reach Out!
For more resources and expert insights on aviation law and policy, visit me at Beyond Horizons, a specialized legal service delivered by Bethel Chambers LLC.
Beyond Horizons offers comprehensive legal services focused on advancing innovative technologies and sustainability in transportation and aerospace.
Our team excels in cross-border transactions, climate and tech financing, and navigating the complex regulatory landscape.
Whether you're involved in aviation finance, biofuels, or the transformation of financial markets, Beyond Horizons is your partner in driving the energy transition and shaping the future of transportation.
Read
China’s New Policy on Sustainable Aviation Fuel (SAF): A Step Towards Greener Future
Sekarsari Sugihartono’s article on China’s Sustainable Aviation Fuel (SAF) policy highlights the country’s ambitious goals to reduce aviation's carbon footprint and establish China as a leader in the global SAF market. However, Sugihartono argues that the policy faces significant challenges, including the scalability of SAF production, environmental concerns related to feedstock sourcing, and the economic viability of widespread adoption due to high costs.
Overcoming these obstacles will require substantial investment, innovation, and international collaboration, states Sugihartono. Nonetheless, if successful, China’s SAF policy could serve as a model for other countries aiming to decarbonize their aviation industries.
As the global aerospace industry stands on the cusp of its next great leap forward, many are focused on the skies above our cities. However, according to Peter Smith, a leading aviation strategist and one of the minds behind Australia’s modern aerospace industry, the real opportunities lie elsewhere. Smith envisions a future where advanced air mobility (AAM) transforms not just urban landscapes but regional areas across Australia and beyond.
In this insightful report, Uprising in the Regions, Smith outlines how AAM—powered by the latest advancements in uncrewed aircraft technology—could redefine passenger air transport as we know it. While much of the public attention has been centered on the potential of flying taxis and other urban aerial innovations, Smith argues that the true benefits of this technology will be most felt in regional areas.
Australian Government’s Aviation White Paper: Vision for 2050
The Australian Government's Aviation White Paper outlines a vision for the country's aviation sector through 2050, aiming to enhance safety, competitiveness, productivity, and sustainability. Addressing the current shortfalls in the sector, the White Paper presents 56 policy initiatives across ten key areas, including passenger experience, aviation efficiency, workforce development, net zero goals, regional connectivity, general aviation, airport planning, safety, new technologies, and global connections.
The White Paper also introduces a new independent Aviation Industry Ombuds Scheme, with a consultation paper currently open for public feedback.
Global Advanced Air Mobility Forum Summary Report
The US-based Advanced Air Mobility Institute has released the summary report from the 2024 summer session of the Global Advanced Air Mobility Forum (GAAMF), a two-day virtual event held in July.
The report features insights from 60 speakers across various AAM sectors and captures perspectives from participants in 48 countries on the future of air mobility.
Advanced Air Mobility Reality Index August 2024 Release
US-based SMG Consulting has released the August 2024 edition of the Advanced Air Mobility (AAM) Reality Index. This update includes data collected since June 2024.
The new AAM Reality Index release will be featured in Aviation Week's Advanced Air Mobility Report website.
Events
ICAO Advanced Air Mobility Symposium (AAM 2024)
The International Civil Aviation Organization's (ICAO) first Advanced Air Mobility Symposium (AAM 2024) will be held in Montréal, Canada, from September 9 to 12, 2024.
The symposium, themed "Global Harmonization and Interoperability: Challenges and Opportunities," will focus on advanced air mobility (AAM), electric vertical take-off and landing (eVTOL) aircraft, vertiports, and airspace integration. It aims to bring together stakeholders from industry, academia, government, and international organizations to discuss research, best practices, and integration challenges.
For more information, visit the symposium website or contact RPASEvents@icao.int.
Malaysia Aviation Safety Seminar 2024
The Civil Aviation Authority of Malaysia (CAAM), in collaboration with Boeing and the Federal Aviation Administration (FAA), will host the Malaysia Aviation Safety Seminar 2024 (MASS ’24) in Kuala Lumpur on 18-19 September 2024. The event will gather over 500 global and local aviation leaders to discuss advancements in aviation safety, with a focus on sustainability and resilience.
For more details, see here.
Summary
Financing & Investments: AIIB Issues First Digitally Native Note on Euroclear’s Platform; Cathay Pacific to Repurchase Warrants from Hong Kong Government; Thailand to Cut Tax Rates and Boost Incentives to Attract Investment; Chinkerpoo Trust Sells 5.25% Stake in InterGlobe Aviation with Morgan Stanley Among Buyers; Qantas Announces A$400 Million Share Buyback Amid Profit Drop and Fleet Renewal; Vinpearl Issues $150 Million International Bonds Amid Strong Business Performance; and TransTRACK Secures $12 Million Series A Funding for Southeast Asian Expansion
Environmental Sustainability: NGOs Challenge EU’s Green Finance Criteria for Fossil Fuel Planes and Ships; Indian Airports Achieve Highest Level of Airport Carbon Accreditation; Acer and Dimerco Express Partner to Use SAF with Cathay Cargo; Australian Senate Passes Climate-Related Financial Disclosure Legislation; and IEEFA Report Urges ASEAN+3 to Boost Sustainable Bond Markets by Emulating Europe
Aviation: Air China and China Southern Airlines Receive First C919 Aircraft; Malaysia Airlines' AOC Cut to One Year Following Safety Review; ExecuJet Haite and CBM Launch New Facilities at Beijing Daxing International Airport; ACCC to Monitor Domestic Airfares Following Rex’s Withdrawal; and Vistara to Cease Operations on Nov 11 as Merger with Air India Advances
Advanced Air Mobility: XPeng AeroHT Debuts Flying Car in Chengdu; Shanghai Aims to Lead in Low-Altitude Aviation with 'City of Sky' Plan; WA Police Trials Drone First Responder System with RocketDNA; EHang Reports Record Growth and Expansion in Q2 2024; and Quebec Firefighters Use Australian Drone Technology to Tackle Severe Bushfire Season
Cybersecurity: FlightAware Alerts Users to Data Exposure Due to Configuration Error; and State Bank of Vietnam Warns of Phishing Scams Posing as Central Bank
Artificial Intelligence: Singapore Computer Society Launches Updated AI Ethics Framework; and Singtel and Hitachi Partner to Enhance AI-Driven Data Centers in Japan and Asia Pacific
Marine: Singapore to Return Illegal Toxic Waste Shipments to Albania; PETRONAS, ADNOC, and Storegga Partner on Major CO2 Storage and CCS Development Project in Malaysia; HD Korea Shipbuilding to Lead Hydrogen Fuel Cell Market with $80 Million Investment; and India to Sign High Seas Treaty, Establish New Mechanism for BBNJ Agreement
Space: Korea Aerospace Administration Seeks 27% Budget Increase for 2025; Protégé Ventures Invests in Singapore’s First Space-Tech Startup, Equatorial Space Systems; and Japan Ends Moon Lander Mission After Losing Communication
Financing & Investments
Asia
The Asian Infrastructure Investment Bank (AIIB) has issued its first digitally native note (DNN) on Euroclear's Digital Financial Market Infrastructure (D-FMI), marking Euroclear’s first digital USD issuance. The DNN, rated triple-A by Moody’s, Standard & Poor’s, and Fitch Ratings, successfully raised USD 300 million to support AIIB’s sustainable development bond program. The issuance was supported by BMO Capital Markets as a dealer, Citi as both a dealer and issuing and paying agent, and Euroclear Bank as the issuer central securities depository.
💡Additionally, bond clearing is available through the Hong Kong Monetary Authority’s Central Moneymarkets Unit (CMU) and the SIX Swiss Exchange (SIX).
Hong Kong
Cathay Pacific Airways Limited has agreed to repurchase all warrants issued to the Hong Kong SAR Government for at least HK$1.53 billion. The buyback, expected to finalize within ten business days, will prevent potential share dilution for shareholders. The agreement follows the airline’s HK$39 billion recapitalisation in 2020, which included preference shares, a rights issue, and an expired bridge loan.
💡Last month, Cathay also repurchased all remaining preference shares and paid HK$2.44 billion in dividends.
Thailand
Thailand's Ministry of Finance is set to lower tax rates and offer a range of incentives to attract investment, reports the Nation. Deputy Minister Phaophum Rojanasakul announced plans to target eight key sectors, including tourism and finance, and highlighted a 64% rise in investment applications this year. Efforts will focus on making Thailand a competitive financial hub with both tax and non-tax benefits.
💡A large working committee is drafting new financial legislation, expected in two months, to support these goals.
India
The Chinkerpoo Family Trust, a major shareholder in InterGlobe Aviation, sold a 5.25% stake worth Rs 9,548 crore in open market transactions on Thursday. The trust sold 2.02 crore shares at Rs 4,715.89 each. Morgan Stanley Asia (Singapore) Pte purchased 0.74% of the stake.
💡The sale reduced the Chinkerpoo Family Trust's holding from 13.49% to approximately 8.24%. InterGlobe Aviation's shares closed 2.06% lower at Rs 4,758.95.
Australia
Qantas Airways announced a A$400 million share buyback plan on Thursday, despite a 16% decline in annual profit due to rising fuel costs and fare normalization. The airline's profit before tax fell to A$2.08 billion, while profit after tax dropped 28.1% to A$1.25 billion. Qantas expects fuel costs to remain steady, but international unit revenue is projected to decline by 7%-10% in the first half of fiscal 2025, with a return to positive revenue anticipated by the fourth quarter.
💡The airline is also focusing on promotions and improved in-flight services following reputational issues and did not declare a final dividend for the fifth consecutive year.
Vietnam
Vinpearl, a major Vietnamese enterprise, recently issued 750 bonds with a total value of $150 million. The bonds, each valued at $200,000, have a five-year term, maturing on August 20, 2029. The issuance follows a $425 million exchangeable sustainable bond issued in September 2021, set to mature in 2026 with a 3.25% annual coupon rate.
In 2023, Vinpearl earned a profit of VND670.6 billion ($27 million), down from VND4.23 trillion ($170.4 million) in 2022, and achieved a 5% return on equity. The company's owner's equity rose by 57% to VND13.32 trillion ($536.5 million).
Additionally, in late 2023, Vingroup spun off Vinpearl JSC to create a new subsidiary, Ngoc Viet Business and Trading JSC, with expected charter capital of VND20.42 trillion ($822.5 million), where Vingroup retains over 99.96% ownership.
💡Vinpearl operates 36 hotels and resorts with over 18,500 rooms across 17 major Vietnamese tourist destinations, including Phu Quoc and Nha Trang.
Indonesia
Indonesian fleet-tracking startup TransTRACK has raised $12 million in an oversubscribed Series A round, led by Eurazeo and Cocoon Capital, with participation from IFP Securities, Bintang Delapan, and AppWorks. The funding will fuel TransTRACK’s expansion across Southeast Asia, including Indonesia, Singapore, and Malaysia, and extend its reach to Australia and Taiwan.
💡Founded in 2019, TransTRACK provides a platform for fleet management and supply chain optimization using AI and IoT. Its solutions aim to enhance logistics efficiency and cut costs, serving over 1,200 customers across 160 cities.
Environmental Sustainability
European Union
A coalition of NGOs, supported by 35,000 citizens, has taken legal action against the EU Commission over its decision to include fossil fuel planes and ships in the EU Taxonomy for sustainable finance. The coalition—comprising Dryade, Fossielvrij NL, Protect Our Winters Austria, Opportunity Green, and CLAW—argues that the new criteria permit investments in highly polluting aviation and shipping technologies under the guise of "green" finance.
💡The NGOs are seeking a review of these criteria through a lawsuit filed with the European Court of Justice. They claim the criteria misrepresent sustainability and could undermine climate goals by directing funds to industries with long-term environmental impacts.
India
Indira Gandhi International Airport (DEL) and Kempegowda International Airport (BLR) have achieved Level 5 Airport Carbon Accreditation, the highest standard for carbon neutrality. DEL reduced Scope 1 and 2 emissions by 90% and is working towards net zero Scope 3 emissions by 2050. BLR cut Scope 1 and 2 emissions by 95.6%, reaching its goal seven years early, with measures including 100% renewable energy and carbon offset projects.
💡The Airport Carbon Accreditation Programme, facilitated by Airports Council International (ACI), certifies airports that achieve and maintain a net zero carbon balance for Scopes 1 and 2 emissions—direct emissions from owned sources and indirect emissions from purchased energy. Scope 3 emissions, which are indirect and occur throughout the value chain, require a commitment to achieve net zero by 2050 or earlier.
Taiwan
Acer has teamed up with logistics firm Dimerco Express to utilize sustainable aviation fuel (SAF) on Cathay Cargo flights, aiming to reduce carbon emissions. This initiative is part of Acer's Earthion sustainability platform, which targets net-zero emissions by 2050.
💡The company plans to achieve 100% renewable electricity by 2035 and reduce energy consumption of its computer products by 45% by 2025.
Australia
On August 22, the Australian Senate passed the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024, which includes a new mandatory climate-related financial disclosure regime. The legislation, largely unchanged from its March 2024 draft, now awaits final approval from the House of Representatives before receiving royal assent.
Under the new regime, entities such as listed and unlisted companies, financial institutions, and large asset owners must prepare sustainability reports based on specific size criteria or asset values. Reporting requirements differ by entity group:
Group 1 Entities: Must report from January 1, 2025.
Group 2 Entities: Must report from July 1, 2026.
Group 3 Entities: Must report from July 1, 2027.
Exemptions apply to small businesses and certain charities. Reporting must align with sustainability standards set by the Australian Accounting Standards Board (AASB), which is expected to finalize its standards in late 2024.
💡See PWC Australia’s report for more information.
ASEAN, China, South Korea, and Japan
The Institute for Energy Economics and Financial Analysis (IEEFA) has published a report advocating for increased public sector engagement to develop sustainable bond markets in the ASEAN+3 region (ASEAN, China, South Korea, and Japan). According to the report, sustainable bond markets in this region are underdeveloped compared to Europe, largely due to limited public sector involvement.
The report highlights that the public sector plays a vital role in fostering robust sustainable bond markets. European markets have benefited from active public sector participation, which includes sovereign and government-related issuances, supported by strong regulatory frameworks and comprehensive taxonomies. This involvement has contributed to greater market depth, investor confidence, and infrastructure for green instruments.
💡The IEEFA report recommends that ASEAN+3 countries enhance public sector participation to improve market liquidity, set benchmarks, and address investment gaps in sustainable projects. By adopting successful European strategies, the region can elevate its market standing and contribute more effectively to global sustainability goals.
Aviation
China
On August 28, Air China and China Southern Airlines took delivery of their first C919 aircraft at COMAC's Pudong base. Air China received an extended range, two-class C919 with 158 seats, while China Southern's aircraft is a standard range, three-class model with 164 seats.
💡To date, nine C919 aircraft have been delivered, including China Eastern Airlines' units, which have been in operation for 15 months.
Malaysia
Malaysia's civil aviation authority has reduced Malaysia Airlines' air operator certificate validity from three years to one following an investigation into technical and safety issues. The probe revealed significant concerns, including a shortage of skilled workers and mechanical components. In response, the airline has launched a mitigation plan, including aggressive recruitment and reduced reliance on third-party maintenance. Malaysia Airlines will be required to submit monthly progress reports, with annual audits needed for certificate renewal.
💡The airline's parent company, Malaysia Aviation Group, also announced temporary flight reductions, which may impact revenue despite a recent return to profitability.
China
ExecuJet Haite Aviation Services China and Capital Airport Holding Business Aviation Management (CBM) have inaugurated their new facilities at Beijing Daxing International Airport. ExecuJet Haite’s new MRO facility, spanning 7,150 m², offers extensive maintenance services for various aircraft types and is set to be fully certified soon. CBM’s FBO, the largest in China, features 85 parking spaces, 12 VIP rooms, and dedicated channels for domestic, international, and VVIP passengers.
💡Beijing Daxing International Airport, the largest business aviation hub in Asia Pacific, features a 400,000 m² dedicated zone for business aviation.
Australia
The Australian Competition and Consumer Commission (ACCC) will continue to monitor domestic airfares between metropolitan cities after Rex’s withdrawal from these routes. According to the latest report, there have been improvements in airfares, fewer cancellations, and better on-time performance in early 2024. However, the ACCC warns that the absence of Rex could limit competitive benefits for consumers.
Rex remains crucial for regional routes, with government guarantees for bookings during its administration. The exit of Rex and Bonza leaves no domestic route with more than two competing airlines, potentially impacting fares.
💡The ACCC notes that increased competition generally results in lower fares and will monitor the situation to ensure fair pricing and maintain market competition.
India-Singapore
Vistara will cease operations on November 11, 2024, with its flights being operated by Air India as part of a merger, according to Reuters. Singapore Airlines, which owns 49% of Vistara, has received approval for foreign investment in Air India, a key step in the merger process.
The merger, originally planned for March 2024, is now expected to be completed by the end of 2024, pending an extension of the agreement deadline.
💡From September 3, 2024, Vistara bookings for dates after November 11 will be redirected to Air India.
Advanced Air Mobility
China
Xpeng AeroHT announced on LinkedIn the successful debut flight of its flying car in Chengdu, showcasing the future of urban air mobility. The company also revealed a new strategic partnership with Sichuan General Aviation Investment Management Co., Ltd. to develop the low-altitude economy in Western China.
💡In early August, Xpeng AeroHT secured $150 million in Series B1 funding and started Series B2 funding. The company plans to build a large-scale factory in Guangzhou Development Zone for mass production of its modular flying car, the "Land Aircraft Carrier," with pre-sales expected in the fourth quarter of this year.
China
Shanghai has announced a plan to become a "City of Sky" within three years, aiming for a low-altitude industry worth over 50 billion yuan ($7 billion) by 2027. The initiative will create a comprehensive low-altitude aviation ecosystem, covering research, design, manufacturing, and commercial applications of new aircraft.
The plan includes support for electric vertical takeoff and landing (eVTOL) aircraft and uncrewed aerial vehicles (UAVs), as well as collaboration with Yangtze River Delta cities to develop a national low-altitude economic demonstration area. This effort aims to enhance infrastructure and expand commercial applications in the sector.
💡An interprovincial low-altitude passenger transport route between Shanghai Pudong International Airport and Kunshan City Terminal in Jiangsu province began commercial operations on August 18.
Australia
Western Australia Police have chosen RocketDNA to trial its "drone first responder" (DFR) system, featuring transportable "drone-in-a-box" stations. The year-long trial, beginning at Yanchep Police Station, will test the drones in emergency response, surveillance, and search and rescue operations.
💡RocketDNA's system, known for its endurance and weather resilience, aims to enhance law enforcement efficiency across the state. The trial will be conducted in three phases, including BVLOS (beyond visual line of sight) operations, subject to CASA approval.
China
EHang Holdings Limited reported record-breaking results for Q2 2024, delivering 49 EH216 units, the highest quarterly volume to date. Revenue soared to RMB102 million (US$14 million), a 919.6% increase from the previous year and a 65.3% rise from Q1 2024. Gross margin improved to 62.4%, but operating loss widened slightly to RMB77.4 million (US$10.7 million). Adjusted operating loss dropped 90.9% to RMB4.7 million (US$0.6 million), while adjusted net income turned positive at RMB1.2 million (US$0.2 million).
Key achievements include obtaining the world’s first Production Certificate for the EH216-S and securing significant orders, such as RMB113 million (US$15.5 million) for 50 units in Shanxi and a substantial purchase plan in Zhejiang. EHang also expanded its global footprint with successful eVTOL flights in the UAE and Saudi Arabia.
💡The company ended the quarter with RMB988.2 million (US$136 million) in cash and equivalents.
Canada-Australia
Quebec's firefighters are deploying the Volanti drone from Australia's Carbonix to address a severe bushfire season, potentially as intense as 2023. This year, Canadian Rockies face historic blazes, with fires impacting 30% of Jasper. The Volanti, an all-electric fixed-wing UAS, is used for rapid aerial surveys and fire monitoring, equipped with advanced sensors for comprehensive data collection.
Partnering with Exo Drone and ArgenTech Solutions, Carbonix's technology aims to enhance wildfire detection and management. The drones offer significant cost and environmental benefits, potentially reducing operating costs by up to 80% and CO2 emissions by up to 98%, while improving safety and operational efficiency in combating wildfires.
Cybersecurity
Global
FlightAware has notified users of a data breach dating back to 2021, due to a "configuration error" recently discovered on July 25, 2024. The exposed data may include email addresses, passwords, and personally identifiable information (PII) such as full names, birth years, and Social Security Numbers.
The company, with 12 million registered users, is still assessing the impact and has required affected users to reset their passwords. FlightAware has addressed the issue but has not confirmed the extent of data theft or the total number of users impacted.
💡To protect against potential identity theft and phishing attacks, users should change their passwords, use strong password practices, enable two-factor authentication, and stay vigilant for suspicious emails. For support, users can contact FlightAware at privacy@flightaware.com.
Vietnam
The State Bank of Vietnam (SBV) has issued a warning about a phishing scam involving fraudsters impersonating the central bank. The scammers are sending emails that mimic the SBV, claiming to require updates to biometric information for banking purposes. These emails falsely reference SBV Decision No. 2345/QD-NHNN and include a fake email address, “no-reply@sbvgov.site,” with the decision's text attached to seem authentic.
💡The SBV advises the public to only trust information from its official e-Portal and to avoid responding to unsolicited emails or providing personal details to unverified sources.
Artificial Intelligence
Singapore
The Singapore Computer Society, in collaboration with the Infocomm Media Development Authority (IMDA), has released the AI Ethics & Governance Body of Knowledge Version 2.0 (BoK 2.0). This updated framework aims to guide the ethical and responsible use of artificial intelligence (AI) technologies in response to rapid advancements in the field.
BoK 2.0 builds on the original framework launched in 2020, incorporating lessons from the rise of generative AI, such as OpenAI’s ChatGPT. It introduces enhanced guidelines on human safety, fairness, privacy, and data governance, and is structured around four key pillars: internal governance, operations management, human-centricity, and stakeholder communications.
💡The new edition broadens its focus to include a wider range of AI applications and industries, offering practical insights, case studies, and a stronger emphasis on stakeholder engagement. BoK 2.0 aims to help organizations navigate the ethical challenges of AI adoption while fostering innovation and maintaining public trust.
Japan
Singtel and Hitachi have signed a Memorandum of Understanding (MOU) to collaborate on developing next-generation data centers and GPU Cloud services in Japan and potentially across the Asia Pacific region. The partnership will leverage Singtel’s data center and connectivity expertise, combined with Hitachi’s capabilities in data center integration, including green power solutions and advanced IT systems.
💡Building on a previous partnership to integrate Singtel's Paragon platform with Hitachi’s AI applications, the MOU focuses on addressing the rising demand for AI and cloud services in Japan, one of the fastest-growing data center markets in the region. The companies will explore opportunities to develop sustainable, AI-ready data centers and enterprise applications, aiming to reduce costs and accelerate AI deployment for businesses.
Marine
Singapore
Two shipments of undeclared toxic steel furnace dust, containing harmful heavy metals like zinc and lead, were intercepted in Singapore in August. Originally from Albania and en route to Thailand via Italy, the cargo was transported by Maersk on vessels that suspiciously went off radar during their journey. Singaporean authorities, informed by the Basel Action Network, have decided to return the hazardous waste to Albania in compliance with the Basel Convention.
💡The incident highlights Southeast Asia's ongoing struggle with illegal waste dumping from foreign countries.
South Korea
South Korea's HD Korea Shipbuilding & Offshore Engineering (HD KSOE) is set to advance in the global hydrogen fuel cell market with an $80 million investment in Finnish company Convion. The acquisition, made through HD KSOE’s subsidiary HD Hydrogen, grants them control of Convion’s solid oxide fuel cell (SOFC) and electrolyzer cell (SOEC) technologies.
Convion, established in 2012, is recognized for its commercial SOFC systems. HD KSOE plans to leverage this acquisition to enhance its market position, supported by previous investments in hydrogen technologies and partnerships with other industry leaders.
💡The move aligns with the growing market for hydrogen fuel cells and water electrolysis, projected to expand significantly by 2040.
Malaysia-UAE
PETRONAS, ADNOC, and Storegga have signed a Joint Study and Development Agreement (JSDA) to explore carbon dioxide (CO2) storage in saline aquifers and the development of carbon capture and storage (CCS) facilities in the Penyu Basin off Malaysia. The agreement aims for a minimum CO2 capture and storage capacity of 5 million tonnes per annum by 2030. It includes studies on CO2 shipping, geophysical and geomechanical modeling, and reservoir simulation, with a focus on incorporating advanced technologies like AI. This partnership supports Malaysia’s goal of becoming a regional CCS hub and aligns with ADNOC’s target of 10 million tonnes per annum CO2 capture by 2030.
💡The initiative will also strengthen economic ties between Malaysia and the UAE and is expected to accelerate regional CCS deployment.
India
India is set to sign the Biodiversity Beyond National Jurisdiction (BBNJ) Agreement, also known as the High Seas Treaty, at the upcoming United Nations General Assembly next month. PK Srivastava, Advisor to the Union Ministry of Earth Sciences, announced that a dedicated institutional mechanism will be established to oversee the treaty’s implementation, including necessary regulations and modifications to existing legislation. The Environment Protection Act 1986 may be utilized for environmental impact assessments related to the treaty.
💡Grinson George from the Central Marine Fisheries Research Institute reported that the carbon footprint of India's marine fisheries is 17.7% lower than the global average, and 91.1% of India’s marine fish stocks are considered healthy.
Space
South Korea
The Korea Aerospace Administration (KASA) has requested a 27% increase in its 2025 budget, totaling 964.9 billion won ($724.8 million). The funding aims to advance satellite technology and upgrade the space launch vehicle program.
💡Planned investments include 310.6 billion won for the Nuri rocket program, 212.3 billion won for advanced satellites, 52.3 billion won for moon exploration, and additional funds for aviation technology and private-led space industry development.
Singapore
Protégé Ventures (PV), Southeast Asia’s first student-led venture capital fund, has invested S$25,000 in Equatorial Space Systems (ESS), marking its first investment in the space-tech sector. ESS, a Singaporean startup, focuses on cost-effective and eco-friendly rocket propulsion and space launches.
Since its inception in 2017, PV has trained over 320 students in venture capital, evaluated more than 1,300 deals, and invested over S$300,000 in 12 student-founded startups.
💡The investment is part of PV's broader commitment to supporting sustainability and deep-tech startups, which now constitute 20% of its portfolio.
Japan
The Japan Aerospace Exploration Agency (JAXA) has concluded its Moon lander mission for the Smart Lander for Investigating Moon (SLIM), known as the "Moon Sniper," after losing communication last week. The uncrewed lander, which touched down eight months ago and made Japan the fifth nation to achieve a soft lunar landing, experienced issues with its solar panel alignment.
💡Despite the setback, SLIM exceeded expectations by transmitting data longer than planned and conducting valuable scientific observations of a lunar crater. The mission, which included deploying two probes to explore the Moon's surface, provided significant insights into the Moon's mantle, its deep inner layer beneath the crust.
**Nothing in this article is intended to be or should be construed as legal or financial advice.*