President Donald Trump has ditched the Paris climate accord, an agreement to limit greenhouse gas emissions (GHG) to “well below” 2C above pre-industrial levels, and to “endeavour to limit” them even further, to 1.5C.

“In order to fulfil my solemn duty to protect the United States and its citizens, the United States will withdraw from the Paris climate accord,” said Trump in a statement outside the White House. He added that the US would “begin negotiations to re-enter the Paris accord on terms that are fair to the United States”.

World leaders lined up to criticise Trump’s move, with European leaders rejecting renegotiations. Among the protest Tesla chief Elon Musk announced he was “departing presidential councils. Climate change is real. Leaving Paris is not good for America or the world.”

As Trump reneges on his environmental duties, Asia is well positioned to take the lead on climate change. Chinese Premier Li Keqiang, in a statement in Germany just prior to Trump’s expected announcement, said, “with tremendous efforts, China will move towards the 2030 goal step-by-step steadfastly.” China has pushed growth of their renewable energy sector. Total solar power production in China grew by 72% from 2015 to 2016, wind by 30% and hydro by 6.2%, way above the 2.4% growth in coal and gas.

Moreover, Asian corporates are pushing action on climate change. According to data from the Asset Benchmark Research, of corporates participating in The Asset Corporate Awards, 85% were pursuing business strategies to reduce GHG emissions in 2016, compared to 79% in 2015. The same percentage (85%) were calculating and registering GHG emissions, savings and offsets last year, up by 17% from 68% in 2015.

Among the participants in the research, Hong Kong logistics company Li & Fung reduced their overall GHG emissions intensity by 5% as well reducing their absolute water consumption this year and are pushing the long-term use of hybrid and electric vehicles. Singapore real estate company CapitaLand ensures all their new development projects meet green ratings targets including LEED and Green Mark certifications. And Thai oil and gas company PTT Group conducted research and development on carbon capture and reduction, including carbon offsetting and internal process management to improve energy efficiency and reduce emissions.

About the research
The research was conducted as part of The Asset Corporate Awards, the longest running ESG awards in Asia bestowed annually by leading research house, Asset Benchmark Research (ABR). The Platinum, Gold and Titanium awards offer a rigorous benchmarking service for the region's listed firms and enables them to join an exclusive circle of top corporates. Since 2001, our winners have found this opportunity to be most valuable in bolstering their credentials in the ESG space.

The assessment is based on the online questionnaire submission made by the company and the supplementary information they provide. Factors that are taken into consideration range from an evaluation of financial performance, management, corporate governance, social and environmental responsibility and investor relations. To learn more about The Asset Corporate Awards please click here.

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