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The aviation industry faces significant challenges in its decarbonization efforts, with plans to pass the cost of this transformation onto passengers, potentially resulting in ticket price hikes. After weathering the Covid-19 pandemic, the sector faces a new threat—shifting towards more environmentally friendly fuels and technologies. Passengers might have to bear additional costs, as approximately $5 trillion of investment is required to achieve carbon neutrality goals by 2050. To attain these targets, the industry must overcome several serious challenges. Sustainable fuel options are priced at least twice as much as regular jet fuel. Furthermore, emerging technologies like electric or hydrogen-powered aircraft require several years to develop commercially. For now, Sustainable Aviation Fuel (SAF) is anticipated to be the primary solution. Generally, SAF is a renewable aviation fuel type that meets sustainability standards. It can be derived from various sources, including forest and agricultural waste, used cooking oil, and eco-friendly hydrogen. SAF is sustainable if its acquisition and production processes do not harm other sectors. In other words, the entire production chain must not adversely affect agriculture, food supplies, water, land, or the environment. The International Air Transport Association (IATA) estimates that SAF has the potential to contribute around 65% of the emission reductions required by the aviation sector to achieve net-zero emissions by 2050. Amidst growing demand, SAF production reached about 300 million litres (240,000 tons) in 2022, according to IATA. SAF production projects are rising thanks to increased investments, supportive policies, and international collaboration. This collective engagement is critical to achieving the target of 10% SAF usage in aviation by 2030. The transformation towards aviation decarbonization requires cross-country cooperation. In 2022, 184 member states of the International Civil Aviation Organization (ICAO) agreed on the Long-Term Global Aspirational Goal (LTAG) to achieve carbon neutrality in the aviation industry by 2050. LTAG uses new and innovative aircraft technologies, operational flight efficiency, and increased production and use of Sustainable Aviation Fuel (SAF). In 2023, the European Union also launched the ReFuelEU Aviation agreement, mandating more fuel suppliers to blend SAF with conventional fuel within the region. Alongside international initiatives, national governments worldwide, including Indonesia, play a crucial role. Governments must design and implement policies that encourage sustainable aviation fuel development, production, and use. In this context, supply-side incentives, like financial or fiscal support, can be effective policy tools in driving organic SAF market growth. For instance, the United States has allocated approximately $3.3 billion to incentivize SAF production through tax credit schemes and grant programs under the Inflation Reduction Act. In Asia, several countries have also begun transitioning to sustainable aviation through government collaboration, projects, and partnership agreements. Besides governmental support, involvement from researchers, businesses, civil society, and other stakeholders is pivotal for significant advancements in sustainable aviation. As a consequence, flight ticket prices are likely to increase permanently. The costs of decarbonization have already started to be reflected in ticket prices within the European Union, and similar measures in other countries will lead to more widespread price hikes. Passengers need to understand that this additional payment is not just a temporary impact but a reflection of long-term investments in sustainable technology and fuel. Beyond cost challenges, the aviation industry also faces the task of producing enough sustainable fuel to meet rising demand. The current availability of Sustainable Aviation Fuel falls far short of what's required to meet the needs of all airlines worldwide. In the coming years, if sustainable fuel technologies and supply don't develop rapidly enough, airlines might be forced to restrict flights to specific destinations or face significant increases in operational costs. Amidst these challenges, the transition towards low-carbon flight is a reality. Despite the cost increase, reducing the aviation industry's environmental impact remains a priority. Passengers need to understand that ticket price hikes are part of the shift towards more sustainable aviation, and supporting this transformation can help create a greener future for global air travel.

Carbon Tax ASEAN Taxation Forum — From August 1-3, the "ASEAN Forum on Taxation" convened, primarily enhancing cooperation and creating a better economic environment within the ASEAN region. This forum served as a platform for member nations to discuss and exchange experiences regarding tax and monetary policies in the region. Under the leadership of Indonesia's Ministry of Finance, represented by Febrio Kacaribu, this forum provided a significant avenue to formulate strategic steps to improve the investment climate, optimize domestic resources, enhance tax bases, prioritize tax fairness, and reinforce economic stability within ASEAN. The theme Indonesia's ASEAN leadership advocated was centred on making ASEAN a resilient and inclusive financial growth centre. The meeting tackled relevant taxation issues, including strengthening the Double Taxation Avoidance Agreements (DTAA) network across the ASEAN region. Additionally, there was a focus on boosting tax-related information exchange under international standards and facilitating tax administration services for investors through online systems. One of the current challenges countries face is the impact of digitalization and the use of crypto assets. In this forum, member countries also discussed the taxation implications stemming from these phenomena. Another significant issue discussed was carbon taxation, which has garnered global attention in efforts to mitigate climate change impacts. Member countries discussed strategies to address this challenge. The forum didn't solely concentrate on general matters; it also featured specialized sub-forums delving into excise tax policies. The Sub-Forum on Excise Taxation (SF-ET) provided a platform for member nations to share experiences and lessons related to taxation, particularly concerning products like tobacco and alcoholic beverages. Countries such as Malaysia, Brunei Darussalam, the Philippines, and Thailand exchanged experiences implementing taxes on sweetened beverages in their respective nations. The importance of adapting to economic and technological trends took centre stage in this forum, especially concerning new products like e-cigarettes. Indonesia and the Philippines shared their experiences in regulating and overseeing such products. In Indonesia, efforts are underway towards implementing taxes on packaged sweetened beverages. Through the ASEAN Forum on Taxation, closer cooperation among ASEAN nations in taxation is hoped to positively impact regional economic stability, providing robust measures to support sustainable economic growth.

Carbon Trading Indonesia — Indonesia, as one of the countries with abundant natural diversity, has a vital role in global efforts to tackle climate change. Carbon trading is one of the instruments that will be used to increase the use of renewable energy and achieve net zero emissions by 2060. The Coordinating Minister for Marves, Luhut B. Panjaitan, ensured that in September 2023, the Indonesian government will start implementing the Indonesian carbon trading mechanism supervised by the Authority Financial Services (OJK). The internal meeting chaired by President Jokowi discussed various essential aspects of carbon trading, which is a strategic step in fighting the climate crisis. 1. Regulation of Indonesia's Carbon Trading Mechanism Supervised by OJK The importance of environmental sustainability and the need to reduce greenhouse gas emissions has prompted the Indonesian government to formulate an effective carbon trading mechanism. In an internal meeting, President Jokowi emphasized the importance of this mechanism being supervised by the Financial Services Authority (OJK). OJK's role will ensure transparency and accountability in carbon trading so that it can become a reliable model for the global carbon trading market. 2. Licensing Arrangements for Concession Areas The meeting also discussed licensing arrangements for concession areas related to carbon trading. This arrangement forms the basis for business actors and companies wishing to be involved in carbon trading so that various activities can be carried out responsibly and following applicable regulations. With precise licensing arrangements, it is hoped that Indonesia can take advantage of the massive potential of carbon storage in the oil and gas sector and develop Carbon Capture and Storage (CCS) as a progressive step to reduce emissions in the industrial sector. 3. Only Indonesian Entities are Permitted, May Not Be Sold to Overseas Exchanges President Jokowi stressed that carbon trading would only involve entities from Indonesia and could not be sold to foreign stock exchanges. This policy aims to maintain and ensure that the benefits of carbon trading are domestic and help promote sustainable economic growth through investment in the renewable energy sector and efforts to reduce carbon emissions. The Government's Role in Determining Carbon Economic Value As a first step, the government has approved a Presidential Regulation on Carbon Economic Value and a regulation from the Ministry of Energy and Mineral Resources (ESDM) regarding the Governance of Carbon Economic Value in the power generation sector. This step is part of an effort to accelerate the preparation of a "carbon price plan" in the agricultural, industrial and transportation sectors with international standards. Determining the economic value of carbon will be the basis for effective and sustainable carbon trading. Peterson Indonesia's Role in Supporting Carbon Certification In dealing with implementing the carbon trading mechanism, which will begin in September 2023, Peterson Projects & Solutions Indonesia is committed to providing support and assistance services in certifying carbon-producing land concessions. Because before carrying out carbon trading, each entity must be certified carbon-producing land concessions. We, Peterson Indonesia, provide services that are oriented towards sustainability and assist companies in Indonesia and worldwide in complying with applicable carbon trading regulations. Conclusion The internal meeting chaired by President Jokowi has highlighted the importance of carbon trading as one of the main strategies for dealing with climate change. Setting up a carbon trading mechanism overseen by OJK, licensing arrangements for concession areas, and a policy involving only Indonesian entities is essential to sustainable carbon trading. With the implementation of this carbon trading mechanism, it is hoped that Indonesia can contribute significantly to achieving net zero emissions by 2060 and become a pioneer in global efforts to fight the climate crisis.

Verra, a leading organization working towards environmental conservation and climate change mitigation, has achieved two significant milestones in developing the latest REDD (Reducing Emissions from Deforestation and Forest Degradation) methodology. This draft publication includes guidelines and standards for measuring, reporting, and verifying emission reductions. Milestone 1: Updated REDD Methodology Draft The first milestone involves the release of the updated REDD methodology draft, which encompasses essential revisions to enhance the measurement and verification of emission reductions. The critical updates are as follows: Exclusion of Wetlands from REDD Eligibility: Wetlands will no longer qualify as REDD projects. This decision aligns with preventing forest degradation and aims to focus solely on reducing greenhouse gas emissions (GHGs) from deforestation. Accelerated Project Renewals: Projects will be permitted to update to the next baseline validity period more expeditiously than required by the VCS v.4.4 (Verified Carbon Standard) standard. This flexibility aims to support ongoing efforts in tackling deforestation and climate change. Transitioning from VM0009 to Updated Methodology: Specific provisions have been introduced for projects transitioning from the VM0009 methodology to the newly updated version. This facilitates a smooth and efficient shift, encouraging existing projects to adopt the improved guidelines. The updated REDD methodology's primary goal is to reduce GHG emissions and prevent forest degradation. Setting clear standards and guidelines will aid stakeholders in planning new REDD projects or transitioning existing ones effectively. Verra aims to finalize the consolidated version of the updated REDD methodology by the first Q4 of 2023. Milestone 2: Commencement of Deforestation Activity Data Collection Process The second milestone pertains to initiating the data collection process for deforestation activities. Verra has decided to adopt crowdsourcing as the primary means of gathering data on deforestation from various regions. Previously, data from other sources were used to estimate future deforestation. With this update, Verra ensures that forest conservation credits are issued based on Verra's VCS, incorporating more accurate and up-to-date data. The specific objectives of this data collection process are: Establishing Baseline Deforestation Measurements: A baseline will be confirmed by collecting data on deforestation activities. This serves as a reference point to gauge future progress and reductions in deforestation rates. Understanding Current Deforestation Status: The data collected will provide insights into the present state of deforestation in specific areas, enabling informed decision-making and targeted conservation efforts. Setting Reference Points for Future Measurements: The data collected will serve as reference points for measuring progress in reducing deforestation in the future. Ultimately, the overarching goal is to protect forests from deforestation, which is critical in mitigating global warming and climate change. As part of their plan, Verra aims to engage more than 40 regions in participating under the VCS to strengthen global efforts towards REDD and sustainable forest management. In conclusion, these two critical milestones achieved by Verra mark significant progress in the advancement of REDD technology. The updated methodology and the adoption of crowdsourced deforestation data collection promise more effective and accurate strategies to conserve forests, mitigate climate change, and safeguard the planet for future generations. With these advancements, stakeholders and policymakers can make better-informed decisions to combat deforestation and reduce greenhouse gas emissions effectively.

Indonesia Poverty Rate — The poor population is those whose consumption expenditure is below the purchasing power line. The purchasing power line is measured based on the price required to purchase the basic food needs equivalent to 2100 kilocalories per person per day, excluding non-food essentials. Therefore, the World Bank has specific standards to measure global poverty levels using a measurement tool called Purchasing Power Parity (PPP). PPP is a measure of the price of particular goods in different countries and is used to compare the absolute purchasing power of countries' currencies. PPP is determined by comparing the prices of purchasing a bundle of goods and services in each country. This information is then used to convert each country's PPP into a standard monetary unit such as the US dollar. This conversion makes PPP comparisons more relevant. The PPP 2011 reveals $1.9 as the extreme poverty line. According to this measurement, extreme poverty in Indonesia decreased from 19% in 2002 to 1.5% in 2022. Similarly, the lower-middle-income poverty line of $3.2 reduced Indonesia's lower-middle-income poverty rate from 61% in 2022 to 16% in 2022. But in September 2022, the international poverty line was updated from $1.90 to $2.15 per person daily. This update is necessary to account for changes in prices worldwide. The increase in the poverty line reflects the higher costs of essential food, clothing, and shelter in low-income countries between 2011 and 2017 compared to the rest of the world. Essentially, the purchasing power of $2.15 in 2017 is equivalent to what $1.90 could buy in 2011. With this new determination, 33 million lower-middle-class individuals in Asia have fallen into poverty. Indonesia and China are experiencing the highest decline in the lower-middle class. However, according to the World Bank, the actual value of the international poverty line remains virtually unchanged. Based on the 2017 Purchasing Power Parity (PPP), 40% of Indonesians may be classified as poor. This change also resulted in 33 million Asians, previously categorized as lower-middle class, falling into poverty. Does the declaration of a 1.5% reduction in extreme poverty levels in Indonesia by 2022 (referring to PPP 2011) merely represent an illusory achievement? Sri Mulyani suggests that Indonesia should establish its national poverty line as the World Bank's (PPP) does not accurately reflect Indonesia's living conditions and low daily expenses. The Central Statistics Agency (BPS) measures the national poverty line based on fulfilling basic needs, considering poverty as the economic inability to meet essential food and non-food requirements rather than solely relying on expenditure measurements. According to data from the Pathways Towards Economic Security: Indonesia Poverty Assessment, there has been a significant decline in the extreme and lower-middle poverty lines based on PPP (Purchasing Power Parity). However, when considering the NPL (National Poverty Line), the statistical trend appears relatively stable, with a minimal and insignificant decrease. Therefore, the PPP standard established by the World Bank seems less relevant to Indonesia's economic conditions. The poverty level in Indonesia will not appear to decrease if it continues to be compared to the latest PPP standard (2017). Hence, using the NPL advocated by BPS (Badan Pusat Statistik) will feel more realistic for Indonesia as it is measured based on economically relevant conditions for the reality of Indonesian society.

Mexico Heatwave — Since March, Mexico has experienced the tragic loss of at least 112 lives due to "natural extreme temperatures," as the country's health secretariat reported. The state of Nuevo León has been hit the hardest, with 64 confirmed deaths. Other conditions, such as Tamaulipas, Veracruz, Tabasco, Oaxaca, Quintana Roo, Sonora, and Campeche, have also reported dozens of fatalities. During the same period, approximately 1,559 people sought medical attention for temperature-related issues, highlighting the severity of the situation. Over the past ten days, Mexico has witnessed unprecedented temperatures, with some areas reaching as high as 45 degrees Celsius (113 degrees Fahrenheit), breaking monthly and even records. Tamaulipas, in particular, suffered numerous deaths during the current heatwave, prompting Governor Américo Villarreal Anaya to establish a working group to formulate a response plan. The Secretary of Health for Tamaulipas also cautioned residents about the continuation of high temperatures across the state, advising them to avoid prolonged sun exposure and seek shelter in cool and well-ventilated spaces. The soaring temperatures in Mexico and the southern United States can be attributed to a "heat dome," formed when a high-pressure ridge traps warm air in an area, leading to uncomfortable and hazardous conditions. Unfortunately, such heat domes, responsible for record-breaking temperatures, are projected to occur more frequently and with greater intensity due to the ongoing climate crisis. Amid the devastating impact of extreme temperatures and heatwaves on Earth because of the climate crisis, collaborative efforts from organizations like Peterson Projects and Solutions Indonesia have become crucial in mitigating and addressing this pressing issue. The PPS Indonesia project, renowned for its expertise in aiding companies with sustainability assessment, offers valuable insights and resources to support companies in obtaining certifications that prevent negative carbon impacts. By doing so, these certifications can help avoid extreme weather events triggered by climate change. PPS stands ready to assist your company in achieving various carbon certifications, including PAS 2060, ISCC EU, ISCC PLUS, GGL, ISO 14064-1, ISO 14064-2, and more. Feel free to contact us for further discussions about our services.

Biodiesel in Indonesia comes from palm oil. Palm oil has become the pioneering vegetable fuel used in Indonesia compared to other vegetable fuels such as jatropha, waste oil, castor oil, or candlenut oil. Due to its renewable nature, vegetable-based fuels like palm oil must be preserved to ensure sustainability. The transformation from fossil fuel to biodiesel in Indonesia requires adaptation. This process is supported by a government program known as the mandatory biodiesel policy. It stipulates that the use of biofuel blends with diesel (solar) will be gradually increased. When the diesel blend contains 35% biofuels, it is called B35 (biodiesel with 35% vegetable fuel content). The B35 program has been mandatory in Indonesia since February 2023 and will be fully implemented in August 2023. The following program, B40, is currently undergoing testing and is expected to yield results in January 2023. According to infosawit.com, substituting fossil fuels with biodiesel is a strategic effort to promote renewable energy use in Indonesia. It aims to reduce foreign exchange expenditures resulting from decreased diesel oil imports, increase the value-added of crude palm oil (CPO), create job opportunities, and reduce greenhouse gas emissions. The B35 program is projected to provide employment for approximately 1,653,974 people and reduce greenhouse gas emissions by about 34.9 million tons of CO2e. These aspirations can be projected through biodiesel usage data in Indonesia for 2023. As of June 25, Indonesia has consumed 5.2 million kiloliters of biodiesel out of the allocated 13.15 million kiloliters for the year. To maintain these strategic achievements, palm oil production must be increased. The increase in palm oil production in Indonesia is necessary to prevent potential supply shortages caused by adverse weather conditions associated with early signs of the El Niño phenomenon. Failure to increase palm oil output will result in a global decline in its supply, leading to increased prices this year. Additional information: The price of palm oil in Indonesia ranged from $747.23/t from July 1-15, an increase from the previous price of $723.45/t. Malaysia also experienced an increase in the price of palm oil, reaching $804.45/t. To maintain price stability, Malaysia reduced palm oil exports by 4.5% from June 1-25, while Intertek Testing Services reported an 8.7% decrease compared to the corresponding period in May. https://www.infosawit.com/2023/04/20/persentase-campuran-biodiesel-35-b35-bakal-berlanjut-ke-b40/ https://palmoilina.asia/sawit-hub/sejarah-biodiesel-kelapa-sawit/ https://graintrade.com.ua/en/novosti/kotiruvannya-na-palmovu-oliyu-pidtrimuyut-plani-indonezii-zbilshiti-ii-vmist-u-biodizeli-d.html

The EPA issued a finalised regulation on 21st June 2023, outlining the specific volume requirements and percentage standards for various types of biofuels, such as cellulosic biofuel, Biomass-Based Diesel (BBD), advanced biofuel, and total renewable fuel, for the years 2023 to 2025. Moreover, this regulation renewable fuels addresses the court's request to amend the 2016 annual rule by establishing an additional volume requirement of 250 million gallons of renewable fuel for 2023. The ultimate objectives for fuel volumes are as follows: This definitive regulation sets out a consistent increase in the utilization of biofuels within the fuel inventory of the United States for the years 2023, 2024, and 2025. As outlined in the Energy Independence and Security Act (EISA) of 2007, no specific volume requirements are specified beyond 2022. Therefore, in this rule, the EPA establishes the definitive targets for biofuel volumes in all categories based on its authority. When determining the biofuel volumes for the years following 2022, the EPA must consider various factors stipulated in the statute, including costs, air quality, climate change, program implementation progress, energy security, infrastructure considerations, commodity prices, water quality, and supply.

The European Parliament (EP) made a decision in January to prohibit the utilization of palm oil in the European Union (EU) for biofuel production by 2020. This action was undertaken with the explicit objective of preventing rainforest deforestation in Indonesia and Malaysia. The spreading of negative issues surrounding palm oil is prevalent in the form of "no palm oil" or "palm oil free" labelling and campaigns against its use by public figures on social media, even extending to textual teaching materials in schools, explaining that palm oil is not environmentally friendly. The deforestation caused by palm oil is merely a minor impact compared to the numerous positive effects that come with preserving oil palm trees. In fact, palm oil is the most productive vegetable oil in the world. The Indonesian government has granted permission to use palm oil following the Food Law (UU Pangan) and the National Agency of Drug and Food Control (BPOM) regulations. These regulations acknowledge the importance and benefits of palm oil while ensuring its safe consumption. Besides that reason, here are the reasons why palm oil should not be banned for use: Over 40 per cent of the global demand for vegetable oil is met by palm oil. Many companies choose palm oil as their raw material for production due to its affordability, widespread availability, ease of production, stable oil quality, multifunctionality, and sustainability. Palm oil is a crucial ingredient in the production of healthcare and cosmetic products because of its numerous benefits. It rejuvenates the skin, is rich in antioxidants, contains vitamin E, promotes healthy hair, is non-addictive, rich in provitamin A, acts as an anticaking agent, and makes products long-lasting on the skin. Palm oil also serves as a zero-waste commodity, where every part of the plant can be utilized to create various valuable and high-value products. It can be used for energy needs, such as biogas, biofuels (biodiesel, green diesel, green gasoline, and green aviation fuel), biomass derived from shells (heaters, boilers), and electricity. The palm oil plantation industry has proven to improve the economy of palm oil farmers and the surrounding communities who are directly and indirectly involved. Compared to uncertified sustainable oils like soybean, rapeseed, sunflower seed, coconut, olive, and others, palm oil is the only vegetable oil in the world that holds sustainable certification. In this regard, Peterson Projects and Solutions Indonesia fully supports the use of palm oil worldwide. We strive to assist industries in obtaining certification for their palm oil products, emphasizing the importance of sustainable practices and responsible sourcing. We can assist with many palm oil certifications, such as RSPO, ISPO, MSPO, ISCC, RSB, GGL and others. By promoting sustainable certification and ESG strategies, we aim to foster an industry that balances economic growth with environmental preservation and social welfare. Embracing the benefits of palm oil, combined with responsible practices and certification, allows us to unlock its full potential as a valuable and sustainable resource for the world. Through collaboration, innovation, and continuous improvement, we can ensure palm oil's responsible and ethical use, benefitting both the industry and our planet.

In recent years, there has been a significant increase in the amount of nonfinancial reporting conducted by companies. This growth can be attributed to the growing demand from stakeholders for companies to be more transparent about their environmental and social impacts. As a result, companies are facing pressure to report on a wide range of issues such as greenhouse gas emissions, climate risk, board diversity, and gender pay gap. To assist in this reporting process, companies are turning to sustainability reporting frameworks. These frameworks provide guidance for companies to effectively report on their nonfinancial aspects. It is worth noting that while nonfinancial reporting is mandatory in certain countries, particularly across the European Union, it remains primarily voluntary in many parts of the world, as there are no standardized regulations in place. However, the existence of multiple sustainability reporting frameworks can be overwhelming. For companies venturing into nonfinancial reporting, it can be challenging to differentiate between the various frameworks and comprehend the objectives of each one. According to The Conference Board, Inc. in 2018, These frameworks helps organizations report different aspects of their nonfinancial impact; GRI (globalreporting.org) GRI has purpose in helping organizations report on economic, environmental & social impacts considering a wide range of interests. GRI has broad set of stakeholders as its audience. The report is filled up on corporate sustainability report. The focus are in Environmental, Social and Governance areas. The information to report are; (1) general disclosure, about the organization's profile, strategy, ethics and integrity, governance, stakeholder engagement practices, and reporting process, (2) Economic, about the performance, market presence, indirect economic impacts, procurement practices, anti corruption and anti-competitive behavior, (3) Social, about employment labor/management relations, occupational health and safety, training and education, diversity and equal opportunity, nondiscrimination, freedom of association and collective bargaining, child labor, etc. GRI is prescriptive and the sector focus is agnostic (+some sector-specific guidance). 2. CDP (cdp.net) CDP has purpose in capturing environmental performance data related to GHG emissions, water, forests, and supply chain. CDP has investors, buyers, and other stakeholders as its audience. The report is filled up on CDP's online reporting platform. The focus are in Environmental and Governance areas. The information to report are; (1) climate change, about the risks and low-carbon opportunities, (2) forest, about how organizations produce, source, and use major soft commodities associated with detrimental impacts on natural resources, (3) water security, about the company's management, governance, use, and stewardship of water resource. CDP is prescriptive and the sector focus is specific. 3. IIRC (integratedreporting.org) IIRC has purpose in establishing Guiding Principles and Content Elements allowing companies to produce "integrated reports". IIRC has investors as its audience. The report is filled up on stand-alone integrated report. The focus are in Environmental, Social and Governance areas. The information to report are; (1) organizational overview and external environment, (2) governance structure, about how it supports ability to create value in the short, medium & long term, (3) business model of organization, (4) risks and opportunities that affect the ability to create value over the short, medium & long term; how those issues are dealt with, (5) strategy and resource allocations, (6) performance, about extent to which objectives were achieved for the period; outcomes and their effect on capitals, (7) outlook, about challenges and uncertainties likely to be encountered; implications for the business model and future performance, (8) basis of presentation, about how the organization determines what to include in its integrated report. IIRC is flexible and agnostic. 4. SASB (sasb.org) SASB has purpose in facilitating disclosure of material sustainability information in SEC filings. SASB has investors as its audience. The report is filled up on SEC Form 10-K, 20-F filings. The focus are in Environmental, Social and Governance areas. The information to report are; (1) environment, about corporate impacts on the environment, (2) social capital, about human rights, protection of vulnerable groups, local economic development, access to and quality of products, and services, affordability, responsible marketing, and customer privacy, (3) human capital, about issues affecting employee productivity (e.g., employee engagement, diversity, and incentives and compensation), (4) business model and innovation about impact of sustainability issues on innovation and business models, and the integration of these issues in a company's value-creation process, (5) leadership and governance, about management of issues inherent to the business model or common practice in the industry that are in potential conflict with the interest of broader stakeholder groups. SASB is prescriptive and specific. 5. TCFD (fsb-tcfd.org) TCFD has purpose in encouraging firms to align climate-related risk disclosures with investors' needs. TCFD has investors, lenders and insurers as its audience. The report is filled up on annual financial filings (e.g., annual report). The focus are in Environmental and Governance areas. The information to report are; (1) governance around climate-related risks and opportunities, (2) strategy, about how the actual and potential impacts of climate-related risks and opportunities on the organization's business, strategy, and financial planning where such information is material, (3) risk management, about how the organization identifies, assesses, and manages climate-related risks, (4) metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material. TCFD is flexible and agnostic (+some sector-specific guidance). For further information regarding sustainability reporting for your company, please do not hesitate to contact us immediately!

A record-breaking heat wave has been affecting many Asian countries since April 2023. Temperatures have been soaring well above normal, and several regional temperature records have been set. The heat wave has caused multiple deaths due to heat stroke and has prompted health warnings and power outages across multiple countries. The heat wave is being driven by climate change. The Earth's atmosphere is warming, which is causing temperatures to rise. This is making heat waves more likely and more intense. In addition, the heat wave is being exacerbated by the El Niño weather pattern, which is causing drier and warmer conditions in many parts of Asia. The heat wave has had a significant impact on people and infrastructure in many Asian countries. The heat has caused deaths, power outages, and disruptions to transportation and agriculture. It has also made it difficult for people to work and go about their daily lives. The 2023 Asian heat wave is a reminder of the serious threat that climate change poses to the planet. It is important to take action to reduce greenhouse gas emissions and mitigate the effects of climate change. If we do not act, heat waves like this will become more common and more severe, with devastating consequences for people and the environment. There are things that can be done to mitigate its effects. These include: Investing in infrastructure that can withstand extreme heat, such as cooling systems and water supplies. Educating people about the dangers of heat stroke and how to stay safe in hot weather. Reducing greenhouse gas emissions, which will help to slow the pace of climate change and make heat waves less likely. Carbon Neutral certification provides a straightforward solution to this problem, helping companies and products reduce emissions and offset the remaining carbon footprint. Peterson Projects and Solutions have a proven track record of successfully implementing the PAS 2060 Carbon Neutral standard, having helped YEL achieve certification for their orangutan coffee project in Aceh, Indonesia. This project has been verified as carbon neutral by Peterson Projects and Solutions, demonstrating YEL's commitment to climate action. To follow in YEL's footsteps in achieving Carbon Neutral PAS 2060 certification, contact Peterson Projects and Solutions at marketing-indonesia@onepeterson.com or click contact us in petersonindonesia.com for audit assistance and consultation services on this or other certifications. Don't wait - take action now to show your commitment to a more sustainable future.

Oil pollution in one of Niger delta. Photograph: Handout Thousands of people from two Nigerian communities in the Niger delta are seeking justice in a high court in London against one of the world's largest fossil fuel companies, for allegedly polluting their water sources and destroying their way of life. More than 13,000 claims have been filed by individuals, churches and schools, demanding that companies clean up the pollution that has devastated their communities and compensate for the resulting loss of livelihoods. The plaintiffs argued that the company's oil spill had destroyed their ability to farm and fish. The company, which reported more than $30 billion in profits for the first three quarters of 2022, argues that communities have no legal standing to compel it to clean up and that individuals are barred from seeking compensation for spills that occurred more than five years ago. . The company also claims no responsibility for oil spills caused by organized gangs secretly siphoning oil from its pipelines. The lawsuit against the company comes as it prepares to exit the Niger delta after more than 80 years of profitable operations. A partner at the law firm, who represents the plaintiffs, said the case raises important questions about the responsibility of oil and gas companies, suggesting that the companies are seeking to avoid legal obligations to address environmental damage caused by oil spills from their infrastructure. Lawyers argue that the scale of the oil spill in the Niger delta hides a huge human tragedy, with local residents suffering serious health impacts and increased death tolls from pollution from ingesting the contaminated water. A study by the University of St Gallen in Switzerland found that babies in the Niger delta whose mothers lived near oil spills were twice as likely to die in their first month of life, indicating an estimated 11,000 premature deaths per year in the region. The company has argued for five years that it is not responsible for the actions of its Nigerian subsidiary, the company, and that claims from people in the Niger delta cannot be tried in London courts. However, the Supreme Court ruled last year that there is a lawful case for the Nigerian people to present their demands to the high court in London. The company continues to maintain that it is irresponsible as a parent company. In addition to individual claims against the company, lawyers are also seeking compensation for alleged damage to communal property that would benefit the entire population living amid chronic pollution in the Niger delta. The main source of water in one of Niger's deltas for farming, drinking and fishing has been severely polluted by oil contamination, with fish being killed, drinking water contaminated and farmland damaged, according to the claim. In the rest of the Niger delta, oil spills from company operations have caused widespread river pollution, resulting in property and property damage, loss of fish and shellfish in rivers, and a significant impact on the food and sources of income of fishing populations. The lawsuit filed in the high court alleges that the company and/or its subsidiaries were aware of ongoing oil spills from their pipelines for years but failed to take adequate measures to prevent or clean them up. The company has been active in Nigeria for 86 years, and its operations in Nigeria continue to make a significant contribution to the company's bottom line. In a 2011 report, the United Nations Environment Program (UNEP) exposed the devastating impact of the oil industry on Ogoniland, including the Niger delta, and recommended immediate action for "the largest terrestrial clean-up operation in history", which was estimated to cost over $1 billion. five years, about 3% of the company's 2022 profits. A recent report by several NGOs revealed that the people of Ogoniland are still waiting for a complete oil spill cleanup in their area. According to a company spokesperson, most of the spills in the Niger delta were caused by illegal third party interference such as pipeline sabotage, bunkering and oil theft. The spokesperson further stated that the illegal refining of stolen crude oil is rampant in this area and is a major contributor to oil pollution. In response to the accusations, the company said it had undertaken cleanup and repair efforts in the affected areas, and was cooperating with Nigerian authorities to prevent sabotage, oil theft and illegal refining, which it claims are the main sources of pollution. . The company believes that litigation will not be effective in addressing this issue.