New road tax structure for EVs expected by year-end

The Transport Ministry is working on a new tax structure for electric vehicles (EV), said minister Anthony Loke.

He said the new tax structure is expected to be unveiled at the end of the year and will feature prominently in the ministry’s Budget 2024 proposals. The new structure is essential because the current EV tax exemption introduced under the previous government in 2022 will only last until December 2025. - Bernama

Emirates launches USD200m sustainable  aviation solutions fund

Dubai-based airline Emirates has announced  the launch of a new fund aimed at investing  in research and development projects  focused on reducing the environmental  impact of fossil fuels in commercial aviation.

Emirates said that it has committed  USD200m to the fund, making it the largest  sustainability commitment by an airline, with  the funds to be dispersed over three years.  ─ ESG Today

EU countries to finalise 42.5% RE target

European Union countries are set to finalise  a new renewable energy target to get 42.5%  of the bloc's energy from renewable sources  by 2030, a final version of the law showed.

The EU's existing target is to have a 32%  share of renewable energy by 2030. The new law sets a binding new goal of  42.5%, and says member states should  aim for 45%. - Reuters

Vietnam PM approves USD135b power  plan for 2030

Vietnam Prime Minister Pham Minh  Chinh has approved a long-awaited  power plan for this decade that needs  USD134.7b of funding for new power  plants and grids, the government said on  Monday, in a move that may help unlock  billions of dollars of foreign investment.

The plan, known as PDP8, is aimed at  ensuring energy security for the  Southeast Asian country while it begins  the transition from its current heavy  reliance on coal to becoming carbon-neutral by mid-century. ─ Reuters

UK could unlock GBP70b a year in  renewable energy, report claims

The UK could unlock GBP70b every year  by generating enough clean electricity to  become a major exporter of energy to  mainland Europe, according to a former  government economist.

The analysis by former government  economist Chris Walker for the UK  Business Council for Sustainable  Development found that by increasing  Britain’s clean electricity generation 50%  above its projections for 2050, it could  become a clean energy superpower  capable of exporting GBP17b of green  electricity to Europe a year. ─ Guardian

Source: Kenanga Research - 17 May 2023