nder The Radar is a special series and newsletter offering from Diplomatic Courier bringing you compelling, under–the–radar stories from around the world over the past month. This month in Southeast Asia and Oceania: Big Australian banks get more climate conscious, Southeast Asia’s disaster preparedness, and a Philippine spy story Hollywood would love.
Australia’s banks changing tune on fossil fuels?
Australia’s largest financial institutions have dramatically changed their tune on financing fossil fuels. In 2023, the four largest banks in Australia collectively provided $3.6 billion in financing for fossil fuel projects. Then, in August 2024, Australia’s largest bank, the Commonwealth Bank—which has been criticized as being among the worst offending financial institutions on climate—announced that going forward it will refuse to finance any fossil fuel companies that do not adhere to the Paris Agreement.
The other three banks—ANZ, NAB, and Westpac—haven’t gone as far yet, but they have committed to making environmentally friendly changes to their operations. ANZ promised to transition its lending portfolio to net-zero financed emissions by 2050, touting its membership to the Net-Zero Banking Alliance. NAB, meanwhile, is placing restrictions on its oil and gas financing. Westpac points to its shareholder-supported Climate Change Position Statement and Action Plan as proof of its commitment to climate action. Yet market analysts expect these banks will follow Commonwealth’s lead to placate shareholder and customer demands.
Banks inarguably have a key role to play in fighting climate change. Globally, the banking industry’s shift to more sustainable lending practices has been uneven and difficult—fossil fuels remain not only lucrative but critical to at least our immediate energy future. Australia’s financial institutions have received more criticism than most, but that could soon change.
Southeast Asia disaster prone, but most prepared
The latest Lloyd’s Register Foundation World Risk Poll found that Southeast Asia, despite being a disaster prone region, feels the most prepared to deal with disasters. In the poll, Southeast Asian respondents indicated strong confidence in their agency and household planning, with 67% confident that “they could protect themselves and their families from a future disaster.” Only North Americans came close to this level of confidence—60% of those surveyed in North America have household disaster plans. With 40% of those surveyed in Southeast Asia expressing that they’ve faced disaster in the past five years, there appears to be some correlation between resilience and experience.
That resilience isn’t just experience though. The Association of Southeast Asian Nations (ASEAN) has been working to protect those most vulnerable to disaster—women, children, the elderly, and those with disabilities—through its Regional Framework on Protection, Gender, and Inclusion in Disaster Management 2021-2025. Similarly, ASEAN has developed the ASEAN Agreement on Disaster Management and Emergency Response, providing a large range of early warning systems that enable Southeast Asians to prepare for disasters. The agreement also emphasizes collaboration between the nations to respond quickly to disasters, demonstrating that not only can technological innovation better prepare us for the uncertainty of the future, but that collaboration is an essential aspect of resilience.
A real world spy drama unfolds in the Philippines
On September 3, 2024 the former mayor of the small Philippine village Bamban was arrested by Interpol. The suspected spy stands accused of money laundering, having ties to Chinese criminal syndicates, and faking her identity. Before her arrest, Guo was removed as mayor after a raid on an illegal gambling operation in Bamban exposed human trafficking and money laundering.
Despite claiming to be a natural-born citizen of the Philippines, Alice Guo’s fingerprints match Chinese national Guo Hua Ping’s fingerprints. Further evidence, including a passport Guo is believed to have used as a teenager to enter the Philippines, seems to indicate Guo faked her identity. Police believe there is a real Filipino citizen named Alice Guo, whom Guo might have stolen the identity from. It is the accusation of identity theft that leads authorities to believe Guo may be a Chinese spy.
While China has not commented on Alice Guo’s identity, the accusations of her role as a possible spy come amidst heightened tensions between China and the Philippines over a major shipping route in the South China Sea.
Alice Guo is currently being held in contempt of the Senate for her false testimony.
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Under The Radar: A fossil fuel financing u–turn down under
Photo by Justin Luebke on Unsplash
October 4, 2024
Diplomatic Courier staff writer Stephanie Gull brings you three under–the–radar stories from Southeast Asia and Oceania in September: Australia’s banks go greener, Southeast Asia’s disaster vulnerability and resilience, and a Philippine spy story.
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nder The Radar is a special series and newsletter offering from Diplomatic Courier bringing you compelling, under–the–radar stories from around the world over the past month. This month in Southeast Asia and Oceania: Big Australian banks get more climate conscious, Southeast Asia’s disaster preparedness, and a Philippine spy story Hollywood would love.
Australia’s banks changing tune on fossil fuels?
Australia’s largest financial institutions have dramatically changed their tune on financing fossil fuels. In 2023, the four largest banks in Australia collectively provided $3.6 billion in financing for fossil fuel projects. Then, in August 2024, Australia’s largest bank, the Commonwealth Bank—which has been criticized as being among the worst offending financial institutions on climate—announced that going forward it will refuse to finance any fossil fuel companies that do not adhere to the Paris Agreement.
The other three banks—ANZ, NAB, and Westpac—haven’t gone as far yet, but they have committed to making environmentally friendly changes to their operations. ANZ promised to transition its lending portfolio to net-zero financed emissions by 2050, touting its membership to the Net-Zero Banking Alliance. NAB, meanwhile, is placing restrictions on its oil and gas financing. Westpac points to its shareholder-supported Climate Change Position Statement and Action Plan as proof of its commitment to climate action. Yet market analysts expect these banks will follow Commonwealth’s lead to placate shareholder and customer demands.
Banks inarguably have a key role to play in fighting climate change. Globally, the banking industry’s shift to more sustainable lending practices has been uneven and difficult—fossil fuels remain not only lucrative but critical to at least our immediate energy future. Australia’s financial institutions have received more criticism than most, but that could soon change.
Southeast Asia disaster prone, but most prepared
The latest Lloyd’s Register Foundation World Risk Poll found that Southeast Asia, despite being a disaster prone region, feels the most prepared to deal with disasters. In the poll, Southeast Asian respondents indicated strong confidence in their agency and household planning, with 67% confident that “they could protect themselves and their families from a future disaster.” Only North Americans came close to this level of confidence—60% of those surveyed in North America have household disaster plans. With 40% of those surveyed in Southeast Asia expressing that they’ve faced disaster in the past five years, there appears to be some correlation between resilience and experience.
That resilience isn’t just experience though. The Association of Southeast Asian Nations (ASEAN) has been working to protect those most vulnerable to disaster—women, children, the elderly, and those with disabilities—through its Regional Framework on Protection, Gender, and Inclusion in Disaster Management 2021-2025. Similarly, ASEAN has developed the ASEAN Agreement on Disaster Management and Emergency Response, providing a large range of early warning systems that enable Southeast Asians to prepare for disasters. The agreement also emphasizes collaboration between the nations to respond quickly to disasters, demonstrating that not only can technological innovation better prepare us for the uncertainty of the future, but that collaboration is an essential aspect of resilience.
A real world spy drama unfolds in the Philippines
On September 3, 2024 the former mayor of the small Philippine village Bamban was arrested by Interpol. The suspected spy stands accused of money laundering, having ties to Chinese criminal syndicates, and faking her identity. Before her arrest, Guo was removed as mayor after a raid on an illegal gambling operation in Bamban exposed human trafficking and money laundering.
Despite claiming to be a natural-born citizen of the Philippines, Alice Guo’s fingerprints match Chinese national Guo Hua Ping’s fingerprints. Further evidence, including a passport Guo is believed to have used as a teenager to enter the Philippines, seems to indicate Guo faked her identity. Police believe there is a real Filipino citizen named Alice Guo, whom Guo might have stolen the identity from. It is the accusation of identity theft that leads authorities to believe Guo may be a Chinese spy.
While China has not commented on Alice Guo’s identity, the accusations of her role as a possible spy come amidst heightened tensions between China and the Philippines over a major shipping route in the South China Sea.
Alice Guo is currently being held in contempt of the Senate for her false testimony.
