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APEC auto industry accelerates update of new technology vehicles

APEC auto industry accelerates update of new technology vehicles

17 May 2022

Members of the Asia-Pacific Economic Cooperation (APEC) are intensifying coordination to develop measures that promote the uptake of new-technology vehicles in a bid to meet climate commitments and to realise the APEC Putrajaya Vision 2040.

In his remarks at the APEC Automotive Dialogue, deputy director-general of Thailand’s Office of Industrial Economics Krit Chansuwan said in line with the bio-circular-green (BCG) economy model as part of APEC 2022 priorities, the region’s auto industry should seize the momentum and push ahead with its net zero and low emission commitment to contribute to economic recovery and address global environmental concerns.

“While electric vehicles have been the go-to solution for the auto industry to achieve a net zero or low-carbon future, we need to remember that each APEC economy is unique, therefore, we need multiple approaches to achieve our climate commitments.

“Both policymakers and industry players recognise the critical role of policy because without it, the industry will not be able to fast-track technology deployment and make the necessary transition,” he said.

He said APEC member economies have made notable progress in the past years in transitioning to electric vehicles through the redevelopment of regulatory regimes, common standards and targets to encourage the shift to a low-carbon-vehicles option.

“More needs to be done as member economies race to achieve their commitment of reducing global carbon dioxide emissions by 45 per cent, from 2010 levels, by 2030.

“Officials and industry experts deliberated policies to reduce the price of new-technology vehicles, looking at tax credits, subsidies and rebates, among others,” he said.

He added that officials and experts recognised the urgent need to incentivise innovation, research and development, manufacturing and recycling the components of new-technology vehicles such as batteries and semiconductors.

APEC officials and senior auto industry representatives convened in Bangkok last week for the APEC Automotive Dialogue to deliberate on the benefits of environmental and vehicle safety regulatory cooperation, convergence and harmonisation in advancing trade facilitation as well as promote connectivity in the region.

The APEC Automotive Dialogue is a forum for industry and government to discuss a broad range of issues that affect auto trade.

The dialogue will continue collaborating with other APEC groups such as the Energy Working Group and Transportation Working Group to identify and integrate new and emerging sustainable transportation and mobility technology and services.

Source: Bernama