T the first Thai-Australian economic strategy meeting held here today (Sep. 23) the Thai team asked Australia to gradually apply carbon emission measures as this affects millions of Thai workers in the automotive industry, TV Channel 7 said.
Representing the two countries in the key talks were Australia’s Assistant Minister for Trade Tim Ayres and Deputy Commerce Minister Suchart Chomklin.
The two sides also discussed trade and investment issues and ways to enhance the capabilities of Thai entrepreneurs in an ever-changing trade environment.
In the first seven months of 2024 (January-July), trade between Thailand and Australia was worth US$10,827.25 billion, with Thailand exporting US$7,234.23 billion worth of goods to Australia, an increase of 10.07% year-on-year. Major exports include automobiles, equipment and components, air conditioners and components, and computers, equipment and components. Thailand imported US$3,593 billion worth of goods from Australia. Major imports include natural gas, crude oil, and plants and plant products.
On May 16 this year the Australian Parliament passed the bill for New Vehicle Efficiency Standard (NVES), which sets the first-ever CO2 emission standards for Australia’s light-duty vehicles. The standards set annual gCO2/km emission targets from 2025 to 2029 for passenger cars, SUVs, utes, and vans.
The adoption of the NVES marks a critical step toward putting Australia on track to meet its decarbonization goals. The standards follow Australia’s first National Electric Vehicle Strategy, which emphasised the adoption of CO2 standards as a key strategy to promote electric vehicle uptake, International Council of Clean Transportation said.
The standard will drive down average CO2 emissions from passenger cars (including most SUVs) by about 17% per year and from light-commercial vehicles (including utes, vans, and some heavy SUVs) by about 12% per year from 2024 to 2029. Overall, it is expected to lead to a cumulative emissions reduction of 20 million tons through 2030 and 321 million tons through 2050. This translates to more than AU$95 billion in fuel cost savings for consumers and health benefits valued at AU$5 billion through 2050.
The NVES is also expected to increase electric vehicle (EV) sales share of new light-duty sales, including battery-electric and plug-in hybrid electric vehicles. In 2023, approximately 8% of light-duty vehicles sold in Australia were EVs, compared to about 21% in Europe and about 33% in China. The United States had a light-duty EV sales share of about 9% in 2023 but has projected that EV sales could reach 53% by 2030 and 68% by 2032 under its recently released multi-pollutant standards for light-duty vehicles. The European Union and the United Kingdom also have set CO2 standards or zero-emission vehicle mandates that require 100% zero-emission vehicle sales by 2035.
CAPTION:
Australia’s Assistant Minister for Trade Tim Ayres and Deputy Commerce Minister Suchart Chomklin plus their teams during talks today, Sep. 23, 2024. Photo: Commerce Ministry
This report originally appeared at www.thainewsroom.com
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