CHRISTOPH NEDOPIL  | 

The Asia-Pacific region continues to dominate global headlines, with a year full of political shifts, economic developments, climate actions, and strategic advancements. The following compilation is a look back at some of 2024’s impactful events across the region, showcasing its dynamic role on the world stage.


January

  • Taiwan Presidential Election: Lai Ching-te of the Democratic Progressive Party (DPP) wins the presidency, strengthening Taiwan’s pro-sovereignty stance amid rising tensions with China.
  • India-UAE Rupee Trade Agreement: India and the UAE sign a trade agreement using the Indian Rupee to reduce reliance on the U.S. dollar, enhancing economic ties in South Asia.
  • China’s Tiangong Mission: China successfully launches a crewed mission to its Tiangong space station, marking a significant milestone in its space ambitions.
  • Bangladesh Election: Prime Minister Sheikh Hasina swept to power for a fourth consecutive term marked by violent protests and international scrutiny. 
  • Australia’s Mandatory Climate Reporting: Australia announces the upcoming mandatory climate reporting law, set to take effect in 2025. Corporations will need to disclose climate risks, emissions, and transition plans. The law is a major step toward enhancing transparency in the Australian corporate sector.
  • Asia-Pacific CFO ESG implementation: Deloitte’s Asia-Pacific CFO Survey revealed that 62% of CFOs in the region have plans to implement robust ESG processes, reflecting growing momentum toward sustainability.

February

  • Indonesian Presidential Election: General elections were held in Indonesia on 14 February 2024 to elect the president, vice president, and People’s Consultative Assembly.
  • Pakistan Parliamentary Election: Controversy surrounds the Pakistan election as the Premier defends the delay in releasing election results and denies the vote was unfair
  • North Korea Missile Launch: North Korea conducts several missile tests, escalating tensions in East Asia and prompting international calls for additional sanctions.
  • Renewable energy growth in Indonesia: Collaborative efforts between local stakeholders and international partners in Indonesia accelerated renewable energy adoption and infrastructure development, contributing to the country’s energy transition goals​.

March

  • ASEAN-Australia Special Summit: The 2024 ASEAN-Australia Summit strengthened ties through a $2 billion investment fund, enhanced climate cooperation, new technology hubs, expanded scholarships, improved visa access, and the establishment of the ASEAN-Australia Centre to foster deeper regional integration and collaboration.
  • China’s Two Sessions: The Two Sessions (Chinese: 两会) reflected a shift in priorities, with climate and environmental targets largely sidelined due to economic challenges,
  • Mangrove restoration in the Philippines: A large-scale initiative to restore mangrove ecosystems in coastal communities gained traction, improving biodiversity and climate resilience​.

April

  • Vietnam’s Offshore Wind Energy Project: Vietnam advances its offshore wind energy initiative in the South China Sea, with the first large-scale offshore wind farms expected to be operational by 2025, aiming to diversify its energy sources.
  • Fiji-China Infrastructure Deal: Fiji and China signed a major infrastructure agreement focusing on port construction and telecommunications, increasing China’s influence in the Pacific.
  • Maldives Presidential Election: Mohamed Muizzu won the presidential election, signalling stronger ties with China and pledging infrastructure investments​.
  • South Korea Legislative Election: The election served as a “mid-term evaluation” for the administration of President Yoon Suk-yeol as it approached its third year. 
  • India’s General Election Begins: The world’s largest democratic exercise commenced, with key issues like unemployment, welfare programs, and economic reforms dominating debates.
  • Singapore’s Green Tech Investments: Singapore announced new funding to scale innovative green technologies, including carbon capture solutions, aiming to position itself as a hub for sustainable tech​.

May

  • Asia Summit on Global Health: Themed “Reimagining the Future of Healthcare”, the third Asia Summit on Global Health was staged in Hong Kong on 17-18 May 2023
  • South Asia Heatwaves: India, Pakistan, and Bangladesh face severe heatwaves, causing public health crises, agricultural losses, and emergency measures to protect vulnerable populations.
  • The International Tribunal for the Law of the Sea (ITLOS): ITLOS rules carbon dioxide is an ocean pollutant. The case was brought in September 2023 by nine small countries disproportionately affected by climate change, including Antigua and Barbuda, Vanuatu and Tuvalu.
  • Solar Expansion in Vietnam: Vietnam reached a milestone in its rooftop solar installations, making it a leader in renewable energy capacity in Southeast Asia​.

June

  • Bangladesh Student Protests Escalate: Protests in Bangladesh, led by students and expanding to broader societal movements, demand political reforms and climate action from the government.
  • Extreme Heat in Asia: Continuation of extreme heat in Asia, with temperatures well above 40°C in many regions.
  • India’s Election Results: The ruling BJP retained power with a reduced majority, while the opposition alliance gained significant ground in key states.
  • Plastic waste management in Malaysia: Malaysia launched a new program for community-led waste management, significantly reducing plastic pollution in urban waterways​.

July

  • Shanghai Cooperation Organization (SCO) Summit: Held in Kazakhstan, the SCO summit focuses on regional security, counterterrorism, and economic cooperation. Belarus becomes a full member, expanding the organisation’s geopolitical influence.
  • Afghanistan’s Food Crisis: Afghanistan continues to grapple with severe food insecurity due to a combination of drought, conflict, and political instability, drawing increased attention from international aid organizations.
  • Philippines-Japan Reciprocal Access Agreement: The Philippines and Japan signed a reciprocal access agreement that would enhance the two countries’ military cooperation.
  • Fiji-China Infrastructure Deal: Fiji and China expand their infrastructure partnership, with China providing loans for projects that boost regional connectivity and deepen China’s ties in the Pacific.
  • Fiji’s Ocean Conservation Success: Fijian Government commits eight percent of Fiji’s ocean to marine protection, aligning with the nation’s goal to protect 30 percent and sustainably manage 100 percent of their ocean by 2030.

August

  • Pacific Islands Forum: Leaders from the Pacific region meet to discuss climate change, renewable energy, and economic cooperation. They also emphasise the need for developed nations to meet climate finance commitments to vulnerable island nations.
  • India-Middle East-Europe Economic Corridor (IMEC): India launches plans for a major trade and infrastructure corridor linking India, the Middle East, and Europe, strengthening regional trade and energy security.
  • China’s Emissions Regulations: China expands its emission trading system (carbon market), targeting key sectors like steel and cement.
  • Climate Education in India: A nationwide initiative in India integrated climate literacy into school curriculums, empowering youth to engage in sustainable practices​.

September

  • Sri Lanka Presidential Election: Sri Lanka holds its first presidential election since the country declared bankruptcy.
  • Japan’s Defense Budget Increase: Japan announces its largest-ever defense budget, bolstering military preparedness in response to North Korean missile threats and China’s growing military assertiveness.
  • Papua New Guinea Oil and Gas Expansion: Papua New Guinea pushes forward with major oil and gas exploration projects, despite growing concerns over the environmental impact and long-term sustainability.
  • Circular economy in Japan: Japanese industries adopted circular economy practices, leading to a reduction in industrial waste and increased resource efficiency​.

October

  • India Hosts ASEAN-India Summit: India hosts the ASEAN-India summit, focusing on expanding economic cooperation, maritime security, and addressing geopolitical challenges, particularly with China’s growing influence.
  • BRICS Summit: Held in Kazan, Russia, from October 22-24, the expanded BRICS bloc (now including Saudi Arabia, UAE, Egypt, Iran, and Ethiopia) focused on de-dollarisation and sustainable development financing. The Kazan Declaration advocated for global financial system reforms and intra-BRICS trade strengthening.
  • Pakistan-India Water Disputes: Pakistan and India continue negotiations under the Indus Water Treaty, but no breakthrough is achieved in resolving longstanding water-sharing disputes.
  • Uzbekistan: Signed agreements with Japan and South Korea to build Central Asia’s largest solar energy project, worth $5 billion​.
  • Pacific nations chart a sustainable future for the Blue Pacific: Pacific Island countries met in Nadi for the Regional Integrated Ocean Management workshop with the mandate for the management of ocean resources.

November

  • G20 Summit in Brazil: The G20 summit in Brazil addresses key global challenges, including climate action, economic recovery, and sustainable development. Asian leaders, especially from India, call for greater financial support for climate adaptation in developing nations.
  • COP29 in Baku: At COP29, the focus is on carbon markets and climate finance, but the outcome on climate finance remains below expectations, with developing countries, including those in Asia, voicing their concerns over the inadequacy of funds.
  • Hydrogen innovation in South Korea: South Korea advanced its hydrogen economy with new investments in green hydrogen production and fuel cell technologies.

December

  • Pacific Islands Legal Action Against Carbon Emitters: Tuvalu and Kiribati initiate legal action against major carbon emitters, seeking compensation for the existential threat of rising sea levels and other climate impacts affecting their island nations.
  • Sustainable fuel initiatives in Singapore and New Zealand: The Asia-Pacific region, the world’s largest combined air transport market, has edged closer to lower carbon air services with significant initiatives announced in Singapore and New Zealand.
  • China-India Border Dispute: the 23rd meeting between the Special Representatives of China and India on the boundary question was held on December 18 in Beijing.

This year showcased the Asia-Pacific region as a powerhouse of political, economic, and environmental transformation. From historic summits to bold climate actions, the events of 2024 reinforce the region’s pivotal role in shaping the global future.

Stay tuned for more updates as 2025 unfolds with new challenges and opportunities.