ESG considerations have come to be a core part of decision-making for both businesses and investors.
This to me is a key takeaway for me from Ecosperity 2024, the annual sustainability event of Temasek, Singapore’s global investment company, that drew to a close today (April 17) after three days of excellent coverage by Channel News Asia.
I did not attend the event on site. I had to rely on this coverage to draw some perceptions / conclusions,
— It came out clear that Temasek applies the ESG assessment framework through its investment process.
— In general, for the continuous focus that businesses and the media have on sustainability and climate change, I ended up with some lingering doubts if they paid adequate attention to Ecosperity, an interesting name that combines ecology and prosperity!
Some challenges and scenarios that came out of the event are:
— APAC is at risk of losing 35% of the region’s GDP due to climate change, as assessed by the World Economic Forum.
— 85% of Asia’s energy consumption is from fossil fuels: IRENA
— US$ 5 trillion annual investment needed to limit global warming to 1.5 degrees.
— More than US$ 3 trillion needed annually until 2050 for net-zero economy.
— US$ 5.9 trillion needed by 2050 for developing countries to hit climate goals, according to WEF.
— US$ 6.9 trillion in investments needed to meet climate objectives, per OECD.
— Early retirement of coal-fired power plants key for clean energy move.
— SE Asia’s solar and wind generation slow at 4%.
— Most SEA countries are slow to increase renewable energy.
— Emissions’ trend in SE Asia not on pace to meet 2030 goal.
— SEA accounts for around 7% of global emissions.
Hosted by Temasek in Singapore, Ecosperity is a global platform with thrust on achieving climate and nature-positive actions.
— Standard Chartered Bank, Temasek and Bain are among those who published green economy reports.
From what I came to understand, this is the 10th edition of Ecosperity.
As I was not at the venue, I cannot be certain that it wound up as a low-key event for the crucial importance it carried – https://www.ecosperity.sg/
G Joslin Vethakumar
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