Latest news with #EcosperityWeek
Economic Times
09-05-2025
- Business
- Economic Times
Biggest polluters need ‘breathing space' to reform, DBS says
Live Events Major polluters need support to develop credible plans to curb emissions instead of being held to unrealistic demands for reforms, according to DBS Group Holdings Ltd., Southeast Asia's largest still accounts for almost half of total energy supply in the Asia-Pacific region, and sectors including shipping and steel-making continue to face challenges in decarbonizing quickly.'We need to give everyone a bit of breathing space to develop transition plans,' Helge Muenkel, the bank's chief sustainability officer, said in an interview on the sidelines of the Ecosperity Week conference in has previously warned that emissions tied to its customers could rise in the short-term. The trajectory will be impacted by its efforts to direct more funding to support the early retirement of coal power plants, and development of supply chains for critical minerals and other products required for green technology like electric in Europe are coming under new pressure to stand by strict climate commitments, and both Barclays Plc and Standard Chartered Plc will face calls from investors this week to accelerate lending to clean which lifted sustainable financing commitments to S$89 billion ($69 billion) at the end of 2024 from S$70 billion the previous year, will aim to hold customers to account over their transition efforts, Muenkel said in the Tuesday interview.'If customers after engagement don't give us a sense that they really want to move, then ultimately that's actually a concern,' Muenkel said. 'Then we need to discuss cutting lines, disbanding relationships.'The bank has chosen to remain a member of the Net-Zero Banking Alliance , the finance sector climate group that's been abandoned by Wall Street and a series of lenders across Asia.'We like collective action, we like platforms that foster collaboration,' he said. 'It has proven to be actually very helpful.'
Time of India
09-05-2025
- Business
- Time of India
Biggest polluters need ‘breathing space' to reform, DBS says
Major polluters need support to develop credible plans to curb emissions instead of being held to unrealistic demands for reforms, according to DBS Group Holdings Ltd., Southeast Asia's largest lender. #Operation Sindoor India-Pakistan Clash Live Updates| Missiles, shelling, and attacks — here's all that's happening Pakistani Air Force jet shot down in Pathankot by Indian Air Defence: Sources India on high alert: What's shut, who's on leave, and state-wise emergency measures Coal still accounts for almost half of total energy supply in the Asia-Pacific region, and sectors including shipping and steel-making continue to face challenges in decarbonizing quickly. 'We need to give everyone a bit of breathing space to develop transition plans,' Helge Muenkel, the bank's chief sustainability officer, said in an interview on the sidelines of the Ecosperity Week conference in Singapore. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like She Was Everyone's Dream Girl In 90's, This Is Her Recently Cash Roadster Undo DBS has previously warned that emissions tied to its customers could rise in the short-term. The trajectory will be impacted by its efforts to direct more funding to support the early retirement of coal power plants, and development of supply chains for critical minerals and other products required for green technology like electric vehicles. Banks in Europe are coming under new pressure to stand by strict climate commitments, and both Barclays Plc and Standard Chartered Plc will face calls from investors this week to accelerate lending to clean energy. Live Events DBS, which lifted sustainable financing commitments to S$89 billion ($69 billion) at the end of 2024 from S$70 billion the previous year, will aim to hold customers to account over their transition efforts, Muenkel said in the Tuesday interview. 'If customers after engagement don't give us a sense that they really want to move, then ultimately that's actually a concern,' Muenkel said. 'Then we need to discuss cutting lines, disbanding relationships.' The bank has chosen to remain a member of the Net-Zero Banking Alliance , the finance sector climate group that's been abandoned by Wall Street and a series of lenders across Asia. 'We like collective action, we like platforms that foster collaboration,' he said. 'It has proven to be actually very helpful.'
Straits Times
08-05-2025
- Business
- Straits Times
Singapore signals commitment, policies to draw green dollar during Ecosperity Week
Economic uncertainties may persist, but climate change is still something the world has to prepare for. ST PHOTO: LIM YAOHUI SINGAPORE – Despite faltering climate action around the world, Singapore recognises the urgency of tackling the crisis, and is signalling that it has the commitment and the right policies to draw in the green dollar. This was the message to global investors during Ecosperity Week, the flagship sustainability conference by Singapore investment firm Temasek held between May 5 and 8. It was conveyed in a few ways. First, by clearly communicating that Singapore is supportive of climate action, and that this approach is not subject to flip-flops. On May 6, Senior Minister Teo Chee Hean, who heads the Inter-Ministerial Committee on Climate Change, said in his keynote speech that Singapore will continue to work with partners to tackle the planetary crisis,even though it cannot be sure what other countries will or will not do. Pointing to the escalating impacts of climate change, SM Teo said: 'We will secure Singapore's future by doing our part and collaborating with the world to reduce emissions.' Singapore also sought to establish that it had the right policies to promote decarbonisation domestically and across the broader Asean region . Given the audience, the Republic also highlighted that this push to tackle climate change is not merely a cost to be shouldered, but there are economic benefits to be reaped as well . Ecosperity Week and its partner events were attended by business leaders, investors, philanthropists, policymakers and civil society leaders from around the world. Singapore is spearheading efforts to promote transition credits – a new class of carbon credits which can enable the early phase out of coal plants in the region. Coal is the most pollutive fossil fuel, and developing South-east Asia has some of the world's youngest coal plants. Tackling climate change would require such plants to be phased out as soon as possible, but given the long runway of coal plants in the region, this seems unlikely to happen on its own. Transition credits aim to monetise emissions savings from the early closure of coal plants. Revenue would come from the sale of carbon credits to companies or governments, with each credit representing a tonne of emissions avoided by shutting a power plant early. On May 7, it was announced that Japanese conglomerate Mitsubishi Corporation had joined Singapore's Keppel and investment platform GenZero in a climate initiative that aims to retire a Philippine coal plant early using funds from a transition credit scheme backed by the Monetary Authority of Singapore. The aim is to retire the plant by 2030 – ahead of its scheduled closure in 2040 – and replace it with renewable energy and battery storage. The initiative, if successful, could be a model used to shut down dozens of other coal plants early around the globe, especially in Asia. A report released on May 7 by global management consultancy BCG and Temasek showed that expenditure for climate adaptation and resilience is projected to rise to between US$500 billion (S$646 billion) and US$1.3 trillion a year by 2030. This presents an opportunity for investors to put their money into growth sectors for climate adaptation solutions, such as hazard warning systems, climate-resilient crops, and flood defences, among others. The importance of collaborations and partnerships — between countries and sectors — in tackling climate change was also repeatedly emphasised during the week. This is notable given the inward-leaning policies being promoted in other parts of the world. Tackling a planetary crisis like climate change cannot be done by one country alone, and collaborations can also help to broaden the market for sustainable investments. At Ecosperity Week and partner events like the GenZero Climate Summit and the Climate Group Asia Action Summit, at least three areas of collaboration were discussed : carbon markets, the Asean power grid and blended finance. Carbon markets allow countries to collaborate on climate action, as it allows funds to flow from large emitters, usually developed countries, to countries where carbon projects are usually hosted, usually developing countries. This can spark a whole industry – carbon services – which offers a wide range of opportunities, from carbon project development to monitoring and verification services and legal and regulatory consultancies. Singapore had identified carbon services as an engine of growth for its green economy in the Singapore Green Plan 2030, the nation's sustainability blueprint launched in February 2021 . On the Asean grid, Singapore has sent a strong policy signal with a goal that by 2035, some 30 per cent of its energy supply is expected to come from clean energy imports. This commitment provides investors with some degree of revenue certainty. But some investments, such as into subsea cables, can be costly and risky, which highlights the need for another form of collaboration between sectors. This is where blended finance comes into play, leveraging public and philanthropic funding support to entice private funding to come on board. Singapore's Ambassador for Climate Action Ravi Menon summed it up well when he spoke about the importance of 'how to make money work harder, more effectively'. Public funding is willing but insufficient, while private funding is ample but unwilling to commit owing to high risks or because returns are not commensurate with the risks, said the former chief of Singapore's central bank during a panel at the Philanthropy Asia Summit, an Ecosperity partner event. Collaboration of the public, private and philanthropic sectors on financing can significantly scale the amount of money available for sustainable investments. As Ecosperity Week wraps up, the 11th edition of the annual sustainability conference comes amid significant global headwinds to climate action – a far cry from some years earlier, when countries were racing to help their economies recover from the Covid-19 pandemic in an environmentally-sustainable way. Economic uncertainties and trade concerns are undoubtedly top of mind in the current geopolitical context. But climate change impacts will not spare us just because we are not paying attention. As SM Teo said: 'We must be clear-minded... Long-term success requires both a firm grasp of the demands of today and a steady eye on the needs of tomorrow.' Audrey Tan is an assistant news editor overseeing sustainability coverage. She has reported on the environment for more than a decade and hosts the Green Pulse podcast series. Find out more about climate change and how it could affect you on the ST microsite here.
Business Times
07-05-2025
- Business
- Business Times
Enabling MSMEs to adopt ESG practices is key to sustainable supply chains: report
[SINGAPORE] There is growing momentum among micro, small and medium-sized enterprises (MSMEs) in South-east Asia to adopt sustainability practices, but stumbling blocks such as financial constraints remain. This issue was raised in a report by the Centre for Impact Investing and Practices (CIIP), titled Transforming for Sustainability: Driving Impact and Value through Supply Chain Action, released on Wednesday (May 7) at an Ecosperity Week event. The report found that MSMEs in the region recognise the business value of adopting sustainability practices, with 39 per cent of respondents agreeing that they lower costs and improve long-term efficiency. Twenty-seven per cent believe these practices can attract or retain talent in a values-driven workforce. This is a crucial trend as many multinational corporations are setting higher expectations across their supply chains in pursuit of their long-term sustainability commitments, the report noted. MSMEs are often key suppliers for these global companies. Therefore, aligning themselves with the evolving standards is increasingly vital for these businesses to remain competitive and secure long-term growth opportunities, the study added. Dawn Chan, chief executive officer of CIIP, said: 'MSMEs are the backbone of South-east Asia's economies and essential partners in advancing sustainable supply chains.' A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up The findings are based on a survey of more than 3,500 MSMEs from countries in the region – such as Indonesia and Vietnam – as well as interviews with about 85 organisations in Asia. The report also revealed that 84 per cent of MSMEs have adopted at least one environmental, social and governance (ESG) practice, with social measures being the most common due to mandated employee protection policies in each of the countries studied. However, financial constraints remain a key hurdle to adopting more of such practices, with many of the MSMEs surveyed citing high upfront costs. This is despite half of them planning to increase their ESG budgets by 2027. Manpower also remains an issue, with 60 per cent of respondents reporting moderate to significant difficulties in hiring staff for sustainability or related roles. Some also cited the inability to derive immediate benefits from embracing ESG practices. Thirty-two per cent said the ability to gain new clients or enter new markets would be an important motivating factor for the future adoption of ESG approaches. Enabled to thrive To help MSMEs, the report identified five key enablers – among them is making the concept of ESG clear and simple. This would require the commercial benefits of ESG practices to be emphasised. Another enabler is financing the change. While sustainability-linked loans are increasingly available, uptake by MSMEs remains low. This suggests that concessional rates alone are not enough, and investments in innovative MSME-targeted solutions are needed. To this end, venture capital firms and impact investors are a third vital enabler. They play a crucial role in facilitating ESG adoption across supply chains by providing catalytic funding to incentivise innovation and reduce the barriers to adopting such practices. These investors are particularly important in backing early-stage solutions and business models which are priced and designed for MSMEs. '(These enterprises') growing interest in ESG signals a real opportunity to unlock business resilience and long-term value,' Chan said. 'This report aims to provide a clearer view of what MSMEs need to succeed (in), and how ecosystem players, from industry leaders to governments and financial institutions, can work together to accelerate scalable, sustainable impact,' she added. Themed 'Impact for Outcomes – Perspectives from the Ground', the Impact Investing Roundtable 2025 where the report was released was co-organised by CIIP and Temasek. Fashioning a solution In the same vein, CIIP on Wednesday signed a memorandum of understanding with the Singapore Fashion Council (SFC) to advance supply chain sustainability within the fashion industry – with a particular focus on empowering MSMEs. Under the agreement, SFC will lead the development and implementation of three key initiatives to support the sustainability transformation of the fashion and textiles sector. CIIP will contribute insights and ecosystem-building support. The initiatives comprise: a sectoral plan identifying the key challenges and strategic priorities for the local and regional fashion industries; a guidebook with resources and practical road maps to help companies at different stages of their sustainability journeys; and a digital toolkit providing MSMEs with access to ESG tools to facilitate decarbonisation and broader adoption of sustainability practices. Zhang Ting-Ting, CEO of SFC, said: 'The future of fashion lies not just on the runway, but in the roots of our supply chains. MSMEs are the heartbeat of Asia's fashion industry – collective action and practical support are key to meaningful progress in sustainability.' She added: 'By partnering with forward-thinking organisations like Temasek Trust's CIIP, we are bridging insight with implementation – empowering businesses with the tools and knowledge to future-proof their supply chains and thrive.'
CNA
07-05-2025
- Health
- CNA
UNICEF warns of climate change worsening child malnutrition in Asia
SINGAPORE: Climate change is worsening malnutrition in Asia, with young children bearing the brunt of increasingly fragile health and food systems, said the United Nations children's agency UNICEF. Despite rapid development in the region, many children are still not getting the nutrition they need, UNICEF's regional nutrition adviser for East Asia and the Pacific Roland Kupka told CNA on Tuesday (May 6). 'Climate change is putting pressure on health systems. It is increasing the prevalence of infections, which drain children's bodies of vital nutrients,' he said at the sidelines of Ecosperity Week, an annual sustainability event hosted by Temasek. 'At the same time, climate change is impairing food systems. So we see decreases in the quality (and) quantity of food, and all that makes it very clear that it's hard to talk about climate action without putting children, as well as children's nutrition, at the centre of those efforts.' ENDING CHILD HUNGER Kupka stressed that the nutrition crisis in Asia is becoming increasingly urgent, where about 19 million children are 'chronically undernourished'. Malnutrition, which is an imbalance between the nutrients one's body needs to function and the nutrients it receives, can significantly stunt children's physical and brain development, he added. 'We also see that deficiencies in vitamins and minerals are still very common, and at the same time, we see that more and more children are overweight and obese. 'So I think really what we need to make sure is that children have access to the right diets, the right services and to the right practices, and that we support governments to put in place the right policies and programmes to address these forms of malnutrition.' Kupka said the financing of aid programmes is one of the biggest hurdles in tackling malnutrition. He noted that there is a need for "mechanisms" that can assess various financing needs and incentivise the production of certain nutritious food in settings where they are needed. UNICEF, for instance, has introduced the Child Nutrition Fund to quicken the scaling up of sustainable policies, programmes and supplies to end child undernutrition, said Kupka. 'We feel that that has real promise to address malnutrition in this region, as well as in other regions.' GOVERNMENT ACTION He also called on governments to take greater measures to close Asia's nutrition gap, noting that they are at the core of change to implement effective policies. 'I think it's the duty of governments to watch out for the rights of their citizens, to put in place the policies and the programmes,' he added. 'But governments cannot do it alone, and that's where I feel philanthropists can come in — they have the freedom, the speed, the agility to try out new things, new models that can then be taken over by governments later.' When asked how Asia can build better climate resilience and food security, Kupka said the region can 'avoid a lot of mistakes that were made in other parts' of the world. These include failing to adapt practices to withstand increasingly extreme weather conditions 'We can combine this with a quest for innovation that this region has… and really lead the way in the whole world when it comes to climate action, as well as areas such as child nutrition,' he added.
