Latest news with #Wentzel
Straits Times
5 days ago
- Business
- Straits Times
Stay the course on sustainability despite policy shifts, HSBC urges firms
HSBC's chief sustainability officer Julian Wentzel noted that rather than slowing down, Asia has accelerated in terms of its green transition efforts. ST PHOTO: JASON QUAH SINGAPORE – Transitioning to a more sustainable future is a long-term journey, and companies in the region must stay the course despite shifting policies and sentiment, said HSBC's chief sustainability officer Julian Wentzel. Speaking to The Straits Times, he noted that Asia is in fact accelerating its sustainability efforts, with banks like HSBC maintaining their commitment even as some US counterparts pull back. In May, the bank launched the Future Industries Partnership – a three-year philanthropic programme to help climate-related start-ups access capital for sectors that find it harder to reduce their carbon emissions, such as chemicals, cement and mining. The aim is to help these sectors find solutions for safe, sustainable operations. Mr Wentzel, who took up the role of HSBC chief sustainability officer in February, said: 'No matter what is happening, we're an organisation that has been in existence for 160 years, and we're thinking about the next 160 years. And that is why we remain so committed to net zero by 2050.' He added that firms should avoid being influenced by 'policy whiplash'. 'You need to hold your path. You need to sustain what you believe in. And we believe this is important for our customers, for the societies in which we operate and critical for creating wealth for our shareholders because we see a real growth opportunity.' HSBC is doubling down on that resolve even after the US withdrew from the Paris Agreement earlier in 2025, when President Donald Trump took office. Major banks and asset managers such as JPMorgan, Goldman Sachs and Morgan Stanley have since pulled out of net-zero initiatives such as the Net-Zero Banking Alliance, which brings together banks that want to align their lending and investing activities with net-zero emission targets. Mr Wentzel noted that rather than slowing down, Asia has accelerated in terms of its green transition efforts. 'What I see in the Asian region is a doubling down of commitment,' he said, noting that Asean and the Middle East are important markets for the bank. 'From the perspective of growth opportunities, we're seeing a clear trend of capital moving where the climate ambition has been matched with action, and that's this region,' he added. He added that globally, although there might be backlash against sustainability, companies are also still committed to the cause. 'There might be a level of 'greenhushing' to a degree, but I haven't seen a massive change in momentum behind what banks are doing in the US, or how companies are behaving,' he said. He was referring to the practice of companies under-reporting or withholding information on their sustainability targets and achievements, because they are afraid of backlash from stakeholders, for instance. 'I think most companies acknowledge that the problem exists and will persist, and they have an accountability and responsibility to their shareholders to sustain the path.' He added that companies also understand that if they lose momentum and fall behind in the transition, the consequences are acute. For example, he cited the fires in California and hurricane damage in Florida, all of which have driven up the cost of insurance and affected housing prices. 'Because that is real and tangible, even in the US, I think that keeps people highly focused on the challenge ahead, and the requirement, therefore, to sustain the path and the transition,' Mr Wentzel said. He added that markets like Singapore have an important part to play as a hub that mobilises capital, allows for the creation of new ideas and then transmits that to the rest of the region. Mr Wentzel, who was in Singapore in May for Temasek's annual sustainability event Ecosperity Week, said: 'I think Singapore is showing huge strides in shaping industry standards. 'It's also a great hub for catalysing capital, and promoting an early coal phase-out... So I think what Singapore is doing is creating the opportunity and the facilitation of capital flows.' HSBC has a target of providing and facilitating between US$750 billion (S$964 billion) and US$1 trillion of sustainable finance and investment by 2030. It has hit around US$400 billion as at end-2024. When asked if a larger proportion of the bank's financing will be allocated to sustainable projects going forward, Mr Wentzel said: 'We're going to move to a world where the definition is going to change. It's not going to be about sustainable finance. It's just going to be part of the economy. It's just finance.' He added that the bank will report on its targets but whether something counts as sustainable capital will be debatable. 'We're going to move to a world where the new energy system is going to be a sustainable system, and it will require a significant amount of capital, whether or not we then define that as sustainable capital. Ultimately the end goal is going to be that all new energy is going to be sustainable.' The most vital issue now, he said, is that the world does not lose momentum in sustainability. 'Climate change is a global phenomenon, and it's a global system, it's not bifurcated by geopolitical lines,' he said. 'So it's really important that everybody plays their part in helping to create a clean, sustainable future for us all... It's really about sustaining the path and not allowing anything to cause us to lose momentum in what is the fight for today, tomorrow, and the future.' Sue-Ann Tan is a business correspondent at The Straits Times covering capital markets and sustainable finance. Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
12-03-2025
- Health
- Yahoo
New FDA rules change drug policy for rescue units
HAMPTON ROADS, Va. (WAVY) — If you've ever called an ambulance to your house, you know they keep a kit full of medications and anything they need with them so they're ready to respond to any crisis. Fire and rescue departments across Virginia, though, are having to make changes to the way they store and transport those drugs — and it might change the way you're billed for that emergency call. It's due to the Drug Supply Chain Security Act that takes effect next month, and while it's a big change for fire departments, it also gives them a bit more freedom when it comes to treating their patients. 'The EMS agencies are now becoming the pharmacy said Dr. Carl Wentzel, operational medical director for Suffolk Fire & Rescue, 'where before, our pre-hospital drug use supply came from the local area hospitals.' Up until now, EMS agencies operated on a box-for-box exchange after every call. 'Meaning, if I use this box and if I only use aspirin or only used epinephrine, I would take this whole box, take it to the pharmacy, [and] they would then return me a completely new box,' said Suffolk Fire & Rescue Capt. Jeff Matthews. But there was no 'chain of custody,' meaning the pharmacies didn't know which medications went to which patient. Now, EMS teams are in charge of that. It's partly in response to the opioid crisis. 'They're appropriate medications when given in the correct way,' Wentzel said, 'but it's putting tighter control on management of those types of medications.' Wentzel said it will help them serve folks in the community better — giving them the freedom to stock up on drugs they use most often on calls and better adapt to changes in care instead of waiting on another agency to approve new protocol. Many states have been doing this for a while, but now, the Food and Drug Administration is mandating all states be on the same page. It took Suffolk Fire & Rescue six months and $450,000 to build a makeshift pharmacy to be in compliance. But with this new process, will the patient end up paying more? 'What we want to do is study it for one year and see what the increased cost is to manage and supply our pharmacy and our IV boxes,' said Suffolk Fire Chief Mike Barakey. 'And when that occurs, we'll have real data to see what can be worked on in our EMS billing company to figure out what we need to do to offset that increase.' That way, they can figure out what the department can absorb and what costs they might have to pass on to the patient. Wentzel said Suffolk has been a leader when it comes to this new process, and several agencies have come to analyze their setup to get an idea for their model. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
