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Battling "Complacent Optimism" and "Fatalistic Pessimism" in Addressing the Climate Crisis Singapore President Tharman Shanmugaratnam on Day One of the 10th edition of Temasek Ecosperity discussed how we must avoid both "complacent optimism" nor "fatalistic pessimism" in addressing the climate crisis. Recognizing that significant progress has been made since the Paris Agreement in 2015, we now must shift from setting distant goals to transition paths. While there is a global geopolitical recession, SE Asia has tailwinds in addressing climate risks and opportunities. Great discussions on how government and the private sector must work together to remodel the market economy with Minister Grace Fu, lunch with Council for Board Diversity Singapore with deborah ho Mindy Lubber Boon-Chye Loh and with ESG and sustainability leaders Jessica Cheam Jaclyn Seow Maya Hari Priya Gopalan

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A lot of job opportunities in sustainability space: Tan See Leng. ST GALLEN, Switzerland – With more than 100 carbon services and trading firms set up here in the past few years, the sustainability space will offer “significant opportunities” for Singaporeans, said Manpower Minister Tan See Leng on May 3. “In the foreseeable five to 10 years, there’ll be a huge demand for jobs in this particular space. In the sustainability space, we see a lot of opportunities for Singaporeans.” Dr Tan was speaking to reporters on the sidelines of the St Gallen Symposium in Switzerland. The symposium is an annual student-run conference taking place in May at the University of St Gallen. It hosts intergenerational debates on economic, political and social developments. Dr Tan said of the field: “Sustainability is actually existential for us. I mean, everything we do depends on energy.” The challenge comes as Singapore has to move towards decarbonising its power sector to stay relevant amid the global shift to net-zero, despite its lack of indigenous renewable energy resources, he had said earlier in 2024. He cited jobs in this space such as sustainability officers, carbon auditors, and engineers who develop smart grids to optimise the flow of electricity. Firms set up range from those that develop carbon standards and do carbon auditing and verification, to those developing green bonds, infrastructure investments and blended financing platforms – a financing mechanism where funds from risk-tolerant investors pull in more private capital. The $5 billion fund to build infrastructure for Singapore’s shift to low-carbon electricity, called the Future Energy Fund, will seed and fund some of these projects, said Dr Tan. He said there are four supply “switches” of clean energy here: natural gas, solar energy, conditional approvals to import low-carbon electricity from Cambodia, Indonesia and Vietnam, and research into alternative energy sources such as geothermal and nuclear energy. On low-carbon alternatives, he said the Government completed in March a request for proposal to select an operator for a small-scale exploratory study on using ammonia as a low-carbon fuel for energy generation. He said a priority is reducing the reliance on natural gas, which generates 95 per cent of electricity in Singapore. “How do we drop the reliance of the 95 per cent down to maybe less than 30 per cent, over the next 2½ decades? It’s a very, very steep path... Hence, nothing is off the table.” https://lnkd.in/gqBUrYKY

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The Southeast Asia's Green Economy 2024 Report: Moving the Needle was launched yesterday at Ecosperity Week 2024, and is jointly produced by Bain & Company, GenZero, Standard Chartered Bank and Temasek. The report shares that Southeast Asia has a window of opportunity that it needs to seize today to leverage the green transition for competitive and economic growth. It highlighted the top 13 investable ideas across four sectorial themes: Nature and Agriculture, Power, Transport, and Buildings. 1. Regenerative agriculture practice 2. Alternate wetting and drying for rice cultivation 3. Precision agriculture practice 4. Forest conservation 5. Peatlands conservation 6. Utility-scale solar and wind energy 7. Transmission and distribution infrastructure expansion 8. Captive self-generation of solar with storage 9. Virtual power agreements and interconnections 10. Electric passenger vehicles and charging infrastructure 11. Agricultural waste stream for biofuels production 12. Energy efficiency improvements for data centers 13. Energy efficiency improvements for buildings The report also highlighted five priority actions: - Focus attention on investable decarbonisation ideas - Scale up policies and investments to incentivise corporate action - Promote innovation in finance to catalyse investment - Advance country and regional plans for the transition path - Take action today while working on structural constraints Download the report at https://lnkd.in/gUfyrYBW

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Temasek's annual sustainability showcase Ecosperity just concluded, Jovi Ho and I compress everything we thought was eventful in this piece below: After the cop28 failed to land on the complete phase-out of fossil fuels, this 10th edition of Ecosperity zoned in on what a just and equitable transition looks like through urgent emission cuts and scaled-up financing. Some of the most controversial names in the sustainability industry were present: mining giant guilty of social and environmental destruction Rio Tinto and carbon credit players (South Pole, Gold Standard...) accused of overstating the environmental impact of their products, were all looking to rehabilitate their image and role in the global movement towards decarbonization. Is owning up to past errors enough? Are the initiatives and collaborations enough to meet the imminent goal of 1.5 degrees by 2030?

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KUALA LUMPUR (April 20): The long-awaited Energy Exchange Malaysia (Enegem) has finally been introduced, along with guidelines on cross-border electricity sales announced by the Ministry of Energy Transition and Water Transformation (Petra) last Monday for exports of green electricity from Malaysia to Singapore and Thailand. As Malaysia already exports oil and gas, the move is seen as a positive development for the country to become an energy hub for the region. This is in line with the National Energy Transition Roadmap (NETR) to transform the country’s energy sector. Last week, Petra announced that the maiden export of renewable energy (RE) would kick-start with a pilot auction of 100 megawatt (MW) to Singapore — that is less than 2% of the nearly 7,000 MW installed RE capacity in Peninsular Malaysia — before it is expanded to 300MW. The pilot project to export at least 100MW of RE to Singapore is one way to test demand while ensuring ample supply to the local market. Nonetheless, some have raised concerns that the government’s move to export the country’s RE could lead to Malaysia losing strategic investors to other countries in the region. In this issue’s cover story, The Edge looks at the government’s considerations involved in establishing the framework. Also read what industry players say about the development, as well as other solar energy-related announcements by the government in recent months, including the fifth instalment of the large-scale solar (LSS5) awards, additional net energy metering quota, and rebates for residential rooftop solar installations. What does the latest progress of the country’s RE sector mean to industry participants? How does the newly announced RE export mechanism work? To find out, grab a copy of The Edge Malaysia today.

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While developed countries focus on mitigation of emission and transition of their source of energy, developing countries who are the least emitters of green house gas, are the most vulnerable to climate change and struggling with adaptation. Even so, it is a collective responsibility of all mankind to contribute to the preservation of our habitat called Earth. So even developing countries have to do something. But while financing commitment from big countries (and main polluters) for climate change is there, the actual draw-down is a long, expensive and complicated process. This needs to change. There needs to be better mechanism!

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I’d like to repost a couple of upcoming events that I and the Carbon Team at UN Global Compact Network Singapore are doing: 1. GCNS SME Series, “Imperative for Decarbonisation - Deeper and Faster“, 27 June 2024. https://lnkd.in/djsP9-SF There’s 2 more days to go but a limited number of seats are still available, in case you want to make a last-minute decision to join in. You can hear in person Cindy Khoo, MD of EnterpriseSG and other eminent speakers speak on the decarbonisation challenge, by signing up here: https://lnkd.in/grnnq_qU We will also be launching our third annual Singapore Business Carbon Report at this event. It’s taken more than 5 months to put together, and an amazing team of contributors has helped to make what I hope to be the most impactful edition so far. Do look out for the download link to this report! #GCNSSMESeries2024 2. Climate Change for Leaders: Risks, Opportunities and Sustainable Finance, 3-4 July 2024. https://lnkd.in/dUpTR5wq I will be co-teaching this course with Professors Lawrence Loh and Lutfey Siddiqi, from the NUS Centre for Governance and Sustainability (CGS). The objective is to help business leaders and executives gain an in-depth understanding of the dynamics of climate change, sustainable finance and ESG topics in the Asia context. There are still a few seats left, and I would like to invite you to sign up here: https://lnkd.in/dPURu38X. If it’s at capacity, not to worry, we intend to do more runs of this course in the future! #ClimateAction #Sustainability #Leadership Do contact me if you have any questions on the above. Have a great week!

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Is Minimum Wage ESG Friendly? --- #wage is never a problem for blue collar jobs as such positions are paid for excellence. It is also not an issue for trained occupations where after sales service with workmanship and quality are of paramount importance. It makes no difference for #gig independents who get to operate with freedom of some sort to derive work life balance running between family and working. Therefore, the wage key lies in the #esg of carbon reduction (to slash cost) and productivity improvement (to reduce wastage and redundancy) for longer runway to satisfy the discerning expectations of ever demanding customers. In short, the skillsets "to do more for less", think for longer term dents to sustainability over short term corner cutting of personal gains to easy and unsatisfactory work performance. If employees take #sustainability as normal as #employers, the practices of #environmentalsocialandgovernance is simply self paying. In general, #msme are paying higher take home salaries than larger companies because they have lower prestige and benefits to attract and retain loyal staff. By subscribing to ESG is a way of individuals personal value creation where, if the bosses will to exercise short-change or undercut, workers will emerge serious competitions to be reckoned with. Essentially, this is the spirit of strategic capacity building, where both laissez faire entrepreneurs and human talents, are usefully employed in meritocracy engagement for the equilibrium of #dei. Malaysian Association of Public Advocacy for Nature (MAPAN) https://linktr.ee/esgmapan #commonprosperity #mutualgain #progresstogether https://lnkd.in/guWGEj72

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Was phenomenal to see the ‘Smart District’ JTC Corporation in Singapore are developing. Lessons here for Australia (and the world) in incorporating technology and sustainability at the core of design and community construction. #FIABCI #sustainablebuilding

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100 trees to be replanted for every tree chopped! PMX said.. This is actually good to be put in practise, and ESG Malaysia should adopt it. Why? The road side of Jalan Lapang Terbang (road along T3 Subang Airport), both road side used to have steadily grown up trees, they were chopped, i guess this is to let the properties beside the road to have better visibility from the main road. We can see many road side trees were chopped for the same or similar reasons. Jalan Lapangan Terbang (T3) is the boarder line for MBPJ and MBSA. Should those companies benefitted to replant 100 trees for every road side tree chopped, where they enjoyed unblocked visibility from the main road? or the MB (City council) to take the responsibility? ESG should not a mere report writing. ESG should evaluate beyond reports submitted by Corporations. Else, it is a report, with green washing not verified. It was sorry episodes on the 2 tree fall incidences last week in KL. My opin is that for the DBKL needs to revisit the planting and upkeep standard of the road side trees. Most trees in KL are single branch and grown tall, if not very tall. The roots system are likely covered by concrete walkway. The trees will not in balance position when come the strong wind. Look at Singapore "bonsai"ly road side trees, which is shorter with crossly branches. Logically these trees can stand stronger wind. To engage professional arborist too is important. Just my 2 cents. What about you?

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The ASEAN Circular Economy Stakeholders Platform representatives are excited to attend the Grand Opening of WCEF 2024 and to have the opportunity to hear from Janez Potočnik, a leading figure in the world of circular economy, as he delivers his keynote speech titled "Bend the trend: Pathways to a livable planet as resource use spikes." Having previously been inspired by his words at our International Resource Panel side event in June 2023, where we discussed "Building a Regional System of Institutions for a Circular Economy Transition in ASEAN – learning from the EU Experience,"https://lnkd.in/gbdAfzrf The Global Resource Outlook 2024 underscores the pressing need for sustainable resource management worldwide, aligning with Agenda 2030 objectives. It warns of escalating resource consumption globally, with projections indicating continued growth, potentially exacerbating environmental risks. However, it also offers pathways to reverse these trends, emphasising the necessity for bold policy action. This has significant implications for ASEAN countries, highlighting the urgent need for regional cooperation and policy measures to address resource challenges and transition towards sustainability. Addressing these realities, informed by evolving concepts of a just transition, is essential for charting a credible and justifiable path forward. Let's heed the insights shared at WCEF 2024 and commit ourselves to driving meaningful change towards a more sustainable future for all. World Circular Economy Forum WCEF Lerwen Liu Vong Sok Natalia Derodofa Janez Potocnik International Resource Panel (IRP) Video recording of the WCEF2024 grand opening session is available at https://lnkd.in/gaCihSZ6

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A lot of job opportunities in sustainability space: Tan See Leng Summary: Singapore's Manpower Minister Tan See Leng highlighted the burgeoning opportunities in the sustainability sector for Singaporeans. His statements come at a time when the global push towards sustainable practices is more pronounced, given the existential challenges posed by climate change and the necessity for energy transformation. Key Points from Dr. Tan's Address: Job Opportunities: Dr. Tan emphasized the significant growth in the sustainability sector, predicting a high demand for jobs in this field over the next five to ten years. Professions such as sustainability officers, carbon auditors, and engineers focused on developing smart grids are expected to rise. Industry Growth: More than 100 carbon services and trading companies have been established in Singapore in recent years, signaling robust growth and opportunities in the green economy. These firms engage in a range of activities from carbon auditing to the development of green bonds and infrastructure investments. Decarbonization Challenges: Despite Singapore’s lack of indigenous renewable energy resources, the country is aggressively pursuing decarbonization of its power sector. The Future Energy Fund, endowed with $5 billion, has been set up to support infrastructure that will facilitate Singapore’s transition to low-carbon electricity. Energy Diversification: Singapore is exploring multiple “switches” to clean energy, including natural gas, solar energy, and imports of low-carbon electricity from neighboring countries. Research is also ongoing into alternative energy sources like geothermal and nuclear energy. Innovative Approaches: The government is exploring cutting-edge technologies such as carbon capture and storage. Dr. Tan plans to visit Norway to study their carbon capture projects, demonstrating Singapore’s proactive approach to adopting global best practices. Regional Cooperation: Singapore is also strengthening its regional ties, as evidenced by agreements with Indonesia on carbon capture initiatives and the collaborative management of carbon dioxide transportation and storage. Dr. Tan’s insights reveal a strategic and comprehensive approach to nurturing the sustainability sector in Singapore, emphasizing job creation, technological innovation, and international collaboration. The focus on developing a diverse energy portfolio and leveraging new technologies like carbon capture and storage illustrates Singapore's commitment to reducing its carbon footprint and leading in the green transition. This proactive stance is crucial as the city-state navigates the complex landscape of global environmental challenges and economic opportunities within the ASEAN region. #Sustainability #GreenJobs #Singapore #RenewableEnergy #Decarbonization #ClimateAction

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Cities must adapt to changing economic factors and expectations, as highlighted at the World Cities Summit in Singapore on Monday (Jun 3). Minister for National Development Desmond Lee announced that Singapore has updated its Liveability Framework to reflect a broader understanding of what makes a city liveable, beyond basic needs, incorporating insights from city leaders, experts, and the public. Deputy Prime Minister Heng Swee Keat unveiled a study on how urban environments affect mental well-being, led by the A*STAR - Agency for Science, Technology and Research, examining urban design, density, and human behaviors. The updated Liveability Framework, detailed in the Centre for Liveable Cities's report "Building Liveable and Sustainable Cities – A Framework for the Future," emphasizes the need for governments to respond to socio-economic diversity and rising expectations. It acknowledges the challenges of planning in brownfield environments and balancing sustainable redevelopment with preserving green spaces. Singapore’s net-zero carbon goal by 2050 necessitates reevaluating the built environment to balance modern and aging infrastructure sustainably, reducing waste and emissions. Demographic shifts also require attention, with an aging population needing more senior care and green spaces, while younger generations seek affordable, flexible housing. At a plenary moderated by Urban Redevelopment Authority of Singapore (URA)’s deputy CEO Adele Tan, urban planners discussed renewal strategies. Shanghai’s vice-mayor Chen Yujian spoke about waterfront developments and community life circles, while New York City’s Ya-Ting Liu highlighted the Open Streets program, transforming 300 streets into vibrant public spaces. #WCS2024 #Sustainability #Cities #Rejuvenate #Reinvent #Reimagine #SustainableDevelopment #Diversity #Decarbonisation #Business #Investment #Singapore I The Business Times I SPH Media I Jessie Lim

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California, the EU, Singapore...all these new sustainability laws are getting real. Requirements are entering into force soon and many, many more companies than currently report will need to start regularly providing sustainability information to suppliers, customers, investors, and governments. I was pleased to be featured in Forbes speaking with Felicia Jackson about the new supply chain directive from the European Union, the CSDDD (or C3D). How else are you thinking about complying with all these new regulations? #Sustainability #ESG #ESGReporting #EU #Europe

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My latest analysis on Fulcrum: in an uncertain geopolitical outlook, the role of #ASEAN is becoming critical than ever. #southeastasia

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A few themes which I found very interesting from the past few days attending the World Cities Summit: 1. "No regrets" - this is Singapore Urban Redevelopment Authority of Singapore (URA) Chief Planner Adele Tan's over-arching philosophy when it comes to urban planning. It is a great and simple way for all stakeholders to think about what we want for our cities 10, 20 or even 50 years out. We have seen around the world many big, shiny objects planned today which have become white elephants just 5 years on. Let's not do that. 2. Be a city of "Yes!" - this was how Edith Hsu-Chen from New York City government describes the Big Apple. This planning philosophy requires governments to proactively engage members of the communities, domain experts and the private sector to build a coalition which will come together to transform neighbourhoods, districts or even an entire city. It also means that governments have to start from a place where the goal is to enable and empower, not just ban and block. 3. Public-private partnerships are still mission critical - this was something we were pushing hard throughout the 3 days summit, whether on stage by my most able colleagues Mich Goh and Huw Phillips or off the stage by my entire team at the Summit. And we found from the other speeches and the conversations we had that it is also a very widely-believed and frequently repeated philosophy by many of the other attendees. The pandemic has shown us clearly that governments alone cannot solve something which is so widespread and so disruptive. Everyone needs to come together and do their parts to get us through the challenge and recover from it. There are a lot more disruptive, widespread and longer-lasting challenges facing all humanities today - climate change, housing crisis, technologies threatening existing jobs, youth unemployment, etc. And most existential of all - geo-political tensions which, if not handled well, might just unleash World War 3. For whatever little part Airbnb can play in bringing people together, bringing the world closer and promoting a different way of living, working and travelling, we hope we have gotten our message across over the past 3 days in Singapore. If we have not had a chance for a chat and you are still curious about how we can partner with your government, organisation or company, check out this link to see the various ways we can do so - https://lnkd.in/gj4jVnYc? And drop me a line to do a Zoom call or grab a coffee. Let's build our cities better together. #worldcitiessummit #airbnb #singapore #publicprivatepartnership

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ASEAN boasts unparalleled biodiversity, but its future is uncertain. This commentary explores how a robust biodiversity index can be a powerful tool for conservation and economic prosperity, navigating the pitfalls of carbon pricing markets. By learning from past experiences and fostering regional cooperation, ASEAN can unlock the true potential of its natural wealth for a sustainable future. (Part 2 of 2) As a special mention for Earth Day (22nd Apr 2024, Monday), we need to continue with our advocacy and action towards reframing our atittudes and our business models towards sustainability and circularity. I do believe that everyone is curious as to finding strategies to pivot their lives and businesses towards doing better for our environment. I along with my peers at illuminem seek to provide the conversations to explore these opportunities. We know that sustainability is all about contexualisation and self discovery, that is why I find such conversations and commentaries important. While I may not be right all the time, my efforts towards exploring on the multitude of ways to engage multiple stakeholders towards iterative solutions for our sustainability pivot remains firm. As a trained economist, I believe we need to find balance between what we assumed to be our "right" to exploit the land for economic progress to a new paradigm of regeneration, respect and accountablity for our economic actions. Thank you for reading my commentary and have a fruitful week ahead. #sustainability #climateaction #ASEAN #carbonpricing #biodiversity #biodiversityindex #sustainablyeconomics #Nature #Government #CoodinateCollaboration #CalltoAction #RegionalProsperity

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