We must embark on a just transition towards net zero, without overlooking the social implications embedded within the complicated web of global supply chains.
Highlights from Ecosperity Week 2023
Presented by Temasek, Ecosperity Week 2023 took place on 6-8 June in Singapore, kicking off with an exclusive Opening Dinner on 5 June, followed by three days of high-impact discussions and networking. Discussions on the third day were anchored by the Financing Asia's Transition (FAST) Conference, jointly organised by BlackRock, the Monetary Authority of Singapore and Temasek.
Over three days, more than 70 speakers discussed the high impact technology, policy and finance levers to bring about the transformational breakthroughs we need for our planet, businesses and communities.
Ecosperity Week 2023 also featured a line-up of partner events ranging from focused roundtables and workshops to pitch sessions and multi-day panel discussions. The Week's events drew over 3,000 participants in-person and online from around the world.
Read on for more highlights from Ecosperity Week 2022 or jump to the section that you are looking for. Check out our full event video to hear from our speakers.
Key Takeaways
The three-day event convened global business leaders, policy-makers, investors and civil society across industries to discuss the breakthroughs needed to fast-track decarbonisation, enable net-zero cities, and finance the transition in Asia.
Accelerating decarbonisation efforts while ensuring a just and inclusive transition was a key focus for many speakers and panellists, particularly with the impetus to move away from fossil fuels which accounts for 75 per cent of Asia's energy today.
"Don't let perfect be the enemy of good" was a popular aphorism among speakers across the board, whether in reference to technology solutions, financing of projects, or carbon markets.
L to R: Singapore's Minister for Sustainability and the Environment, Grace Fu; Chair of the UN High-Level Expert Group on Net-Zero Commitments of Non-State Entities, Catherine McKenna; and Indonesia's Coordinating Minister for Maritime and Investment Affairs, Luhut Binsar Pandjaitan, speaking on the 'Pursuing a Prosperous, Low-Carbon Future' panel.
Speaking on the topic of Fast-Tracking Decarbonisation, leaders from the public and private sectors emphasised that moving towards clean energy can and must be done in tandem with the managed phasing out of coal. Whether catalysing near-term solutions such as nature-based climate solutions, or accelerating the growth of proven, next-generation renewable technology, reducing carbon emissions at the speed and scale we need will require new investment vehicles, radical approaches and unprecedented cross-sector collaboration.
‘Climate United: Harnessing Public-Private Cooperation for Zero Carbon Cities’ panel on 7 June at Ecosperity Week 2023
President of Indonesia Joko Widodo giving a special address as part of the 'NUSANTARA: A World Class Green Smart City' segment at Ecosperity Week 2023
On Day 2, themed Enabling Net-Zero Cities, discussions addressed the crucial role that cities play in our journey to net zero, given that they are responsible for more than 70 per cent of global greenhouse emissions. Panelists spoke about public-private-people sector collaboration for climate mitigation, but also the need for more financing to flow into urban adaptation. In addition, data and nature-based solutions were highlighted as critical enablers of building climate resilience in cities.
President of Indonesia Joko Widodo addressed the audience in a special address on 7 June 2023, emphasising the country’s commitment to sustainable development for its new capital city, Nusantara, which is expected to be complete by 2045.
Singapore's Senior Minister and Coordinating Minister for Social Policies and Chairman of the Monetary Authority of Singapore, Tharman Shanmugaratnam, giving the keynote address for Day 3 of the conference
At the Financing Asia's Transition (FAST) Conference on Day 3, Singapore's Senior Minister Tharman Shanmugaratnam spoke about the need for “practical ambition”, which would entail working out a plan for the managed phasing out of Asia’s relatively young coal-fired power plants.
Panellists highlighted concessional capital and blended finance as critical enablers of the transition, along with stable regulatory policies, policy incentives and multilateral involvement to instil investor confidence in projects and crowd in climate financing from the private sector.
On carbon markets, panellists pointed to the need for greater transparency and disclosures to build trust and more effective functioning of voluntary carbon markets. Industry players said that the ongoing scrutiny over the validity of voluntary carbon credits is healthy and normal, given their status as a "new asset class".
Ecosperity Week 2023 Speaker Highlights
{{ item.duration }}
Report Launch
Launched at Ecosperity Week 2023, the Southeast Asia's Green Economy 2023 Report: Cracking the Code, jointly produced by a collaboration between Bain & Company, Temasek, GenZero, and Amazon Web Services, provides a comprehensive overview of the state of the Southeast Asia green economy, the key challenges and proposed mechanisms to accelerate climate progress in two crucial areas - energy and nature - on the road to delivering 2030 ambitions.
The report found that despite the efforts of governments, corporations, and investors to reinforce their climate commitments, it has not been sufficient to keep Southeast Asia on track. Deployment of green capital has declined since 2021, attributed to high capital costs, market access constraints, insufficient investment returns and uncertainty about policy direction.
To fulfil its commitments, Southeast Asia must focus on four priority actions — develop comprehensive plans at both industry and national levels; scale up proven solutions while investing in future-oriented approaches; optimise the use of capital for high-impact solutions' and recognise that collaboration among Southeast Asia countries is vital for delivering effective solutions
Media
Looking for media coverage and photos?
Visit the Newsroom for press releases and highlights of the media coverage for Ecosperity Week 2023. A snapshot of photos from the Week can be found on the Ecosperity LinkedIn page: Day 1, Day 2, Day 3.
For more details, please contact us.
