We need to come together to seize the potential of new solutions – whether regenerative or restorative – and accelerate the green and just transition, so that both people and planet can prosper.
Highlights from Ecosperity Week 2024
Presented by Temasek, Ecosperity Week 2024 took place on 15-17 April in Singapore, and on the third day, was anchored by the Financing Asia's Transition (FAST) Conference, jointly organised by BlackRock, the Monetary Authority of Singapore and Temasek. The event convened some 70 speakers to discuss the critical next steps in advancing technology, policy and finance that can nudge countries back on track to fulfil their climate goals, and restore our environment.
Beyond the ballroom plenaries, this year's Ecosperity Week saw the debut of the Ecosperity Action Hub, which featured a series of succinct and impact-oriented sessions showcasing the latest sustainability-led initiatives and solutions with tangible outcomes. The Hub saw close to 20 presentations across 3 days, including a Memorandum of Understanding (MOU) signing by Breakthrough Energy, Enterprise Singapore and Temasek to establish a fellowship programme aimed at nurturing talent in climate technology within Southeast Asia, the launch of “The Role of Carbon Credits in Scaling Up Innovative Clean Energy Technologies Report" by GenZero and the International Energy Agency, highlighting the potential of high-quality carbon credits in accelerating the transition to clean energy solutions and the launch of the "Climate Investment Framework for Emerging Markets" by Fullerton Fund Management and the United Nations Development Programme (UNDP), for private equity climate investing using the SDG Impact Standards as a foundation.
Ecosperity Week 2024 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.
Ecosperity Week 2024 marks 10 years of convening thought leadership to accelerate action for sustainability.
The inaugural conference in 2014 was held in conjunction with Temasek’s 40th anniversary, and fostered the exchange of ideas and best practices on balancing environmental sustainability with economic development. From a half-day conference primarily made up of portfolio companies, the event has evolved and scaled up significantly to become a full week of activities, and is generally recognised as the leading sustainability event in Singapore and Southeast Asia. Topics on the agenda have broadened beyond environmental sustainability, to include social sustainability and increasingly, the role of nature particularly in addressing climate change.
Read on for more highlights from Ecosperity Week 2024 or jump to the section that you are looking for. Check out our full event video to hear from all our speakers.
Key Takeaways
The three-day event convened global business leaders, policy-makers, investors and civil society across industries to discuss concrete actions needed to zero in on common ground for decarbonisation, integrate nature-positivity, and to crowd in capital for sustainable growth in Asia.
In line with Day 1's theme on Zeroing in on Common Ground, speakers spoke about the progressive climate policies, technology solutions and collaboration needed to accelerate Asia's net zero goals. Ensuring a just transition was also top of mind as speakers emphasised the need for policy-makers and businesses to ensure that the haste on net zero does not harm local communities and the environment.
On Day 2, discussions surrounded the theme of Integrating Nature-Positivity, where speakers unpacked the synergies between net zero and nature-positivity. Panellists shared on the scientific, economic and business case for nature-positivity, and how substantial capital can be catalysed to support nature-based solutions, especially now that we can better translate nature-related risks into financially-relevant metrics. While refined methodologies and technology shifts have led to a maturity of governance for carbon credits, there were also calls for governments to step in to lead and organise "the rules of the road”.
At the Financing Asia's Transition (FAST) Conference on Day 3, speakers highlighted the need for Multilateral Development Banks (MDBs) and Financial Institutions (FIs) to work with the public sector on blended finance solutions to de-risk transition projects and crowd in more institutional investors. There was also a spotlight on the development of local sustainable finance talent in Asia, to support the clean energy transition in the region.
Report Launch
Launched at Ecosperity Week 2024, the Southeast Asia's Green Economy 2024 Report: Moving the Needle, jointly produced by a collaboration between Bain & Company, GenZero, Standard Chartered Bank and Temasek, highlighted high-impact investment areas and key accelerators, such as policy and sustainable finance mechanisms, tailored to the region.
The report found that Southeast Asia is confronted with a reality gap between its net zero ambitions and true progress in its energy and green transition. The region grapples with structural constraints, including the dual challenge of balancing economic growth and energy transition, a mismatch in supply and demand due to geographical dispersion of renewable resources, limited incentives for carbon reduction, and inadequate access to financing. Furthermore, a significant investment gap to fund the transition continues to exist - an estimated US$1.5 trillion is required until 2030, with only US$45 billion in investments made across dedicated green investments since 2021.
Five priority actions were highlighted to steer Asia back on track to fulfill its commitments:
- 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
Media
Looking for media coverage and photos?
Visit the Newsroom for press releases and highlights of the media coverage for Ecosperity Week 2024. A snapshot of photos from the Week can be found on the Ecosperity LinkedIn page: Day 1, Day 2, Day 3.
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