On June 19, 2024, Prof. Johan Sulaeman, Director of SGFIN, moderated the Low-Carbon Transition panel at CleanEnviro Summit Singapore 2024, joined by Mr. Adrian Ow from UOB, Ms. Eu-Lin Fang from PwC Singapore, and Mr. Keishi Takemasa of Modern Asia Environmental Holdings Pte Ltd. The panel highlighted the growth in financing for solar energy and electric vehicles but emphasized the need for more economy-wide low-carbon transition funding. They discussed promising technologies like small modular reactors, low-carbon hydrogen, carbon capture, energy from food waste, and nature-based solutions, as well as financing for SMEs and circular business models. Despite commercialization and bankability challenges, the panel underscored the necessity of bringing these technologies to market to meet low-carbon goals, suggesting blended financing to mitigate risks and attract capital.
Findings from the National Environment Agency (NEA) show that Singapore has been producing less waste since 2013. This highlights more efficient usage of resources in Singapore. However, the recycling rate in Singapore has also declined. The NEA is keen to rectify these issues to maintain Singapore’s cleanliness and livability. In addition, commercial entities are developing innovative methods to reduce or repurpose waste.
In an interview with CNA at the sideline of CleanEnviro Summit Singapore 2024, Professor Johan Sulaeman, Director of SGFIN, emphasizes the importance of educating the younger generation on recycling practices.
In a separate interview with CNA938, Professor Sulaeman delves further into the topic, and explains how the younger generation can, in turn, educate the older generation, who may be more resistant to changing their mindset and behaviour. Reducing waste and recycling more are crucial for a lower footprint of humanity on a more sustainable planet.
Links: CNA video | CNA938 livestream
Dr David Broadstock was invited to comment on the announcement by the Energy Market Authority of Singapore of a call for proposals for new hydrogen-ready power generation equipment.
Links: Straits Times article | CNA Tonight
Dr David Broadstock was invited to comment on the proposal by Singapore’s Energy Market Authority to introduced mechanisms and solutions to sustained power shortages, highlighting how this is consistent with broader aspirations to strengthen and make the energy system more resilient.
Dr David Broadstock was invited to contribute to a CNA Correspondent special on the ‘Future of Asia – Sustaining Growth’, covering sustainable growth strategies for Asia. The coverage saw David discussing how the shift towards electric vehicles is an important short-term step in supporting the long-term energy transition towards more sustainable use of energy services such as transportation.
Mr Heng Swee Keat, Singapore’s Deputy Prime Minister and Coordinating Minister for Economic Policies addressed the pressing issue of climate change, emphasizing its increasingly disruptive and costly effects on a global scale, including within Singapore. He therefore called for collective action and innovative solutions to tackle these challenges effectively. Speaking about Singapore’s commitment to achieving net-zero by 2050, DPM Heng cited several initiatives being undertaken, including the Singapore Green Plan 2030 and the Industry Transformation Maps. Recognizing the pivotal role of the finance sector in enabling countries to reach their net-zero goals, he delved into three key strategies to support the Asia Pacific region’s transition to net-zero: expanding the talent pool in sustainable finance, developing robust regulatory standards, good analytical tools and trusted financial platforms, and facilitating the flow of venture and private equity capital to support impactful deep-tech innovations. DPM Heng concluded by expressing his elation at the signing of the Memorandum of Understanding between SGFIN and the Energy Policy Institute at the University of Chicago (EPIC) as it was another step forward in collaborative efforts to address climate change through sustainable finance initiatives.
Links: NUS News | Straits Times Online | Zaobao Online | 8world | Seithi Tamil News | CNA Singapore Tonight | Straits Times (Print Version) | Zaobao (Print Version) | Eco-Business | PMO Newsroom | SGFIN Summit 1 | SGFIN Summit 2 | SGFIN Summit 3 | SGFIN Summit 4 | SGFIN Summit 5
At the BES Symposium on Futures Sustainability 2024: The Future of Green Finance, NUS SGFIN Managing Director, Prof Sumit Agarwal, as guest of honor, addressed the pressing challenge of climate change and the urgent need for societal transformation, particularly within the financial services sector. He emphasized the necessity for financial systems to prioritize environmentally sustainable economic activity, acknowledging the complexity of the transition to net-zero. Prof Sumit highlighted the potential for both winners, such as clean technology providers, and losers, especially in the extractive industries like coal, oil, and gas, which may face stranded assets. He stressed the importance of a phased transition and managed phase-out of harmful assets, despite strong demands for immediate divestment. Additionally, he raised concerns about greenwashing due to inconsistent reporting, which fosters distrust in corporate sustainability efforts. Nonetheless, there is increasing momentum toward greening financial systems, and a growing need for talented young professionals to support this critical transition.
As sustainability considerations become more commonplace, SGFIN’s Deputy Director, Assoc Prof Zhang Weina, SGFIN’s Director, Assoc Prof Johan Sulaeman, and SGFIN’s Research Fellow Tifanny Hendratama co-authored an article outlining key considerations for finance managers navigating the sustainability landscape in Asia. The article addresses the increasing importance of sustainability reporting, offering insights into common pitfalls to avoid in sustainability efforts and providing solutions to challenges associated with sustainable business models. Emphasizing the integration of sustainability, the authors underscore the need to capture its impact through an integrated value approach.
Dr David Broadstock was invited to share opinion on the Singapore 2024 budget statement announcements relating to energy transition support and how the ‘future energy fund’ will set aside monies to support necessary energy transition investments.