'Asia will be among the hardest hit': SM Teo on the region's need for solutions against climate change

"If global temperatures continue to rise at the current rate, Asia's economic future will be in severe jeopardy if we do not do anything," remarked Senior Minister and Coordinating Minister for National Security, Teo Chee Hean. He was speaking at Temasek's Ecosperity event held on Tuesday (May 6).

He cited the Asian Development Bank's estimates on GDP losses given a high-end greenhouse gas emissions scenario and warned against regular flooding with disruptions to the food supply chain with heat and weather extremities.

"Our region is not just vulnerable to the crisis. We are integral to solving it," said SM Teo.

He also noted the path forward for Asia should see growth, maturity and adoption of green technologies, as well as closer collaborations between governments, business and investors to complement efforts on climate action for a low-carbon future.

Temasek's Ecosperity Week to drive solutions and finance efforts

The 11th edition of Temasek's annual flagship sustainability conference, Ecosperity Week, kicked off yesterday (May 5) in Singapore. The global investment firm gathered various business leaders, policymakers, investors and members of society from Asia and beyond to put forth and discuss solutions designed to accelerate Asia's decarbonisation plans.

Ecosperity is Temasek's key platform for global engagement and advocacy around sustainability, championing Temasek's integration of ecology and prosperity in recognition of a need to simultaneously do good and do well.

This year's event will centre around the theme of a race against climate change by building collaborative solutions in technology, policy, and finance to avert worsening effects by 2030.

"Over the years, Ecosperity has evolved from a simple standalone event to a convening platform for an ecosystem of like-minded partners," said Chairman of Temasek Holdings, Lim Boon Heng in his opening address on Tuesday morning.

A series of discussions at Ecosperity Week, spanning across May 5 to 8, will see a stocktake of the region's collective progress, identification of strategic levers for decarbonisation, as well as taking action for decarbonisation and green growth.

"Today, Ecosperity is about action, where we forge deeper partnerships and collaborations to progress on the solutions that matter," Lim continued.

Like-minded sponsors and partners spearhead discussions

In addition to Temasek's efforts on this front, the Ecosperity Week will see thematically relevant events by sponsors and partners in the form of panels, roundtables, workshops and pitch sessions. The platform aims to provide opportunities for in-depth dialogue and networking among key stakeholders as they exchange views, share best practices and push the agenda on sustainable development.

One such key sponsor and partner is DBS.

DBS Group's CEO, Tan Su Shan, had moderated a panel on the transition of fossil fuel usage in the road towards decarbonisation, with panellists SM Teo and Executive Director and CEO of Temasek, Dilhan Pillay Sandrasegara.

During the panel discussion, SM Teo commented on how China has the technology and financing as a key global market player, which is why it has been able to catalyse its efforts in adopting renewable energy.

On the other hand, he noted how Southeast Asia was "fragmented on three fronts", as he cited a lack of homegrown technology, insufficient financing, and the fragmentation of politics across the region.

Opportunities he identified included Southeast Asia's "enormous renewable energy resources", and suggested efforts to unlock and market its potential so more will invest in these green alternatives.

"Each Asean country has its own interests, so we need to galvanise to work together and to think collectively to achieve resilience in two key areas - food security and energy security," shared SM Teo on the collective challenges faced by Asean countries.

Embracing solutions for the future

Another key partner event is The Liveability Challenge presented by Temasek Foundation, the philanthropic arm of Temasek championing sustainability, liveability, and supporting meaningful innovation to that end.

Now in its eighth edition, the global crowdsourcing platform has gathered finalists from around the world to pitch disruptive climate innovations with themes of Decarbonisation and Cool Earth.

During the Grand Finale event on May 7, more than $2 million will be awarded, with two grand winners receiving a $1 million grant each to fund their solutions.

Stay tuned for our coverage on the winning solutions and find out more about the full programme line-up from Ecosperity Week here.

kimi.ang@asiaone.com

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