Sustainable Recovery from the Pandemic Is Crucial for Asia to Increase Competitiveness
The opening plenary at Unlocking Capital for Sustainability 2021. From left to right: Jessica Cheam, Founder and Managing Director, Eco-Business; Deborah Ho, Managing Director, Head of Southeast Asia, BlackRock; Eric Lim, Chief Sustainability Officer, UOB; Herry Cho, Managing Director, Head of Sustainability and Sustainable Finance, SGX; and Mike Ng, Managing Director, Head of Structured Finance and Sustainable Finance at OCBC Bank. Image: Eco-Business
Every year, Eco-Business and the UN Environment Programme (UNEP) host the premier event "Unlocking Capital for Sustainability," which brings together influential figures from business, government, finance, and civil society to engage in high-level discussion and make commitments to concrete plans that will mobilise the capital markets for sustainable development.
A sustainable economic recovery from the COVID-19 pandemic is crucial for the Asia Pacific region to reduce future pandemic risks, transition to low-carbon economies, create jobs, and increase global competitiveness. This was the consensus from over 600 leaders across government, finance, business, and civil society at the "Unlocking Capital for Sustainability 2021" forum.
The forum, organised by Eco-Business in partnership with the United Nations Environment Programme, explored scaling sustainable finance, digital transformation's role, avoiding greenwashing, and the future of ESG investing. Experts agree that both the public and private sectors must do more to achieve the Sustainable Development Goals (SDGs) in the Asia Pacific.
“Climate change does not stop at national borders. It requires a multilateral response and action from all parts of our societies, including the financial sector”
Pursuing green opportunities in agriculture, oceans, urban systems, transportation, circular economy practices, and clean energy could create 30 million new jobs in the region, according to an Asian Development Bank report. However, current policies are insufficient for a comprehensive green recovery.
Implementing such a recovery requires mainstreaming social and environmental resilience into policymaking while identifying financing sources for green growth. ESG investments have emerged as a powerful vehicle to support sustainable economies as major markets like the U.S., E.U., and China roll out green recovery plans.
At the forum, Eco-Business launched "The SDG Co," a global platform connecting startups, corporations, governments, and investors working towards the UN's SDGs. This initiative consolidates sustainability efforts worldwide by strengthening the innovation ecosystem.
“We urgently need governments to tie stimulus measures to positive environmental and social impact, and for the financial industry to channel capital toward the trillion-dollar sustainable development opportunity in the region”
With over 30 speakers across three partner events, the forum featured insights from ESG and sustainable finance leaders on facilitating Asia Pacific's sustainable recovery to boost competitiveness.
Stay tuned for more stories from Global Trekker’s Business section, where we continue to take a 360-degree look at businesses from the backend to the frontline, and learn about their successes, failures, and challenges.
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