28 September 2021, Singapore — UN Global Compact Network Singapore (GCNS), the Singapore chapter of the United Nations Global Compact, convened its 6th CEO Roundtable on navigating opportunities and challenges in a low-carbon future. The Roundtable was organised as part of Temasek’s annual sustainability event Ecosperity Week, which kicked off this morning with a keynote address by President of the Republic of Singapore, Mdm Halimah Yacob.

Themed “Lowering Emissions, Leveraging Financing and Capturing Business Opportunities”, the Roundtable explored 3 areas relating to decarbonisation:

• the competitive advantages gained through new business models that embrace decarbonisation
• the challenges faced in navigating a low-carbon economy
• the support needed to accelerate progress on decarbonisation

This year, GCNS had the privilege of having Dr Steve Howard, Chief Sustainability Officer, Temasek International, deliver an opening address at the Roundtable.

In his address, Dr Howard said, “We are in an era that requires radical collaboration: where we need to collaborate with civil society, institutions, and scientists. We need good government policies and incentives alongside business innovation and investment.”

He additionally encouraged Roundtable guests to “embrace the future, embrace sustainability, set clear targets, and unlock the innovation potential in [one’s] business”.

Guests also had the opportunity to participate in a fireside chat with Mr Loh Boon Chye, Chief Executive Officer, Singapore Exchange, moderated by Ms Fang Eu-Lin, Partner, Sustainability and Climate Change Leader, PwC Singapore.

Key Roundtable Findings

• Navigating the transition to a low-carbon economy will not be without headwinds.
  • Pertinent challenges include insufficient knowledge, cost and feasibility barriers to implementation, as well as the need to circumvent pitfalls such as greenwashing.
  • Garnering internal alignment, from boards to various business units, can also be a challenge, especially when conducted across multiple geographies. To gain buy-in from all internal stakeholders, long-term sustainability targets will have to be broken down into short to medium time frames, alongside a robust system in place to measure growth.
     
• Multiple factors act as tailwinds for a heightened focus on decarbonisation.
  • These include business and financing opportunities stemming from new business needs and demands.
  • The prioritisation of climate action in corporate agendas also provides opportunities to improve internal processes, future-proof existing assets, attract better talent, and forge stronger partnerships.
     
• To enable a smooth transition to a low-carbon future, both regulations and incentives will play a key role in driving progress.
  • Standards, frameworks and mechanisms will help lay the path by accelerating internal and external alignment: locally, regionally and globally.
  • In the digital age, technology will serve as a major catalyst in companies’ decarbonisation journeys.

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About UN Global Compact Network Singapore

UN Global Compact Network Singapore is the local chapter of the United Nations Global Compact. As the leading voice on corporate sustainability, GCNS drives multi-stakeholder action to forge a more sustainable future, founded on the Ten Principles of the United Nations Global Compact and the Sustainable Development Goals.

Through various platforms and partnerships, GCNS advances the stewardship of sustainable business practices and Singapore’s national agenda of becoming a regional sustainable business hub. In addition, GCNS nurtures the next generation of responsible business leaders through its youth initiatives.

GCNS is a Collaboration Partner for GRI ASEAN Regional Hub and supports the Singapore chapter of the World Bank Group’s Carbon Pricing Leadership Coalition (CPLC). GCNS is also proud to have the Singapore Business Federation (SBF), National Trades Union Congress (NTUC) and Singapore National Employers Federation (SNEF) as Principal Members.

About GCNS CEO Roundtable

The GCNS CEO Roundtable is an invitation-only dialogue that convenes business leaders from local and regional MNCs and SMEs for a dynamic exchange of insights on corporate sustainability.

Conducted under Chatham House Rules, the Roundtable invites C-suite participants to share their experiences on corporate sustainability, observations on the current landscape of the movement in Singapore and the region, and opinions on how responsible business practices can unlock further opportunities.

GCNS is proud to have PwC Singapore as its Knowledge Partner at the GCNS CEO Roundtable 2021.

For media queries, please contact:

Kimberley Kok

Manager (Communications)

Tel: (65) 9189 4648

Email: kimberley.kok@unglobalcompact.sg