Minister for the Environment and Water Resources, Zulkifli Masagos
Distinguished guests,
Ladies and gentlemen,

Good morning to all of you.

On behalf of Temasek, welcome to our sixth Ecosperity conference.

We first launched Ecosperity back in 2014 and we had about 200 participants then. Today, we have more than 1,000 delegates with us.

I think this speaks volumes about how relevant the vision of Ecosperity is today. We are all here because we recognise that economic growth must go hand in hand with the desire to protect our planet for future generations.

Ecosperity started as a single day conference, but has now grown into a year-round advocacy platform, anchored by Ecosperity Week. This is made possible with the support of our valued partners. I would like to thank them for lending their expertise and support to Ecosperity Week.

As some of you would recall, in 2017, we introduced the three pillars of an “ABC World”, as a way of grouping the 17 UN Sustainable Development Goals into an easy-to-explain framework. It also highlights how the goals are intertwined.

Over the past two years, we’ve taken a good look at the “Active economy” and “Beautiful society” pillars – the “A” and the “B” part of ABC World.

Our focus this year is on a “Clean Earth”: the “C” part.

We cannot ignore the serious impact of climate change on our planet.

We should all know by now that we are at a tipping point. The decisions we make today will matter. So if we all work together, and make the right decisions, we can bring about positive impact on our Earth.

Most of you would be familiar with the 1.5 Degrees Celsius report published by the United Nations. According to the report, we only have 12 years to reduce our global carbon emissions. If we don’t reduce emissions, we will risk global temperatures reaching a point that will irreversibly damage the climate balance on Earth.

The challenge facing us is tremendous. We need to shift towards a resource-efficient, low carbon economy within the next decade. And this requires all of us working together. It may require sacrifices and radical changes compared to what we’ve all been used to.

If we make these changes voluntarily, we may have some control over the pace, outcome and consequences of the changes.

We will, therefore, need strong leadership and responsible regulators to help pave the way with progressive public policies.

If we don’t make those changes, the planet will make them for us, and the consequences will be very hard on humanity.

A future where nearly half of the world’s population experiences extreme heatwaves, while others will have their lives disrupted by more frequent severe weather events.

A future minus a million of today’s species of plants and animals – lost forever.

A future where islands and coastal cities are decimated by rising sea levels, and 99% of our coral reefs will die. And remember, Singapore is one big island... and many many small islands.

The path is ours to choose. If this generation and the next work together, we can stop global warming from crossing the 1.5 degrees threshold.

I have said this many times: There is no Plan B, because there is no Planet B.

We need bold businesses to work in partnership with their communities, balancing business outcomes with global sustainability goals.

Bold businesses need bold leaders and inspired innovators to develop and implement sustainable solutions to these challenges; whether they are the big global ones or the smaller local ones.

All these changes need to be financed and supported by long-term-oriented investors.

I want to share some of my thoughts on how we can take collective action. We need to be informed; innovative; and inspiring. Let me explain.

First, our actions need to be informed and well-grounded in science.

In order for organisations to be responsible corporate citizens, they need to understand the environmental impact of their operations and be accountable for that impact. Our operating decisions need to be shaped by a good appreciation of climate science.

According to the 2019 Edelman Trust Barometer, the public expects businesses to take the lead on change. So business leaders should set an example by implementing measurable and transparent targets, informed by climate science.

This will be the central topic later today at Stewardship Commons 2019, organised by Stewardship Asia Centre.

Second, we need to be innovative in developing and implementing sustainability solutions.

Resource scarcity is the new reality. In order to move towards a zero waste, circular economy, we must be ready to adopt new and innovative solutions. We have partnered the organisers of CleanEnviro Summit Singapore and Singapore International Water Week. Their platforms will share some of these solutions during Ecosperity Week.

Together with our own Temasek Foundation Liveability Challenge, we’ve also partnered the World Bank to bring the Innovate4Climate platform to Asia. These two events aim to accelerate the launch of ground-breaking clean energy solutions – there will be rigorous pitch sessions, where prospective start-ups will put their ideas on display.

Implementing green solutions is a key topic at Ecosperity. I believe there is a lot that we can learn from China in this regard.

In 2012, many were sceptical when China, then the world’s biggest polluter, announced its intentions to build an “ecological civilisation”. Today, after less than a decade, China is the largest producer of wind and solar energy. It continues to lead investments and innovations in green technologies and renewable energy.

Alongside Ecosperity Week, the FutureChina Global Forum will bring together regional experts and leaders from the public and private sectors, to discuss and share insights on sustainable development.

Last, we must continue to inspire and engage tomorrow’s leaders around the importance of sustainability.

Each year, we welcome student leaders in the Youth Ecosperity Dialogue. These young leaders will take also part in panel discussions and events during Ecosperity Week.

I hope you will have the opportunity to interact with them, and inspire them to take up the mantle of being the champions for sustainability. The future, after all, belongs to them. The decisions we make today will most acutely be felt by them when they inherit our leadership roles.

Our responsibility, and our challenge, is – for the first time in human history – to make decisions that actually begin to reverse the negative impact of human habitation on our planet.

It will be a long journey but it starts with the steps we all take today.

In closing, I would like to extend my thanks to our speakers, panellists, and partners. Many of you have travelled a long way to be with us, in spite of your busy schedules. On behalf of Temasek, as well as all of the participants – thank you!

On that note, let me now hand over to Victoria Kwakwa from the World Bank, who will share about their climate targets in the near future; and how climate action can be a major economic opportunity.

Victoria, please.