Mr Teo Chee Hean, Senior Minister and Coordinating Minister for National Security of Singapore,

Distinguished Guests,

Ladies and Gentlemen,

Introduction

Welcome to Ecosperity Week 2025. Thank you for joining us here today. It seems we have a record turnout this year, and this speaks volumes about our collective commitment towards addressing the sustainability agenda before us.

We are no stranger to the fact that the climate race has been intensifying:

The past 10 years have been the warmest on record. Last year, global temperatures soared to an average of 1.55 degrees Celsius above pre-industrial levels, making 2024 the first calendar year to exceed the 1.5-degree threshold;

Last year also saw unusual amounts of ocean warming, impacting our ocean circulation and leading to an unprecedented rise in sea levels. This further threatens our ecosystems and freshwater resources.

Asia has not been spared either. In 2024, the region, which already counts amongst the nations the most vulnerable to climate change, saw a worsening climate crisis marked by a multitude of extreme weather events.

And if this is not already challenging enough, ongoing geopolitical complexities coupled with recent recalibration of corporate commitments have also called into question Asia’s ability to progress on climate action.

Given the unprecedented nature of the challenges and uncertainties we face, what does it take for us to stay the course, seize opportunities from green growth, and advance towards a more sustainable future?

Preparing for Asia’s Race to 2030: All systems go

This is why we have themed Ecosperity Week, “Asia’s Race towards 2030: All Systems Go” this year. We have just under five years to avert the worst effects of climate change. And with the continent accounting for half of global emissions, the battle for net zero will either be won, or lost, in Asia.

What all of us gathered here in this room do today will have a knock-on effect on the rest of the world and future generations. The clock continues to bear down on us, and we have no more time to lose.

Over the next few days, discussions at Ecosperity Week will revolve around three areas: One – a stocktake of our collective progress; Two – identifying strategic levers for decarbonisation; and Three – taking action. 

Stocktake

First, understanding how far along Asia is in meeting its decarbonisation goals, and where we need to head to, is key. At the same time, we have to recognise the inherent complexities the region’s transition poses, given its wide-ranging economies, resources, political systems and cultures.

Take Asia’s two most populous countries, for example.

China is by far the world’s largest investor in renewable energy, having added a record 357 gigawatts of wind and solar capacity in 2024 alone. It has also been the fastest in EV adoption globally, with over 50% of new car sales being electric vehicles or plug-in hybrids in 2024. Simultaneously, it continues to be the world’s largest emitter, responsible for roughly a third of global greenhouse gas emissions.

Clearly, there are still many structural challenges the nation faces in phasing out the use of fossil fuels. These include how its remote provinces continue to struggle with grid connectivity, or how limited storage capacity for renewables impacts the stability and reliability its power supply requires.

India has been seeing momentum in demand for electric vehicles, with a 20% increase of EV sales last year. It has also made significant strides in renewable energy development over the past decade. Just this year, the country’s solar power capacity has increased to over 100 gigawatts, an extraordinary 3450% increase in capacity compared to slightly less than 3 gigawatts a decade ago.

That being said, the country’s ambitious renewable energy plans are still faced with sticky hurdles such as land acquisition issues, financial constraints of power distribution companies, and a deep reliance on imported critical minerals.

Closer to home, Indonesia, Vietnam, Malaysia, and even Singapore have all introduced plans and taken practical steps for decarbonisation. Yet as a whole, implementation across Southeast Asia has been slow as each has been confronted with varying unique roadblocks.  

A stocktake of Asia’s efforts is hence only one small step forward. How, then, can we take it a notch or two further to realise progress?

Identifying Levers

This brings me to my next point. With an appropriate stocktake, we can identify clear levers for decarbonisation. We need to ask ourselves: what are the strategic areas that can foster systemic change? What are the decarbonisation pathways that are viable for the region? And are there transformative, cross-sectoral solutions that are not only fit for deployment, but also ready to be scaled across the region?

Beyond solutions-centered levers, we must also identify and pursue key enablers that could facilitate their success. These could be areas such as climate and transition finance, the expansion of carbon markets, and the strategic application of green AI technologies.

It could also include regional and cross-sectoral collaborations, leveraging complementary strengths that would accelerate pathways to drive both decarbonisation and economic goals. You will hear more about these across the week.

Take Action

Finally, actions speak louder than words. Asia not only has an outsized role to play in global decarbonisation, but there are also vast opportunities for green growth. Within Southeast Asia alone, latest studies show that tapping on strategic decarbonisation levers over the next 5 years can not only close the region’s emissions gap by 50% in 2030, but also drive some US$120 billion of uplift in GDP.

This is why it is imperative that we normalise and mainstream action towards climate resilience across Asian economies.

Needless to say, there is no one-size-fits-all solution when it comes to Asia’s journey towards net zero. Only through unified ambition, collective action and committed leadership, can we overcome the barriers before us and truly unlock progress.

Conclusion: Staying the course

Before I close, I would like to leave you with this. I have been very encouraged to see glimmers of hope across the globe through various climate action initiatives. Let me share a few:

• At COP29 in Baku, countries agreed to triple climate finance to developing nations with a goal to scale up total finance to US $1.3 trillion per year;
• Global investments in energy transition grew by 11% in 2024, reaching an impressive US $2.1 trillion dollars – double that of fossil energy;
• Renewables accounted for more than 92% of total power capacity expansion in 2024, with solar and wind key in driving this positive momentum.

These figures are not just numbers. They depict a story of optimism; and shed light into our unified determination to rechart the path forward. The fate of our future generations and the world that we leave behind, demands that we stay the course in our fight against climate change, to realise the future we want to build, for our children and our grandchildren.

Over the years, Ecosperity has evolved from a simple standalone event to a convening platform for an ecosystem of like-minded partners. Today, Ecosperity is about ACTION, where we forge deeper partnerships and collaborations to progress on the solutions that matter; be bold in embracing the change we seek; and mobilise the collective action needed to move us forward.

All these so that we can build a better and more sustainable world, so every generation prospers. I invite you to join us and make full use of this platform to do so.

Thank you, and I wish everyone a fruitful and meaningful time at Ecosperity Week 2025.