Mr Tharman Shanmugaratnam, President of the Republic of Singapore,

Ms Maria Antonia Yulo-Loyzaga, Secretary of the Department of Environment and Natural Resources of the Philippines,

Excellencies,

Distinguished guests,

Ladies and Gentlemen,

Introduction

Good evening. Before I begin, I would like to extend my gratitude to all of you who are here to mark the 10 years since the launch of the first Ecosperity conference in 2014. Whether you are here in your individual capacity or representing governments, businesses, multilateral development agencies, investors, or a member of the philanthropic community, thank you for your steadfast support and partnership.

I would like to record our appreciation to my predecessor, Ho Ching. She was the one who came up with Ecosperity, to make sure that we understood that ecological sustainability can go along with a sustainable business model.  

Today, sustainability remains one of the top-of-mind issues faced globally, and it is encouraging to see how the world has come together to advance the common ambition of mitigating the climate crisis.

• Just last year in November at COP28, we witnessed an unprecedented agreement to transition away from fossil fuels;
  
• There were commitments made by 130 countries towards tripling renewable energy capacity and doubling of energy efficiency;
  
• There was the first ever declaration tying the global agri-food system to emissions targets;
  
• There was an increased focus on building resilience for vulnerable communities affected by climate change, targeting areas such as health, heat resilience, health infrastructure and facilities; and
  
• A total of US$85 billion mobilised for climate action, with many governments and organisations announcing commitments for climate finance transformation, including those that support the mobilisation of capital in emerging markets and developing economies.
  

Now these global efforts are promising, but our work is far from complete. Our planet is still on the brink. Global emissions hit record levels in 2023, while nature and biodiversity, being the backbone of a healthy and resilient planet, continues to decline in the face of immediate economic interests. There is no doubt that much more remains to be done.

We have been very extractive for many decades. It is time for us to make sure that what we have is not just preserved but perhaps regenerated.

Nature and Net Zero

This year, Ecosperity Week will see a dedicated day to focus on the topic of nature-positivity, because of the growing recognition of nature’s role in our fight towards a net-zero and inclusive world.

Let me elaborate why. Over the past 10 years, nature has helped to slow global warming by absorbing 54% of human-related carbon emissions.

Nature-based solutions for climate have the potential to provide one third of global mitigation to deliver our 1.5-degree target by 2050. Preservation of nature can contribute to a potential US$10 trillion worth of new business opportunities and provide almost 400 million new jobs globally.  

The interconnectedness between climate change and our natural ecosystems demand that we remain sensitive to nature considerations even as we double down on our decarbonisation goals. Because the science is clear – it is impossible for the world to reach net zero by 2050, if we do not take accelerated actions to conserve and restore nature before 2030.

The use of carbon credits and integrity of carbon markets are critical in this regard.

Carbon markets have the win-win ability to catalyse near-term funding for both technology and nature-based solutions, while simultaneously restoring and protecting nature.

Voluntary carbon markets, or VCMs, are hence an important financing model that supports additional carbon abatement on top of channeling finance into critical areas that lack funding. Projects that monetise carbon credits through VCMs can utilise carbon revenues to protect nature, conserve biodiversity, and support sustainable development.

At Temasek, we recognise the need for thriving, credible, and transparent carbon markets, in addition to carbon avoidance, mitigation, and reduction efforts, to meet our net zero goals. This is why through our dedicated carbon solutions platform, GenZero, we are strengthening the carbon markets infrastructure and ecosystem. This is a core business strategy to accelerate decarbonisation globally and drive positive climate impact.

While VCMs today face various challenges and pain points inhibiting them from scaling up rapidly, it would also not be wise for us to throw the baby out with the bathwater. Collaborations among different stakeholders, alongside efforts to improve methodologies, harmonise standards, and advance technology can make carbon markets more robust, credible, and effective in delivering impact at scale.

The Importance of Global and Regional Collaboration

Every action and effort we undertake, whether big or small, counts towards significant impact. But I believe even more so, that when we gather, like we are doing today, and partner others of the “coalition of the willing”, our individual efforts can have a multiplier effect, to shape the future we want for ourselves, and our future generations.

Take tonight’s dinner for example. This is the first time we are joining hands with the Philanthropy Asia Alliance to host our annual Ecosperity Week welcome dinner. And as you know, our programme at Ecosperity goes hand-in-hand with the Philanthropy Asia Summit as well. This is also part of our broader plan to bring together perspectives and advance solutions across the capital stack during Ecosperity Week. I am heartened to see many new and also familiar faces this evening.

Let me raise another example – Temasek signed a Memorandum of Understanding with Bill Gates’ Breakthrough Energy and Enterprise Singapore to launch the Breakthrough Energy Fellows – Southeast Asia programme today. Through this programme, we aim to close the innovation and capabilities gap in this region by identifying the innovators and providing them with the tools to accelerate climate technology solutions.

Conclusion

Over the remaining days of Ecosperity Week, I hope that we will take our efforts a notch higher.

How do we harness all our resources, whether through finance, knowledge, capabilities or solutions?

George Bernard Shaw said sometime ago, some people see things as they are and ask “Why”?  I dream of things that never were and say “Why Not"?

So I hope we can all dream bigger, act more boldly, overcome barriers, and pave the way for a better future. So that we can renew our vibrant spring.

I wish all of you an enjoyable evening, and an enjoyable Ecosperity Week.

Thank you.