Ensuring that sustainability efforts actually bear fruit

WHILE the world celebrates the progress that a global commitment can enable with Earth Day, the United Nations' Intergovernmental Panel on Climate Change (IPCC)'s recent report gives pause to any pat on the back. Instead of reversing environmental degradation and reviving the planet, extreme weather has accelerated - Singapore, while shielded from natural disasters, is increasingly exposed to intensifying temperatures, rainfall, and floods. Put simply, climate change is worse than expected, disproportionately affecting the most vulnerable populations.

Adding fuel to the fire, ongoing economic pressures from surging inflation, steep oil prices and geopolitical conflicts have effectively put sustainability and green initiatives on the backburner. This is in spite of the fact that soaring investments into the ESG sector reached US$120 billion last year and Southeast Asia's green economy has been earmarked as a US$1 trillion opportunity. However, the industry is already behind in the race to reach net-zero and we desperately need to catch up. With the world still far off its sustainability goals, how did we go wrong in our fight against climate change?

Outdated solutions to combat rising emissions