Romco Group plans expansions this year

Investment momentum continues to build for decarbonization efforts, according to roundtable participants at the CleanEnviro Summit Singapore (CESG) 2022 event. The rate of investment growth may be tested by the inflation or recession, but the consensus reached at the Paris Agreement and subsequent COP meetings has been identified as permanent.

Dr Yasmine Fouad, Egyptian delegate to the upcoming COP-27 climate change conference, said the process is moving from the dialogue phase to the implementation phase, requiring the efforts of “all stakeholders, starting by financial institutions. It’s imperative.

Panelist Pang Yee Ean of Singapore-based Surbana Jurong Capital said such an implementation is underway. He said that over the previous nine years, investments related to companies’ environmental, social and governance (ESG) programs have grown from $25 billion in 2013 to $1.6 trillion in 2021, a multiple. of 58.

“Money talks,” Pang said. “We need the money to be there before [sustainability-linked] projects can be launched,” he continued, adding that increasing companies’ ESG budgets “tip the scales.”

McKinsey’s Oliver Tonby said the $1.6 trillion figure could rise further, saying studies had identified some $6 trillion that could be invested “into something more sustainable”. Companies must continue to “reorient their investments”, noted the consultant, because the increase in CO2 levels continue to produce droughts and the likelihood of more places around the world becoming “too hot to work outside”.

Decarbonization efforts are tied to recycling materials, a panelist noted in a later session, as well as green building efforts and proposals for manufacturing facilities, according to Pang and his colleague Grace Fu from the Ministry of Environment. ‘Singapore environment.

“Investors are very clear about managing their climate risk,” Fu said. Pang added, “If your investment isn’t sustainable, you can’t even raise money. It’s already the case. »

Marriott International’s Rajeev Menon said that while the hospitality sector has been hit particularly hard by the COVID-19 pandemic, “sustainability is now back at the center” of the company’s plans and goals. He said it affects “how we build hotels”, such as adherence to the Leadership in Energy and Environmental Design (LEED) scorecard, sourcing and food waste management.

On the materials front, Menon said Marriott has phased out its use of small plastic bottles (soap, shampoo and conditioner) in favor of refillable dispensers in its rooms.

Looking at the mix of positives and negatives, Tonby said that due to the amount of CO2 already in the atmosphere, conditions are “going to get worse” for some people. More encouraging, he said, is that as emissions reduction investments reach billions of dollars, “we can move the needle faster than we have.” The majority of companies, he said, are not playing defense but “going on the attack” looking for opportunities to invest in sustainability.

CESG 2022 took place in mid-April at the Marina Bay Sands Singapore Convention Centre.