The 10th edition of Ecosperity took place in Singapore between April 15-17, themed “Renewing our vibrant spring”. The conference brought together influential political leaders and corporate executives from around the world.
Here are some of the key highlights from the event that took place at the event.
Rio Tinto raises concern over low investments
Rio Tinto chairman Dominic Barton expressed concerns that low levels of investment in the global mining sector have threatened the energy transition and widened the supply gap in critical minerals.
Barton said that global efforts to reduce carbon dioxide emissions depend on procuring minerals like copper, Lithium, and cobalt used in building electric vehicles, solar plants, and wind farms.
The industry is struggling not only with a shortage of minerals but also with the capital required to dig a new mine, which takes far longer to develop than before.
Singapore’s President emphasized coherent climate efforts
Singapore President Tharman Shanmugaratnam said tackling the triple challenge of biodiversity loss, water scarcity, and climate change together would yield more excellent economic opportunity and societal benefits than addressing each issue in isolation.
Trillions of dollars are needed for the global economy to reach net-zero emissions by 2050, President Tharman emphasized, adding that with the worldwide capital market value of about $250 trillion, there is sufficient money to accelerate the green transition.
Establishment of a new climate registry for Singapore businesses
The Ministry for Sustainability and the Environment and the Minister-in-charge of Trade Relations launched the Singapore Emission Factors Registry, which the Singapore Business Federation and corporations will establish.
The registry will help Singapore-based businesses track and report their emissions more accurately as companies struggle with reporting Scope 3 emissions.
Sustainability Economics and ACI work together to accelerate the phase-out of CFPP
Sustainability Economics work with the Asia Carbon Institute (ACI), a Singapore-based carbon registry and member of the TRACTION group led by the Monetary Authority of Singapore (MAS), to evaluate the company’s methodology that would help coal-fired power plants (CFPP) in Asia to transition to green energy.
The methodology uses transition credits, a financial instrument generated by removing carbon dioxide from the atmosphere that can be sold in the marketplace, to assist power plant owners in transitioning their early-stage power plants to cleaner sources.
These credits adhere to the Core Carbon Principles (CCP) established by the International Carbon Value Chain Management (ICVM), ensuring its credibility.
