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Singapore, 11 September: Energy security and climate resilience must be treated as value drivers, not compliance costs, regional leaders said at the flagship Unlocking capital for sustainability summit in Singapore yesterday, calling for harmonised rules to channel capital into Asia’s underfunded energy transition and adaptation priorities. Geopolitical conflicts and supply shocks have strengthened the urgency of the energy transition, especially in import-dependent Asia. Yet fragmented regulations and technical standards continue to constrain investment at scale. In Asean alone, the region will need US$1.3 trillion by 2030 and US$11.9 trillion by 2050 to finance the clean energy transition - but the region lacks the regulatory coherence to mobilise this capital efficiently. In a keynote dialogue, Jeffrey Siow, Minister for Transport and Second Minister for Finance for Singapore, said the energy transition in Singapore is especially constrained by the energy trilemma of ensuring secure, affordable and sustainable energy supply in the country. “Our approach here is to create options as early as possible, and when some of these options become economically viable, we will scale them,” he said in a fireside chat moderated by Jessica Cheam, Founder and CEO of Eco-Business. This includes the Asean Power Grid (APG) but progress hinges on resolving cross-border technical and infrastructure needs. Siow said the major obstacle to accelerating the APG is regulation as Asean lacks a “unified framework for cross-border electricity”. “As of now, domestic regulations differ in every country… It’s a patchwork at the moment which is not very helpful. The other constraints are export license durations and the lack of clear norms around how to inspect, maintain and repair subway cables, for instance.” To accelerate deployment, Singapore and Thailand, as Asean chairs for 2027 and 2028 respectively, will aggressively push APG deployment. Singapore will lead the work on the Asean submarine power cable development framework and address hurdles in the bankability of energy trading projects, Siow said. Adaptation finance gap widens as risks mountBeyond mitigation, adaptation and resilience are critical as Asia warms at twice the global average, exposing economies to operational, credit and social risks. Yet Asia accounts for an estimated 75 per cent of the global climate adaptation finance gap, with only US$19 billion (9.5 per cent) of the region’s US$200 billion in annual needs currently met. In this scenario, Asian companies could face US$336 billion in annual climate-related costs. “There’s clearly a recognition of the importance of adaptation resilience, but there are some problems for accessing the finance. It’s not a cost – it’s an investment,” Edward Vrkić, Resident Representative for UNDP Malaysia, Singapore and Brunei Darussalam, said in his keynote address. United Nations Development Programme (UNDP) and Eco-Business also announced a new partnership – Unlocking AI for Sustainability, a new initiative building on the success of Unlocking capital for sustainability. The platform will bring together thought leadership and convenings to advance five priorities across the region: sustainable AI infrastructure; the use of AI for climate, energy and environmental action; AI’s role in mobilising finance and investment; stronger supply-chain resilience; and AI safety and governance. Igniting capital, powering progressOrganised by Eco-Business in partnership with UN Environment Programme Finance Initiative, and co-located for the first time with AT ONE IMPACT WEEK 2026, the 2026 edition of Unlocking capital for sustainability – Singapore convened more than 300 delegates from government, finance and industry under the theme of “Igniting capital, powering progress”. “Asia Pacific sits at the centre of the global climate finance gap. Beyond mitigation, adaptation needs here are rising faster than almost anywhere else, yet the communities most exposed to these remain largely outside the financial system altogether,” said Jessica Cheam, Founder and CEO, Eco-Business said. “As weak local interventions, missing data on climate vulnerable borrowers, investors who are still unfamiliar with adaptation as an asset class and simply too few finance professionals fluent in both climate science and inclusive finance, and so this financing gap is widening exactly the time where our region needs it the most,” she added. The sustainable finance forum also marked the launch of 2027 edition of The Liveability Challenge (TLC), Asia’s largest sustainability solutions platform, which announced a record of over S$5.5 million in catalytic funding to invest in and subsequently scale the next groundbreaking solutions for urban liveability. Going into its 10th year, and presented by Temasek Foundation, the global crowdfunding platform announced a new Oceans theme where, with the support of co-presenter Asia Ocean Fund, it will seek out pioneering solutions across areas such as maritime and energy and ocean data and intelligence. Together with the Decarbonisation and Cool Earth themes, these deep-tech solutions are timely as global warming continues to rise, while ocean health and marine ecosystems come under increasing environmental pressures. “As we mark the 10th edition of TLC, Temasek Foundation remains committed to catalysing greater support for solutions with the potential to scale, reflected in a record funding pool of more than S$5.5 million. The addition of a new Oceans theme, with Asia Ocean Fund coming onboard, also broadens our focus to an area critical to Asia’s climate resilience,” said Heng Li Lang, Head, Climate and Liveability, Temasek Foundation. The Singapore edition of Unlocking capital for sustainability was also supported by key business partners such as United Overseas Bank (UOB), City Developments Limited (CDL), BDO Unibank, CapitaLand Investment and OCBC Bank, covering a wide range of issues from closing Asia’s adaptation investment gap to pricing nature risks and addressing the climate-human health nexus and more. (see Appendix for partner quotes). In partnership with Stockholm Environment Institute (SEI), the forum also hosted closed-door briefing which saw focused on the policy and regulatory constraints to mobilising and allocating climate capital through a new report, as well as the Regional Adaptation Investment Facility (RAIF) – a regional financing scheme to de-risk and catalyse climate adaptation finance for vulnerable communities. Unlocking capital for sustainability is hosted in six markets across Asia in 2026. In addition to Singapore, the flagship forum was hosted in Jakarta in June, Kuala Lumpur in July, Manila in August and it will be hosted in Bangkok in September as well as in Hong Kong in November. – Ends – Notes to Editors: For enquiries or photos, please contact: Mark Rao, Eco-Business |
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Appendix Melissa Moi, Head of Sustainable Business, Group Corporate Sustainability Office, UOB: “As climate risks intensify across Asia Pacific, financing for adaptation and resilience will need to scale rapidly as they are critical elements that shape business continuity, supply chain resilience and future growth. We will continue to help advance the conversation on how adaptation and resilience can become a mainstream investment priority across the region. By strengthening partnerships across the public and private sectors, developing common standards and scaling innovative financing solutions, more capital can be unlocked to address a broad range of resilience challenges, including water security.” Mike Ng, Group Chief Sustainability Officer, OCBC: “Recent geopolitical conflicts and the growing frequency of natural disasters have reinforced why sustainability and the energy transition remain more important than ever. Energy security, resilience and sustainability have become inextricably linked. Building resilient, low-carbon energy systems is no longer solely about decarbonisation, it is also critical for strengthening the ability of economies and communities to mitigate climate and energy-related risks. Our partnership with Eco-Business reflects our shared commitment to mobilising capital at scale, to help businesses and countries translate sustainability ambitions into impact.” Esther An, Chief Sustainability Officer, City Developments Limited: “The line between land and ocean is an illusion; our survival and our supply chains are completely interdependent. As Dr Sylvia Earle famously said, ‘No water, no life. No blue, no green.’ The built environment has a critical role to play, we must shift from just ‘minimising harm’ to actively restoring marine life through superior design, circularity and nature-based solutions. The next chapter of Asian leadership requires businesses to look past short-term trade-offs, be bold and co-create ‘Blue Alpha’ in addition to ‘Green Alpha’, where financial performance and ecological regeneration thrive together. Unlocking investment in the blue economy is the ultimate economic opportunity of our decade to solidify long-term resilience and scale cross-sector growth.” Andrew Jasudasen, Chief Sustainability and Sustainable Investments Officer, CapitaLand Investment: “As climate risks intensify, the built environment has a critical role to play in strengthening climate resilience and safeguarding human well-being. As a leading global real asset manager with a strong foothold in Asia, CapitaLand Investment believes that responsible capital stewardship and sustainable real assets can deliver lasting value for both communities and stakeholders. To accelerate progress, we need stronger partnerships, innovative solutions and scalable financing mechanisms that can bridge ambition with implementation, taking into consideration real world constraints. Platforms such as Unlocking capital for sustainability help bring together policymakers, investors and industry leaders to catalyse meaningful action and mobilise capital at scale.” -Ends- About Eco-BusinessEstablished in 2009, Eco-Business is Asia Pacific’s leading business intelligence and advisory platform dedicated to advancing sustainable development. We produce trusted, high-quality multimedia content exploring the world’s most pressing challenges—and the solutions driving change. Our work is aligned with the 17 United Nations Sustainable Development Goals (SDGs) and supported by a 15-year archive of news, analysis, research, and events on sustainable development topics. Headquartered in Singapore, we have a presence in Manila, Kuala Lumpur, Jakarta, Bangkok, Hong Kong, Beijing, and London. For more information, visit www.eco-business.com UN Environment Programme Finance InitiativeUNEP Finance Initiative brings together a large network of banks, insurers and investors that collectively catalyses action across the financial system to deliver more sustainable global economies. For more than 30 years the initiative has been connecting the UN with financial institutions from around the world to shape the sustainable finance agenda. We’ve established the world’s foremost sustainability frameworks that help the finance industry address global environmental, social and governance (ESG) challenges. Convened by a Geneva, Switzerland-based secretariat, more than 500 banks and insurers with assets exceeding US$170 trillion work together to facilitate the implementation of UNEP FI’s Principles for Responsible Banking and Principles for Sustainable Insurance, as well as three UN-convened net-zero alliances. Financial institutions work with UNEP FI on a voluntary basis and we help them to apply the industry frameworks and develop practical guidance and tools to position their businesses for the transition to a sustainable and inclusive economy. Founded in 1992, UNEP FI was the first organisation to engage the finance sector on sustainability and incubated the Principles for Responsible Investment, now the world’s leading proponent of responsible investment. Today, we cultivate leadership and advance sustainable market practice while supporting the implementation of global programmes at a regional level across Africa & the Middle East, Asia Pacific, Europe, Latin America & the Caribbean and North America. For more information, visit https://www.unepfi.org/ About Unlocking capital for sustainabilityUnlocking capital for sustainability is an annual flagship event organised by Eco-Business in partnership with UNEP FI that brings together high-level decision makers in finance, business, government and civic society to discuss and commit to actionable initiatives that mobilise the capital markets for sustainable development projects. Our full list of knowledge partners – past and present – can be found on our website: www.unlockingcapitalforsustainability.com |
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