President of the Republic of Singapore Mr Tharman Shanmugaratnam,
Philanthropy Asia Alliance and Temasek Holdings Chairman Mr Lim Boon Heng,
Temasek Trust Chairman Ms Ho Ching,
Excellencies, Distinguished Guests,
Ladies and Gentlemen,
1. It has been a full and rich day of illuminating insights – at Ecosperity this morning and Philanthropy Asia Summit this afternoon.
2. Tonight, we are reminded of the urgency, the opportunity and, may I add, the collective responsibility for all of us - to dream big, act boldly and blaze pathways to ensure a better and brighter future.
3. Allow me to share just three thoughts.
4. We know that planetary health and climate issues are inextricably linked with human lives and livelihoods. They will always be in a complex, ever-evolving, and multi-player mode. We will need our best minds, collective will, and ability to mass-mobilise in a holistic and integrated way; bridging across geographies, sectors, communities, wealth and asset classes, to bring about the kind of technology and financing innovations that can ensure systems change and scalable impact, at speed and at a global level. Solving for the world must involve solving for Asia. Whichever corner we are in, while we may not all be in the same boat, we are all in the same storm. In our interconnected world, what affects one of us potentially affects all of us. Allow me to share just three thoughts
At COP28, with ClimateWorks Foundation and World Economic Forum, PAA produced an Asia-focused climate philanthropy report – which found that the climate and nature funding gap here is not for lack of issue awareness. It is because of the lack of technical understanding, practical solutions, structured data, and measurable indicators. This is where we can start with public-private-philanthropic partnerships - to build the capacity, systems, knowledge, narratives, and most importantly, the inspired leadership at all levels and across all sectors to bring about change.
5. Secondly, Partnership is key as we collaborate to course-correct for the sake of planet and people. This is not just about climate tech innovation, sustainable finance and impact investing. Fundamentally, it is also about connecting hearts and minds – through mutual goals, collective ground action and shared resources and outcomes.
6. Thirdly, I believe we have reason to be optimistic. There is a positive wind that is catching our sails and gathering momentum in our investing and philanthropy landscape.
Within the decade, more than one-third of global wealth is projected to be in the hands of Asian millennials.
Between investment and philanthropy, there is a blurring of lines. More businesses want to go beyond profit to achieving impact and purpose. More investors are keen to use their portfolio as a platform to spur social and environmental change. Shareholders, consumers and customers are more discerning with their choices. At the other end, more philanthropists are looking to leverage their giving in a way that can generate financial returns that can be recycled. They are moving from cheque-book to catalytic philanthropy to amplify and accelerate impact.
Across the spectrum of capital, whether investing or giving, there is greater focus on specificity (what exactly?), intentionality (what for?), materiality (what’s the point?) and additionality (what new value add?).
7. To close, the greatest risk is that our generation does nothing. The highest return is in co-creating a positive future so that every generation can thrive and prosper.
8. I wish everyone a pleasant evening and an enriching week ahead. May we find new partnerships for action, with the urgency and opportunity to renew our vibrant spring.
