SINGAPORE - Companies looking to create action plans to cut their carbon footprint and achieve climate targets will be able to tap the expertise of a climate and sustainability hub in Singapore.
With help from the Climate and Sustainability Hub for Innovation in Asia, firms in the region could translate their climate targets and commitments into tangible outcomes.
One way for companies to do this is to work with the hub to invest in and scale up sustainability businesses, said Boston Consulting Group (BCG), which launched the initiative on Wednesday (March 30).
Mr Dave Sivaprasad, BCG's South-east Asia leader for climate and sustainability, told The Straits Times that different skill sets may be required in a world looking to wean itself off fossil fuels.
For instance, the measurement, reporting and verification of emissions is a growing field.
He said that the hub will be hiring "deep experts" in the various fields over the next one to two years, while also hosting interns from universities here.
At the launch of the hub, chair of BCG Asia-Pacific Neeraj Aggarwal said: "Leveraging Singapore for the Climate and Sustainability Hub for Innovation in Asia brings together the best of BCG's global expertise and offering to the Asia Pacific region, to drive climate action and lead change for the future through partnerships and supporting local talent development."
The global consultancy firm, which has about 22,000 staff in more than 50 countries and regions, has a track record in the sustainability field.
In 2021, it founded the Aviation Climate Taskforce with 10 major airlines, including Cathay Pacific and Lufthansa, with a focus on investments into technologies that could reduce emissions in the aviation sector.
It was also the consultancy partner for the United Nations' climate change conference COP26 in Glasgow last November.
The opening of the hub, which sits at BCG's existing office on Robinson Road, was officiated by Minister for Sustainability and the Environment Grace Fu.
At the launch, she said Singapore wants to create good jobs in the sustainability and related sectors, in areas such as consulting, legal, accounting, information technology and research and development.
"Singapore can be a place where initiatives like BCG's Climate and Sustainability Hub in Asia can establish their footing, and pave the path forward for the region in effective climate action," she added.
There are currently more than 70 organisations involved in carbon services and trading in Singapore, The Straits Times had reported earlier this year.
Carbon services refer to services that help firms reduce the amount of planet-warming gases, such as carbon dioxide, that they release.
These services include clean energy project development or financing, as well as consultancy, audit and certification services that help firms in their efforts to measure, reduce and manage emissions.
Carbon services also covers carbon offsetting. Companies may choose to buy a carbon credit from a renewable energy plant or a forestry restoration project developer elsewhere to "offset" their emissions.
This buying and selling of credits requires financial expertise, creating new roles for carbon brokers and traders.
"Carbon services will be needed as we invest in new technologies and solutions in mitigation and adaptation, develop the carbon credit market, and mobilise capital for new growth sectors in sustainability," said Ms Fu.
"Singapore can be a place for innovation in finance, carbon services and sustainable reporting, measurement, and verification."