Innovation needed for greener future: Business leaders

The Covid-19 pandemic saw an extraordinary shift in people's lifestyles and travel patterns, as they opted to have food delivered - using huge amounts of plastic in the process - and moved towards using private over public transport.

Environmental consequences arising from this shift have brought the issue of sustainability to the fore, and innovators could play a crucial role in providing solutions that will help move the world towards a greener future.

This was a point made by panellists at the launch of The Liveability Challenge 2021 yesterday.

Ms Jessica Cheam, who moderated the panel discussion, told The Straits Times: "I think Covid-19 has shown that we need to think long term about building resilience and sustainability in our communities. This crisis is a wake-up call and dress rehearsal for the much bigger climate crisis."

Ms Cheam is the managing director of media organisation Eco-Business, which is organising The Liveability Challenge, presented by Temasek Foundation.

Panellist Marie Cheong, vice-president of venture capital firm Engie Factory Asia-Pacific, which invests in zero-carbon solutions, said it is an opportune time for innovation, given how the past year has seen many companies pledge to significantly reduce carbon emissions. These include major stakeholders such as Apple, Ford and Procter & Gamble, she said.

Mr Hendrik Tiesinga, chief strategy officer of clean technology non-profit New Energy Nexus, added that global players - such as the European Union, China, and the incoming Biden administration in the United States - also committing to reduce emissions will make a huge difference.

"There is basically a lot of stimulus money coming in, so I think we're going to see a massive wave of entrepreneurship, renewal and change," said Mr Tiesinga.

Mr John Kim, co-founder and managing partner of venture capital firm Amasia, which focuses on sustainability and the climate, said that entrepreneurs could also innovate by reinventing existing technology for sustainability.

He gave the example of Joro, a consumer app that can tell users their carbon footprint and provide suggestions on how to lower it over time.

Innovation is precisely what The Liveability Challenge 2021 will require from its participants, as they compete to devise the best sustainability solutions for a grand prize of $1 million in funding from Temasek Foundation Ecosperity, a non-profit organisation that champions sustainable development.

Last year, Singapore-based start-up TurtleTree Labs clinched the million-dollar prize with its cow-free milk made using cell-based methods.

The challenge, now in its fourth edition, will accept entries from around the world in two categories - decarbonisation and re-imagining resources - till April 15. Finalists will present their projects to a panel of judges at the grand final in June.