Global events have slowed and in some cases regressed progress on the Sustainable Development Goals. Furthermore, the negative impacts have affected nations differently. Staying on track to achieve the SDGs will require not just rethinking businesses but actively creating businesses whose mission is to address the most pressing problems that our world faces today.

This period of unprecedented challenges also presents opportunities to future-proof systems, manage climate and other risks, and position our workforce for the emergent economy.

Businesses play a critical role in all these.

Key points: 

• COVID-19 has slowed, even regressed progress on the Sustainable Development Goals; staying on track will mean not just rethinking businesses but actively creating businesses whose mission is to address the most pressing problems that our world faces today. 
• It has also presented the world with an opportunity to design better systems that address the flaws of the pre-COVID times. 
• Designing conscientious ecosystems and businesses that keep people and the health of the planet at the centre will create lasting value for stakeholders. This will ensure long term success. 
• Designing resilient supply chains that address the issues of human rights and environment will be imperative. 
• Financing systems that place ESG considerations in decisions and metrics to ensure transparency will be enablers to ensure funds are channelled to impactful projects.

Ms Grace Fu, Minister for Sustainability and the Environment

Ms Goh Swee Chen, President, Global Compact Network Singapore (Moderator)

According to the IPCC's Sixth Assessment Report released in August 2021, human-induced climate change is already contributing to weather and climate extremes in every region across the globe.

In order to limit the worst scenarios, we must aim for collective action across sectors to achieve net zero by 2050.

This will require companies to embrace innovation, and adopt a 'start-up mindset' to create, test and scale new technologies.

It will also require commitment to investing in such innovations.

What are the innovations already existing or in development?

What are the support and financing mechanisms available to advance innovation towards a lower carbon economy?

The session will explore:

• Decarbonisation efforts will be collectively required of every sector to make any significant progress towards net zero.
• Demand for clean energy will increase in the coming decade, and will require significant investments in innovation.
• How can large and small companies play a part in developing innovative solutions? What innovations are already out there?
• What are the market opportunities for SMEs in lowering emissions?
• How can investors contribute to an innovation-oriented ecosystem?
• What are the commitments required of stakeholders - government, corporations, civil society - in creating a low carbon economy?

The Sustainable Development Goals have been underfinanced over the years. In order to achieve the SDGs, it is estimated that financing of USD 2.5 trillion will be needed. There is also a large gap in terms of the scale and speed of required investments to achieve the SDGs and the Paris Agreement. 

Both the public and private sectors play a crucial role in financing the SDGs. However, an increased participation by the private sector may help in closing this financing gap.

• What does it mean to be a purpose-driven business and how can this translate into tangible business actions?
• How can being purpose-driven increase business resilience?
• What does being purpose-driven mean in a post-COVID-19 and rapidly digitalising world?
• How can companies (both large and small) transform themselves to be resilient to business risks?