Keynote speech by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the Financial Times Investing for Good Asia Digital Conference, 13 October 2020.
I thank the Financial Times for the opportunity to speak on this important topic and to reach out to an audience across the globe.
WHAT HAS COVID-19 TO DO WITH SUSTAINABILITY?
The climate crisis is the existential challenge of our time.
- Never before have the effects of climate change been more keenly felt- soaring temperatures, extreme weather events, rising sea levels.
- Recent wildfires in Australia and the Western United States are the worst in history.
- Meteorologists tracking hurricanes across the Eastern United States have run out of names this season.
How we deal with climate change will define our future.
- The Paris Agreement calls for a concerted effort to limit global temperature rise by reducing emissions of greenhouse gases.
This call to action for a sustainable future has only grown stronger with the COVID-19 pandemic.
- COVID-19 has sensitised the world to how vulnerable we all are to the forces of nature.
- The pandemic has underscored the importance of taking timely and collective actions to mitigate global challenges.
As we look to building a more resilient world emerging from COVID-19, we have an opportunity to also make it more sustainable.
- Resilience and sustainability are complementary.
- By improving environmental health and safeguarding biodiversity, we also strengthen public health.
- If resilience requires us to adopt a more decentralised way of living and working, there is opportunity to reduce the carbon footprint of daily commutes.
- Reducing waste and recycling resources not only enhances sustainability but also strengthens resilience.