Cover WWF‐Singapore CEO R Raghunathan
WWF‐Singapore CEO R Raghunathan
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The CEO shares how sustainable finance is key to a low-carbon and climate-resilient future
In a move toward a sustainable future, Singapore announced in October last year that it would raise its national climate target to achieve net-zero emissions by 2050, and reduce emissions to around 60 million tonnes of carbon dioxide equivalent (MtCO2e) in 2030. The country accounts for around 0.11 per cent of global carbon emissions, according to the National Climate Change Secretariat, and it has taken significant efforts to reduce emissions as part of the global fight against climate change.
“Businesses play a vital role in addressing climate change, as industry accounts for the bulk of carbon emissions”, says R Raghunathan, CEO of WWF-Singapore (World Wide Fund for Nature Singapore). Financial institutions, in particular, are “uniquely positioned as they are exposed both to risks through their lending and investment activities, and also to opportunities by being in a position to allocate capital to more sustainable opportunities”.
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Raghunathan expounds, “The health of our planet’s ecological systems and the health of our economy’s financial systems are deeply intertwined.” He shares this sobering example, “The Asia-Pacific [region] is home to almost half of our planet’s biodiversity hotspots, and nearly one-third of the region’s wealth depends on natural capital, such as forests, freshwater and healthy soil. But if we continue to do business as usual—investing in fossil fuel-based energy and extractive agricultural systems—we put both our planet and our retirement savings at risk.”
By 2050, over one billion people could be displaced due to climate-related disasters; and by 2100, our failure to address the climate crisis could put as much as US$4.2 trillion of managed assets at risk.
With his extensive experience in management and finance consulting, Raghunathan knows this only too well. While he is focused on shaping conservation strategies with global impact and local relevance, his appointment as CEO in 2020 also comes with a remit to advance partnerships with the business and finance community in Singapore and the region. The appointment of banking and finance veteran Hsieh Fu Hua as new chairman of the board last December further reinforces the importance of the sector as a force for change.
In recent years, WWF-Singapore has forged strong relationships with key regional finance sector stakeholders—from central banks to financial institutions—building capacity and thought leadership in sustainable finance through the Asia Sustainable Finance Initiative (ASFI). Working with industry stakeholders, including the Association of Banks in Singapore and the Singapore Exchange, ASFI launched the ASFI Academy in 2021 offering a suite of e-learning courses on topics such as sustainable finance and climate-target setting.
For a country with limited alternative energy resources, the stabilisation of Singapore’s emissions requires the efforts of everyone. Businesses, communities and governments have the potential to bring about innovative solutions to monitor and evaluate systemic transformation towards decarbonisation. “By incorporating sustainability considerations in their operations and throughout their value chains, companies that set science-based targets are driving the adoption of transformative solutions,” says Raghunathan.
“The benefits that tackling climate change can bring to people, nature and the economy also helps companies to expand opportunities for innovation, improve their reputation among customers and investors, and enjoy the advantage of getting ahead of the curve of future climate legislation.”
To support Singapore’s decarbonisation goals, WWF-Singapore issued a cooling report in 2022 to provide recommendations on clean cooling solutions to reduce energy consumption. Its PACT, or Plastic ACTion, business initiative released an alternative materials web tool to helps businesses make science-based decisions when selecting packaging materials.
For over a decade, its flagship Earth Hour movement has raised awareness on climate action. In March, its inaugural WWF Earth Hour Summit brought together more than 500 CEOs, thought leaders and decision-makers from private and public sectors to exchanges ideas and share practical examples, opportunities and identify critical next steps to meet the collective climate goals.
The non-profit also encouraged the business leaders in attendance to commit to sustainable actions. “For a start, as a small but first significant step that everyone can take, be it individual members in society or businesses, we can all adjust our air-conditioner temperature settings to 25C,” says Raghunathan.
He also hopes for everyone to pledge their own Kosong Plan, the net-zero emissions initiative WWF-Singapore launched in 2021 to bring individuals together in support of a net-zero e-missions. The digital platform offers clear climate actions such as supporting local produce, taking public transport, switching to a green energy supplier, and participating in tree planting activities. “Together, our actions can contribute to Singapore’s net-zero ambition.”
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As Senior Editor of Tatler Singapore, Hashirin champions and refines the storytelling across platforms—curating and crafting compelling profiles, cover stories and features that spotlight visionaries shaping culture, business and impact. Driven by curiosity, she draws inspiration from the artists, changemakers and trailblazers she encounters through her work. Beyond the pages of Tatler, she is an avid supporter of local theatre and delights in seeking out art in every city she visits.
