Advancing ESG drive meets stakeholder demands, enhances access to capital: experts

The Korea Times

The Korea Times

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Thu, September 28, 2023 | 16:16

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Advancing ESG drive meets stakeholder demands, enhances access to capital: experts

Posted : 2023-05-26 15:33

Updated : 2023-05-26 21:53

Second Vice Minister of Trade, Industry and Energy Kang Kyung-sung, right, shakes hands with Yolyn Ang, vice president of Google's Asia-Pacific Global Partnerships, at the World Climate Industry Expo (WCE) in BEXCO, Busan, Friday. Courtesy of Ministry of Trade, Industry and Energy

By Lee Kyung-min

Surbhi Singhvi, energy transformations manager at World Business Council for Sustainable Development / Courtesy of the World Climate Industry Expo

Businesses practicing carbon neutrality around-the-clock are likely to fully disclose environmental, social and corporate governance (ESG) data, and meet emission reduction targets, a source of stable and greater access to financial capital in the years to come, according to energy transition experts, Friday.

In addition, the roles of firms in Asia are critical, and will continue to strengthen, mostly because of their expanded presence in the global supply chain, Surbhi Singhvi, energy transformations manager at World Business Council for Sustainable Development (WBCSD), said.

WBCSD is the global, CEO-led community of the world's leading sustainable businesses working collectively to accelerate the system transformations needed for a net-zero, nature-positive and equitable future.

The notion of the green drive being commercially unviable due to high cost is, in her view, too broad an argument lacking context, and short-sighted judgments will only lead to delays in innovation and growth.

"Stakeholders are asking for more disclosure ― and more importantly ― carbon neutrality means increased and more access to capital," she said during a keynote speech "24/7 carbon free power: a new frontier in power procurement" at the World Climate Industry Expo (WCE) held from May 25 to 27, alongside Yolyn Ang, Vice President of Google's Asia-Pacific Global Partnerships. The Google representative's theme was "Building technology that helps people do more for the planet."

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The international event was organized to paint a picture of how Korea is willing and able to host World Expo 2030. Among the attendees were world-renowned scholars and opinion leaders, as well as 500 local and foreign firms and organizations.

Yolyn Ang, vice president of Google's Asia-Pacific Global Partnerships / Courtesy of the World Climate Industry Expo

The next speaker, Yolyn Ang, said Google achieved carbon neutrality in 2017 and became the first company in the world to source 100 percent of its energy from renewables.

The global tech titan has been issuing green bonds to the tune of $5.6 billion (7.5 trillion won) since 2020. It is developing carbon emission-curbing products, technologies and services.

But such widely lauded facts and figures are only half of the story, in her view.

"We can share technology, these measurable insights to help others, like our partners, non-profits, researchers, policymakers to create action plans that help scale their action proposals with products that can touch billions of users," she said during her keynote speech.

"We believe that we can also share actionable solutions for each of the individuals to be able to make sustainable choices each of every day."

The everyday practice by consumers can include, for example, electric vehicle (EV) charging.

People can look for charging stations on Google Map, including the number of those closest to them, and whether or not these are occupied. Each of these little actions on a daily basis allows a user to make the choice that is not only sustainable but also removes the barrier to making those sustainable choices, she said.

"This is an important point. Sustainability is not an add-on. It can be a part of your life and helps you save fuel costs and also one that makes practical sense."

lkm@koreatimes.co.kr