Sona Shahdadpuri

Since launch last month, over a thousand CSOs, CFOs and sustainability professionals across ASEAN have accessed the Transition Strategy Toolkit to navigate the various elements of setting a transition strategy that is deemed credible and ambitious. The Toolkit allows users to confidentially test multiple scenarios to understand the various pathways to creating a credible strategy for net zero, utilising the Climate Bonds Initiative Five Hallmarks for Transition. The free-to-use Toolkit, sponsored by Capital Markets Malaysia - an affiliate of the Securities Commission Malaysia, is accessible here: https://lnkd.in/gE8_uZjE https://lnkd.in/gxSQkqWN #transitionstrategy #asean #climatefinance #transitionfinance #transitionrisk #physicalrisk #climatechange #capitalmarkets #malaysia Sean Kidney Zalina Shamsudin AZALINA ADHAM

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Apac family offices use philanthropy to blood next-gen. Regional family offices are increasingly using their philanthropic ventures as a training ground for younger family offices, say private banks. https://lnkd.in/gqdFZPsA

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The Singapore Asia Taxonomy (SAT), the world’s first taxonomy to comprehensively provide green and transition definitions across 8 focus sectors, was launched in December 2023. In the past month, two leading corporate players OUE Limited and Sembcorp Industries Ltd announced efforts in alignment with the SAT: ❇️ On 30 September 2024, OUE Limited announced its inaugural five-year green bond of OUE Limited, with the underlying use of proceeds aligned with the SAT’s green criteria. Proceeds of the bonds will be allocated to the financing and refinancing of four green buildings certified under the Building and Construction Authority Green Mark 2021 certification scheme. CIMB Singapore, OCBC and HSBC Singapore were the Joint Lead Managers, Bookrunners and Green Finance Structuring banks to the Issuer for the offering of the Notes. The independent external review is provided by Sustainable Fitch: https://lnkd.in/guc3hk2q ❇️ Sembcorp recently unveiled its updated Green Financing Framework, which is aligned with the SAT, alongside the Green Bond Principles by ICMA - International Capital Market Association and the Green Loan Principles by Loan Market Association (LMA), APLMA (Asia Pacific Loan Market Association) and LSTA. This framework will apply to all Green Finance Transactions raised or issued from 1st October 2024. We look forward to seeing more SAT adoption among financial institutions and corporates, particularly in the frontier area of transition finance: ❇️ Anticipated developments ahead include the APLMA-led initiative to develop transition finance principles and guidance. ❇️ Keep a look-out for announcements from the Singapore Sustainable Finance Association (SSFA) Taxonomy Work Group in the coming months as they develop best practice guidance and FAQs to support financial institutions and corporates in the interpretation and adoption of the SAT’s green and transition criteria. Pamela Lee Bey An Lim Ivan Tan Shi Min Tan Sui Hui Lim Adeline Chan Vania Xu Felix Lim

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South-east Asia’s outsized green gap; Singapore banks on sustainability wave in finance Summary: Southeast Asia is critically lagging behind in attracting the green investments necessary to meet its 2030 climate targets, with a daunting gap of approximately $1.5 trillion needed to achieve these goals. Simultaneously, Singapore is taking proactive steps to integrate sustainability deeply into its financial sector, recognizing it as a key growth driver and preparing its workforce through dedicated upskilling initiatives. Detailed Insights: Investment Deficit in Southeast Asia: The region has invested only $45 billion in its energy and nature sectors over the past three years, a pace insufficient to meet the $1.5 trillion requirement by 2030. To bridge this gap, annual investments need to surge to about $208 billion. This dramatic increase would require a robust combination of increased government spending, private investments, and foreign direct investment, all underpinned by supportive policies. Singapore's Strategic Focus on Sustainable Finance: In contrast, Singapore is positioning sustainability as a central pillar of its financial sector's growth. The Monetary Authority of Singapore (MAS) and other bodies are investing S$35 million to develop expertise in sustainable finance, reflecting a transformative shift in job roles within the industry. Over the next decade, this initiative is expected to create thousands of new jobs and significantly alter existing ones to incorporate sustainability-related tasks. Challenges and Opportunities: For Southeast Asia: The region faces substantial obstacles in scaling up green investments quickly enough to meet its climate targets. The existing shortfall suggests an urgent need for innovative financing solutions and international cooperation. For Singapore: The city-state is setting a benchmark for how financial sectors can evolve by embedding sustainability into their core operations. This forward-thinking approach not only prepares the workforce for future challenges but also enhances Singapore's competitive edge globally. While Southeast Asia struggles with its green investment gap, Singapore’s dedicated efforts in sustainable finance highlight a contrasting trajectory where strategic planning and investment in human capital pave the way for environmental and economic resilience. The region's overall success in combating climate change may hinge on its ability to emulate such proactive models and accelerate investment in both decarbonization and crucial adaptation strategies. #SustainableFinance #GreenInvestment #ClimateAction #SoutheastAsia #Singapore #EnvironmentalSustainability #EconomicGrowth #FinanceSector

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Singapore government commits $500 million in matching concessional funding to support decarbonization in Asia, with the funding via Financing Asia’s Transition Partnership (FAST-P) launched by Monetary Authority of Singapore in 2023. Read - https://lnkd.in/gUkwyMSG follow Caproasia | Driving the future of Asia Singapore government has committed $500 million in matching concessional funding to support decarbonization in Asia, with the funding via Financing Asia’s Transition Partnership (FAST-P) launched by Monetary Authority of Singapore in 2023.  Singapore MAS (12/11/24): “At the 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change, Ms Grace Fu, Minister for Sustainability and the Environment, announced that the Singapore Government has committed up to US$500 million in concessional funding to support the Financing Asia’s Transition Partnership (FAST-P) launched by the Monetary Authority of Singapore (MAS) last year.  FAST-P is a blended finance initiative which brings together international public, private and philanthropic partners to support Asia’s decarbonisation and climate resilience. The Singapore Government will pledge up to US$500 million as concessional capital, to match dollar-for-dollar, concessional capital from other partners, including other governments, multilateral development finance institutions and philanthropies. This combined pool of concessional capital will be used to crowd in commercial capital and other sources of finance to support Asia’s green transition, and raise up to US$5 billion to support Asia’s green and transition financing needs. FAST-P was announced by Senior Minister Teo Chee Hean at COP28 in December 2023. Since its launch, FAST-P has expanded its network of partners, to prepare for capital raising and deployment in 2025. Allied Climate Partners (ACP), Asian Development Bank (ADB), Global Energy Alliance for People and Planet (GEAPP), International Finance Corporation (IFC) and Temasek are FAST-P’s initial partners. AIA Group Limited (AIA), British International Investment (BII), European Commission and Team Europe partners Dutch Entrepreneurial Development Bank (FMO) and the German Development Finance Institution (DEG), HSBC, Mitsubishi UFJ Financial Group (MUFG) and Nippon Export and Investment Insurance (NEXI) are in discussions for a potential collaboration with FAST-P.  FAST-P has also established a new Industrial Transformation infrastructure debt programme, in addition to the Energy Transition Acceleration Finance partnership and Green Investments partnership that were announced at COP28, and engaged managers to implement these three pillars ... ...

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In the last few years, Donor-Advised Funds (DAFs) have emerged as a powerful and flexible vehicle for philanthropic giving. Discover the transformative potential of #DonorAdvisedFunds with our latest Philanthropy Guide, ‘Accelerating Donor-Advised Funds for Philanthropic Impact in Singapore and Asia’. Take an introspective look at the emergence of and rationale for DAFs, and explore strategic insights to maximise your philanthropic journey. Find out how DAFs can support Singapore’s ambition of becoming a leading philanthropic hub in Asia: https://lnkd.in/gPiWBrnd #ImpactInvesting #Philanthropy #StrategicInsights

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Lessons on managing joint ventures, investors, and co-founder gleaned from a shareholders dispute involving a Peranakan food doyenne (Part 2 of 2) Continuing from part 1 of this post yesterday: <3 Deadlock resolution> Especially where factions of shareholders hold 50-50 shareholding, or wield significant veto rights, a sensible deadlock mechanism should be considered. It could be put/call options, Russian roulette (buy out or force sale), Texas shootout (sealed bid to buy out the other, highest bid buys out), Dutch auction (sealed bids with minimum price to buyout, highest bid buys out others), mediation and failing which, winding up. In Singapore, market practice seems to eschew these. <4 Clarifying personal rights and value as distinct from the corporate’s>    In certain cases, the main value of the business is in the goodwill and other forms of capital inextricably bound up in an individual founder or key executive. In this case Violet Oon herself. The Court noted that the shareholders agreement did not specify whether and on what terms the company could use Oon’s name. It would be optimal for #investors and #founders to clarify contributions, interests, rights & terms of use. This is especially in scenarios concerning often intangible value which does not fall into neatly defined #intellectualproperty #IP categories. Personal name, image rights, likeness, and goodwill, for example. On the flip side, the Court found that the investor had “exaggerated” his “contributions … in absolute and relative terms”. And the family shareholders represented by Oon’s son was unable to question this; he was confused, fearful and had his will subjected to compulsion and duress. Eg the investor claimed his introducing bankers to the company amounted to $100,000 in value. No basis was put forth for the figure. He bore no liability for the banking facilities when the family shareholders had to personally guarantee the loans. <5 Investors and majority shareholders must be cautious about their conduct> In this case, the Court considered the conduct of the investor, what he said, how he said it, and the overall pattern of conduct, in finding that although there was no unlawful means of pressure, the conduct amounted to bullying, bad faith, possibly exploitative, duress, and undue influence. This is despite there being a shareholders agreement in place and then a new shareholders agreement validly executed by all parties. Indeed the latter agreement was invalidated. What this could mean is that while parties are free of course to negotiate their agreements, they may nonetheless find the conduct of their negotiations under scrutiny and contracts becoming adjusted or even nullified. This case gives much food for thought as to negotiating and drafting agreements for #jointventures and investor shareholders. #Legalcounsel and decision makers should rethink certain practices. #singaporelaw #disputes #litigation #conflictresolution #disputeresolution

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Need a primer on blended finance? On AVPN's Money Meets Mission podcast, CrossBoundary Advisory’s Head of South and Southeast Asia Advisory Nandini Chaudhary recently discussed what blended finance means in today's markets. Alongside host Teymoor Nabili, Nandini explains how blended finance can be scaled to attract commercial capital and make an impact. AVPN is the largest social investing community in Asia, and its Money Meets Mission podcast features leaders from the business, philanthropy, and impact investing worlds discussing how to tackle some of the largest and most complex social and environmental issues facing Asia today. Listen now: https://lnkd.in/gRrTtY6c #blendedfinance #sustainabledevelopment #asiainvesting

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Thank you to the Monetary Authority of Singapore (MAS), and co-organisers, Temasek for hosting an engaging discussion on "Unlocking Private Finance in Climate Adaptation" at the Financing Asia’s Transition (FAST) Conference during Ecosperity week. It was a privilege to engage with a panel of leaders who are advancing Adaptation and Resilience (A&R). A rich discussion with many practical examples shared by panelists: Marisa Drew, Chief Sustainability Officer at Standard Chartered; Jay Koh, Co-founder & Managing Director of The Lightsmith Group Group and Founder & Chair of the Global Adaptation & Resilience Investment Working Group (GARI); Tom Moody, Regional Director Southeast Asia, Climate and Energy at the Foreign, Commonwealth and Development Office; and Lubomir Varbanov, Managing Director & Head of Public Sector Solutions, Asia Pacific, at Swiss Re. I encourage you to watch the session here: https://on.bcg.com/3Uh4SCe Here are a few highlights from the discussion: 1) The business case for the private sector in value protection is unambiguous, with cost-benefit ratios of investment in A&R ranging from 2X to 30X in value protected/generated. Jay Koh summarized this perfectly with a view that businesses face more uncertainty in economic conditions driven by interest rates, trade, consumer preferences, geopolitics, etc., compared to the nearly certain impacts of climate change on assets, supply chains, and workforces. Companies need to integrate adaptation into business planning and capital allocation decisions. 2) Over 300 billion USD needs to be spent every year on adaptation. This is likely a conservative estimate. Many existing adaptation solutions need to be scaled, and new solutions need to be developed. Solutions are needed in a wide range of areas, such as water & food resilience, urban heat management, and flood protection, to name a few. This is an existing and growing market for solutions where the private sector can participate. Forward-looking investors should be screening for investment opportunities in companies developing much needed adaptation solutions. 3) Public and private sector cooperation. Marisa Drew and Tom Moody shared views on where the public sector plays a critical role. As an example, governments play a critical role in supporting SMEs in adaptation. SMEs constitute approximately 50-70% of a country's economy in terms of economic output or employment. Governments play important roles in capacity building, co-funding, setting standards, amongst other measures that support the private sector. 4) The most vulnerable populations are almost always the most impacted. This is true both in the Global South and the Global North. Lubomir Varbanov shared some innovative ways insurance is playing a role in supporting these communities. #Ecosperity, #FASTConference Boston Consulting Group (BCG) Charmian Caines Annika Zawadzki Hamid Maher Varad Pande (वरद पाण्डे) Amine Benayad Veronica Chau Lorenzo Fantini

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Singapore asset manager Fullerton Fund Management with $40 billion AUM & United Nations Development Programme have partner to create a sustainability management framework to guide private equity climate investing in Asia, with the framework providing private equity firms a roadmap to accelerate net zero goals. Read - https://lnkd.in/gsjxQrfP follow Caproasia | Driving the future of Asia Singapore asset manager Fullerton Fund Management with $40 billion AUM (Assets under Management) & United Nations Development Programme have partner to create a sustainability management framework to guide private equity climate investing in Asia, with the framework providing private equity firms a roadmap to accelerate net zero goals. Huck Khim Tan, Deputy Chief Investment Officer and Head of Alternatives at Fullerton Fund Management: “As an investor of private capital in Asia, we recognise that sustainability issues have considerable implications for a company’s investment value, particularly for private equity, which has a long investment horizon. With the launch of this Sustainability Management Framework with support from the UNDP, we are committed to integrating sustainability considerations in our private equity climate investments. More importantly, we hope to share this framework and insights from real-world case studies with our peers, to enable them to evaluate the relevant sustainability aspects required to optimise decarbonisation in the region.” Haoliang Xu, UN Under Secretary General and Associate Administrator of the United Nations Development Programme: “The private sector has a significant role to play in accelerating Asia’s decarbonisation, including in collaboration with and alongside efforts from actors in the public and multilateral domains. Recognising this, we are delighted to collaborate with Fullerton Fund Management to develop this Sustainability Management Framework, leveraging the UNDP’s SDG Impact Standards for private equity funds. This framework is useful for climate investors who are looking to align their internal practices and decision-making to achieve their decarbonisation goals.” Fullerton Fund Management, United Nations Development Programme (UNDP)

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EMPOWERING ASEAN As the world faces increasingly concerted, localised challenges independent of geo-political developments, I strongly believe that ASEAN needs to increase its focus on enriching trading activities between member countries, and work to conspicuously increase the value of intra-ASEAN trade. Intra-Asean trade today stands at only 20% of the total trade (by value) of all member countries. The real potential of ASEAN, of course, lies in its population of more than 670 million people, with an economic size of more than USD3 trillion. The fact is, the basic infrastructure required to increase intra-Asean trade already exists: mechanisms such as the CEPT, AFTA and AEC frameworks are up and running, and are fully capable of providing for a unified market and facilitate the required increase in intra-ASEAN trade. What must to be done to realise this potential is to collectively strengthen the infrastructure towards intra-ASEAN trade. This means drawing up long-term plans for ASEAN’s economic development that must, crucially, include parallel industrial development. This is to ensure that ASEAN builds the capacity needed to meet the needs of its population and economy as a whole. Of course, as a trading region ASEAN will always need external trading partners; the ultimate goal here is to reduce ASEAN's external trade composition to more sustainable, balanced levels, and achieve self-sufficiency where it needs to be. Its existing network of roads, ports and railways - while extensive - can still be improved, especially in terms of connectivity between ASEAN's main industrial and cosmopolitan centers, serving as catalyst for more holistic economic development. If this can be achieved then ASEAN’s reliance on external currencies and its related volatilities can be managed more realistically, with the possibility of a currency union in the horizon. The potential benefits of an ASEAN currency union – or at least a basket of regional currencies to start – as a means to facilitate intra-ASEAN trade is clear, particularly in terms of macroeconomic structure and market development, as well as the overall well-being of the ASEAN populace.

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🌱 Unlocking the True Value of Sustainability: A Lesson in ESG Monetization Part 1 📊 As someone who worked in this industry years before the fads and hypes of ESG, the importance of sustainability cannot be overstated. Yet, many companies, especially climatech ones fall into the dangerous trap of prioritizing compliance and cost over the inherent value and monetization potential of ESG initiatives. The recent survey conducted by Schneider Electric sheds light on the challenges and opportunities facing businesses in Singapore, particularly regarding emissions reporting and supply chain sustainability. but the gaps in technology, incentives and infrastructure is one that resonated with all organisations globally. In many occasions, when we spoke to banks and clients, they often opted for a software solution just because of it is cheaper rather than whether it is aligned with their main business processes and enhance its profitability. While this may seemed financially prudent at first glance, but it ultimately cost them dearly in terms of missed opportunities for value creation, create greater scrutiny for greenwashing and reduce their ESG initiatives to a mere marketing gimmick. By focusing solely on upfront costs, they failed to maximize the cashflow benefits of their ESG activities. But it doesn't have to be this way. With the right approach, companies can leverage ESG activities as drivers of performance and profitability. Here's how: 📈 Performance-Based approaches: Instead of viewing ESG initiatives as mere compliance measures, companies should align sustainability goals with social and financial objectives. This unlock new sources of value creation, transition green finance into ESG finance. 🔗 Integration of blended financing with Sustainability Activities: Companies that view sustainability as a cost center risked being outdated and greenwashing. Good case studies of ESG always involve blended financing to generate cashflow without increasing cost. Through a mix of ESG financing and business model innovation, companies can demonstrate tangible revenues from ESG activities and improve capital efficiency & business viability to their stakeholders. I will be writing an article to share ways of monetizing ESG practices but for those who are keen to monetize their ESG practices, you can attend our course or reach out to me or Dr. Shana Yong for further enquires. As we navigate the complexities of the ESG landscape, it's essential for companies to adopt a holistic approach that balances compliance with value creation. By investing in the right tools, technologies, and expertise, companies can harness the power of sustainability to drive growth, innovation, and long-term success. Feel free to share your insights down below on this and thank you for reading https://lnkd.in/gY8wikb4 #ESG #Sustainability #ValueCreation #monetisation

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Check out these results from Panel Discussion: Climate Ambitions and Expectations of Trading Partners at National Climate Governance Summit 2024! #Climate #Governance #Malaysia #NCGS #CGM #CGmalaysia - via #Whova event app

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I found interesting competing news on BangkokBiz front page today. On the left, there was a news “BoT’s governor prefer investment stimulus, not short-term boosts, while on the right “PM urged MoF for quick-win”. Quite interesting that both conflicting ideas to run the country, were put on side by side from Thailand’s top authorities. Something must probably go wrong on how to run the country in challenging sitation at this moment. Personally, PM may be right on the situation, Thailand economy on the ground(not on statistics) is not near in the vicinity of robust recovery as actual numbers led into opposite directions(export, gdp growth, personal debt, purchasing power). But focusing on super quick-win may not make the country go any further. On the contrary, the govornor may be totally wrong on the belief that country are on the path of robust recovery, but fundamental restructure surely would not make country out of its on-going suffering, not to mention chance to fundamentally changes. Is there no way to reach mutual understanding and get on on-the-ground fact to create somthing that to move the coutry further? Get the real fact, churning away from short-term only result but definitely a boost from monetary policy will never proof wrong both in short and long run? Lowering guard down on both sides will never be wrong. No-politician like me, can only thought.

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The State Council has laid out the government’s priorities to spur consumer spending as weak domestic demand continues to weigh on growth. Twenty key steps, issued on August 3, include exploring the potential to expand basic consumption in areas such as catering, home services and elderly care. China’s “cabinet” also unveiled a five-year urbanisation plan to ensure that 70% of the population settles down in urban areas. The vow to deliver better public services for workers who moved to cities from the countryside aims to unleash new demand by removing obstacles to urbanisation, but questions remain about the plan’s ability to truly stimulate the economy. As we wrote in a recent Enodo Economics report, the success of Beijing’s supply-side reforms will not be enough to place the economy on a sustainable growth path without the structural changes needed to create genuine consumer demand. The recent Plenum’s resolution had some good policies supportive of the consumer, but was as a whole disappointing. The Chinese leadership is still talking up consumer stimulus but failing to do the right thing. #China #ChinaEconomy #ComsumerSpending #EconomicGrowth

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Dan Chi Wong, our Head of ESG Advisory and Integration for APAC, was a keynote speaker on the topic of climate action implementation at this year’s China SIF Summer Summit in Beijing organised by the China Sustainable Investment Forum and co-hosted by the United Nations Environment Programme Finance Initiative. “At Schroders, we continue to develop a robust climate toolkit to provide deeper insights, for example, with tailored decarbonisation pathways and the Net Zero Alignment Framework, to help our clients meet both their sustainability and financial investment objectives,” says Dan Chi. Schroders’ research and tools provide insights which help our investors understand the various sustainability risks and opportunities faced across their portfolios. Learn more about our approach to sustainable investing: https://okt.to/dB6Uyw #SustainableInvesting #ClimateAction #CorporateSustainability

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Life Lessons From Schoolmates. It’s been almost 50 years since I left school. Yesterday, I shared about the challenges of preparing for the transition from full time work into retirement - prompted by an article written by an old classmate’s wife in SPH Media The Straits Times. Yesterday, I also learned about an old schoolmate’s wife who passed on this week, after a period of illness. His wife was also a fellow schoolmate. This is also a type of transition. However, this latter transition is filled with sadness and underscores the temporal nature of life. As I reflect on changes and life’s many different stages, one thing is clear: Work is important but we need to prioritise & treasure the time we have with the people we love and care for - our spouse, our children, our family, our friends. Each day with them is a Gift to be Enjoyed, Loved & be Grateful for. Ultimately, life is not just about the work we do, but about the relationships and the people. Apologies, for the melancholy in starting the day. But I am also starting the day thankful and encouraged that in living our lives, we can also have an opportunity to impact others and, hopefully, leave a legacy in the lives of those whom we love and care for. Tip For The Day: Give your family members a Big hug today and Tell them how much you love them and what they mean to you. Have a blessed Wednesday. https://lnkd.in/g4HmzCq9 #work #life #family #love #mentalhealth

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It was a pleasure for Seneca Impact Advisors to participate in the Hong Kong Green Finance Association (HKGFA) Biodiversity Training Series: Nature and Biodiversity In Practice: Case Studies and Insights. During the panel discussion, we shared insights on finance initiatives with direct positive impacts on nature.   Notably, the largest share of public finance for nature-positive projects—totaling US$76 billion in 2023—focuses on biodiversity protection and landscape preservation. However, more than half of this funding originates from just four countries: the United States, France, Italy, and Germany. China has also significantly increased its public expenditures in this area, allocating US$35 billion since 2017. Despite these efforts, overall investments in biodiversity protection remain below what is necessary. In fact, less than 1% of national budgets are currently allocated to this critical cause.   As we move forward, bridging the annual financing gap of $700 billion (as outlined in the Kunming-Montreal Global Biodiversity Framework) becomes imperative. Private sector investments can play a pivotal role in achieving positive outcomes for both nature and financial returns. Seneca Impact Advisors’ projects, such as the sustainable coffee initiative in northern Laos and the plastic and biochar projects in Indonesia, exemplify our commitment to preserving biodiversity while ensuring measurable, evidence-based results. These efforts aim to deliver durable and additional benefits for ecosystems and livelihoods. Our presentation is on our website for anyone who would like to reference it: https://lnkd.in/ggxsWG33 Hong Kong Green Finance Association (HKGFA) Jenny Lee Antoine Raes Ben Ridley Crystal GENG Will McGoldrick Phoebe Liu Jean-Marc Champagne Stanley Tsai, CFA Tathagata Guha Roy Mirova ERM BNP Paribas Asset Management The Nature Conservancy

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