Why Singapore's sovereign wealth fund takes a nuanced approach to sustainability

Throughout 2024 we've been talking with financial institutions around the world about their approach to sustainability and climate finance. Finance was also a big focus of the UN's COP29 climate conference that just wrapped up in Baku, Azerbaijan, and in this episode of the ESG Insider podcast, we talk with De Rui Wong, Senior Vice President in the Sustainability Office of GIC, Singapore's sovereign wealth fund. "When it comes to sustainability, we believe that there is no one-size-fits-all approach," De Rui says. "Companies are often decarbonizing at different rates and along different trajectories, depending on the regulations, the availability of technology, as well as the market opportunities in the locations that they operate in." GIC's approach includes a focus on the physical risks of climate change. "Climate change has moved from threat to reality," De Rui says. "It is creating a new environmental norm, a new economic paradigm, that we need to understand how to navigate." You can read a report published by GIC and S&P Global Sustainable1 on integrating climate adaptation into physical risk models here: https://www.spglobal.com/esg/insights/blog/integrating-climate-adaptation-into-physical-risk-models Listen to our interview with Mastercard's Chief Sustainability Officer here: https://www.spglobal.com/esg/podcasts/mastercard-chief-sustainability-officer-talks-cop-climate-and-the-road-ahead Listen to our interview with Norges Bank Investment Management, the world's largest asset owner, here: https://www.spglobal.com/esg/podcasts/why-the-world-s-largest-asset-owner-is-leaning-into-esg This piece was published by S&P Global Sustainable1, a part of S&P Global. Copyright ©2024 by S&P Global DISCLAIMER By accessing this Podcast, I acknowledge that S&P GLOBAL makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in this Podcast. The information, opinions, and recommendations presented in this Podcast are for general information only and any reliance on the information provided in this Podcast is done at your own risk. This Podcast should not be considered professional advice. Unless specifically stated otherwise, S&P GLOBAL does not endorse, approve, recommend, or certify any information, product, process, service, or organization presented or mentioned in this Podcast, and information from this Podcast should not be referenced in any way to imply such approval or endorsement. The third party materials or content of any third party site referenced in this Podcast do not necessarily reflect the opinions, standards or policies of S&P GLOBAL. S&P GLOBAL assumes no responsibility or liability for the accuracy or completeness of the content contained in third party materials or on third party sites referenced in this Podcast or the compliance with applicable laws of such materials and/or links referenced herein. Moreover, S&P GLOBAL makes no warranty that this Podcast, or the server that makes it available, is free of viruses, worms, or other elements or codes that manifest contaminating or destructive properties. S&P GLOBAL EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY OR RESPONSIBILITY FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR OTHER DAMAGES ARISING OUT OF ANY INDIVIDUAL'S USE OF, REFERENCE TO, RELIANCE ON, OR INABILITY TO USE, THIS PODCAST OR THE INFORMATION PRESENTED IN THIS PODCAST.