Breaking Down Bottlenecks to Achieve Decarbonisation

How Can Challenging Industries Reach Net Zero Better and Faster? 

Last year, the world experienced its hottest year on record, and 2024  is predicted to surpass that. The urgency of the climate crisis is undeniable.

In the face of the urgent climate crisis, certain industries in Southeast Asia emerge as significant contributors to global greenhouse gas (GHG) emissions. With their unique challenges in reducing carbon footprints, these 'hard-to-abate' sectors underscore the critical need for immediate action to meet climate targets.

At a time when speed to curb emissions is critical and at the top of corporate agendas, NTU Singapore is leading an initiative to identify and remove bottlenecks that impede progress toward a low-carbon economy in ASEAN.

Jointly organised by the Nanyang Business School (NBS) in collaboration with the Centre for Sustainable Finance Innovation (CSFI), the NTU Decarbonisation Forum on 27 August will address challenges facing two very different industries: Buildings and Textiles & Apparel.

  • Buildings: Explore sustainable design, materials, engineering, construction
  • Textiles & Apparel: Improve sustainability in fabrics and garments in the fashion industry

Based on the premise that industries can move more effectively through collaborative action, in the weeks leading up to the Forum, leaders from the public and private sectors will debate obstacles and solutions specific to each industry, including innovative financing solutions and organisational capabilities. The final recommendations will be pragmatic industry decarbonisation guides or 'playbooks', providing a step-by-step approach for businesses to implement the recommended solutions.

The findings from these working groups, representing a collaborative effort of industry leaders, academia and government, will be the subject of the NTU Decarbonisation Forum. This inclusive approach ensures that all key players are part of the solution and that efforts between the working groups and NTU Singapore will continue beyond the Forum's conclusion.

The transition to a low-carbon economy is not just about mitigating environmental risks; it's also about seizing economic opportunities. The deployment of new technologies and the shift towards sustainable business operations can spur innovation, create jobs, and enhance competitiveness, offering a promising future.

What are some common bottlenecks across industries?

  • Tech & Innovation: Insufficient deployment of lower emission technologies.
  • Economic Viability: High upfront costs and long payback periods for sustainable investments.
  • Regulatory Frameworks: Lack of supportive policies and incentives from governments.
  • Market Demand: Limited awareness, demand and willingness to pay for more sustainable products and services.

This NTU-led initiative aims to develop industry-specific solutions for significant emissions reductions in ASEAN countries. It's a collective task that requires the active participation of all stakeholders—businesses, investors, policymakers, and consumers. Clear policies, financial incentives, and regulatory support are critical, underscoring the need for collaboration.

A lower-carbon economy has many economic upsides.

Investing in growing industries like renewable energy and green construction creates jobs and boosts long-term cost savings through energy-efficient practices. Additionally, companies leading in sustainability can gain a competitive edge in the market. Integrating sustainable strategies into business operations is of intrinsic value to consumers and investors.

What do companies need for Net-Zero Success?

Businesses need support from important groups to succeed in the climate race: regulators who create stable policies, investors who fund green projects, consumers who want sustainable products, and academics who research decarbonisation technologies.

Decarbonising the more challenging sectors is an ambitious but crucial endeavour if we want to shift the temperature battle against climate change. We can break down barriers through the collective expertise of industry leaders, regulators, and investors. As businesses understand the obstacles and solutions more clearly, they will be better equipped to make decisions leading to a carbon-conscious industry.

NTU Decarbonisation Forum Visual
The NTU Decarbonisation Forum will be held on 27 August 2024. It will be hosted by Nanyang Business School (NBS) in collaboration with the Centre for Sustainable Finance Innovation (CSFI) and conducted in person and virtually, ensuring accessibility for all participants.

To express your interest in attending the NTU Forum, sign up here: http://bit.ly/ntudecarbforum