SUSTAINABILITY 2020 FEB/MAR
A MESSAGE FROM THE
ACTING EXECUTIVE DIRECTOR Welcome to the February/March edition of our Access Asia magazine. The year has only just begun and already 2020 has proven to be challenging with businesses feeling the impact of COVID-19 on revenue and productivity. For the Australian community in Singapore this has come on the back of the devastating bush fires which have affected communities back home and some of our members personally. Already the impact of the coronavirus situation on the economy has exceeded that of SARS and with the situation continuing to evolve there is a significant degree of uncertainty of how much longer it will continue and the overall impact it will have. That uncertainty is difficult for us all, both personally and professionally, and the chamber has not been immune to the challenges our members and the broader business community are also facing. The decision to postpone the ANZ Australia Day Ball was a difficult one and not made lightly eight days out of from the event, however with Singapore raising the DORSCON level to Orange the night before the ball was to have taken place it was certainly the right decision. The Australia Day Ball is the chamber’s largest fundraising event of the year and as a not-for-profit AustCham relies heavily on large events such as this to cover the annual operating costs and overheads necessary to deliver the calendar of events and support to our members Following the raising of the DORSCON level and as a precautionary measure, the chamber has also cancelled face to face events planned for February and March. But where there is uncertainty there is also opportunity and following on from the strategic work the board has been doing in terms of the future direction of the chamber, we are looking at ways of doing things differently. This includes moving up our time line of commencing the delivery of events online as well as expanding our online capabilities to provide more digital content and opportunities. Life has to go on and like our members the chamber will continue to re-evaluate and make transformational efforts as we all work together in these challenging times. We look forward to your continued support and participation as we look to seize new opportunities and build on our successful business and events program
CONTENTS 5
BOARD MEMBER PROFILE
8
FLOATING PONDS A VERTICAL AQUACULTURE FARMING MODEL DEVELOPED BY SURBANA JURONG
10
FINANCE AS A FORCE FOR GOOD? THE GROWTH OF SUSTAINABLE FINANCE IN ASIA
12
QANTAS' COMMITMENT TO MINIMISING THE IMPACT WE HAVE ON THE ENVIRONMENT AT EVERY STEP - IN THE AIR ON THE GROUND
14
RESPONSIBLE INVESTING IS NOT ONLY ABOUT RESPONSIBILITY IT MAKES INVESTMENT SENSE
16
MEMBERSHIP RENEWAL
17
AUSTCHAM UPDATES
18
OUT & ABOUT
20
THANK YOU
21
NEW MEMBERS
22
MEMBERSHIP CARD OFFERS
26
NEWSFLASH
Katrina Campbell Acting Executive Director
PLATINUM SPONSORS
SILVER SPONSORS
BRONZE SPONSORS
A MESSAGE FROM THE
PRESIDENT
On 25 January 2020, we welcomed the Chinese Zodiac Year of the Rat. While 2019 brought some of its own challenges with volatility caused by US / China trade war giving rise to concerns about potential economic downturn, businesses remained resilient with new opportunities for growth appearing in some of Singapore’s neighbouring emerging markets. 2020 is already set to be as challenging and as unpredictable as 2019. While many Australians were trying to come to terms with the ravaging impacts of the bush fires in Australia, new challenges were being faced, particularly in Asia, from the spread of COVID-19. The impact to our personal and work lives has already been significant. Again, the Australian business community in Singapore will need to dig deep to provide continued commitment to each other, our community, our business interests and our customers in this difficult time. For AustCham, we made the difficult decision to postpone our Australia Day Ball because of COVID-19. We monitored the health situation closely in the weeks leading up and as time passed and more information about the spread and risks came to hand, we made the decision to act. Regrettably, we have also cancelled the events that were scheduled up until the end of March. These decisions have been made collaboratively and in the best interest of our members in mind. The Australia Day Ball in particular is the major networking opportunity for the year which our sponsors and members look forward to. It is also the most significant fundraising event for the year which contributes to the Chamber’s annual budget. However the Year of the Rat signals a year of renewal and so we embrace this opportunity to deepen our networks and foster our collaboration across the Australian business community in Singapore. The Chamber will continue to review its strategy on how to better provide opportunities for its members. We will also look for new opportunities in the backdrop of the current challenges, to provide the connectivity and insights through new channels. As Winston Churchill once said “never let a good crisis go to waste”. We need to take advantage of these challenges. We look forward to getting our programs and events up and running again; energised and ready to tackle the new year with the attributes of the Rat – with curiosity, resilience and resourcefulness. We look forward to your ongoing support and participation. Andrew Brown President
BOARD MEMBERS Andrew Brown
Liza Noonan
Amber Williams
PRESIDENT ANZ Banking Group Limited
VICE PRESIDENT CSIRO
HONORARY SECRETARY
Ben Vella
Scott Speedie
VICE PRESIDENT Telstra
HONORARY TREASURER Commonwealth Bank of Australia
Gemma Manning
Stephen Skulley
Gemstar
Austrade
Chris Coburn
John Simeone
Tim Chapman
Treasury Wines Estates Asia
Qantas
Surbana Jurong
Chris Rudd
Serena Wee
Tristan Perry
James Cook University Singapore
Icon Cancer Centre
Select Investors
BOARD MEMBER
PROFILE Gemma Manning is a serial entrepreneur and recognised business leader who knows how to stay ahead of the game. Over the past 10 years, she has successfully established two businesses with international reach— Manning & Co, a full-service strategic marketing consultancy (2008), and Gemstar Technology, a launch-pad for Australian start-ups and innovators in Singapore and South-East Asia (2013). Gemma launched her first business at the age of 28 drawing on her corporate marketing and communications experience across a diverse range of industries. Since then, Gemma has evolved Manning & Co to become a full-service strategic marketing consultancy in the region servicing not only ANZ companies but also companies across ASEAN. Services span from brand and marketing strategy and implementation, thought leadership, content marketing, media, creative design, digital development and videography. Gemstar Technology is a personalised international accelerator with an Innovation Centre in Singapore and Perth, Western Australia. Gemstar’s vision is to unearth entrepreneurial talent in Australia and Singapore to build exciting new businesses with global relevancy. Gemstar has launched a Young Entrepreneurs Program, YoungGems™, that will guide budding entrepreneurs in a way that addresses the key reasons why most-startups fail. Rather than start with the technology and innovation in mind, Gemstar has designed its program to be marketing-led – an approach that is key to business success because it helps young talent understand the ‘why’ of doing business and the problem(s) they are trying to solve. Among Gemma’s many accolades, she was awarded the Entrepreneur of the year award from AustCham in Singapore in May 2018. She was shortlisted for the Telstra Women’s Business Awards 2017 in the category of ‘Women Doing Business in Asia’. She has previously been nominated and shortlisted for the Telstra Young Women’s Business Award (2012 & 2011). In May 2016, Gemma was one of 28 entrepreneurs invited to Richard Branson’s Necker Island for a week of collaborative brainstorming. Prior to this, in 2015, Gemma was one of 106 entrepreneurs selected for the exclusive ‘Fire on Ice’ expedition to Antarctica, a entrepreneurial think tank for Australian entrepreneurs. Gemma is a regular contributor to high-profile publications The CEO Magazine, The Business Woman Media, This Woman Can and Business Business Business in areas such as strategic marketing, women leaders, female entrepreneurship, business development, growth into South-East Asia, startups, innovation and personal branding. Gemma also frequently speaks at a range of events in the areas of women in business, innovation, marketing and doing business in Asia. Gemstar’s work in Singapore and ASEAN has been featured extensively over the years in a range of publications as well as mentioned at the highest level by Singapore’s very own Prime Minster, Mr Lee more recently at the ASEAN summit hosted in Sydney. As a mother of two daughters, Gemma is passionately committed to the empowerment of women and girls, equal access to education and gender parity in the workforce. In August 2017, Gemma was invited to a high-level Women’s Dialogue in Singapore with the Australian Minister for Foreign Affairs, The Hon Julie Bishop MP, and Singaporean Second Minister for Foreign Affairs, Josephine Teo to help further the discussion around gender diversity at a board level. She calls Singapore home and lives here with her two daughters. Gemma continues to actively champion the Australian and Singapore relationship and has many other exciting plans in the pipeline to do this. Gemma is celebrated for her unique entrepreneurial style, excellent foresight and business-savvy mind.
5
Make sense of complexity Develop an understanding of the role and responsibilities of a director of a subsidiary company and how to effectively navigate the relationships in company groups. As a subsidiary board director, overseeing the operations of your subsidiary while simultaneously managing the expectations of your parent board can be challenging. Due to this complexity, subsidiary board directorship presents several risks which have the potential to affect your personal reputation and professional liability. In this one-day course, you will gain an appreciation of the complexities and personal liabilities of subsidiary board membership. The course will also cover some of the risks, challenges and cultural implications that are present in board governance across multiple jurisdictions.
Subsidiary Boards: Short Course
07020-56-3_19
Tuesday 12 May 2020 9.00am to 4.30pm Shangri-La Hotel Singapore 22 Orange Grove Road, Singapore
Learn more at aicd.com.au/shortcourses 6
FOREIGN POLICY UPDATES
PROMOTING OUR SUSTAINABILITY EXPERTISE
H.E. BRUCE GOSPER Australia’s High Commissioner to Singapore
Bruce Gosper explains why Singapore’s focus on sustainability and transitioning to a circular economy presents opportunities for Australian businesses. The Australian High Commission is collaborating with partners to deliver six sustainability-focussed events in 2020 that will promote Australian innovation and expertise with regard to sustainability. Events will be focused around food and agriculture, corporate governance, commodities, energy, infrastructure and biodiversity conservation. This impact of this year’s bushfires on Australia’s biodiversity has been widespread. Australians are used to the fire season during the Australian summer, with hot, dry weather making it easy for blazes to start and spread. But the terrible loss of life and property, and devastation of wildlife resulting from bushfires over recent months, have shown very starkly how we will be tested in the years ahead as we confront the reality of climate change and the challenge it will pose for the world’s driest continent. These times have shown the best of our country, in the bravery of our firefighters and first responders, the selflessness of our volunteers and the resilience of our community. Thankfully, in mid-February, a deluge of rain has extinguished most of the remaining fires in New South Wales. We have also been thankful for the deployment of two Chinook helicopters from the Singapore Air Force who assisted with the movement of firefighters and supplies in Victoria. We thank again Singapore for this assistance, and also for the thousands of messages of support we received from Singaporeans, and for the donations from individuals and companies. Our key events for this year will illustrate how we’re ‘buildingback-better’ after the fires, in terms of climate adaption, sustainable technology and design and re-greening of the land, and how Australia continues to be a safe travel destination and reliable food partner for Singapore. We will also look at how boards address corporate government issues in the age of climate change and how industries such as commodities trading are responding to the calls for sustainability and traceability. We will feature Australian know-how in tracking agricultural and mineral commodities across the supply chain, proving the provenance and green credentials of the shipped product.
to long-term emissions reductions will be vital as global energy markets continue to evolve. Hydrogen is one of the many tools that can help us on this evolution and Australia is in a unique position to maximise on this opportunity and be a global leader in hydrogen production. We plan on launching the Australian National University Zero Carbon Energy Program Launch in May to showcase Australia’s National Hydrogen Strategy and highlight how we can assist Singapore transition to low-emissions economy through Australian expertise in hydrogen. The Australian High Commission will also be engaged in the sustainability-focused conferences in early July, including the Ecospherity Conference (6 – 8 July), the World Cities Summit (5 – 9 July), Singapore International Water Week (5 – 9 July) and Clean Environ Summit Singapore 2020 (5 – 9 July). Australia will be involved in these conferences through business and government delegations. Our efforts in biodiversity conservation has already begun in earnest In January, we hosted the visit of South Australian Premier Steven Marshall who came to discuss with stakeholders how South Australia was recovering from the bushfires. Tourism is an important industry to both Kangaroo Island and Adelaide Hills, areas where the fires had some of the biggest impact in that state. When Australia’s many supporters ask how they can help we say: keep buying Australian, keep visiting Australia and keep investing in Australia – we won’t disappoint you. If you are a company working in sustainability in Singapore and you’d like to get involved in our events around this year, we’d love to hear from you at public-affairs-SING@dfat.gov.au.
Meanwhile, technological developments that support energy affordability, improve energy system reliability and contribute
7
INSIGHT
FLOATING PONDS A VERTICAL AQUACULTURE FARMING MODEL DEVELOPED BY SURBANA JURONG
The global population is becoming rapidly urbanised. The United Nations estimates that some two-thirds of the global population, around 6 billion people, will be jostling for space in the cities by 20501. 75% of the urban population currently resides in cities in Africa, Asia and Latin America2 where the unplanned rapid population surge has far outpaced the development of the necessary infrastructure required to provide for the necessities of life, including the access to healthy food. This challenge to provide equitable access to food is however not limited to developing countries. For example, it has been reported that 1 out of every 8 people in the San Francisco Bay Area fail to receive the minimum required amount of nutrition3. Yet farming has never been assigned a significant place in urban planning and policy making till now. The demands for housing, infrastructure, transportation, employment, education and commercial developments have always taken precedence in the allotment of urban land. Singapore has seen the reduction in agricultural land use from 21% in the 1960s to less than 1% in 2016 4 as it transformed into a first world city. This has resulted in cities continually importing food to meet its demand - be it importing from the hinterlands or from various overseas producers. In fact, Singapore currently imports almost 90% of its food requirements from over 180 countries across the world5. Yet, it ranks first in the Global Food Security Index by the Economist Intelligence Unit5 for being the most food-secure nation in the world. This presents a paradox which is put in sharper contrast when we consider the increasingly erratic global climatic patterns and the recurring natural disasters and man-made events such as epidemics, oil spills, and socio-economic upheavals in nations. All these can adversely affect the global production of food and their supply chains. Such events have already put greater strain on the food security in urban centres like Singapore. Ensuring a sustainable healthy food source for these dense urban areas is a therefore a vital challenge. REIMAGINING FOOD PRODUCTION Anticipating many of these pressing challenges, Surbana Jurong, one of the largest global urban and infrastructure consultancies based in Asia, partnered with Apollo Aquaculture Group (AAG) in 2014 to develop Floating Ponds, a high-intensity urban farming concept. The vertically stacked fish raceways of this model can multiply the production capacity of any available space, and not just on land. Its inherent self-sustaining, closed-loop farming ecosystem optimises the use of resources – water, nutrients and energy. In doing so, it functions as a model of circular economy and addresses the issues of both food security and climate change. Both are paramount to our sustenance and the health of the planet.
8
Systems Map showing the exchanges of the three primary systems. (Image credit: Surbana Jurong)
Even though high-tech urban farming is garnering greater attention across the world today, the productive and operational viability of such farming has been largely restricted to farming vegetables. The Floating Ponds model is one of the pioneering attempts at taking land-based fish farming vertical. This is significant as the main nutrient yield here is protein, which also has a higher economic value than vegetables. The success of this typology can considerably boost the planning for future urban food resilience, both in terms of productivity per unit land area (critical to dense urban areas) and nutritional value. Landlocked regions or high-density urban areas without access to conventional fish farming have been relying on land-based fish farming to produce such food supply. However, these traditional facilities are resource-intensive and consume enormous quantities of water, energy, and nutrients to produce quality fish products. The Floating Ponds model is set to transform this existing model. DESIGN CONCEPT Floating Ponds is anchored by two fundamental strategies. Modularity and Stackability The purpose-engineered closed system water reticulation system developed by AAG is a type of a Recirculating Aquaculture System (RAS), but it is engineered and fabricated with certain innovations. The system allows each fish raceway to be an independent closed system unit, thus ensuring its modularity. It also enables the raceways to be stacked vertically. These are significant innovations that offer a scalable farming system that can be replicated both horizontally and vertically to fit any available space, not only on land.
Hence, this unique vertical fish farm model possesses the ability to: • produce high quality food fish • offer a ‘farm-to-table’ urban food source • be a high-tech, ecologically sustainable food production facility • be modular, scalable and replicable • be operated in a closed-loop, bio-secured environment • be the best suited model for a high-density urban environment
A successfully operational prototype of the vertically stacked system developed together with AAG. (Image credit: Apollo Aquaculture Group)
• Systems Thinking to Close the Loop Floating Ponds is also founded on a comprehensive systems level integration of three primary systems engaged by the farm – water, nutrients (waste) and energy. The design and architecture of the farm works towards enabling flows and exchanges amongst these three systems.
The solution in the offing is to achieve food sustainability and resilience together with stimulating greater engineering, technological, economic and social development. Using the recirculated aquaculture system coupled with smart monitoring and control devices, this high-tech, high intensity farming facility has the capacity to multiply fish and crustacean production to ensure that the target of food sufficiency is within easy reach.
REUSE OF WATER The role of water is paramount to this project. Traditional fish farms consume large volumes of water in a linear flow set-up, rendering a significant volume to be discharged into the sewers as waste. Together with it, vital residual nutrients are washed away as well. In Floating Ponds, it is the planned flow of water which creates the medium for the systemic exchanges to take place. Expunged waste water from the fish tanks can be treated through specially constructed wetland systems to enable natural cleaning where bacteria and aquatic plants feed on the organic waste. Treated water can be reused for several non-potable uses or recirculated back into the fish tanks. Alternatively, the nutrient-rich water from the fish farm can be fed into a hydroponic system to sustain the production of vast quantities of green leafy vegetables. Such coherent efforts can reduce the volume of water being discharged out from the site into the sewer system. For its innovative planning using water as a key feature and the ability of Surbana Jurong’s design team to identify food security and sustainability as a key challenge that needs to be addressed in the coming years, Floating Ponds won the World Architecture Festival-Xth Edition (WAFX) Award in 2017 in the ‘Water’ category. It was heralded as one of the world’s most forward-looking architectural concepts. NUTRIENTS (WASTE) The vast amount of nutrients present in the ‘waste’ laden effluent water from the fish can be harnessed to cultivate secondary nutrients in the form of vegetables, shrimps, and mussels. The nutrients can also be transformed into bio-floc which in turn becomes a feed for the fish themselves. ENERGY The roof structures covering fish farming areas of the Floating Ponds provide a perfect platform for the use of photovoltaic panels capable of generating enough energy to offset significant energy consumption. Surbana Jurong’s award-winning National University of Singapore School of Design & Environment building, which is Singapore’s first new-built net-zero energy building, is testament to our expertise in delivering high performance low-energy buildings. Surbana Jurong is now overseeing the building of an 8-storey Floating Ponds model which will be operational by the third quarter of 2020. When completed, it will be one of the first vertical fish farms in the world. Of greater significance is the fact that the output of fish production from this farm alone will be equivalent to 5% of the total food fish demand in the whole of Singapore.
SURBANA JURONG
Bibliography
1. Around 2.5 billion more people will be living in cities by 2050, projects new UN report. United Nations Department of Economic and Social Affairs. May 16, 2018. https://www. un.org/development/desa/en/news/population/2018-world-urbanization-prospects. html. 2. URBAN AGRICULTURE AND CITY REGION FOOD SYSTEMS: WHAT AND WHY. RUAF. https://ruaf.org/urban-agriculture-and-city-region-food-systems/#city-regions-and-cityregion-food-systems. 3. How Urban Agriculture Can Improve Food Security. Civil Eats. https://civileats. com/2019/02/14/how-urban-agriculture-can-improve-food-security/. 4. [Online] https://www.indexmundi.com/facts/singapore/indicator/AG.LND.AGRI.ZS. 5. 30 by 30: Boosting food security in land-scarce Singapore. Asean Today. [Online] Maegan Liew, March 22, 2019. https://www.aseantoday.com/2019/03/30-by-30boosting-food-security-in-land-scarce-singapore/.
9
FINANCE AS A FORCE FOR GOOD? THE GROWTH OF SUSTAINABLE FINANCE IN ASIA STELLA SARIS Head of Sustainable Finance - International ANZ
The sustainable finance market is growing rapidly, with innovative products being developed to support companies transition to a lower carbon economy. Stella shares her thoughts on how finance is changing for good. Last year was the year of climate activism, and there is plenty to come in 2020. From Greta Thunberg crowd sourcing her boat trip across the Atlantic to attend the United Nations Climate Change Conference or COP 25, to climate protestors declaring a ‘Planetwide Rebellion’, and over 60 nations adopting ‘net-zero’ carbon emissions targets, the protection of the planet has never been higher on the public agenda. Climate concern is shifting consumer behaviors and preferences. Research from Centre for Sustainable Business found that sales of sustainability-marketed products grew 5.6 times faster than conventionally-marketed products in 2019. In the world of finance, consumers are increasingly interested in the impact of their savings, investments and financial products. Through shareholder action such as Climate Action 100+, to the divestment movement, customers are looking for products that align with their values. Polling from the UK based ‘Good Money Week’ found that for the first time ever, respondents are more likely to be ‘equally concerned about whether my investments make money or make a positive difference’, compared to the historic precedent of being only concerned about financial return. We expect this trend to translate to Asia. Companies are making pledges to reduce emissions and high carbon emitters are implementing de-carbonisation strategies through a combination of new technologies, e.g. renewable energy and through
natural capital. Banks are increasingly focused on sustainable returns, and ANZ is one of the signatories to the Principles for Responsible Banking, representing more than USD47 trillion in assets.
To meet the growth in demand, ANZ has a dedicated Sustainable Finance team in International based in Singapore. Led by Stella Saris Chow, Head of Sustainable Finance - International, and supported by Stephanie Vallance, Director, Sustainable Finance, International, the team works closely with ANZ’s Debt Capital Markets and Loan Syndications teams and the bank’s customers to originate and structure sustainable finance products. There is a growing concern about the physical risks of climate change and how these translate to financial risks. Banks are increasingly having active discussions on companies’ transition plans to reduce their carbon footprint, and this transition trend is driving investment in new technologies and development of financial products which reward companies for being green or improving sustainability. MORE THAN GREEN BONDS Three years ago, sustainable finance was dominated by green bonds, which consisted of 95% of the sustainable finance market and very much driven by the European markets. Green bonds and loans are backed by eligible green assets, a ‘use of proceeds’ approach. Now sustainable finance is more diverse, both geographically and by product. Asia Pacific is approximately a third of the total sustainable finance market with products comprising green loans, sustainability linked loans and sustainable supply chain financing. Singapore is increasingly a hub for sustainable finance in South East Asia. Companies’ initial concerns on issuing sustainable finance is often related to the additional time or cost required. There is a level of additional due diligence and structuring required for sustainable finance. However, these costs can be managed and there are mechanisms in place to encourage more issuance and reduce costs. Central banks like the Monetary Authority of Singapore are encouraging the sustainable finance market through the Sustainable Bond Grant Scheme by providing incentives to issuers by offsetting eligible due diligence costs (which include second party opinion or assurance reports).
Renewable energy investment across Asia remains strong
10
In the last three years, sustainability linked loans have been increasing in frequency. ANZ expects to see significant volume growth in this product across Asia in 2020. Currently the highest growing sustainable finance product, Sustainability Linked Loans are appealing because
proceeds of the loan can be used for general corporate purposes, making it more accessible to a greater number of companies. This type of loan also ties loan pricing to achieving sustainability related key performance indicators, and rewards outperformance with a reduction in loan margin. This year is the year many companies will publicly state their sustainability objectives for the next 10 years. These stretch targets will be transformational with innovation in technology and operations required to achieve them. While ANZ has large financial hubs in Singapore and Hong Kong, it has a longstanding presence in many ASEAN markets including Indonesia and the Philippines, where we’re continuing to see significant effort to develop infrastructure that is climate resistant. BEYOND CLIMATE While the focus to date has been heavily on the decarbonisation of the economy which includes reducing greenhouse gas emissions, beyond climate risk and mitigation are other issues related to sustainability. Biodiversity loss has been significant due to climate change and nowhere is this more acute than in Australia with the recent bushfires. In Asia, blended financing models are being used to fund reforestation and conservation.
130 banks from 49 countries representing more than USD47 trillion in assets, showing the financial sectors commitment to change. Fund managers, such as Blackrock, have made public statements with respect to reducing their exposure to thermal coal given its impact on climate. Even central banks, like Sweden’s Riksbank announced it would no longer invest in assets from issuers with a large climate footprint, even if yields were high. This was supported by Riksbank’s sale of bonds from Western Australia and Queensland, and the Canadian province of Alberta. In addition to advising and arranging sustainable finance for customers, banks are increasingly using sustainable finance for their own financing needs. ANZ issued the first Euro SDG Tier 2 bond by any bank globally, bringing to a total of $A3.4 billion of ANZ bonds on issue in Green and SDG bond format. OCBC, a Singapore bank, issued its inaugural Green Bond, a AUD 500m 3-year where ANZ, BNPP, NAB, OCBC and Westpac acted as Joint Lead Managers and Bookrunners. Banks in the region are also setting sustainability targets to evidence their commitment to sustainability. ANZ has tripled its existing sustainable finance commitment to $A50 billion ‘sustainability target’ as part of its drive to help customers make the transition towards a low-carbon and more sustainability developed economy.
Speaking at 2019 ANZ Finance & Treasury Forum in Singapore, OLAM’s cofounder & group CEO of Olam International, Sunny Verghese said businesses need to ask if they are leaving a better planet for us all – and that broad acceptance of industry standards is one solution.
Agribusiness companies are effectively managing the risk of further biodiversity loss actively, engaging with their supply chain to mitigate this. In 2019, ANZ was Senior Lead Arranger for Olam’s second Sustainability Linked Loan of USD 525 million and COFCO Hong Kong’s USD 2.1bn Sustainability Linked Loan, demonstrating strong demand from the agribusiness sector for sustainability linked loan financing.
ANZ is AustCham Corporate Patron Member
LEADING THE WAY TO A SUSTAINABLE FUTURE Banks are increasingly tying sustainability to their strategy. At ANZ, sustainability focuses on three priority areas that underpin the bank’s purpose – environmental sustainability, housing and financial wellbeing. Last year, the United Nations Finance Initiative’s Principles for Responsible Banking was launched. The Principles were signed by
11
QANTAS’ COMMITMENT TO MINIMISING THE IMPACT WE HAVE ON THE ENVIRONMENT AT EVERY STEP – IN THE AIR AND ON THE GROUND
As we carry 50 million people every year to their destinations, we’re conscious of working to minimise the impact we have on the environment. We're leading the way on sustainable aviation through emissions and waste reduction initiatives. CUTTING NET CARBON EMISSIONS Qantas is the only airline group to commit to cap its net emissions at 2020 levels, and the second to commit to net zero emissions by 2050. In total, these commitments are the most ambitious carbon emissions targets of any airline group globally. Starting this year, Qantas, Jetstar , QantasLink and Qantas Freight will offset all growth in emissions from domestic and international operations. This will include offsetting all net emissions from Project Sunrise, our plan to operate non-stop flights from the east coast of Australia to London and New York, should the project proceed. This will also extend to domestic flying, meaning that growth on key routes like Melbourne-Sydney will be carbon neutral. The aviation industry, which contributes around 2 per cent of global CO2 emissions, has committed to halving emissions by 2050 compared to 2005 levels. It was the first industry to make such commitments. Qantas had signed up to those commitments but will now exceed them.
We will work with industry, research institutions and governments to develop the long-term solutions to significantly reduce greenhouse gas emissions from the aviation industry over the next three decades. OFFSETTING FLIGHTS Qantas currently operates the largest carbon offset program in the aviation industry, with around 10 per cent of customers booking flights on Qantas.com choosing to offset their flights. Qantas and Jetstar will double the number of flights offset by matching every dollar spent by customers who tick the box to fly carbon neutral. This additional investment will see Qantas Future Planet, which is already the largest private sector buyer of Australian carbon credits, support more conservation and environmental projects in Australia and around the world. SUSTAINABLE AVIATION FUEL Qantas will invest $50 million over the next ten years to help develop a sustainable aviation fuel industry. Sustainable aviation fuel can reduce carbon emissions by eighty per cent compared to traditional jet fuel, but are currently almost double the price. We will work with governments and private sector partners to support the development of sustainable aviation fuel in Australia and overseas to make it more viable and increase demand throughout the industry. Qantas will also continue to reduce our emissions through continued investment in more fuel efficient aircraft, more efficient operations such as single-engine taxiing, and smarter flight planning to reduce fuel burn. Qantas is on track to replace our Boeing 747 fleet by the end of 2020 with the more fuel-efficient B787 Dreamliners, which burn 20 per cent less fuel than aircraft of a similar size. Jetstar’s A321neo (LR) aircraft, which begin arriving next year, use 15 per cent less fuel than the aircraft they are replacing. The Qantas Group continues to work with aircraft and engine manufacturers on next-generation technology that will deliver a further step-change in emissions reduction – however, innovations such as electric aircraft engines are still some time away. SLASHING WASTE TO LANDFILL AND SINGLE USE PLASTICS The Qantas Group aims to become the world’s first airline to reuse, recycle and compost at least three-quarters of its general waste by the end of 2021.
12
operational manuals, by going digital. • Increasing donation or composting of food. • Recycling of old uniforms. In targeting the removal of 100 million single use plastic items per annum, the Group will replace 45 million plastic cups, 30 million cutlery sets, 21 million coffee cups and 4 million headrest covers with sustainable alternatives by the end of this year. In May 2019, Qantas operated the World’s First Zero Waste Flight, marking the start of Qantas’ plan to cut 100 million single-use plastics by end-2020 and eliminate 75 per cent of the airline’s waste by end2021.
Some examples of changes we are progressively implementing across Qantas, QantasLink and Jetstar include: • Introducing coffee cups that can be recycled or composted. • Effectively eliminating single-use plastics by switching to alternative packaging. • Removing unnecessary paper, such as boarding passes and
QANTAS CORPORATE COMMUNICATIONS
13
Client Trends – Sustainable and Responsible Investing
RESPONSIBLE INVESTING IS NOT ONLY ABOUT RESPONSIBILITY. IT MAKES INVESTMENT SENSE. JAMIE BURGMANN Private Wealth Manager Select Investors, a Division of St. James's Place (Singapore) Private Limited
Responsible Investing (RI) is the latest investor buzzword and on the back of the recent devastating and destructive Australian bushfires and heightening global concerns of the impact of climate change, Sustainable and Responsible Investing have come to the forefront. Our clients who have traditionally concentrated their investing fundamentals around performance, capital preservation, strategic asset allocation and risk verse reward are now shifting focus to the Environmental, Social and Governance (ESG) factors from their underlying investments. Investors are calling for greater transparency about how and where their money is invested, asking us questions like: Do I have exposure to tobacco, palm oil, coal mining or banks who lend to these companies? How do I get exposure to invest in sustainable and ethically run organisations? This demand is further driven by growing knowledge that ESG factors have a positive influence on company value, reputation and most importantly, returns. Corporate Governance is sometimes overlooked when thinking about sustainability and responsibility. This is evident from Facebook’s issue in 2018, where Cambridge Analytica was able to harvest personal data from millions of users without their consent, resulting to increased measures of anti-trust regulations and cyber security. As shown with this example, Corporate Governance or in this case, lack of, can have a significant effect to organisations reputation and their market value. Businesses are under increasing pressure to respond to growing stakeholder demands to focus their core business values in line with ESG principles and increase their reporting standards. Businesses are pivoting away from acting in the interest of shareholders, to a much broader range of other stakeholders including; employees, communities, governments and suppliers. WHAT IS RESPONSIBLE INVESTING? When looking at RI, professional investors often look towards the Principles for Responsible Investment (PRI), a world leading independent body that encourages and supports the uptake of
14
responsible investment practices in the investment industry. PRI defines responsible investment as; a strategy and practice to incorporate environmental, social and governance (ESG) factors in investment decisions and active ownership. • Environment - Climate change, resource depletion, waste, pollution, deforestation • Social - Human rights, modern slavery, child labor, working conditions, employee relations • Governance - Bribery and corruption, executive pay, board diversity and structure, political lobbying / donations and tax strategy WHY IS IT IMPORTANT TO OUR CLIENTS? In reference to what defines ESG principles above, it is not difficult to understand why it is important for people to find a sense of fulfilment and doing their part for the planet or for society. Reports have shown that we are currently using 1.75 planets worth of resources (Source: Global footprint Network 2018-2019). It is stated that through technology, science, social change and regulation, we will be able to reduce this back down to one planet and have growth within our limits. At the 2020 World Economic Forum, it was voted that all the top 5 Global Risks in terms of likelihood to impact the economy were environmental based; extreme weather, climate action failure, biodiversity loss, natural disasters and human made environmental disasters. Whereas if we look at the top 5 Global Risks in 2009, three of these risks were Economic; asset price collapse, China economic slowdown and deglobalisation, one social; Chronic diseases and one Geopolitical; global governance gaps, with no Environmental risk flagged in their top 5 – clearly environmental risks are defining the times for our world today. We find that our clients want to make a positive impact in relation to sustainability by looking at ways to reduce their carbon footprint in general. As shown in the chart, there are several different ways in which to achieve this, noticeably there is a potential 27x increase in impact on carbon footprints if they select to invest in RI funds.
RESPONSIBLE INVESTING PERFORMANCE When looking at MSCI All Country World Index (ACWI) (the most common Global Equity Index) vs the MSCI ACWI ESG Leaders, the MSCI ACWI ESG Leaders index has outperformed by 1.06% per annum over the 11 years shown below.
Source: https://www.nordea.com/en/sustainability/sustainability-news/ Use-your-savings-to-lower-your-carbon-footprint.html
RESPONSIBLE INVESTING MARKET GROWTH The RI market is rapidly increasing. The PRI market has grown from approximately USD $30 trillion in 2013 to over USD $80 trillion in 2019 (as shown below), and now over half of the worlds institutional investors are signatories to PRI. We believe this trend will continue to grow given the global focus to reduce the impact of climate change and increased corporate governance practices. These markets are growing because of this disruption by new businesses or businesses who are adapting to this change; examples of this are: • Transportation > Electric vehicles • Agriculture > Organic foods, sustainable farming and meat substitutes • Technology > Enhanced productivity, digital infrastructure and access to finance • Power > Solar and wind
Source: https://www.msci.com/msci-esg-leaders-indexes
It is important to note that past performance should not be an indicator to future performance. The trend of RI is here to stay as the world shifts its focus. At Select Investors, we have taken the initiative to be more responsible when investing money on our client’s behalf with a A+ rating by PRI and over 90% of our clients Funds Under Management are managed in accordance with the PRI. MSCI - MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than you invested. The article does not constitute to a recommendation or an investment advice, advice should be sought from a financial adviser before making any investment decision.
Source: https://www.unpri.org/pri/an-introduction-to-responsibleinvestment/what-is-responsible-investment
The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives. Members of the St. James’s Place Partnership in Singapore represent St. James’s Place (Singapore) Private Limited, which is part of the St. James’s Place Wealth Management Group, and it is regulated by the Monetary Authority of Singapore and is a member of the Investment Management Association of Singapore and Association of Financial Advisers (Singapore). Company Registration No. 200406398R. Capital Markets Services Licence No. CMS100851. St. James’s Place Wealth Management Group Ltd Registered Office: St. James’s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP, United Kingdom.
15
MEMBERSHIP RENEWAL
2020/2021
MEMBERSHIP RENEWAL YOUR MEMBERSHIP EXPIRES ON 31 MARCH 2020 Steps for your 2020 membership renewal Login to AustCham website then complete the following steps 1. Click "Membership Info" under "My Profile" 2. Retrieve invoice and online payment link 3. Make payment
New Member? EXPLORE OUR MEMBERSHIP TIERS Visit our website or contact our membership team at members@austcham.org.sg •
Gold Corporate
•
Individual
•
Corporate Plus
•
Associate
•
Corporate Enterprise
16
AUSTCHAM UPDATES
AUSTCHAM UPDATES As you’d be aware on Friday 7th February, the Singapore Ministry of Health raised the Disease Outbreak Response System Condition (DORSCON) alert from Yellow to Orange. This means the introduction of additional measures to minimise the risk of further transmission of the virus in the community with additional precautionary measures such as advising event organisers to cancel ordefer non-essential large-scale events. The AustCham board had already made the difficult decision to postpone the annual ANZ Australia Day Ball and we will now cancel the events we had planned for February, the ANZ Economic Outlook and our first Business Connects of 2020. We’ll continue to monitor the situation and will keep you updated when we’re able to reschedule these events. In the meantime, the chamber is looking at alternative ways of delivering our business events program to our members including webinars and digital platforms.
WEBINAR FEBRUARY Panel Discussion
AustCham ANZ Economic Outlook NEW DECADE, NEW CHALLENGES IN THE NEW GLOBAL ORDER Thursday 27 February 2020
The cascading economic impact of the COVID-19 outbreak in China is becoming more apparent worldwide, with supply chain disruption upsetting the markets, especially in Asia. Singapore downgraded its economic growth forecast to between -0.5 and 1.5 per cent - indicating a possible recession due to the COVID-19 impact on its economy. Join economist Khoon Goh, ANZ Head of Asia Research, as he shares how the economic outlook is likely to shape over the next few months and through 2020 as the coronavirus situation impacts businesses and the economy. The discussion will be followed by a Q&A moderated by Bloomberg’s Southeast Asia economic reporter Michelle Jamrisko.
UPCOMING EVENTS POSTPONED Signature Event
ANZ Australia Day Ball 2020: The Greatest Ball
EVENT SPONSOR
OFFICIAL WINE SPONSOR
Don’t miss out, it’s set to be a fantastic night with show-stopping performances, spectacular music from one of Singapore’s best Aussie bands and great Australian food. We will be holding the event on 8th February 2020 at Swissotel the Stamford. The ANZ Australia Day Ball is the premier black-tie ball in South East Asia, don’t miss out. GOLD SPONSORS
EXCLUSIVE AIRLINE
AUCTION SPONSOR
DIGITAL MEDIA PARTNER
GOURMET SPONSOR
BEER
PHOTOGRAPHY
SPONSOR
SPONSOR
17
OUT & ABOUT
CHRISTMAS DRINKS Thursday 5 December 2019
PRESENTED BY
WINE SUPPLIED BY
18
Over 130 guests joined us for our fantastic Christmas Drinks at Party Room, mezza9 at Grand Hyatt Singapore. AustCham members and guests enjoyed an evening of networking, free flow beer, wine and canapes. With thanks to event sponsor James Cook University and venue sponsor Grand Hyatt Singapore.
OUT & ABOUT
19
ADVERTISE WITH US! AustCham offers a broad range of promotional opportunities to help you communicate with top level executives personally and effectively. AustCham members represent a diverse cross section of internal and local companies, from global corporations to dynamic SMEs, so your ad will be reaching a diverse AustraliaSingapore focused audience. Whether you’re looking for a fully coordinate campaign across several platforms or a simple banner ad, we have a range of choices to suit all audiences and budgets.
Ask us about: Access Asia Magazine • • •
Full Page Ad Half Page Ad Advertorial
Social Media •
Facebook Post
Weekly E-Newsletter
Website
• •
•
Banner Ads Advertorial
Homepage Banner
FOR MEMBERS Enjoy additional 15% off member’s rate at first time advertising*not valid with any other offers
Get in touch For all advertising inquiries, please contact Rica Ang at rica.ang@austcham.org.sg
AUSTCHAM MEMBERSHIP BENEFITS
NEW MEMBERS
THANK YOU
THANK YOU
Thank you to our Corporate Patrons and Gold Corporate Members Corporate Patron Members
Gold Corporate Members
21
NEW NEW MEMBERS MEMBERS
NEW MEMBERS Welcome Patron Members
James Cook University Australia, Singapore Campus Thomas Chong Associate Director, External Relations
Welcome Gold Corporate Members
Commonwealth Bank of Australia www.commbank.com.au Ben Corbould Executive Director Head of Bulk Commodities
Corporate Plus Members
COLT
Grey Innovation Singapore
Naumi Hotels
Reshma Murthy Senior Marketing Manager
Mandie Lammens Group Operation Manager
Elaine Heng Group Marketing Manager
www.colt.net
Warren Aw Country Head, Singapore Richard Hail Business Development Manager Anna Hu Account Director
www.greyinnovation.com
www.naumihotels.com
NEW MEMBERS
Corporate Enterprise Members CardioScan
Paypal
Cameron McLean Senior Vice President, International Markets
Jeremy Steele CEO
Water Tiger Investments Pte Ltd
Dechert LLP
Ron Tong Director
Mark Mangan Partner
Device Technologies Pte Ltd Rachel Fergus Commercial Manager, SE Asia
Device Technologies Pte Ltd John Dyason Commercial Manager, SE Asia
Individual Members FMC Technologies
King & Spalding LLP
Eka Arora Project Manager
Simon Cowled Partner
GSK
Polaris Consulting
Susanne Miller Director Government Affairs and Communications
Michael Henry Managing Partner
HUBER+SUHNER Nikhil Wason Managing Director
Associate Member Susanna Morley-Wong Director Australian Brand Exports
TO LEARN MORE ABOUT OUR AUSTCHAM MEMBERSHIP Visit austcham.org.sg or contact us members@austcham.org.sg
TRAVEL
MEMBERSHIP CARD OFFERS Present your AustCham membership card and enjoy these benefits.
QANTAS Complimentary business class checkin for you at the Qantas lounge in Singapore
BUSINESS SERVICES AIMS IMMIGRATION SPECIALIST 15% discount on professional fee at AIMS Immigration Specialist
SERVCORP Enjoy ‘The Virtual Office’ package complimentary for one month
ENGN 15-20% photography discounts off headshots
OFX Preferential exchange rates on inter-account FX conversions or on overseas money transfers.
LAW IN ORDER AustCham members enjoy 15% off a range of business administrative services LEVEL3 Complimentary month of ‘Community Membership’
EDUCATION & TRAINING COALFACE DIALOGUE Enjoy up to 30% off selected public programs anywhere in SEA
FINANCIAL SERVICES PAY2HOME Enjoy money transfers to Australia for a flat fee of $15 (save 25%)
QBE SINGAPORE 20% discount on personal lines including Home, Motor and Travel coverage
HEALTH SERVICES ALL IN THE FAMILY COUNSELLING Enjoy special rates for counselling sessions
GLOBALIS INTERNATIONAL HEALTH INSURANCE Receive discounted rates on their international health insurance
LIFESTYLE & ENTERTAINMENT BAND ON THE RUN ENTERTAINMENT 10% off General Access Tickets
DAMAI SPA Enjoy 20% off A La Carte treatments
BOUNCE SINGAPORE 10% off General Access Tickets
MISOBASE AustCham members 10% off all experiences.
CHI, THE SPA Enjoy 15% off discount
HEAVENLY SPA BY WESTIN AustCham members enjoy 20% discount on a la carte treatments
TRANSPORT & RELOCATION SERVICES ALLIED PICKFORDS Offering AustCham members a special insurance premium of 3%
HERTZ Enjoy 15% off on Affordable Rates for car rentals
HOTELS COMO THE TREASURY PERTH Enjoy Friday and Saturday night stay at 10% off the public rate.
THE FULLERTON HOTELS SINGAPORE Enjoy an exclusive 20% off best available rates the Fullerton Family Package.
NOVOTEL SINGAPORE CLARKE QUAY Enjoy 10% off from Best Available Room
VILLA FINDER With an average stay that costs $3000 in luxurious villas, Villa Finder is now offering AustCham members 5% off their villa booking!
PARK REGIS, SINGAPORE Complimentary breakfast when you book Bed & Breakfast Package RIA BINTAN AustCham members enjoy $20 off Newbie Golf Experience & $200 off Membership.
FAIRMONT SINGAPORE, SWISSÔTEL THE STAMFORD Enjoy 25% off Weekend’s Best Available Rate inclusive of buffet breakfast for two from 1 June 2019 to 29 December 2019
THE CANOPI AustCham members enjoy 10% off Best Available Room Rates at The Canopi and 10% off all activities at Chill Cove @ Treasure Bay Bintan.
RESTAURANTS ALLEY ON 25 15% off total bill
NAMI Enjoy 15% off total bill for a la carte items
AUNTIE'S WOK AND STEAM 15% off total bill
ORIGIN GRILL & BAR 15% off total total bill
BEACH ROAD KITCHEN 1 person dines free for every 3 paying adults for Sunday Brunch CAFE MOSAIC 20% discount off total bill COOK & BREW 15% discount off total bill COOL CATS, THE NCO CLUB 30% off total bill COURT MARTIAL BAR 30% off total bill FISH POOL, THE NCO CLUB 25% off total bill JOJI BAR 10% off total bill at Joji Bar, Carlton Hotel Singapore
SEASONAL TASTES 15% off total bill SHANG PALACE 15% off total bill SHOPHOUSE BY SHANGRI-LA 15% off total bill THE LINE 15% off total bill THE LOBBY LOUNGE 15% off total bill THE ROSE VERANDA 15% off total bill WAH LOK CANTONESE RESTAURANT 10% off total total bill WATERFALL RISTORANTE ITALIANO 15% off total bill
LOBBY LOUNGE 15% off total bill MEATSMITH Special discounts available MADAME FAN, THE NCO CLUB 15% off food & beverage bill
RETAIL EASTERN CARPETS Receive 10% discount on all carpet cleaning services
WINE EXCHANGE ASIA $69 per bottle for cases of six BillecartSalmon NV Champagne
INDIGO WINE CO $30 off first purchase of discounted Australian wine packs
TREASURY WINE ESTATES Exclusive access to premium Australian wines including Penfolds and Wolf Blass
NATURAL SPRINGS AUSTRALIA Receive one free 5-gallon bottle with every five bottles purchased
FARMER'S MARKET AustCham members enjoy $30 off your first order
SHIVA DESIGNS 15% discount on purchases over $99
NEWS FLASH
NEWS FLASH AustCham Singapore Australian Bushfire Appeal
The magnitude of the bushfires in Australia, following an extended period of severe drought, is unprecedented and the impact on regional communities is devastating. The Australian Chamber of Commerce in Singapore represented the Australian, Singapore and international community with a connection to Australia. We know some of our members, their families and friends are being impacted by these events and our thoughts are with them. AustCham partnered with the Singapore Red Cross to raise funds for the Australian Bushfire Emergency Response campaign. We have raised S$109,730.000 with the support of the Australian and Singapore community. If you’d like more information please contact us at info@austcham.org.sg.
AustCham Membership Card 2020/21 The AustCham Membership Card Programme is an opportunity to offer discounts and promotions and/or retail products to other AustCham members. Just show your AustCham membership card and enjoy the savings!
FEB 2020 / MAR 2020 AccessAsia Magazine is published bi-monthly by AustCham Singapore Editorial Team Kate Baldock, Executive Director Katrina Campbell, Acting Executive Director Rica Ang, Marketing Executive Design Rica Ang AustCham Singapore 25 Napier Road (Level 3) Singapore 258507
EDITORIAL AND NEWSFLASH ANNOUNCEMENTS To submit articles or announcements for consideration for Access Asia, email info@austcham.org.sg ADVERTISING To learn more about advertising in Access Asia Magazine, contact Rica Ang at rica.ang@austcham.org.sg FOLLOW US ON @AustCham-Singapore
@AustChamSingapore
@AustChamSG
READ THE DIGITAL COPY AT AUSTCHAM.ORG.SG
Discover 57 domestic and 1,300 global destinations From Sapporo to San Francisco, Bendigo to Berlin and Chiang Mai to Chicago, when you fly with Qantas and our partners, everywhere is possible. qantas.com
