Global consultancy Bain & Company announced today the launch of its new Singapore-based Global Sustainability Innovation Center (GSIC), aiming to help the firm’s corporate clients pursue the opportunities arising from the economic and societal potential of the green economy.
According to Bain, the new GSIC, launched with the support of the Singapore Economic Development Board (EDB), will seek to pioneer innovative solutions to accelerate corporates’ sustainability journeys, including tackling some of the planet’s biggest challenges, and to help companies achieve their ESG goals.
Gerry Mattios, Co-Director of Bain’s Global Sustainability Innovation Center in Singapore, said:
“Globally, countries are prioritizing sustainability investments as concerns about climate change and the resulting transition to a green economy gathers speed and urgency. Stimulus programs injected into economies around the world to address the COVID-19 pandemic and promote ‘build back better’ initiatives are accelerating the push towards greener, more sustainable industries. Yet in this race, Southeast Asia can build a lot more momentum to seize the opportunity.”
Bain said that it is launching the GSIC as the Southeast Asian green economy presents businesses with an economic opportunity on the order of a trillion dollars annually by 2030, enabling regional companies and societies to build a competitive advantage for the future.
Dale Hardcastle, Co-Director of Bain’s Global Sustainability Innovation Center in Singapore, said:
“Adopting green practices will meet the region’s wider environmental, social and governance (ESG) ambitions and in turn deliver societal benefits such as preservation of the earth’s natural ecosystems and social inclusivity—ends in themselves that also underpin increased growth. By unlocking the green economy, the economic growth of a wide range of sectors in the region would immediately follow.”
While Bain notes that a gap has formed between where Southeast Asia is compared to other regions in terms of green initiatives, presenting a threat to Southeast Asia’s global competitiveness, it also creates immense opportunities in the region.
Dawn Lim, Vice-President and Head of Commercial and Professional Services, EDB, said:
“Bain’s decision to establish its GSIC in Singapore will strengthen our sustainability ecosystem, and help companies here and across the region capture green growth opportunities. As demand for sustainability services continues to grow, we look forward to working with Bain and other like-minded companies to create new business and job opportunities in areas such as clean energy, green infrastructure and buildings, as well as low-carbon technologies.”
Satish Shankar, Managing Partner, Asia-Pacific, Bain & Company, added:
“The launch of the GSIC is a landmark step in championing sustainability for us at Bain, and we are thrilled to have received the support of many industry leaders, especially Singapore’s Economic Development Board. We believe that Southeast Asia has the potential to lead sustainability transformation efforts across the world, and we are committed to seeing this through for a better, greener world.”