Addressing the Energy Trilemma, Decarbonisation, and Financial Solutions

About the Event

You are invited to join the British Chamber of Commerce Singapore's Energy & Utilities Committee for a discussion on the Energy Trilemma.

The Challenge: Navigating the Energy Trilemma In today's dynamic landscape, companies are confronted with the intricate balance of the energy trilemma, encompassing security, affordability, and sustainability. This multifaceted challenge demands innovative solutions to ensure success. A significant milestone in collaborative efforts toward sustainability was recently achieved by Singapore and the UK through the establishment of the Green Economy Framework (GEF), underscoring the importance of global cooperation in addressing these pressing issues.

Carbon Emission Strategies: Despite the ongoing efforts, progress on the effective implementation of Article 6 under the UNFCCC has been limited. Article 6 holds the potential to play a crucial role in facilitating international collaboration and enhancing climate action efforts under the Paris Agreement. However, challenges persist in achieving international alignment on mechanisms such as emissions trading and the use of internationally transferred mitigation outcomes (ITMOs). Nonetheless, impactful avenues for collaboration exist, including mechanisms like the European Union's Carbon Border Adjustment Mechanism (CBAM), which is poised to reshape international trade dynamics by influencing carbon pricing and broader trade regulations.

The Role of Green Finance and Insurance: Green finance and insurance emerge as key drivers in achieving the objectives of the energy transition. Green finance channels investments into renewable energy and energy efficiency projects, while the insurance sector plays a critical role in managing climate risks associated with the transition, thereby fostering project development and resilience for businesses.

Discussion Points:

Understanding the Parameters of the SGUK Green Economy Framework: Which projects align with its goals in 2024-2025?
Making Article 6 Work: What collaborative steps can be taken to build sufficient consensus for its effective implementation?
Promoting Green Finance and Related Insurance Practices: How can businesses, regulators, and institutions advance these practices?
Measuring Progress Towards a Sustainable Energy Future: How can businesses effectively measure, mitigate, and report their Scope 3 emissions?
Building Necessary Skills: What skills will individuals and organizations need to develop to capitalize on these emerging opportunities?

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Speakers

Lauren Babuik

Head of Singapore Climate, Energy and Nature Team at British High Commission

Dr. David C. Broadstock

Senior Research Fellow & Lead, Energy Transition, Sustainable and Green Finance Institute (SGFIN) at National University of Singapore

Mark Florance

Co-Chair Britcham's Energy and Utilities Committee and Sustainability Committtees / Investment Committee, at Climate Investor One Fund, Climate Investor Two Fund

Peter Godfrey

Managing Director of The Energy Institute

Tim Rockell

Chair, BritCham Energy & Utilities Committee / Managing Director of Energy Strat Asia Pte. Ltd. Singapore

Lauren Babuik works for the UK Government as the Head of the Singapore Climate, Energy and Nature Team, based in Singapore. She leads the UK’s climate, energy and nature diplomacy and policy priorities in Singapore, working closely with the Singapore Government, private sector and civil society – including delivering the UK-Singapore Green Economy Framework and climate elements of the Strategic Partnership.

Previously, Lauren led South East Asia COP26 Partnerships and Communications in the High Commission, collaborating with the ASEAN Secretariat and institutions, national governments, the diplomatic network, businesses, and NGOs in the region on COP26 campaigns aimed at galvanizing ambitious climate action in South East Asia.

Before moving to South East Asia, she was the Head of Climate Change and Pacific Affairs at the British High Commission in Fiji, where she led the UK’s engagement with the Fijian COP23 Presidency – the first ‘island COP’ – as well as with the Governments of Tonga, Tuvalu, Kiribati, and the Marshall Islands.

Prior, Lauren worked as an International Climate Negotiations Policy Advisor for the UK Government in London, where she led international engagement within the UK’s Delegation to the UNFCCC.

Dr David Broadstock is Senior Research Fellow and Energy Transition Research Lead with the Sustainable and Green Finance Institute (SGFIN) housed within the National University of Singapore (NUS). Through these roles, David regularly interacts with financial institutions, government agencies, research foundations, policymakers and industry leaders to develop and implement impactful research into the successful deployment of transition finance to support sustainable economic development for Singapore.

David is an economist with around 15 years of experience, most of which are in Asia. He has worked within academia, consulting and strategic policy research (think tanks) and is specialized in the areas of energy and environmental economics, with recent research concentrating on areas of green and sustainable finance. David places a special emphasis on the emerging area of ‘transition finance’, seeking to better appreciate how trust and confidence behind net-zero commitments can be fostered and sustained so as to facilitate an organized, timely and scalable flow of capital to achieve national decarbonization ambitions without sacrificing on economic competitiveness.

As an academic David has published in high-level journals spanning accounting, finance, management and economics, and enjoys a healthy citation profile. David is the Editor of The Energy Journal, Associate Editor of the Journal of Climate Finance, and sits on the editorial boards of the British Journal of Management, and Resources, Conservation & Recycling Advances. David frequently engages with media, and has been interviewed or quoted by Bloomberg News, CNA (TV, radio and online), Reuters, ABC News, BBC News, The Los Angeles Times, Straits Times and CGTV, among others.

Mark is the co-Chairman of the Energy and Utilities Committee and co-Chairman of the Sustainability Committee at BritCham Singapore.
He is involved with the Development and Construction Equity funds of Climate Investor One, a renewable energy fund, and Climate Investor Two, a water fund. These funds are backed by the various Development Finance Institutions, such as the EU, as well as institutional investors.
The funds’ mission is to support renewable and water projects in Asia and Africa where funding might otherwise be difficult.
Mark moved to Asia as an investment banker with Rothschild and has lived between Singapore, Jakarta and Hong Kong involved in mergers and acquisitions and capital raisings across the region. He was with Rothschild for 23 years and had a focus on energy and infrastructure. He also holds a number of directorships.

Based in Singapore, Peter is the chief representative of the Energy Institute (EI) in the Asia Pacific region. In addition to his role with the EI, Peter has also worked as an independent advisor, consultant and executive coach to a number of organisations and governments agencies on issues related to the energy sector development within the context of the energy transition and decarbonisation and their strategic implications.

Despite a long career in the oil and gas industry, mainly with BP in upstream oil and gas and energy finance, Peter is now a strong advocate for the energy sector’s need to transition towards a cleaner, greener future. Particular areas of focus include the promotion of resource and operational efficiency through creating a more “circular economy” and recognition of the need to incorporate a more holistic, whole value-chain approach, to dealing with Scope 3 emissions.

Peter is also actively involved in activities related to promoting the need for, and accelerating the development of, Carbon Capture and Storage (CCS) projects, the development of the Hydrogen Economy and the decarbonisation of the hydrocarbon refining and petrochemicals sectors. Within this context, Peter has recently taken on the role of Vice-President APAC of Storegga, a leading UK based independent company that is entirely focused on pioneering carbon reduction and removal solutions.

Tim founded Energy Strat Asia in 2019 to support specialist energy services and infrastructure technology companies wanting to develop and grow in Asia. Having spent over two decades in KPMG, joining in the United Kingdom 23 years ago, he relocated to Singapore in 2012 establishing the KPMG Global Energy Institute for Asia Pacific. He has relationships with large energy companies interfacing with government, regulators, academia and financial players.

He has extensive experience of Middle and Far East Asian markets. From 2000-2009 he was the Global Executive Director of KPMG’s Energy & Natural Resources practice under a rapid growth phase; based in London and Bahrain. He is a sales and marketing professional, member of the UK Chartered Institute of Marketing and holds an executive MBA from ENPC Paris, France.

He is a Management Board Member of the Energy Studies Institute at the National University of Singapore and Chairman of the Energy & Utilities Business Group at the British Chamber of Commerce Singapore. He is a Fellow of the Energy Institute.

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