Tharman Shanmugaratnam Highlights the Potential of Clean Energy Investments for Immediate and Long-Term Economic Growth
President Tharman Shanmugaratnam, speaking at a forum organized by the Indo-Pacific Economic Framework for Prosperity (IPEF), emphasized the significant role that clean energy has played in global economic growth, contributing 10% to the total growth in 2023 alone. He described the transition to a clean economy as the largest investment opportunity seen in the last 50 years, with potential for immediate job creation and economic benefits.
Tharman stressed the importance of shifting from a blame-based approach to one of collaboration to address the climate crisis. He proposed that all sources of investment, including private, public, and philanthropic capital, should come together to fund the transition to a cleaner economy, not as a burden-sharing exercise but as a collaborative effort that can yield economic and social returns.
He further suggested that focusing on the tangible benefits of climate action in the near term—such as reducing pollution in cities and improving livability—could drive political support and public backing for the necessary measures, including carbon pricing and workforce retraining. Tharman also highlighted the role of Southeast Asia, a key region within the IPEF, in demonstrating the potential of climate-focused investments and collaborative efforts.
