Consistent, coherent policies key for low-carbon transition: WEF panel

Governments around the world need to make consistent and coherent policy decisions to speed up the global shift towards a low-carbon economy, said panellists at a discussion during the World Economic Forum (WEF) Annual Meeting 2024.

- Goh Yan Han

At the same time, companies should be willing to commit to paying a "green premium" when choosing costlier but more environmentally friendly technology, which will net them benefits in the long run.

These points were raised by representatives from the First Movers Coalition who took part in a panel on scaling up green solutions to avoid the worst consequences of the climate crisis.

The discussion included Singapore's Second Minister for Trade and Industry Tan See Leng, and took place on Jan 16 in Davos, Switzerland, where the WEF is being held from Jan 15 to 19.

The First Movers Coalition is a grouping of over 95 companies and 13 government partners.

Launched in 2021 at the COP26 environmental conference in Glasgow, the coalition is led by the WEF and US Department of State, and aims to promote the development and deployment of sustainable technologies of the future.

Singapore joined in 2022.

At present, much of government policy overemphasises the supply side of the problem, such as carbon pricing, said panellist Carlos Torres Vila, chairman of Spanish bank BBVA.

In contrast, the First Movers Coalition focuses on aggregating and increasing demand for near-zeroemission goods and services.