BCG launches Asia climate & sustainability innovation hub in Singapore

Singapore has been selected once again as a regional base for sustainability innovation, with BCG the latest global consultancy to launch a climate & sustainability hub in the city-state.

Global strategy consulting firm Boston Consulting Group (BCG) has launched its first dedicated climate and sustainability hub in Asia.

Backed by the Singapore Economic Development Board and to be based out of BCG’s existing local office, the ‘Climate & Sustainability Hub for Innovation in Asia’ will focus on four key strategic areas – green ventures, cutting-edge capabilities, collaborative partnerships, and enhancing skill-sets.

“Climate action is one of the most pressing challenges today, and one that we cannot tackle alone. The launch of the (hub) marks the start of the growing partnerships and collaborations we have in the pipeline for Singapore and the region, and we look forward to building a more sustainable tomorrow in Singapore and the Asia Pacific through focused efforts with our clients and partners,” said BCG Asia-Pacific chairman Neeraj Aggarwal.

According to the firm, the new hub will see BCG partner with corporates to invest in, co-build, and scale sustainable businesses through BCG Green Ventures, while maximising impact by building an ecosystem of collaborative partnerships. In addition, BCG will bolster its expertise by bringing in subject matter experts to help tailor solutions, and will partner with local academic institutions to support talent development in the area of sustainability.

“BCG is a leading voice in sustainability and climate change, and it is testament to Singapore’s efforts in this area that BCG has chosen to establish the (hub) here. As we move towards a greener future, the hub will play a pivotal role in our efforts,” said Dawn Lim, the EDB’s vice president for Commercial and Professional Services. “We look forward to partnering with BCG to transform more commitments into climate action.”

A recent global survey conducted by the firm among experienced directors found that more than 40 percent remained doubtful of their company’s ability to execute its ESG plans, while barely half of the companies had prepared and published emissions reduction plans to begin with. Meanwhile, seven out of ten directors reported that they are only moderately or not at all effective at integrating ESG into company strategy and governance.

The official consultancy partner of last year’s UN Climate Change Conference (COP26), BCG has increasingly dedicated itself to sustainability consulting in recent times, in 2020 making a $400 million commitment to its sustainability work and achieving ‘climate positive’ status by 2030. Part of the agenda would see the firm launch a scaled up global climate and sustainability practice, which brings together more than 550 experts on a range of topics.

“Our ambition to decarbonise the planet is huge, and we need to join forces to have high impact actions,” said the practice’s newly-appointed global leader Hubertus Meinecke. “That’s why I’m excited about the support of the EDB in opening BCG’s first dedicated climate and sustainability hub. It will bring the best of our global expertise to the Asia-Pacific region and turn Singapore into a powerhouse for positive climate action.”

The new hub completes the set of MBB regional sustainability centres based in Singapore, with Bain & Company having launched its innovation hub at the end of 2020 – looking to unlock an Asian green economy that its says holds $1 trillion in economic value – and McKinsey following suit last November through its Vivid hub.

PwC also recently launched its Asia Pacific Centre for Sustainability Excellence in the city-state.