By Sadhana Mohan, CBi Secretariat
Last week, I was in Singapore for the United Nations Global Compact (UNGC) Singapore Network Summit 2024, which included a site visit to Schneider Electric’s Innovation Hub. I came away inspired by what business can do to contribute to achieving the United Nations’ Sustainable Development Goals (SDGs). Given the frequency and intensity of sudden-onset emergencies (think earthquakes or volcanic eruptions) as well as extreme weather events ranging from hurricanes to flooding and landslides, these conversations struck me as particularly important.
We’re all in this together, and it’s only by understanding the strengths and challenges of different sectors and geographies that we can really collaborate to better prepare for, respond to, and recover from disasters to foster greater resilience where it matters the most: in our communities.
UNGC Singapore Summit
The theme of the UNGC Singapore Network Summit was “Forward Faster: Accelerating Corporate Action for Sustainable Development” which highlighted the urgency of achieving the United Nations Sustainable Development Goals by 2030. It featured thought leaders and change-makers across finance, climate action, gender equality, living wage, and water resilience—critical areas where the private sector can make the biggest, fastest impact.
What resonated the most with me was the idea that “innovation requires a collective effort” and “technology, talent, and trade offer a combined impact of businesses.”
This is the very logic behind why at the Connecting Business initiative, we advocate for business to engage in disaster management not as a funder but as a partner. That is the best way to build on the private sector’s strengths which very much includes innovation and their talent pool.
The Schneider Innovation Hub
The visit introduced us to their incredible setup, which included some amazing energy monitoring software. Their philosophy is to leverage data for decision-making related to energy reduction, but they believe that regardless of whether we use artificial intelligence (AI) to address this issue, it will still come down to the people to save energy.
A favourite quote from this experience is “We are the first generation to feel and see the impact of climate change, and we can also be the last generation that can leave the world as a better place.”
Schneider Electric has been honoured as Time Magazine’s 2024 Most Sustainable Company. The building that houses the innovation hub features over 5,000 Internet of Things (IoT) connected points and is certified as a NetZero facility. It cost approximately USD 3.5 million to build, and is expected to start generating a return on investment after 3.6 years.
Overall, it felt relevant to connect with thought leaders from the private sector in this region to be able to better understand opportunities to work together and facilitate a more collaborative, effective approach to disaster management in the face of climate change.